Final Exam - South Carolina Life and
Health Questions with Answers( Verified)
A closed network plan offers a primary physician copay of $25. If a subscriber chooses
a primary care physician outside of the network, the subscriber will likely pay -
ANSWER-100% of the billed amount
What does Coordination of Benefits allow? - ANSWER-Allows the secondary payor to
reduce their benefit payments so no more than 100% of the claim is paid
A waiver of premium rider allows an insured to waive premium payments if the insured
is - ANSWER-completely and permanently disabled
Under the Time Limit of Certain Defenses Provision, a disability policy is incontestable
after it has been in force for a period of - ANSWER-2 years
In what part of an insurance policy are policy benefits found? - ANSWER-Declarations
What type of annuity stops all payments upon the death of the annuitant? - ANSWER-
Life annuity
A guaranteed issue insurance policy has no - ANSWER-medical underwriting
What is NOT a qualifying event for Medicare? - ANSWER-Falling below the federal
poverty level
An insured has a health plan that pays established amounts in accordance with a list of
injuries, surgical procedures, or other losses. This list is called a - ANSWER-benefit
schedule
Craig purchased a life insurance policy for enabling his heirs to pay estate taxes. What
is this called? - ANSWER-Estate conservation
Ownership of a life insurance policy may be temporarily transferred with a(n) -
ANSWER-collateral assignment
Respite care is able to provide - ANSWER-temporary relief to the patient's primary
caregiver
What are employers is required to follow ERISA regulations? - ANSWER-A local
electrical supply company with 12 employees
, A policy illustration given at time of sale does NOT typically include the - ANSWER-
names of the beneficiary
How are contributions made to a Roth IRA handled for tax purposes? - ANSWER-Not
tax deductible
With respect to small group health benefit plans, a carrier may discontinue coverage or
may refuse to renew such a plan if the employer - ANSWER-fails to pay the premium
prior to the end of the grace period
What is an insurance policy's grace period? - ANSWER-period of time after premium is
due but the policy remains in force
What isn't considered to be nonforfeiture options available to policyowner - ANSWER-
Reduction of Premium
An insured MUST submit a proof of loss on a health insurance claim within how many
days after the date of loss? - ANSWER-90
What dividend option is taxable? - ANSWER-Accumulation at interest
When calculating the amount of life insurance needed for an income earner, what has to
be determined when using the Needs Approach? - ANSWER-The family's financial
objectives if the income earner were to die or become disabled
What statement best describes the relationship between the premiums of a whole life
policy and the premium payment period? - ANSWER-The shorter the payment period,
the higher the premium
Dorian exercised a nonforfeiture option by using his life policy's cash value to purchase
an extended term insurance option. When the term insurance expires, - ANSWER-the
protection ends
What are an applicant's statements concerning occupation, hobbies, and personal
health history regraded as? - ANSWER-representation
Joe has a life insurance policy that has a face amount of $300,000. After a number of
years, the policy's cash value accumulates to $50,000 and the face amount becomes a
$350,000. What kind of policy is this? - ANSWER-Universal Life policy
In most dental plans, a deductible typically is NOT applied to - ANSWER-preventative
and diagnostic services
What is considered to be a point of service (POS) plan? - ANSWER-Managed care plan
Health Questions with Answers( Verified)
A closed network plan offers a primary physician copay of $25. If a subscriber chooses
a primary care physician outside of the network, the subscriber will likely pay -
ANSWER-100% of the billed amount
What does Coordination of Benefits allow? - ANSWER-Allows the secondary payor to
reduce their benefit payments so no more than 100% of the claim is paid
A waiver of premium rider allows an insured to waive premium payments if the insured
is - ANSWER-completely and permanently disabled
Under the Time Limit of Certain Defenses Provision, a disability policy is incontestable
after it has been in force for a period of - ANSWER-2 years
In what part of an insurance policy are policy benefits found? - ANSWER-Declarations
What type of annuity stops all payments upon the death of the annuitant? - ANSWER-
Life annuity
A guaranteed issue insurance policy has no - ANSWER-medical underwriting
What is NOT a qualifying event for Medicare? - ANSWER-Falling below the federal
poverty level
An insured has a health plan that pays established amounts in accordance with a list of
injuries, surgical procedures, or other losses. This list is called a - ANSWER-benefit
schedule
Craig purchased a life insurance policy for enabling his heirs to pay estate taxes. What
is this called? - ANSWER-Estate conservation
Ownership of a life insurance policy may be temporarily transferred with a(n) -
ANSWER-collateral assignment
Respite care is able to provide - ANSWER-temporary relief to the patient's primary
caregiver
What are employers is required to follow ERISA regulations? - ANSWER-A local
electrical supply company with 12 employees
, A policy illustration given at time of sale does NOT typically include the - ANSWER-
names of the beneficiary
How are contributions made to a Roth IRA handled for tax purposes? - ANSWER-Not
tax deductible
With respect to small group health benefit plans, a carrier may discontinue coverage or
may refuse to renew such a plan if the employer - ANSWER-fails to pay the premium
prior to the end of the grace period
What is an insurance policy's grace period? - ANSWER-period of time after premium is
due but the policy remains in force
What isn't considered to be nonforfeiture options available to policyowner - ANSWER-
Reduction of Premium
An insured MUST submit a proof of loss on a health insurance claim within how many
days after the date of loss? - ANSWER-90
What dividend option is taxable? - ANSWER-Accumulation at interest
When calculating the amount of life insurance needed for an income earner, what has to
be determined when using the Needs Approach? - ANSWER-The family's financial
objectives if the income earner were to die or become disabled
What statement best describes the relationship between the premiums of a whole life
policy and the premium payment period? - ANSWER-The shorter the payment period,
the higher the premium
Dorian exercised a nonforfeiture option by using his life policy's cash value to purchase
an extended term insurance option. When the term insurance expires, - ANSWER-the
protection ends
What are an applicant's statements concerning occupation, hobbies, and personal
health history regraded as? - ANSWER-representation
Joe has a life insurance policy that has a face amount of $300,000. After a number of
years, the policy's cash value accumulates to $50,000 and the face amount becomes a
$350,000. What kind of policy is this? - ANSWER-Universal Life policy
In most dental plans, a deductible typically is NOT applied to - ANSWER-preventative
and diagnostic services
What is considered to be a point of service (POS) plan? - ANSWER-Managed care plan
