Massachusetts Life & Health Insurance: Exam Questions and Answers New (2024/2025) Solved 100% Correct
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Course
Massachusetts Life & Health Insurance
Institution
Massachusetts Life & Health Insurance
Legal Contract - Consideration, Legal Purpose, Offer (Made by Insured), Acceptance, Competent
Parties
A commissioner must give how many days advance notice of a hearing? - 21 Days
(Guaranteed Association) Maximum benefits for any one life- Life insurance cash values -
$100,000
(Guaranteed Asso...
Massachusetts Life & Health Insurance:
Exam
Legal Contract - Consideration, Legal Purpose, Offer (Made by Insured), Acceptance, Competent
Parties
A commissioner must give how many days advance notice of a hearing? - 21 Days
(Guaranteed Association) Maximum benefits for any one life- Life insurance cash values -
$100,000
(Guaranteed Association) Maximum benefits for any one life- Life insurance death benefits -
$300,000
(Guaranteed Association) Maximum benefits for any one life- Other health insurance benefits -
$100,000
(Guaranteed Association) Maximum benefits for any one life- Present value on annuity benefits -
$250,000
`Roth IRA - Contributions not tax deductibe
limits same as IRA
Qualified Distributions are tax free
4 types of medicare advantage plans - -Medicare Managed Care Plans
HMO or POS
,-PPO
No gate keeper, more cost if outside network
-Private fee for service plans
plans negotiates the fees that providers will be paid
-Medicare Specialty plans
Special needs such as kidney failure
(Guaranteed Association) Maximum benefits for any one life- Basic hospital, medical, and surgical
insurance or major medical insurance benefits - $500,000
A- CANHAM Risks - Affordable
A- Method of handling risk - Avoidance
ACA - PPACA, Obamacare, and health care reform
Signed in 2010 with reforms
Additional refrms began jan 2014
Grandfathered= before ACA
Non Grandfathered= existed after ACA
Accelerated Benefit Rider - A living benefit or terminal illness rider
,- if you have terminal illness, you can use the money before you die and it reduces the overall death
benefit
Access to Cash Values While Insured is Living - loan reduced death benefits, if interest if not paid,
loan automatically taken to pay interest,
Accident - unintentional injury
accidental death or dismemberment rider - amount of rider is the principal sum, paid in addition
to face amount if death is due to accident, death within 90 days of accident
Accidental death rider - death due to accident that must have occured within 90 days of accident,
doubles or tripled the face value
Accumulation Period - The time before an annuitant's retirement during which the annuitant is
making payments or investments in an annuity.
Adhesion - Policy written by the insurance company
Admitted or Authorized - state requires the insurance company to have a certificate of authority
Adverse Selection - risks that have a greater than average chance of loss
Agency - The insurance agent acts on behalf of principal (Insurance Company)
Agent Authority - express, implied, apparent
Agent Delivery - Usually must get signed delivery receipt
, aleatory - not equal value - small premium for a large amount of coverage
Alternatives to Hospital care - Skilled Nursing Facilities
Intermediate nursing facilities
rehabilitiative facilities
Home health care
An eligible employee is one who works a minimum of how many hours per week on a full time basis? -
MA - 30 hours
Annuitization period - (liquidation, pay-out period) income is paid to the annuitant
Annuity payments after annuitization - taxed according to exclusion ration
premiums paid (divided by TOTAL of expected payments over annuitants life expactancy = percent of
payment not taxed
If annuitant lived beyond life expectancy, 10% or payment becomes taxable
Any Occupation - definition for being totally disabled in a disability income policy. person cannot
perform any occupation he/she is qualified
*more difficult to qualify
Any provider - any provider the insured chooses
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