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NC Accident and Health Exam Questions and Answers 100% Solved
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NC Accident and Health Exam
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NC Accident and Health ExamThe period in which illness-related disabilities are excluded from coverage. - answer
Probationary period
An approach in which a certain amount of "points" are assigned to a procedure based
on an amount relative to a maximum cost for similar procedures in that geographic area.
- answer Relative value approach
Which type of policy allows the policyowner to renew the policy to a stated age without
evidence of insurability, but allows for the insurance company to raise the premium on
the entire class of insureds? - answer Guaranteed Renewable
The insurer cannot refer to any document that is not contained in the contract, is a
function of which clause? - answer Entire contract clause
After a policy lapses and is subsequently reinstated, how long does it take for accident
coverage to kick in? - answer Immediately (sickness coverage may have a waiting
period of about 10 days)
What is the taxability of Disability Buy-Sell coverage? - answerPremium payments are
NOT deductible to the business as a business expense. However, benefits paid out are
received tax free by the business.
An example of a limited health accident and health insurance policy would be? -
answerDread Disease Policy
Travel Accident Policy
A policy that covers all of the participants without naming them individually. -
answerBlanket Policy
Taxability of LTC insurance. - answerBenefits are income tax free (except for excessive
benefits as determined by statute). Premiums may be deductible depending on the
situation.
Accidental death and dismemberment policies pay out benefits on what basis? -
answerLump-Sum (Principal amount for loss of two limbs or death; capital amount for
loss of one limb)
The Commissioner examines and investigates all insurance institutions to ensure what?
- answerThat they remain solvent and conduct business in compliance with state laws
and regulations.
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