LOMA 281 Module 2 Test with Correct Answers
Medical expense coverage - Answer-A type of health insurance coverage that provides benefits to pay for the treatment of an insured's illnesses and injuries.
Disability income coverage - Answer-A type of health insurance coverage that provides incom...
LOMA 281 Module 2 Test
with Correct Answers
Medical expense coverage - Answer-A type of health insurance coverage that provides
benefits to pay for the treatment of an insured's illnesses and injuries.
Disability income coverage - Answer-A type of health insurance coverage that provides
income replacement benefits to an insured who is unable to work because of illness or
injury.
Major medical coverage - Answer-Medical expense insurance coverage that provides
substantial benefits for (1) basic hospital, surgical, and physician expenses, (2)
additional medical services related to illness or injuries, and (3) some preventive care.
Deductible - Answer-A flat dollar amount of eligible medical expenses that an insured
must pay before the insurer will begin making any benefit payments under a medical
expense insurance policy.
Coinsurance - Answer-An expense participation requirement imposed by many medical
expense plans; the requirement generally is specified percentage of all allowable
expenses that remain after the insured has paid the deductible and that must be paid by
the insured.
Stop loss provision - Answer-A major medical expense insurance policy provision which
specifies that the policy will cover 100% of allowable medical expenses after the insured
has paid a specified amount out of pocket to satisfy deductible and coinsurance
requirements.
Provider network - Answer-A group of physicians, hospitals, and ancillary services
providers that a specific managed care plan has contracted with to deliver health care
services to plan members.
Primary care providers - Answer-In a manged care plan, a physician or other health
care provider who coordinates pan members' medical care and treatment.
Copayment - Answer-A specified, fixed amount that a member of a managed care plan
pays to a network provider each time the plan member receives services from the
provider.
, Benefit period - Answer-The time during which an insurer will pay income benefits to an
insured under a disability income insurance policy.
Total disability - Answer-A disability that meets the requirements of a disability benefit
provision of an insurance policy or policy rider and that qualifies the policyowner or
insured to receive specified disability benefits.
Elimination period - Answer-The specific amount of time that an insured must be
disabled before becoming eligible to receive disability income benefits.
Supplemental Security Income - Answer-A US federal program that provides periodic
benefit payments to people with limited incomes who are disabled, blind, or age 65 or
older.
Social Security Disability Income - Answer-A US federal program that provides disability
income benefit payments to qualified individuals.
Term Life insurance - Answer-Insurance that provides a policy benefit if the insured dies
during a specified period of time.
Policy term - Answer-The specified period of time for which a term life insurance policy
provides coverage.
Level Term life insurance - Answer-A plan of term life insurance that provides a policy
benefit that remains the same over the term of coverage.
Decreasing term life insurance - Answer-A plan of term life insurance that provides a
policy benefit that decrease in amount over the term of coverage.
Increasing term life insurance - Answer-A plan of life insurance that provides a policy
benefit that starts at one amount and increases by some specified amount or
percentage at stated intervals over the term of coverage.
Mortgage insurance - Answer-A plan of decreasing term life insurance designed to
provide a benefit amount that corresponds to the decreasing amount owed on a
mortgage loan
Credit life insurance - Answer-A type of term life insurance designed to pay the balance
due on a loan if the borrower dies before the loan is paid
Family income coverage - Answer-A plan of decreasing term life insurance that provides
a stated monthly income benefit amount to the insured's surviving spouse if the insured
dies during the term of coverage.
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