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LIFE, ACCIDENT AND HEALTH EXAM QUESTIONS WITH CORRECT ANSWERS
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LIFE, ACCIDENT AND HEALTH EXAM QUESTIONS WITH CORRECT ANSWERS
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LIFE, ACCIDENT AND HEALTH EXAMQUESTIONS WITH CORRECT ANSWERS
Annuity - Answer--A contract between a person and an insurance company that
requires the insurer to make payments to you.
-You buy an annuity by making either a single payment or a series of payments
-Annuity Death benefits are NOT tax deductible or taxfree
Dividends - Answer--Declared by the board of directors and cannot be guaranteed
-A sum of money paid regularly by a company to its shareholders out of its profits
Stock Insurers - Answer--Owned by the stockholders who elect the board of directors.
-Profits are paid to the stockholders.
Frequency - Answer--When the pricing principle is defined in a disability policy by a
financial loss in a certain group occuring over a certain period of time.
Beneficiary - Answer-One who receives benefits
Medi-Cal - Answer-health care program for the poor
Medicare - Answer-A - provides coverage for hospital services, free to those who reach
65)
B - provides coverage for doctor services (optional)
C - does NOT cover prescription drugs
D - Prescription Drugs
Utmost Good Faith - Answer--Allows each party to rely on the representation made by
other party
Patient Protection & Affordable Care Act (PPACA) - Answer-This is the health care
reform law. Focuses on reform of the private health insurance market; providing better
coverage for those with pre-existing conditions; improving prescription drug coverage in
Medicare.
Period - Answer-Probationary-
Elimination- the waiting period included in disability income policies
Grace-
Waiting (deductible)- The period of time the insured is not eligible for benefits once they
become disabled (30, 60, 90days)
Coinsurance - Answer--Feature of Major Medical insurance
-Defined as sharing the loss after the deductible has been satisfied
-Usually expressed as percentage sharing of the loss between the insurer and the
insured
, -Insurer pays the larger percentage, such as 90/10
Gatekeeper - Answer--Primary Care Physician
-Cannot be a specialist, must be a general practice doctor.
COBRA - Answer--Consolidated Omnibus Budget Reconciliation Act
-A law that allows people who leave employment to continue their health insurance
under the company plan for a limited period of time
HIPCAP - Answer--Free counseling
Coordination of Benefits - Answer--Provision that applies in group insurance when an
insured has coverage under multiple plans at one time.
-Coordination of benefits is included in all group health insurance policies in order to
reinforce the principle of indemnity and determine which coverage is primary, which is
the coverage the insured has where they work.
Keogh plan - Answer--A retirement plan for the self-employed
The Social Security Blackout - Answer--Period of time when surviving family members
are NOT eligible for Social Security survivors benefits
-Begins at 16
-Ends at 60
Premium - Answer--The amount the insured pays the insurer for the coverage provided.
Solvent Insurer - Answer-Has enough reserves to pay for all its liabilities
Types of Life Policy Riders: - Answer--Waiver of Premium- Waives the insured's
premium if the insured becomes disabled
-Disability Income- Pays a replacement of the insured's lost income if the become
disabled.
-Accidental Death Benefit- Pays double the face amount if the insured dies in an
accident, and is also known as double indemnity.
-Guaranteed Insurability- Allows the insured to purchase additional amounts of life
insurance w/o having to prove insurability.
-Cost of Living- increases the policy death benefit based upon the rate of inflation
Indemnity - Answer--Security or protection against a loss or other financial burden.
Hospital Confinement Policy - Answer--Pays a set amount per day if the insured in
confined in the hospital.
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