Kansas Insurance - Life and Health Questions and answers with 100% Complete solutions | verified &updated 2024

Kansas Insurance - Life and Health Questions and answers with 100% Complete solutions | verified &updated 2024 The Kansas Life and Health Insurance Guaranty Act Association - provides payment for covered claims under certain insurance policies in the event that a company is insolvent What are the limits of the KLHIGAA? - Life: $100,00 in death benefits; $100,00 in net surrender value Annuities: $250,00 in present value Health: $100,00 in benefits Underwriting - a method insurer's use to reduce or avoid risk Adverse Selection - reducing risk as much as possible by eliminating as much "bad risk" as possible Medical Information Bureau (MIB) - A nonprofit association that maintains medical data on applicants for life insurance What are the four risk classifications? - Preferred, Standard, Sub-Standard, Declined Rate-up Age - lifestyle and physical condition of the applicant versus actual age Flat extra rate up - temporary increase that can be changed when the condition or situation no longer exist Tabular Rates - permanent increases for health conditions such as being overweight or high blood pressure