Xcel solutions final exam Maryland Life and health 2023

What is normally the consequence for NOT obtaining preadmission certification prior to receiving inpatient medical care? - correct answer -A reduction in benefits A group-owned insurance company that is formed to assume and spread the liability risks of its members is known as a - correct answer -Risk retention group During the application process, a statement made by an applicant that becomes part of the contract is considered to be a(n) - correct answer -Warranty What is taken into consideration when defining "total disability" in a disability income insurance policy? - correct answer -The insured's education, training and expirence Sarah, age 88, is a life annuitant who has lived beyond her life expectancy. The funds for additional benefit payments will be derived primarily from funds that were - correct answer -not distributed to life annuitants who died before life expectancy Which type of policy can group term life insurance normally be converted to? - correct answer -An individual permanent life insurance policy Impatient psychiatric care is covered under Part A Medicare insurance for 190 days per - correct answer -Lifetime A source of supplemental income for a life insurance policyowner can be derived from the - correct answer -Cash value The absolute assignment of a life insurance policy results in - correct answer -all incidents of ownership transferred to the assignee All of these statements concerning group credit life insurance are false EXCEPT - correct answer -The face amount is based on the outstanding loan balance Which statement concerning adjustable life insurance is accurate? - correct answer -The face amount and premiums can be changed simultaneously by the policyowner Which settlement option makes minimum guaranteed dollar payments over a stated number of years? - correct answer -Fixed-Period Insurance is NOT characterized as which of the following? - correct answer -As the number of insureds increase the number of losses decrease