LAH 2nd focused exam

Lakukan tugas rumah & ujian kamu dengan baik sekarang menggunakan Quizwiz!

The 2 type of assignment are

1) absolute-assigns the entire policy & 2) collateral assigns part or all of the benefits

HIPPA applies to groups of

2 or more

In Michigan the state's continuing education requirement is?

24 hours of CE each biennium, with at least 3 ours of ethics

In the event 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

What is the waiting period on a waiver of premium rider in a life insurance policy?

6 months

What is the least amount of time a life policy can allow for insureds to take legal action against their insurer for a particular act?

6 years-Michigan law

Under the uniform required provisions, proof of loss under a heath policy should be filed within

90 days of loss

A hospital indemnity policy will pay what?

A benefit each day the insured is in the hospital

Medicare consists of how many parts?

A-C

If an insurance company makes a statement that its policies are guaranteed by the existence of the insurance guaranty association it would be considered what?

An unfair trade practice

appearance or assumption of authority is called?

Apparent

When would a 20-pay whole life policy endow?

At age 100. it will be completely paid off in 20 years

Insured is in an accident and is not completely deaf but can still preform at his current job, what will he receive form his presumptive disability benefits

Full benefits. Presumptive

What type of insurance rider would be used for a return of premium rider?

Increasing term.

Which insurance policy states that if a policy allows for a greater compensation then the financial loss insured, the insured may only receive benefits for the amount lost?

Indemnity

Does the illustration have to be part of the contract?

No

Is Medicaid solely a federal program?

No, it is a state administered program that is financed by state and fed fudns

How many pairs of glasses in a 12-month period will a vision expense insurance plan cover?

One

The dividend option in which the policyowner uses dividends to purchase a term policy for 1 year is referred to as the

One-year term option

If an insured dies after 3 years of putting a policy in place and they find out she was 45 and not 43 as stated, what will the company do?

Pay a reduced death benefit

What is another term for the accumulation period?

Pay-in period

Unger AD&D coverage, what type of benefit will be paid in the event of the insureds accidental death

Principal sum. This is a pure form of accidental insurance. For loss of sight of accidental dismemberment, a % of the principal sum is paid=capital sum.

Pertaining to insurance, which of the following is an example of a producers fiduciary responsibility?

Promptly forwarding the premiums to the insurance company

Another name for a substandard risk classification is

Rated

What are annuity certian?

Short-term annuity which limits the amount paid to a certain fixed period or until certain fixed amount it liquidated. It has No life contingencies

What does the single life option provide?

Single beneficiary income for the rest of their life. Upon the death of the beneficiary the payment stops.

Stock companies are owned and controlled by what?

Stockholders

An adjustable life policyowner can change what?`

The coverage period, face amount, premium pay-in period, and premium amount

An insurer whishes to compare the information given in an previous insurance application by the same applicant but for different companies. What organization can help with this?

The medical information bureau

If an insured files a claim with her agent, is it the agents responsibility to notify the insurance company?

Yes, the agent is the insurer's representative.

When a reduced-paid up nonforfeiture option is chosen, what happens to the face amount of the policy?

it is reduced to the amount of that the CV would buy as a single premium

Interest credited under the accumulation of interest option is taxed how?

it is taxable whether or not the policyowner receives it.

Medicare part B consists of what?

physician services, diagnostic tests and physical therapy

What is risk retention

planned assumption of risk, acceptance of responsibility for the loss by an insured through the use of deductibles, copayments, or self-insurance.

The insurance guaranty association is created to protect what?

policyowners, insureds, and beneficiaries under life insurance policies annuity contracts, and supplemental contracts when insurers fail to preform contractual obligations due to fianances

If a key person dies, how is the benefit treated?

treated as a reimbursement to the business and is received tax free


Set pelajaran terkait

pro nursing, chp 1 adaptive quiz part 2

View Set

Linux Commands for Testout Security Pro

View Set

Geometry True, Sometimes True, False

View Set

Sports and Injuries: Chapter 18,

View Set

Human Needs Neuro and Reproductive

View Set

Ch. 51 Structure and Function Male Reproductive Patho

View Set

Le Petit Prince: Chapitre 7 Questions

View Set

Sensory and Motor Functions of the Cranial Nerves

View Set