Exam (elaborations)
NC Accident and Health Exam Questions and Answers 100% Solved
- Course
- Institution
NC Accident and Health Exam
[Show more]
Content preview
NC Accident and Health ExamThe period in which illness-related disabilities are excluded from coverage. - answer
Probationary period
An approach in which a certain amount of "points" are assigned to a procedure based
on an amount relative to a maximum cost for similar procedures in that geographic area.
- answer Relative value approach
Which type of policy allows the policyowner to renew the policy to a stated age without
evidence of insurability, but allows for the insurance company to raise the premium on
the entire class of insureds? - answer Guaranteed Renewable
The insurer cannot refer to any document that is not contained in the contract, is a
function of which clause? - answer Entire contract clause
After a policy lapses and is subsequently reinstated, how long does it take for accident
coverage to kick in? - answer Immediately (sickness coverage may have a waiting
period of about 10 days)
What is the taxability of Disability Buy-Sell coverage? - answerPremium payments are
NOT deductible to the business as a business expense. However, benefits paid out are
received tax free by the business.
An example of a limited health accident and health insurance policy would be? -
answerDread Disease Policy
Travel Accident Policy
A policy that covers all of the participants without naming them individually. -
answerBlanket Policy
Taxability of LTC insurance. - answerBenefits are income tax free (except for excessive
benefits as determined by statute). Premiums may be deductible depending on the
situation.
Accidental death and dismemberment policies pay out benefits on what basis? -
answerLump-Sum (Principal amount for loss of two limbs or death; capital amount for
loss of one limb)
The Commissioner examines and investigates all insurance institutions to ensure what?
- answerThat they remain solvent and conduct business in compliance with state laws
and regulations.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller julianah420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83750 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now