life insurance
Reinsurer
A life insurance company has transferred some of its risk to another insurer, the insurer assuming the risk is called the what?
revoke an absolute assignment
A life insurance policyowner does NOT have the right to
Partial Disability
A policyowner suffers an injury that renders him incapable of performing one or more important job duties. Any decrease in income resulting from this injury would make him eligible for benefits under which provision?
file written proof of loss
After an insured gives notice of loss, what must he/she do if the insurer does not furnish forms?
Reduction of premium
All of the following are considered to be nonforfeiture options available to a policyowner EXCEPT
$900
Amy has group
Admitted Insurer
An insurance company that has qualified and received a Certificate of Authority from the Department of Insurance to transact insurance in the state.
the insured outlived the beneficiary
An insured individual and the policy's beneficiary die from the same accident. The common disaster provision states the insurer will continue as if
Estate Conservation
Craig purchased a life insurance policy for enabling his heirs to pay estate tax. what is this called ?
fixed amount
Elizabeth is the beneficiary of a life insurance policy. she is receiving the death benefit in payments of 10,000 per mount until the principle and interest has been paid out. which option was chosen
provide funds to help pay taxes
How are survivorship life insurance policies helpful in estate planning?
a minimum of 12 months after date of purchase
How soon can the benefit payments begin with a deferred annuity?
Deductible
Jennifer is required to pay a specific sum out of pocket before any benefits are paid in a year.her health policy most likely contains a(n)
Temporary Annuity Certain
Kristi purchased an annuity that will pay her husband an income for 15 years.if he dies, this income will become payable to their children for the remainder of the period. kristi has what kind of annuity?
conversion
Susan is insured through her group health insurance plan and changed her coverage to an individual plan with the same insurer after her employment was terminated. this changes called(n)
certificate of coverage and benefits
The coverage, conditions, and limitations in the master policy of a group contract can be found in which document?
annual earnings
The factor used most often when underwriting a disability income policy is
minus indebtedness and without interest
The suicide clause of a life insurance policy states that if an insured commits suicide within a stated period from the policy's inception, the insurer will only be liable for a return of premiums paid
certificate
Under a group life policy, the insurer will issue an individual _____ to the policyowner for delivery to each person insured.
Pay age-corrected benefits
What is an insurer required to do when faced with an error made under the Misstatement of Age provision?
Provide death benefits
What is considered to be the primary reason for buying life insurance?
the insurer will pay a reduced amount
When a preferred provider organization (PPO) insured goes out-of-network, which of the following actions occur?
Annuities are intended to create an estate
Which of these is NOT considered to be a purpose of an annuity?
exclusion
Which of these would limit a company's libaility to provide insurance coverage?
a flexible premium schedule
Which policy feature makes a universal life policy different from a whole life policy?
Endowment policy
Which type of life insurance policy pays the face amount at the end of the specified period if the insured is still alive?
Benefit Period
a disability policy owner is injured and becomes total disabled. the benefit pay for 2years, starting from the date of the injury. what is this period called?
medical underwriting
a guaranteed issue insurance policy has no
guaranteed renewable policy
a health insurance policy that allows an insurer to change the policy owners premiums but not cancel the policy is called a(n)
life settlement broker
a policy owner and life settlement provider can have a life settlement negotiated through a(n)
adjustable life
a policy owner may change two policy features on what type of life insurance?
partial surrender
a provision that allows a policy owner to withdraw a policy cash value interest free is a(n)
without producing proof of insurability
a renewable term life insurance policy allows the policy ownerthe right to renew the policy
Nonforfeiture Option
a whole life policy option where extended term insurance is selected is called a(n)
Individual Underwriting
all of the following are characteristic sofa group life insurance plan except
claim forms
all of the following are elements of an insurance policy except
elimination periods
all of these are characteristics of a major medical expense policy except
marital status
all of these are considered key factors in underwriting life insurance except?
when a whole life policy is surrendered, income taxes may be owed
all of these statements concerning whole life insurance are false except
long term care
all_policies must be guaranteed renewable.
bringing legal action against the insurer
an accident and health insurer has just received written proof of loss from one of its insureds. the insured ,just now wait 60 days before.
Investigative Consumer Report
an applicants character and personal habits can be obtained for underwriting purpose from which source?
master policy
an employer is issued a group medical insurance policy. the single contract is known as a(n)
a producer who shares commissions with a client
an example of rebating is
defined contribution plan
an example of tax-qualified retirement plan would be a(n)
subscriber
an individual covered under a blue cross shield plan is called a(n)
15
an insurer must furnish to a claimant forms for filing proof of loss within _ das upon receiving a notice of claim.
partial surrender
an interest-sensitive life insurance policy owner may be able to withdraw the policy cash value interest free. The provision that allows this is called.
investigating consumer report
flongfinan application character and fal habits can be obtained for underwriting purpose from which source?
