WY Health Insurance 4

Which statement accurately describes the Change of Beneficiary provision?

Any policy that has a death benefit must also have a Change of Beneficiary provision

In the event that an insurance company is unable to meet its financial obligations, how does the Association raise funds to pay claims?

Assesses other member companies

A man is injured while robbing a convenience store. How does his major medical policy handle the payment of his claim?

Claim is denied if his policy contains the Illegal Occupation provision

A banker is ready to close on a customer's loan. Thank bank is prepared to offer the loan but only if the customer purchases a life insurance policy from the bank in the amount of the loan. This is an example of

Coercion

A health insurance policy that pays a lump sum if the insured suffers a heart attack or stroke is known as

Critical illness

An insurance company assures its new policyholders that their premium costs will not increase for a period of at least five years. However, due to increasing financial strain, they plan to raise premium costs for all insureds by 10% over the next two years. What term best describes this act?

Fraud

What is the inital period of time specified ina disability income policy that must pass, after the policy is in force, before a loss can be covered?

Probationary period

An individual whose employment is the basis for eligibility for enrollment in the health maintenance organization would best be described as a

Subscriber

An insured purchased a noncancellable health insurance policy 1 year ago. Which of the following circumstances would NOT be a reason for the insurance company to cancel the policy?

The insured is in an accident and incurs a large claim

In order for an insured under Medicare Part A to receive benefits for care in a skilled nursing facility, which of the following conditions must be met?

The insured must have first been hospitalized for 3 consecutive days

Which of the following is NOT a feature of a guaranteed renewable provision?

The insurer can increase the policy premium on an individual basis

An agent is in the process of replacing the insured's current health insurance policy with a new one. Which of the following would be a proper action?

The old policy should stay in force until the new policy is issued

The minimum grace period for a monthly premium health policy is

10 days

After an insurer notifies the Commissioner of an agent's termination, within how many days must the insurer mail a copy of the notification to the producer?

15

How many continuing education hours must be in an ethics-related subject?

3

After receiving notice about a disapproved filing, how long does a health maintenance organization have to request a hearing?

30 days

Before an enrollee gets evidence of coverage,

A copy of the form must be approved by the Commissioner

A deductible is

A specified dollar amount that the insured must pay first before the insurance company will pay the policy benefits

A small employer carrier may cancel an employer's health benefit plan for all of the following EXCEPT

An increase of 1% of plan participants