Life & Health review 2

Is renewable at the insured's option to a specified age.

A guaranteed renewable disability insurance policy

Disability income

A waiver of premium provision may be included with which kind of health insurance policy?

insurer

All advertisements are the responsibility of the

interest only

All of the following are Nonforfeiture options EXCEPT

The annuitant receives a fixed amount of return

All of the following statements about equity index annuities are correct EXCEPT

The PPO will pay reduced benefits

An employee becomes insured under a PPO plan provided by his employer. If the insured decides to go to a physician who is not a PPO provider, which of the following will happen?

$5,000

An insured has a primary group health plan and an excess plan, each covering losses up to $10,000. The insured suffered a loss of $15,000. Disregarding any copayments or deductibles, how much will the excess plan pay?

$50,000

An insured owns a $50,000 whole life policy. At age 47, the insured decides to cancel his policy and exercise the extended term option for the policy's cash value, which is currently $20,000. What would be the face amount of the new term policy?

Pay the death benefit

An insured purchases a policy in 2008 and died in 2013. The insurance company discovers at that time that the insured concealed information during the application process. What can they do?

20

Following hospitalization because of an accident, Bill was confined in a skilled nursing facility. Medicare will pay full benefits in this facility for how many days?

Deductible by the employer as an ordinary business expense

Group disability income insurance premiums paid by the employer are

100% participation of members is required in noncontributory plans

Group life insurance is a single policy written to provide coverage to members of a group. Which of the following concerning group life is correct

Agree to follow the PPO standards and charge the appropriate fees

How can a new physician be added to the PPO's approved list

12

How many consecutive months of coverage must LTC insurance provide in this state

30 days

If an HMO policy is cancelled for nonpayment of the amounts due under the contract, how long of a notice must the insurer give the insured

converison factor

In a relative value system of determining coverage for a given procedure, what term describes the total amount of payable per point

is not covered

In health insurance, if a doctor charges $50 more than what the insurance company considers usual, customary and reasonable, the extra cost

insurer to the insured

In the event of loss, after a notice of claim is submitted to the insurer, who is responsible for providing claims forms and to which party?

90 days

Most policies will pay the accident death benefits as long as the death is caused by the accident and occurs within

That the cash value will not be lost

Nonforfeiture values guarantee which policyowner?

5 months

Once the person meets the stringent requirements for disability benefits under Social Security, how long is the waiting period before any benefits will be paid?

Employers are no longer forced to offer HMO plans

The HMO act of 1973 required employers to offer an HMO plan as an alternative to regular health plans if the company had more than 25 employees. How has this plan since changed?

Part A

The Part of Medicare that helps pay for inpatient hospital care, inpatient care in a skilled nursing facility, home health care and hospice care, is known as

A flat amount

The benefits for individual disability plans are based on

income tax free

The benefits received by the business Disability Buy Sell policy are

Major medical coverage

The corridor deductible derives its name from that it is applied between the basic coverage and the

Depends on the performance of a separate account.

The death benefit in a variable universal life policy

entire contract clause

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

death benefit

The term fixed in a fixed annuity refers to all of the following except

Convertible term policy

The type of policy that can be changed from one that does not accumulate cash value to the one that does, is a...

application

What is the term used for an applicant's written request to an insurer for the company to issue a contract, based on the info provided

Option B

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

100%

What percentage of a company's employees must take part in a noncontributory group life plan?

Amounts payable under the policy will reflect the insured's correct age

When an insured purchased her disability income policy, she misstated her age to the agent. She told the agent was 30. She is 37. If the policy contains the option contains the optional misstatement of age provision

Renewal provision

Which health insurance provision describes the insured's right to cancel coverage?

They earn lower interest rates than fixed annuities

Which of the following is NOT true regarding Equity Indexed Annuities

Variable whole life has a guaranteed death benefit

Which of the following is a key distinction between variable whole life and variable universal life products

It commences when the policy is delivered

Which of the following is true about the mandatory free look in a Life Insurance policy?

Automatic Premium Loan

Which of the following protects the insured from an unintentional policy lapse due to a nonpayment of premium?

payment of claims

Which of the following provisions would prevent an insurance company from paying a reimbursement claim to someone other than the policyowner?

Medical Information

Which part of an insurance application would contain information regarding the cause of death of the applicant's deceased relatives?

insurance company

Who bears all of the investment risk in a fixed annuity?

30 days

if an agent suspects that insurance fraud is being committed, within how many days must the agent notify the insurance fraud unit of the department of insurance

Guaranteed Renewable

if the insured has the right to keep a long term care insurance policy in force by making timely premium payments, and the insure may not make a change to the policy or decline to renew it the policy is