60% of the benefit
in an employer sponsored contributory group disablibityincome plan, the employer pays 60% of the premium and each employee pays40% of the premium. any income benefits paid are taxed to the employee at
insurable interest can be established;ished sufficiently by sentimental attachment alone
in regard to a life insurance contract, which of the following statements is not true regarding the concept of insurable interest?
periodic income
in what form do disability income policies typically pay benefits
concealment
intentional withholding of ,material facts that would affect an insurance policy validity is called a(n)
$50.00
kate has a major medical plan with a 75/25 coinsurance and a deductible of $25. how much will she have to pay if she ,not having met any of her deductible, visits the doctor and receives a bill for $125?
the face amount and the premium will remain constant over the 10 year period
kris purchased a 10 year level term life insurance policy that has a death benefit of 200,000. which of these statements is true?
commercial aviation
life insurance policies will normally pay for losses arising from
100 days
medicare part a does not pay for a medical benefits provided for treatment in a skilled nursing facility beyond
Custodial Care
medicare provides coverage for each of the following except?
the policy may be paid up early by using policy dividends
onc owns a 20-pay life policy with a paid up divided option. which of the following statement is true ?
exclusions on a new policy
one of the most important considerations when replacing health insurance would be the
Common Disaster Clause
pat is insured with a life insurance policy and Karen is his primary beneficiary. they are both involved in a automobile accident where pat dies instantly and Karen dies 5 days later. which policy provision will protect the rights of the contingent beneficiary to receive the policy benefits.
irrevocable
sharon is the policy owner of 50,0000 life insurance policy her son,mike is the beneficiary. ifsharon must obtain mikes signiture in order to change the benficiary, what kind of beneficiary designed is this?
modified application with a new signature
tara the producer is delivering a specified disease insurance policy to a new policyowner. upon delivery, she may be expected to collect all of the folllowing except a(n)
apparent
the deed and actions of a producer indicate what kind of authority?
asset protection
the difference between along term care partnership plan and a non-partnership plans which the following ?
10
the free look period in New York for individual health insurance policies is _days.
lower than the typical whole life policy during the first few years and then higher than typical for the remainder
the premiums for a modified whole life policy is
1
the typical long term care insurance policy is designed to provide a minimum of _years of coverage.
provide evidence of the insurability, pay past due premiums
two major actions required for a policyholder to comply with the reinstatement clauses are
the policy effective dates earlier than the present
what happens when an insurance policy is backdated?
peril
what is know as the immediate specific event causing loss and giving rise to risk
master policy
what is the contract called that is issued to an employer for a group medical insurance plan?
provide future economic security
what is the primary reason for buying an annuity
providing claim payments to insureds under the guidelines of the insurance contract
what of theses NOT an unfair claims settlement practice?
60%
what percentage of participants income are group long term disability benefit amounts typically limited to ?
morality cost
what would be an expense factor in an insurance program?
claim would be paid if application is approved
what would happen if a life insurance applicant is given a conditional receipt form an insurance agent and then dies the next day ?
obtain the beneficiary signature
when an agent is replacing an existing ordinary life insurance policy the agent must take all of the following except
no deductible payment needed
when and insurer has major medical plan with first dollar coverage, how does this impact the benefits paid.
the family financial objectives if the income earner were to die or become disabled
when calculating the amount of life insurance needed for an income earner, what has to be determined when using the needs approach?
express authority
when the principle gives the agent authority in writing, its referred to as
medical insurance
which of the following is Medicare part b also known as?
Proof of Insurability
which of the following is a reinstatement condition?
managed care plan
which of the following is considered to be a point of service (pos) plan
hazard
which of the following is considered to be an event or condition that increase the probability of an insureds loss?
employees must be able to make unlimited contributions
which of the following is not a federal requirement of a qualified plan?
Insurable Interest
which of the following is present when an applicant stands to lose value if the insured dies?
Incontestable Clause
which of the following protects policy owner from misrepresentation caused by an innocent mistake?
Coverage is limited to a single devastating disease
which of the following statements is not true regarding a critical illness plan?
employer
which of the following would be considered a possible applicant and contract policyholder for group health benefits?
the benefit can be offered as a rider at a specific extra cost or may be at no cost
which of these is not a characteristic of the accelerated death benefit option?
providing claim payments to the insured s under the guidelines of the insurance contract
which of these is not an unfair claims settlement practice
insurance carries
who is responsible for assembling the policy forms for insureds?
provider
who is the individual paid on a free for service basis?
Because dividends are considered to be a return of premium
why are dividends from a mutual insurer not subject to taxation?
benefits are limited to a specific maximum dollar amount per procedure
with a scheduled dental policy, how are covered expenses paid ?
60
within how many days must a rollover be completed in order to avoid being taxed as current income?
it would be considered taxable income to the employee
without a section 125 plan in place, what would happen to an employees payroll contribution to an HSA?
20
written notice for a health claim must be given to the insurer_days after the occurrence of the loss.
20
written notice of a heath insurance claim should begin to the insurer within_days after the occurrence of any loss covered by the policy.