100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Massachusetts Life & Health Insurance: Exam Questions and Answers New (2024/2025) Solved 100% Correct $7.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. Massachusetts Life & Health Insurance
  4.  
  5. Massachusetts Life & Health Insurance

Exam (elaborations)

Massachusetts Life & Health Insurance: Exam Questions and Answers New (2024/2025) Solved 100% Correct
 0 purchase
  • Course
  • Massachusetts Life & Health Insurance
  • Institution
  • Massachusetts Life & Health Insurance

Legal Contract - Consideration, Legal Purpose, Offer (Made by Insured), Acceptance, Competent Parties A commissioner must give how many days advance notice of a hearing? - 21 Days (Guaranteed Association) Maximum benefits for any one life- Life insurance cash values - $100,000 (Guaranteed Asso...

[Show more]

Preview 4 out of 54  pages

Document information

  • August 2, 2024
  • 54
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • massachusetts life health insurance

Written for

  • Massachusetts Life & Health Insurance
  • Massachusetts Life & Health Insurance

Seller

avatar-seller
ACADEMICMATERIALS

Reviews received

Content preview

Massachusetts Life & Health Insurance:
Exam
Legal Contract - Consideration, Legal Purpose, Offer (Made by Insured), Acceptance, Competent
Parties



A commissioner must give how many days advance notice of a hearing? - 21 Days



(Guaranteed Association) Maximum benefits for any one life- Life insurance cash values -
$100,000



(Guaranteed Association) Maximum benefits for any one life- Life insurance death benefits -
$300,000



(Guaranteed Association) Maximum benefits for any one life- Other health insurance benefits -
$100,000



(Guaranteed Association) Maximum benefits for any one life- Present value on annuity benefits -
$250,000



`Roth IRA - Contributions not tax deductibe



limits same as IRA



Qualified Distributions are tax free



4 types of medicare advantage plans - -Medicare Managed Care Plans

HMO or POS

,-PPO

No gate keeper, more cost if outside network



-Private fee for service plans

plans negotiates the fees that providers will be paid



-Medicare Specialty plans

Special needs such as kidney failure



(Guaranteed Association) Maximum benefits for any one life- Basic hospital, medical, and surgical
insurance or major medical insurance benefits - $500,000



A- CANHAM Risks - Affordable



A- Method of handling risk - Avoidance



ACA - PPACA, Obamacare, and health care reform



Signed in 2010 with reforms



Additional refrms began jan 2014



Grandfathered= before ACA



Non Grandfathered= existed after ACA



Accelerated Benefit Rider - A living benefit or terminal illness rider

,- if you have terminal illness, you can use the money before you die and it reduces the overall death
benefit



Access to Cash Values While Insured is Living - loan reduced death benefits, if interest if not paid,
loan automatically taken to pay interest,



Accident - unintentional injury



accidental death or dismemberment rider - amount of rider is the principal sum, paid in addition
to face amount if death is due to accident, death within 90 days of accident



Accidental death rider - death due to accident that must have occured within 90 days of accident,
doubles or tripled the face value



Accumulation Period - The time before an annuitant's retirement during which the annuitant is
making payments or investments in an annuity.



Adhesion - Policy written by the insurance company



Admitted or Authorized - state requires the insurance company to have a certificate of authority



Adverse Selection - risks that have a greater than average chance of loss



Agency - The insurance agent acts on behalf of principal (Insurance Company)



Agent Authority - express, implied, apparent



Agent Delivery - Usually must get signed delivery receipt

, aleatory - not equal value - small premium for a large amount of coverage



Alternatives to Hospital care - Skilled Nursing Facilities



Intermediate nursing facilities



rehabilitiative facilities



Home health care



An eligible employee is one who works a minimum of how many hours per week on a full time basis? -
MA - 30 hours



Annuitization period - (liquidation, pay-out period) income is paid to the annuitant



Annuity payments after annuitization - taxed according to exclusion ration



premiums paid (divided by TOTAL of expected payments over annuitants life expactancy = percent of
payment not taxed



If annuitant lived beyond life expectancy, 10% or payment becomes taxable



Any Occupation - definition for being totally disabled in a disability income policy. person cannot
perform any occupation he/she is qualified



*more difficult to qualify



Any provider - any provider the insured chooses

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller ACADEMICMATERIALS. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $7.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67479 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$7.99
  • (0)
Add to cart
Added