Aflac Insurance Practice State Test Questions Ch. 4 Updated 2024/2025 Questions and Answers 100% Correct.
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Course
Aflac Insurance
Institution
Aflac Insurance
Interim Coverage - short-term policies that can be purchased on an interim basis when in between
jobs or waiting for a new policy to start
how is health insurance calculated? - Interest,expense,types of benefits and morbidity, or the
expected incidence of sickness or disability within given age ...
Aflac Insurance Practice State Test
Questions Ch. 4
Interim Coverage - short-term policies that can be purchased on an interim basis when in between
jobs or waiting for a new policy to start
how is health insurance calculated? - Interest,expense,types of benefits and morbidity, or the
expected incidence of sickness or disability within given age group during the given period of time.
Health insurance - broad field of insurance plans that provide protection against the financial
consequences of illness, accidents, injury and disability
What are the two perils that are covered in health insurance? - accident and sickess
Medical Expense insurance - provides financial protection against the cost of medical care by
reimbursing the insured, fully or in part, for these cost, called reimbursement plans
(ex: long-term care)
Disability income insurance and Dismemberment Insurance (AD&D) - provides the insured with a
lump-sum benefit amount in the event of accidental death or dismemberment under accidental
circumstances
Subrogation - the right for an insurer to pursue a third part that caused an insurance loss to the
insured. Done as a means of recovering the amount of the claim paid by the insurance carrier to the
insured for the loss.
business continuation plans - to continue the operation of a business in the event of a disabling
sickness or injury to a business owner or key employee
employee benefit plans - to help an employee in the event of a disabling sickness or injury
, Disability buy-sell/disability buy-outs - designed to assist in the sale of a business in the event of
the disability of a business owner, funded with a disability income policy, tax free (premiums are not tax
deductible)
Key Person Disability Insurance - Pays a monthly benefit to a business to cover expenses for
additional help or outside services when an essential person is disabled.tax free (premiums are not tax
deductible)
Employee benefit plans - Plans through which employers offer employees benefits such as
coverage for medical expenses, disability, retirement, and death
Enrollment period - limited period of the time during which all members may sign up for a group
plan. Must be a natural group formed for some reason other than to obtain insurance.
Coordination of benefits (COB) - found only in group health plans, to avoid duplication of benefit
payments and over insurance when an individual is covered under more than one group health plan.
Group coverage plans - have significantly less out of pocket cost. The cost of insuring an individual
under a group of health plan is less than the ost of insurance under an individual plan mostly because
administrative and selling expenses involved with group plans are far less.
Factors that help determine group health insurance premiums are - the size of the group, claims
experience with previous insurers, and the ages of group members.
If the employer pays the entire premium, the plan is - noncontributory
If the employees share a potion of the premium it is called - contributory
Shared funding arrangement - allows the employer to self-fund health care expenses up to a
certain limit
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