draft
Patient Protection and Affordable Care Act mandates that insurers provide coverage for adult children of the insured up to age of
26
Under the Affordable Care Act (ACA); what is the maximum age for a child of an insured to be covered under the insured's plan?
26
A notice regarding replacement on Medicare supplement policies must inform the applicant about a free-look period of how many days?
30 Days
When applying for an individual life insurance policy, an applicant states that he went to the doctor for nausea, but fails to mention that he was also having sever chest pains. This is an example of
Concealment
When an insured makes truthful statements on the application for insurance and pays the required premium, it is known as which of the following?
Consideration
Which of the following standards is used to determine premium rates under the Affordable Care Act (ACA)?
Family Composition
The requirement that agents not commingle insurance monies with their own funds is known as?
Fiduciary Responsibility
Events or conditions that increase the chances of an insured loss occurring are referred to as
Hazards
Which insurance principle states that if a policy allows for greater compensation than the financial loss incurred, the insured may only receive benefits for the amount lost?
Indemnity
Which of the following are members of and financially support the Medical Information Bureau?
Insurance Companies
Which of the following is NOT a metal level plan available on the insurance exchange?
Iron
An insured names his spouse as beneficiary on an Accidental Death and Dismemberment (AD&D) policy. The insured needs his spouse's permission to change the beneficiary. In this situation, the beneficiary is considered
Irrevocable
For the reported losses of an insured group to become more likely to equal the statistical probability of loss for that particular class, the insured group must become
Larger
The reduction, decrease, or disappearance of value of the person or property insured in a policy is known as what?
Loss
An insured wants to transfer his personal insurance policy to a friend. Under what conditions would this be possible?
The Insured will need a written consent of the insurer.
In dental care, which of the following would be considered prosthodontics
A patent receives dentures
An agent accepts the premium payment 35 days after it is due, telling the insured that there will not be a problem keeping the policy in force. This is an example of what type of agent authority?
Apparent
In order to qualify for Medicaid, the applicant must
Be over the age of 65
Excess funds in an employee's health saving account are?
Carried forward to the next year
An applicant knowingly fails to communicate information that would help an underwriter make a sound decision regarding coverage. This is an example of?
Concealment
Which of the following entities protects policyowners, insureds, and beneficiaries under insurance contracts when insurers fail to perform contractual obligations due to financial impairment?
Insurance Guaranty Association
Pertaining to insurance, what is the definition of a fiduciary responsibility?
Promptly forwarding premiums to the insurance company
An insured's physician submits claim information to his insurer before the physician actually performs a medical procedure. The physician is doing this to see if the procedure is covered under the patient's insurance plan and for how much. This is an example of
Prospective Review?
Installing deadbolt locks on the doors of a home is an example of which method of handling risk?
Reduction
All of the following are marketing arrangements used by insurers EXCEPT
Reinsurance System
Which of the following best describes insurance?
The Transfer of risk?
Long-term care (LTC) coverage may be provided by any of the following EXCEPT
Rider to Medicare Part A
Which of the following terms defines an illness that first appears while the policy is in force?
Sickness
Which of the following is a feature of a private insurance company?
The company is funded with premiums
In insurance policies, the entire contract is made up of which of the following?
The policy and a copy of the application, stapled together?
Which of the following is NOT a goal of risk retention?
To minimize the insured's level of liability in the event of loss
What is the purpose of COBRA?
To provide continuation of coverage for terminated employees
Which of the following is a statement that is guaranteed to be true, and if untrue, may breach an insurance contract?
Warranty