Life and health insurance - exam fx part 5

How soon from the reinstatement of a health insurance policy would a loss be covered :

10 days

How soon from the reinstatement of a health insurance policy would a loss be covered?

10 days

Accident and health insurance policies issued in this state must have grace period of:

30 days

How long is free look period on a medicare supplement policy?

30 days

Group accident and sickness policies in GA have a grace period of:

31 days

In event that a policy lapses due to nonpayment of premium, within how many days would the policy be automatically reinstated once the outstanding premium is paid?

45 days

Unreimbursed medical expenses paid for the insured may be claimed as deductions if the expenses exceed what percentage of the adjusted gross income?

7.5%

Once an individual is licensed as an insurance producer for life or accident and health insurance, how many hours of training must the producer complete initially to sell long term care insurance partnership policy?

8 hours

How long is the waiting period for benefits to be paid in a long term care policy or rider?

90 days

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

What is another term for an authorized insurer?

Admitted

what is the difference between coinsurance and copayments?

Copayment is a set dollar amount

A waiver of premium provision may be included with which kind of health insurance policy?

Disability income

A health insurance policy lapses but is reinstated within an acceptable timeframe. How soon from reinstatement date will coverage for accidents become effective?

Immediately

Which rider would not increase the premium for a policyowner?

Impairment rider

What entity has the authority to make changes to an insurance policy?

Insurer's executive officer

What is not true of Medicaid?

It consists of 3 parts: part A hospitalization, part B doctors services, part C disability income

What is not correct concerning the COBRA act?

It requires all employers regardless of the number or age of employees to provide extended group health coverage

What is not correct regarding medicare?

Medicare advantage must be provided through HMOS

An insured has health insurance that covers them at work and at home, this policy is written on what basis?

Occupational

The part of medicare that helps pay for inpatient hospital care, inpatient care in a skilled nursing facility, home health care and hospice care are known as:

Part A

What applies to partial disability benefits?

Payment is limited to a certain period of time

What describes the taxation of individual disability income insurance benefits and premiums ?

Premiums are not tax deductible and benefits are not taxable

What is correct regarding the taxation of group medical expense premiums and benefits?

Premiums are tax deductible and benefits are not taxed

what main factor is taken into account when calculating residual disability benefits?

Present earnings and earnings prior to disability

Workers comp benefits are regulated by which entity?

State government

The human resources director of an insurance company loves the policy they have with the company and the company wants to use them in a new advertisement:

The HR director can appear in advertisement under the condition that the connection to the company is disclosed

What regarding qualifications for social security disability benefits is not true?

The individual must be at least 65 years old

What is not a feature of a noncancellable policy?

The insurer may terminate the contract only at renewal for certain conditions

What is not covered under plan A in medigap insurance?

The medicare part A deductible

what statement regarding the change of beneficiaries provision is false?

The policy owner has the right to change beneficiaries in any case

What statement regarding the change of beneficiaries provision is false?

The policyowner has the right to change the beneficiary in any case

what is not true regarding partial disability?

This is a form of insurance that covers part time workers

What is not a factor in determining qualifications for social security disability benefits?

Workers occupation

Insurers or agents soliciting partnership policies must provide each prospective applicant with everything but:

a statement that the insured does not automatically qualify for medicare part A

What is not true regarding workers comp?

a worker receives benefits only if the work related injury was not his/her fault

To legally transact insurance in this state, an insurer must obtain:

certificate of authority

An applicant for an individual health policy failed to complete the application properly. Before being able to complete it and pay the premium, she is confined to the hospital. This will not be covered by insurance because has not met the condition specified in the:

consideration clause

Group disability income insurance premiums paid by the employer are:

deductible by the employer as an ordinary business expense

An insured is hospitalized with a back injury, he learns he is not eligible for benefits for 30 days with his disability income policy. This means that his policy is written with a 30 day:

elimination period

What is not true about medicare part B?

it is a compulsory program

What is correct concerning medicare part b?

it pays for physician services, diagnostic tests, and physical therapy

premium payments for personally owned disability income policies are:

not tax deductible

Qualifications for soliciting, selling, or negotiating a long term care partnership policy include everything except:

obtaining a partnership policy license from the commissioner

An agent license can be issued to who?

only individuals

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

Medicare supplements specifically exclude all but:

surgical expenses of person eligible for medicare

Medicare supplements specifically exclude all except:

surgical expenses of persons eligible for medicare

When an insurer issues an individual health insurance policy that is guaranteed renewable, the insurer agrees:

to renew the policy until the insured has reached age 65

According to the rights of renewability rider for cancellable policies, all are correct except:

unearned premium are retained by the insurance company