Final Exam: California Life, Accident, and Health Insurance

What is considered the most common type of specified disease insurance policy? - Answer- Cancer Minimum participation standards exist for a group health insurance plans in order to - Answer- Prevent Adverse Selection How does underwriting differ between group life and individual life insurance? - Answer- Medical questions must be answered on individual life insurance when handling premiums for an insured an agent is acting in which capacity? - Answer- Fiduciary what is the term used to describe the frequency and severity of certain illnesses and accidents? - Answer- Morbidity Which of the following describes the statement "The more times an event is repeated, the more predictable the outcome becomes"? - Answer- Law of large numbers In order to be considered "currently insured" under Social Security, an individual must be credited with? - Answer- 6 quarters of coverage during the last 13-quarter period How long must a policy be in force before an insurer is prohibited from denying claims based on misstatements made on the health policy application? - Answer- 2 Years Which of the following does the California Insurance Code NOT require an insurance policy to specify? - Answer- Insurer's financial rating Which of the following is NOT required in the content of a policy? - Answer- Probability of loss Which of the following pieces of information is NOT gathered during the personal financial planning process? - Answer- An individual's civic organization memberships Which of the following is not considered to be an unfair claims settlement practice? - Answer- Advising a claimant to hire an attorney When an applicant applies for insurance, the process by which the insurer determines whether to issue a policy is called? - Answer- Underwriting How is a Medicare claim submitted? - Answer- Expenses are submitted to Medicare by the health provider