Final Exam - South Carolina Life and Health.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/Final%20Exam%20-%2
Final Exam - South Carolina Life and Health
1. A closed network plan offers a primary physician copay of $25. If a sub- scriber
chooses a primary care physician outside of the network, the sub- scriber will likely
pay
ANS 100% of the billed amount
2. What does Coordination of Benefits allow?
ANS Allows the secondary payor toreduce their benefit payments so no more than 100% of
the claim is paid
3. A waiver of premium rider allows an insured to waive premium payments ifthe insured
is
ANS completely and permanently disabled
4. Under the Time Limit of Certain Defenses Provision, a disability policy is
incontestable after it has been in force for a period of
ANS 2 years
5. In what part of an insurance policy are policy benefits found?
ANS Declarations
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,Final Exam - South Carolina Life and Health.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/Final%20Exam%20-%2
6. What type of annuity stops all payments upon the death of the annuitant?-
ANS Life annuity
7. A guaranteed issue insurance policy has no
ANS medical underwriting
8. What is NOT a qualifying event for Medicare?
ANS Falling below the federal povertylevel
9. An insured has a health plan that pays established amounts in accordancewith a list of
injuries, surgical procedures, or other losses. This list is called a
ANS benefit schedule
10. Craig purchased a life insurance policy for enabling his heirs to pay estatetaxes.What
is this called?
ANS Estate conservation
11. Ownership of a life insurance policy may be temporarily transferred witha(n)
ANS collateral assignment
12. Respite care is able to provide
ANS temporary relief to the patient's primarycaregiver
13. What are employers is required to follow ERISA regulations?
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ANS A local elec-trical supply company with 12 employees
14. A policy illustration given at time of sale does NOT typically includethe
ANS names of the beneficiary
15. How are contributions made to a Roth IRA handled for tax purposes?
ANS Nottax deductible
16. With respect to small group health benefit plans, a carrier may discontinuecoverage or
may refuse to renew such a plan if the employer
ANS fails to pay the premium prior to the end of the grace period
17. What is an insurance policy's grace period?
ANS period of time after premium isdue but the policy remains in force
18. What isn't considered to be nonforfeiture options available to policyown-er
ANS Reduction of Premium
19. An insured MUST submit a proof of loss on a health insurance claim withinhow many
days after the date of loss?
ANS 90
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