10/10
which type of medicare policy requires insureds to use specific healthcare providors and hospitals
Medicare select
Under a pure life annuity, an income is payable by the company
Only for the life of the annuitant
what is not provided in an HMO
reimbursement
what is the maximum period that an insurer would pay benefits in accordance with an additional monthly benefit rider
1 years
what is the penalty for ira distributions that are below the required min
10%
An insurer neglected to provide a buyer's guide to a customer at the time of application. Which of the following will happen as a result
15 days free look period
cobra applies to employers with at least
20 employees
annuities or pure endowment contracts have a grace period of
30 days
how long does the insurer have to pay the claim without additional interest?
30 days
for how long is an insurance company allowed to defer policy loan requests
6 months
Under the mandatory uniform provision Notice of Claim, the first notice of injury or sickness covered under an accident and health policy must contain
A statement that is sufficiently clear to identify the insured and the nature of the claim.
As it pertains to group health insurance, COBRA stipulates that
GROUP COVERAGE MUST BE EXTENDED FOR TERMINATED EMPLOYEES UP TO A CERTAIN PERIOD OF TIME AT THE EMPLOYEE'S EXPENSE
medicare advantage is also known as
MEDICARE PART C
what describes taxation of individual disability benefits
benefits are not taxable
according to the replacement rule, replacement of life insurance is defined as a process in which
a new policy is bought and an old policy is converted to a reduced paid- up policy
what best depicts how the eligibility of members for group health insurance is determined
conditions of employment
what term is used to name the nontaxed return of unused premiums
dividend
what is the period of time immediately following a disability during which benefits are not payable
elimination period
The provision in a health insurance policy that ensures that the insurer cannot refer to any document that is not contained inthe contract is the
entire contract
life insurance death proceeds are
generally not taxed as income
on what disability income insurance plan would the benefit be subject to income tax
group
guarantee of insurability option in long term care insurance allows the insured to
increase benefits without proof of insurability
what is true about the premium on the children's rider in a life insurance policy?
it stays the same no matter how many kids
what is usually true of a participating life insurance policy
pays dividends to policy owners
what would be an underwriting consideration for a small employer carrier
percentage of participation
Which of the following is the most common time for errors and omissions to occur on the part of an insurer
policy delivery
If a health care plan has characteristics of an HMO and PPO, what type of plan is it
pos
what describes taxation of individual disability premiums
premiums are not tax deductibles
what can insurers change on a guaranteed renewable health insurance policy?
rates by class
When benefits are paid directly to the insured under a health insurance policy, the policy provides benefits on what type of basis?
reimbursement
what settlement option provides a single beneficiary with income for the rest of his/ her life
single life
what ltc coverages does not allow care at home?
skilled care
which annuities will generally provide the highest monthly income
straight life
what would help prevent a universal life policy from lapsing?
target premium
who must approve all Medicare supplement advertisements
the insurance commoner or director
who pays for the examination of an insurers service fees to determine compliance with the state insurance code
the insurer
In insurance policies, contract ambiguities are automatically ruled in the favor of the insured. What privilege does the insurer have in order to balance this?
the right to determine the wording of the policy
what is the best reason to purchase life insurance rather than annuities
to create an estate
what life insurance policy would be considered interest sensitive
universal life