MIssed

Réussis tes devoirs et examens dès maintenant avec Quizwiz!

LTC coverage

1 years/ 12 months

If a person is disabled at age 27 and meets Social Security's definition of total disability, how many work credits must he/she have earned to receive benefits?

12 credits

If a producer's license lapses, how much time does the producer have to apply for reinstatement without having to take an exam?

12 months

After appointing an agent, how long does an insurer have to file with the Commissioner a notice of appointment?

15 days

After a notice of a hearing to the insurer, the hearing may be conducted no sooner than what minimum number of days?

20

For what period of time is an insurance license issued in Minnesota?

24 months

An insured has Medicare Part D coverage. Upon reaching the initial benefit limit, what percentage of the prescription drug cost is the insured responsible for paying?

25%

Free Look Period

30 days

If a health insurance carrier withdraws from the small employer market, how soon may they reenter that market if they later choose to do so?

5 yrs

the Commissioner must file a written report of the examination within

60 days

Bronze plan covers %

60%

Assuming that all of the following people are covered by a High Deductible Health Plan and are not claimed as dependents on anyone's tax returns, which would NOT be eligible for a Health Savings Account?

67 years old and covered by basic medical expense.

A hospital indemnity policy will pay

A benefit for each day the insured is in a hospital.

An insured pays a $100 premium every month for his insurance coverage, yet the insurer promises to pay $10,000 for a covered loss. What characteristic of an insurance contract does this describe?

ALEATORY

An insured misstated her age on an application for an individual health insurance policy. The insurance company found the mistake after the contestable period had expired. The insurance company will take which of the following actions regarding any claim that has been issued?

Adjust the claim benefit to reflect the insured's true age

When an insured purchased her disability income policy, she misstated her age to the agent. She told the agent that she was 30 years old, when in fact, she was 37. If the policy contains the optional misstatement of age provision

Amounts payable under the policy will reflect the insured's correct age.

What is the maximum period of time during which an insurer may contest fraudulent misstatements made in a health insurance application?

As long as the policy is in force

The premium charged for exercising the Guaranteed Insurability Rider is based upon the insured's

Attained

Which of the following statements regarding Business Overhead Expense policies is NOT true?

Benefits are usually limited to six months.

In life insurance, producers are permitted to share or split commissions, provided that

Both are properly licensed for the line of insurance.

An insured is admitted to the hospital for surgery on a herniated disk. The insurance company monitors the treatment and progress in order to make sure that everything proceeds according to the insurer's schedule. This is called

Concurrent review

The corridor deductible derives its name from the fact that it is applied between the basic coverage and the

Mjor Medical coverage

A brain surgeon has an accident and develops tremors in her right arm. Which disability income policy definition of total disability will cover her for all losses?

Own / less

With respect to the Consideration Clause, which of the following would be considered consideration on the part of the applicant for insurance?

Payment of Premium

All individual or group accident and health policies that provide coverage to a Minnesota resident must cover the insured's adopted children on the same basis as other dependents. Coverage begins on the adopted child's date of

Placement

A guaranteed renewable health insurance policy allows the

Policyholder to renew the policy to a stated age, with the company having the right to increase premiums on the entire class.

In respect to the consideration clause, which of the following is consideration on the part of the insurer?

Promising to pay in accordance with the contract terms

Which health insurance provision describes the insured's right to cancel coverage?

Renewal provision

An employee becomes insured under a PPO plan provided by his employer. If the insured decides to go to a physician who is not a PPO provider, which of the following will happen?

The PPO will pay reduced benefits.

In insurance policies, the insured is not legally bound to any particular action in the insurance contract, but the insurer is legally obligated to pay losses covered by the policy. What contract element does this describe?

Unilateral

Prior to purchasing a Medigap policy, a person must be enrolled in which of the following?

a and b

Agents responsibility when delivering a policy

collect payment at delivery

An insurer neglects to pay a legitimate claim that is covered under the terms of the policy. Which of the following insurance principles has the insurer violated?

consideration

Which of the following entities can legally bind coverage?

insurer

Under an individual disability policy, the MINIMUM schedule of time in which claim payments must be made to an insured is

monthly

The coverage provided by a disability income policy that does not pay benefits for losses occurring as the result of the insured's employment is called

nonoccupational

Purpose of coinsurance provisions

prevent overutilization

the specified dollar amount beyond which the insured no longer participates in the sharing of expenses?

stop-loss

Accident and health policies that also cover dependents of the insured, upon the death of the insured, cannot terminate, suspend or restrict coverage on the survivors unless they become covered under another policy or upon

written request of the survivors


Ensembles d'études connexes

lesson 4- Writing Vision and Mission Statements

View Set

Managing People and work - QUIZ 11

View Set

Simulation Lab 4.2: Module 04 Use Remote Desktop Configure Firewall

View Set

CH 2 Quiz Business & Staffing Strategies

View Set

Sherpath Peds- Congenital Heart Disease

View Set