Health and Life Insurance

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What would a physician utilize if he wanted to know if a treatment is covered under insureds plan?

Prospective review

The paid up addition option uses the dividend to?

Purchase a smaller amount of the same type of insurance as original policy

What insurance option would be considered a risk sharing arrangement?

Reciprocal

What entity does not regulate variable life policies?

The Guaranty Association

Insurers are required to acknowledge the receipt of claim within how many days?

10

If an insurer terminates a producer appointment, the commissioner must be notified within how many days

30

What is the duration of free look period for medicare supp policies

30 days

How much patient care must be provided after vaginal delivery?

48 hours

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

90 days

How soon following occurrence of a covered loss must an insured submit written proof of loss

90 days not exceeding 1 year

What does liquidity refer to in a life insurance policy?

Cash values an be borrowed at any time

Occasional visits by _________ will not be covered under LTC health care

attending physician

When an insurer offers services like pre-admission testing, second opinions regarding surgery what would apply?

case management provision

Under which nonforfeiture option does the company pay the surrender value and have no further obligation to the policy owner

cash surrender

What is the clause that describes the method of paying the death benefit in the event that the insured and beneficiary are both killed in the same accident?

common disaster clause

which component increases in the increasing term insurance

death benefit

Making false statements about the financial condition of any insurer that is intended to hurt business

defamation

A typical Accidental Death & Dismemberment policy covers all of the following losses EXCEPT

income

Under a health insurance policy, benefits, other than death benefits will be paid to?

insured

Annually renewable term insurance

level term insurance

When insured initiates the cancellation of a policy, the unearned premium will be refunded on a

short rate basis

The interest earned on policy dividends is (taxable or non )?

taxable

Once a viatical contract has been established, how long does the viator have to rescind the contract?

15 calendar days

Once a mail-order solicitation has been filed, how long may it be used?

2 years

In viatical settlement, a terminally ill insured is expected to live no longer than

24 months

What process will the insurance company use to monitor the insureds hospital stay to make sure everything goes according to schedule?

concurrent review

Which policy component decreases in decreasing term insurance?

face amount

What is an eligibility requirement for all social security disability income benefits?

fully insured status

Events or conditions that increase the chances of an insured loss

hazards

Example of limited pay life policy

life paid up to age 65

insured purchased insurance 5 years ago. Last year she received a dividend check and this year she did not. What type of insurer did she purchase the policy?

mutual

Using a class designation for beneficiaries means

naming beneficiaries as a group

Which entity established the do not call registry

Federal Trade Commission

Violation of unfair discrimination law may result in the following penalties except?

Fine up to 1000 per act

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

Insurers executive office

What best describes bail out provision

It allows the owner to surrender the annuity without charge

What type of benefit helps pay for accidental injuries that are not severe enough to qualify as disabilities?

Medical reimbursement benefit

OBRA requires that a large group health plan must provide primary coverage for?

age 65 and not retired

What is a short term annuity that limits the amounts paid to a certain fixed period or until a certain fixed amount?

annuity certain

Which universal life option has gradually increasing cash value and level death benefit

Option A

Upon the submission of a death claim under a life insurance policy, when should the insurer pay the policy benefit?

immediately after receiving written proof of loss

Which option for Universal life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured?

option b

What kind of policy allows withdrawals or partial surrenders

universal life


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