Health and Life State Exam

Subrogation

A provision found in insurance policies which prevents the insured from collecting twice for the same loss is called

Probationary Period

A specified period of time that a person joining a group has to wait before becoming eligible for coverage.

Simplified Employee Pension Plan

An IRA purchased by a small employer to cover employees is known as a..

Elimination Period

An insured is hospitalized with a back injury. Upon checking his disability income policy, he learns that he will not be eligible for benefits for at least 30 days. This indicates that his policy is written with a 30-day

Elimination Period

An insured is hospitalized with a back injury. Upon checking his disability income policy, he learns that he will not be eligible for benefits for at least 30 days. This indicates that his policy is written with a 30-day...

Full Benefits

An insured is involved in an accident that renders him permanently deaf, although he does not sustain any other major injuries. The insured is still able to perform his current job. To what extent will he receive Presumptive Disability benefits?

Revocable

An insured wants to name her husband as the beneficiary of her health policy. She also wishes to retain all of the rights of ownership. The insured should have her husband named as what type of beneficiary?

Insurance Companies

Blue Cross Blue Shield is not this.

Contracts of Adhesion

Contracts that are prepared by one party and submitted to the other party on a take-it-or-leave-it basis are classified as

At the date of the final decree of adoption

Coverage for adopted children will be applied at this time.

10 days

Existing insurers must provide policyowners with a policy summary for the existing life insurance within how many days of receiving the written communication and replacement?

Insurer's executive officer

Has the authority to make changes to an insurance policy

Lower

How is premium in a Survivorship life policy compared to the premium in a Joint life police?

6 Months

How long is an open enrollment period for Medicare supplement policies?

When the cash value is reduced to nothing.

If an insured continually uses the automatic premium loan option to pay the policy premium, when will the policy be terminated?

Policy will not lapse (agent = insurer)

If the agent fails to remit the the premium to the insurer

Broader in general

In comparison to a policy that uses the accidental means definition, a policy that uses the accidental bodily injury definition would provide a coverage that is

Executive

In the Executive Bonus plan, who is the owner of bot the policy and the premium

All Plans

In which Medicare supplemental policies are the core benefits found?

Cash value will not be lost

Nonforfeiture values guarantees this

When Wording of Optional Policies Can be Changed

Only when the change does not adversely effect the policyholder

Increase the premium of the entire class

Renewable health insurance policy allows policyholder to renew policy to a stated age, giving the insurer the right to...

3 years

Replacement insurer must keep a replacement register for this long

Universal Life

The Waiver of Cost of Insurance rider is found in what type of insurance?

Nonocupational Coverage

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

Consideration

The insurer violates this when it neglects to pay a legitimate claim that is covered under an insurance policy

Subrogation

The legal process that gives the insurer, after payment of a loss, the right to seek recovery from a third party that was responsible for the loss is known as

75%

The maximum amount than can be contributed to an MSA is what percentage of the family deductible for those with family coverage?

Nonqualified Annuity Plan

The president of a manufacturing company has offered one of the company's officers a special individual annuity plan that is unavailable to lower-echelon employees. This plan would be funded with before-tax corporate dollars, and it does not meet government approval standards. This annuity plan is

$10,000

The violation of a cease and desist order may result in a fine of

Medicare Supplements

These cover Surgical expenses of persons eligible for Medicare

Purpose of the Buyer's Guide

This allows the consumer to compare the costs of different policies

Universal Life Insurance Policy

This is also described as an annually Renewable Term policy with a cash value account.

Conditional Receipt

This provides coverage on a date earlier than the date of the issuance of the policy.

Policy Assignment

This transfers rights of ownership from the owner to another person

18 Months

To be eligible under HIPAA regulations, for how long should an individual converting to an individual health plan have been covered under the previous group plan?

Metal Level Classification

Under the Affordable Care Act, this classification applies to health plans based on the amount of covered costs

5 months

Waiting period for social security

Annual

What are the only modes of payment that do not result in service fee?

Attending Physician's Statement

What document describes an insured's medical history, including diagnoses and treatments?

Coverage ends and Policy cannot be reinstated

What happens when a policy is surrendered for its cash value?

19 years old

What is the dependent child age limit in Georgia?

Copayment is a set dollar amount

What is the main difference between coinsurance and copayments?

They determine how death proceeds will be paid

What is the purpose of a settlement option

$0

What is the typical deductible for basic surgical expense insurance?

6 Months

What is the waiting period on a Waiver of Premium rider in life insurance policies?

Replacement Company

When a policy is being replaced, the replacing company notifies the...

Defamation

When a producer was reviewing a potential customer's coverage written by another company, the producer made several remarks that were maliciously critical of that other insurer. The producer could be found guilty of

Consideration

When an insured makes truthful statements on the application for insurance and pays the required premium, it is known as which of the following?

Age 100

When would a 20-pay whole life policy endow?

Policy Summary

Which documents delivered to the policyowner includes information about premium amounts, cash values, surrender values and death benefits for specific policy years?

Stop-loss limit

Which of the following terms describes the specified dollar amount beyond which the insured no longer participates in the sharing of expenses?

Time of Payment of Claims

Which provision states that the insurance company must pay Medical Expense claims immediately?

The Insurer

Who can legally bind insurance

Employee

Who is the policy owner of an Executive Bonus Policy

Guaranteed Renewable

With an individual health insurance policy that is this, The company will continue to renew the policy until the insured has reached age 65