Massachusetts health and accident insurance exam Questions and Answers 100% Verified
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Course
Massachusetts health and accident insurance
Institution
Massachusetts Health And Accident Insurance
"No Gain No Loss" - a replacing policy pays for ongoing claims under the policy it replaces
Absolute Assignment v. Collateral Assignment - - absolute: a permanent and irrevocable transfer
- collateral: a temporary and/or revocable transfer
of benefits (collateral for debt)
Accidental Bodily Inj...
Massachusetts health and accident insurance exam. "No Gain No Loss" - a replacing policy pays for ongoing claims under the policy it replaces Absolute Assignment v. Collateral Assignment - - absolute: a permanent and irrevocable transfer - collateral: a temporary and/or revocable transfer of benefits (collateral for debt) Accidental Bodily Injury Provision - require RESULT of injury unexpected or accidental Accidental Death and Dismemberment Insurance - - covers fatal accident or dismemberment of accidental injury - pure accident coverage - provides a lump sum benefit Accidental Death and Dismemberment Insurance (AD&D) - Provides the insured with a lump -sum benefit amount in the event of accidental death or dismemberment under accidental circumstances Accidental Death Benefit Rider - doubles the face amount of life insurance if death occurs as a result of an accident Accidental Means Provision - provision requires the CAUSE of injury be unexpected or accidental Activities of Daily Living - 1. Personal Hygiene (Bathing, Grooming) 2. Dressing 3. Eating 4. Using a Restroom 5. Transferring (in and out of bed) All care is coordinated by... - ...primary care physician All-Cause - meet deductible once during benefit period Ambulatory Care - health care consultation, treatment or intervention using advanced medical technology or procedures delivered on outpatient basis - handles; surgery, physicals, immunizations Annuity - Policy issued by an insurance company to promise you an income that can last you a lifetime Assignment Provision - the transfer of ownership in a life insurance policy (assignee) Aviation - the flying or operating of aircraft Basic Medical Expense Insurance - - "first dollar insurance" - benefits up front with no deductible \ - benefits lower than actual expenses incurred Basic Physicians Expense - - nonsurgical expense coverage - covers nonsurgical expenses physicians provide Basic Surgical Expense Coverage - cover cost of surgical services Benefit Period - maximum length of time disability income benefits will be paid (longer benefit = higher cost) - short term = 6 months to 2 years - long term = >2 years Blanket Health Plans - Blue Cross & Blue Shield - - service base rather than reimbursement - "subscribers" - prepaid plans - nonprofit Business Continuation Plans - continue the operation of the business in the event of a disabling sickness to a business owner or key employee Business Overhead Expense Insurance - - sold individually - designed to reimburse business for overhead expenses in the event a business owner becomes disabled (day to day operations) - does not include compensation for disabled owner - premiums are tax -deductible as insurance expense - benefits are taxable income Buyers Guide - provides general information about types of life insurance policies (HMO, PPO) Capital Sum - amount payable for accidental loss of sight or accidental dismemberment Change of Occupation Provision - disability from more hazardous job than stated on policy reduces benefit level COBRA (Consolidated Omnibus Budget Reconciliation Act of 1985) - federal law that guarantees a continuation of group coverage if terminated (unless misconduct) - requires 20+ employees - up to 18 months coverage (29 if disabled) - 36 months (death, Medicare, divorce)
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