Missed Questions in Session
Gold plan
A health plan that covers a higher percentage of expected healthcare costs.
Bronze plan
A health plan that covers a lower percentage of expected healthcare costs.
Silver plan
A health plan that covers a moderate percentage of expected healthcare costs.
Platinum plan
A health plan that covers the highest percentage of expected healthcare costs.
Guaranteed insurability
Ability to purchase additional insurance coverage without proof of insurability.
Health Reimbursement Account (HRA)
Account that allows employees to pay for qualified medical expenses with pre-tax dollars.
Florida Health Insurance Coverage Continuation Act
Act that requires insurers to offer continued coverage to employees who lose their coverage.
Health Insurance Coverage Continuation Act
Act that requires insurers to offer continued coverage to employees who lose their coverage.
$500 deductible
Amount the insured must pay before insurance coverage starts.
Straight life annuity
Annuity that pays a specific amount for the annuitant's lifetime.
Collateral assignment
Assignment of a life insurance policy as collateral for a loan.
Activities of daily living (ADLs)
Basic self-care tasks, such as bathing and dressing.
Irrevocable beneficiary
Beneficiary of a policy that requires written consent to change.
Revocable beneficiary
Beneficiary who can be changed at any time.
Irrevocable beneficiary
Beneficiary who cannot be changed without written consent.
Primary beneficiary
Beneficiary who receives the death benefit directly from the insurer.
Contingent beneficiary
Beneficiary who receives the death benefit if the primary beneficiary is unable to.
Guaranteed minimum benefit
Benefit paid if the annuitant dies before the principal amount is paid out.
Paid-up nonforfeiture benefit
Benefit that becomes effective if the premium is not paid within 60 days.
Core benefits
Benefits found in all Medicare supplemental policies.
Hospice care
Care provided to terminally-ill individuals in a home-like setting.
Risk classification
Classification of health plans based on the amount of covered costs.
Metal level classification
Classification of health plans into bronze, silver, gold, and platinum based on covered costs.
Grandfathered and nongrandfathered
Classification of health plans under the Affordable Care Act.
Guaranteed and nonguaranteed plans
Classification of health plans under the Affordable Care Act.
Accidental means clause
Clause in a disability income policy that denies coverage if the injury was foreseen.
80/20 coinsurance
Coinsurance where the insurer pays 80% and the insured pays 20% of covered expenses.
Long-term care
Coverage for individuals who require assistance with daily living activities.
Work credits
Credits earned to qualify for Social Security disability benefits.
Effective date
Date when an insurance policy goes into effect.
Blanket dental plan
Dental plan incorporated into a major medical expense plan.
Integrated dental plan
Dental plan that is part of a major medical plan.
Stand-alone dental plan
Dental plan that is separate from a major medical plan.
Supplemental dental plan
Dental plan that provides additional coverage on top of a major medical plan.
Accelerated endowment
Dividend option where the policyowner uses dividends to accelerate the endowment of the policy.
Paid-up option
Dividend option where the policyowner uses dividends to pay up the policy.
One-year term option
Dividend option where the policyowner uses dividends to purchase a one-year term policy.
Paid-up additions
Dividend option where the policyowner uses dividends to purchase additional paid-up insurance.
Notice Regarding Replacement
Document that informs the applicant of the 30-day free-look provision in a replacing policy.
Certificate of Coverage
Document that provides details about the coverage provided by an insurance policy.
Eligible employee
Employee who meets the requirements for small group insurance coverage.
Insurable interest
Financial interest in the life or health of another person.
Income assistance for work-related injury
Financial support for individuals injured while working.
Universal life insurance
Flexible premium life insurance policy with a cash value account.
Medicaid
Government program that provides medical coverage for low-income individuals.
Blanket insurance
Insurance that covers a group of individuals participating in a specific activity.
Authorized insurer
Insurer that meets the state's financial requirements and is approved to transact business.
Fraud
Intentional misrepresentation of material information in an insurance application.
Affordable Care Act
Legislation that classifies health plans based on covered costs.
Life insurance license
License required to sell life insurance policies.
Securities license
License required to sell variable life insurance policies.
Variable life insurance
Life insurance policy that allows for investment in securities.
Whole life policy
Life insurance policy that matures when the insured reaches the age of 100.
Whole life insurance
Life insurance policy that provides coverage for the entire lifetime of the insured.
Group long-term care
Long-term care coverage provided to a group of individuals.
Individual long-term care
Long-term care coverage provided to an individual.
Pre-existing condition
Medical condition that existed before the effective date of coverage.
Home health care services
Medical services provided at home for individuals with health conditions.
Family planning services
Medical services related to contraception and reproductive health.
Disability
Meeting Social Security's definition of total disability.
Rebate
Offer of something of value as an inducement to purchase insurance.
Endorsement to a health policy
Option to add long-term care coverage to a health insurance policy.
Endorsement to a life policy
Option to add long-term care coverage to a life insurance policy.
Cash option
Option to receive annual, nontaxable dividend checks from a life insurance policy.
Free-look provision
Period of time during which the insured can cancel a policy and receive a full refund.
Elimination period
Period of time that must pass before long-term care benefits are paid.
Medicare supplement policies
Policies that provide additional coverage for Medicare beneficiaries.
Major medical policy
Policy that covers significant medical expenses.
Eyeglasses
Prescription lenses used to correct vision.
Time Payment of Claims
Provision that requires prompt payment of claims under a health insurance policy.
Time of Payment of Claims
Provision that requires prompt payment of claims under a health insurance policy.
FINRA registration
Registration required to sell variable life insurance policies.
SEC registration
Registration required to sell variable life insurance policies.
Investigative consumer report
Report that provides additional information about an applicant's background.
Qualified retirement plan
Retirement plan approved by the IRS that provides tax benefits for both employer and employee.
Profit sharing plan
Retirement plan where the employer contributes money when the company shows a profit.
Underwriting sources
Sources used to determine an applicant's insurability.
5 days
Timeframe for an insurer or reporting agency to comply with a consumer's request for additional information concerning an investigative consumer report.
$2,500 loss
Total amount of expenses incurred by the insured.
Appointment transfer
Transfer of an agent's appointment to another person.
