Missed Qs
A medical care provider which typically delivers health services at its own local medical facility is known as a
HMO
Which of the following is not regulated by the Insurance and privacy protection act
Insurance regulators
The Accelerated Death Benefit provision in a life insurance policy is also known as a(n)
Living benefit
Under what system do a group of doctors and hospitals in a designated area contract with an insurer to provide services at a prearranged cost to the insured?
PPO
What does Medicare parts A and B cover
Part A covers hospitalization; Part B covers doctor's services
Post-tax dollar contributions are found in
Roth IRA
Z is an agent who violated the Insurance Information and Privacy Protection Act. Z was then issued and served a statement of charges and notice of hearing by the Commissioner of Insurance. Z's hearing date must be at least ____ days after service of charges
10
A resident agent has __ days to notify the comissoner of insurance of address change
10 days
In NC monthly premiums health insurance policies must provide grace period for
10 days
In NC, monthly premiums policies must have a grace period of
10 days
A non contributory plan require __ percent of participation
100
What is the maximum amount of social security disablity benefit
100% of PIA
A person insured under a health policy is required to give the insurance company a Notice of Claim within how many days after a covered loss?
20
USA Patriot Act
2001
A terminated emplyee must be employed for __months to qualify for contined coverage
3
AN insurer must maintian greivence records for
3 years
M's insurance company denied a reinstatement application for her lapsed health insurance policy. The company did not notify M of this denial. How many days from the reinstatement application date does the insurance company have to notify M of the denial before the policy will be automatically placed back in force??
45
How long must every insurance agent maintain records
5 years
An eligible employee can be added to a group health coverage a max of ___ days after emplyment
90
Option that provides addtional death benefit for lowest cost and temp time
A&D rider
Exchange of unequal values
Aleatory
Which of these actions is taken when a policyowner uses a Life Insurance policy as collateral for a bank loan?
Collateral assingment
Before XYZ insurance company can issue or deliver policies in NC, they must be filed with..
Commissoner of Insurance
at what point does a whole life policy endow
When the cash value equals the death benefit
Policy feature that allows insured to defer current health charges to next years deductable
carryover
Physicians salaried under a HMO
closed panel
which of the following reimburses the insured for covered medical cost
commersial insurers
Pre-hospitalization authorization is considered an example of
managed care
A provision in a life insurance policy that pays the policy owner an amount that does not surpass the guaranteed cash value
policy loan provision
what is the purpose of the time of payment of claims provision
prevents delayed payment of claims
a retirment plan that sets aside part of the companys net income for distributions to qualified employees is called a
profit sharing plan
In NC, tontine policies are
prohibited
Which of these Nonforfeiture Options continue a build-up of cash value?
reduced paid up
Typically a life insurance death benefit is paid by a lump-sum payment. A(n) __________ option is a method of distributing a Life Insurance policy's death benefit OTHER than by a lump sum payment.
settlement
Who is normally considered to be the owner of a 403(b) tax-sheltered annuity?
the employee
HOw long does an individual have to rollover IRA
60 days
How long must one wait before taking legal actions on an accident and health policy
60 days after proof of loss
How does the Commissioner of Insurance attain office?
Appointed by the people of north carolina in a 4 year term
Traditional IRA distrubutions must start by..
April 1 of the year following the participant turns 70.5
Old Age, Survivors, and Disability Insurance (OASDI)
Social Security
Annuity that pays the largest possible monthly payment
Straight life
Flexible premiums and adjustable death benefit
Universal
Written agreement to recieve cash in exchange for sale and transfer of life insurance policy
Viatical Settlement
80/20 coinsurance clause
add deductible plus .2x(total-deductible )
the cost of living rider gives the insured
additional death benefits
A brokers liscence must be renewed annually by
april 1
Additional coverage can be added to a Whole Life policy by adding a(n)
decreasing term rider
Characteristic of PPO
discounted fees for patients
Which nonforfeiture option provides highest death benefit
extended term
The first portion of a major medical insurance expense that the insured is required to pay is called the
initial deductible
All of these Settlement options involve the systematic liquidation of the death proceeds in the event of the insured's death EXCEPT
interest only
Which of these types of coverage is best described as a short term medical policy
interium
Life insurance that provides coverage for a limited period of time at the lowest cost possible
level term
Annuity. If owner dies before 20 year payment is up, payment goes to his son
life annuity with period certain
K owns a Whole Life policy. If K wants an increasing Death Benefit to protect against inflation, which Dividend Option should she chose?
paid up add
What does a 401(k) plan generally provide its participants?
salary deferral contributions
K is shopping for a permanent life insurance policy that will offer her the MOST protection per dollar of annual premium. Which of these policies best fits her needs?
straight life
Permanent life insurance policy that will offer most protection per dollar of annual premium
straight life
which of the following is not covered under hospital expense
surgical fees
All of these are considered benefits under social security
suvivorship, disablity, and retriment
what type of life insurance policies are credit policies issued as
term
a term life insuracne policy matures
upon death during the term
A life policy that contains a monthly mortality charge as well as self-directed investment choices is called a(n)
variable universal
Who negotiates viatical settlements betweeen policyowner and viatrical settlement provider
viatical settlement broker
The provision in a group health policy that allows the insurer to postpone coverage for 30 days
waiting period
What type of rider would be added to an Accident and Health policy if the policyowner wants to ensure the policy will continue if he/she ever becomes totally disabled?
waiver of premium
