life insurance stuff TRIAL 1

What specific kind of insurance is often written in conjunction with hospital expenses policies and includes surgeons and anesthesiologists fees?

Basic Surgical Expenses Insurance

A limited health insurance policy that will pay a lump sum to an inured diagnosed with a heart attack, stoke, or renal failure is known as

Critical illness insurance

Which of the following terms relates to disability income insurance?

Residual Benefit

If an insurer purchases an insurance policy with a large deductible, what risk management technique is the insured exercising?

Retention

The renewable provisions allows the Policyowner to renew the coverage at the expiration date

Without evidence of insurability

Which of the following best depicts the law of large numbers?

the large the pool of risks under study the more accurate the predictions will be

Which of the following meets the insured person needs, and is provided by nonmusical personnel?

Custodial Care

Which of the following us the best definition of "indemnification'"?

the act of one person who agrees to restore an injured persons to the condition he/she enjoyed prior to the loss

Which of the following is a permissible reason for an insurance company to contact payment of a claim based on statements in the applicaiton?

the application contains material misstatements

Ed is covered under a health plan provided by his employer. He was told that his insurance would pay the majority of the covered expenses if he would choose to see a provider in his plan's list. If Ed chose to be treated by a provider who was not on the list, his portion of the bill would be greater. Ed is covered under a/an

Preferred Provider Plan

A Affordable Care Act mandates that insures provide coverage for adult children of the insured up to the age of

26 years old

Which of the following terms is used to define the period of time during which an annuitant makes payments Ito an annuity?

Accumulation Period

Hazards are conditions or situations that

Increase the likelihood of a loss occurring

An insured hospital policy states that it will pay him a flat fee of $75 per day for each day he is hospitalized. The policy pays benefits on what basis?

Indemnity

In a group policy, all of the following can be the Policyowner EXCEPT

Insurance company

Which of the following Medicare parts provides prescription drug benefits?

Part D

A loss resulting from which of the following would qualify for the accidental death rider coverage?

an automobile accident

HMO members pay a small fee when they see their primary care physician, this fee is called

copay

When filling out an application for insurance, the applicant makes a mistake. If a fresh application were not available, what could the applicant do to properly correct the mistakes?

cross the incorrect answer out, write the correct one beside it, and initial the anwser

A disability income policy has a waiting period of 7 days, if the insurer is disabled for 15 days, how many days of benefits will the policy pay?

8 DAYS

Which of the following would describe the difference between a blanket life insurance policy and a franchise policy?

Blanket Policy does not name individuals insured

Which of the following is NOT an indicator of competent party? business profession legal age mental proficiency comprehension of contract

Business Profession

A husband and wife both incur expenses that are attributed to a single major medical insurance deductible. Which type of policy do they have?

FAMILYYY

A core Medicare supplement policy (Plan A) will cover all of the following expenses EXCEPT a) Part A deductible b) The first 3 pints of blood c) 20% if Part B coinsurance amounts for Medicare-approved services d) Part A coinsurance

Part A Deductible

Upon the surrender of a life insurance policy, any cash value accumulated in excess of the premium payments is

Taxed as ordinary income

An insured decides to surrender his Whole life insurance policy. The cash value at surrender is higher than the premiums paid into the policy, due to interest. What part of the surrender value would be income taxable?

the difference between the premiums paid and the case value

A medicare supplement policy must have a free look period of at least

30 days

Health insurance rates may be based upon all of the following EXCEPT? Age Medical History Religion Gender

Religion

Which of the following individuals would be a likely candidate to purchase a deferred annuity?

Someone who wants to grow retirement funds tax deferred

The owner of a deferred annuity pays $100 in premium one month, and $130 the next month, which of the following terms best describes this premium payment arrangement?

Flexible Premium

Which of the following employee benefits essentially provides the employee with a wage increase and directs that wage increase to be spent on a life insurance policy?

Executive bonus

Which of the following is NOT a typical type of Long-Term coverage?

Child Day Care

All of the following are ways to handle risk EXCEPT

Elimination

All of the following are true regarding the waiver cost of insurance rider EXCEPT the rider cannot waive the cost of premium that accumulate cash value the rider expires when the insured reaches age 60 the rider waives insurance cost in the event the insured becomes disable the rider is only applicable to universal life polices

the rider expires when the insured reaches age 60