10/10

which type of medicare policy requires insureds to use specific healthcare providors and hospitals

Medicare select

Under a pure life annuity, an income is payable by the company

Only for the life of the annuitant

what is not provided in an HMO

reimbursement

what is the maximum period that an insurer would pay benefits in accordance with an additional monthly benefit rider

1 years

what is the penalty for ira distributions that are below the required min

10%

An insurer neglected to provide a buyer's guide to a customer at the time of application. Which of the following will happen as a result

15 days free look period

cobra applies to employers with at least

20 employees

annuities or pure endowment contracts have a grace period of

30 days

how long does the insurer have to pay the claim without additional interest?

30 days

for how long is an insurance company allowed to defer policy loan requests

6 months

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.

As it pertains to group health insurance, COBRA stipulates that

GROUP COVERAGE MUST BE EXTENDED FOR TERMINATED EMPLOYEES UP TO A CERTAIN PERIOD OF TIME AT THE EMPLOYEE'S EXPENSE

medicare advantage is also known as

MEDICARE PART C

what describes taxation of individual disability benefits

benefits are not taxable

according to the replacement rule, replacement of life insurance is defined as a process in which

a new policy is bought and an old policy is converted to a reduced paid- up policy

what best depicts how the eligibility of members for group health insurance is determined

conditions of employment

what term is used to name the nontaxed return of unused premiums

dividend

what is the period of time immediately following a disability during which benefits are not payable

elimination period

The provision in a health insurance policy that ensures that the insurer cannot refer to any document that is not contained inthe contract is the

entire contract

life insurance death proceeds are

generally not taxed as income

on what disability income insurance plan would the benefit be subject to income tax

group

guarantee of insurability option in long term care insurance allows the insured to

increase benefits without proof of insurability

what is true about the premium on the children's rider in a life insurance policy?

it stays the same no matter how many kids

what is usually true of a participating life insurance policy

pays dividends to policy owners

what would be an underwriting consideration for a small employer carrier

percentage of participation

Which of the following is the most common time for errors and omissions to occur on the part of an insurer

policy delivery

If a health care plan has characteristics of an HMO and PPO, what type of plan is it

pos

what describes taxation of individual disability premiums

premiums are not tax deductibles

what can insurers change on a guaranteed renewable health insurance policy?

rates by class

When benefits are paid directly to the insured under a health insurance policy, the policy provides benefits on what type of basis?

reimbursement

what settlement option provides a single beneficiary with income for the rest of his/ her life

single life

what ltc coverages does not allow care at home?

skilled care

which annuities will generally provide the highest monthly income

straight life

what would help prevent a universal life policy from lapsing?

target premium

who must approve all Medicare supplement advertisements

the insurance commoner or director

who pays for the examination of an insurers service fees to determine compliance with the state insurance code

the insurer

In insurance policies, contract ambiguities are automatically ruled in the favor of the insured. What privilege does the insurer have in order to balance this?

the right to determine the wording of the policy

what is the best reason to purchase life insurance rather than annuities

to create an estate

what life insurance policy would be considered interest sensitive

universal life