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Exam (elaborations)

Kansas Insurance Life and Health Questions and Answers

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The Kansas Life and Health Insurance Guaranty Act Association Ans- provides payment for covered claims under certain insurance policies in the event that a company is insolvent What are the limits of the KLHIGAA? Ans- Life: $100,00 in death benefits; $100,00 in net surrender value Annuities: ...

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  • August 2, 2024
  • 28
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Kansas Insurance Life
  • Kansas Insurance Life
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Kansas Insurance Life
and Health Questions and
Answers


The Kansas Life and Health Insurance Guaranty Act Association


Ans- provides payment for covered claims under certain insurance policies in

the event that a company is insolvent




What are the limits of the KLHIGAA?


Ans- Life: $100,00 in death benefits; $100,00 in net surrender value




Annuities: $250,00 in present value




Health: $100,00 in benefits

,Underwriting


Ans- a method insurer's use to reduce or avoid risk




Adverse Selection


Ans- reducing risk as much as possible by eliminating as much "bad risk" as

possible




Medical Information Bureau (MIB)


Ans- A nonprofit association that maintains medical data on applicants for life

insurance




What are the four risk classifications?


Ans- Preferred, Standard, Sub-Standard, Declined




Rate-up Age


Ans- lifestyle and physical condition of the applicant versus actual age

, Flat extra rate up


Ans- temporary increase that can be changed when the condition or situation

no longer exist




Tabular Rates


Ans- permanent increases for health conditions such as being overweight or

high blood pressure




Graded Death Benefits


Ans- having a lower death benefit in exchange for lower premiums




What are the responsibilities of an insurance producer?


Ans- 1. Make sure applicant fills application out completely




2. Make sure applicant has insurable interest




Health Insurance Portability and Accountability Act (HIPAA)

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