Aflac Insurance Practice State Test Questions Ch. 4 with Complete Solutions
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Course
Aflac Insurance
Institution
Aflac Insurance
Aflac Insurance Practice State Test Questions
Ch. 4 with Complete Solutions
Health insurance - Answer️️ -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...
Aflac Insurance Practice State Test Questions
Ch. 4 with Complete Solutions
Health insurance - Answer✔️✔️-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? - Answer✔️✔️-
accident and sickess
Medical Expense insurance - Answer✔️✔️-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) -
Answer✔️✔️-provides the insured with a lump-sum benefit amount in the
event of accidental death or dismemberment under accidental
circumstances
Interim Coverage - Answer✔️✔️-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? - Answer✔️✔️-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.
Subrogation - Answer✔️✔️-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 - Answer✔️✔️-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 - Answer✔️✔️-to help an employee in the event of a
disabling sickness or injury
Disability buy-sell/disability buy-outs - Answer✔️✔️-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 - Answer✔️✔️-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 - Answer✔️✔️-Plans through which employers offer
employees benefits such as coverage for medical expenses, disability,
retirement, and death
Nature of group health insurance - Answer✔️✔️-The contract for a group
health insurance policy is between the insurance company and the group
(usually employer). Health insurance is provided through group master
contracts. In this case, the employer or the association is the policyowner
and is responsible for premium payments. The employer may pay the
entire premium or require some contribution from each member to cover
the insurance cost.
Probationary period - Answer✔️✔️-period of time during which new
employees are ineligible for group health insurance coverage
Enrollment period - Answer✔️✔️-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) - Answer✔️✔️-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 - Answer✔️✔️-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 -
Answer✔️✔️-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 - Answer✔️✔️-
noncontributory
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