Mastersgrade

This MANDATORY health policy provision states that the policy, including endorsements and attached papers, constitutes - ANSWER the entire insurance contract between the parties The Do Not Call Registry offers exemptions for calls placed from all of the following EXCEPT - ANSWER insurance sales calls An insured individual and the policy's beneficiary die from the same accident. The common disaster provision states the insurer will continue as if - ANSWER the insured outlived the beneficia...

Retirement income annuity - ANSWER Deferred annuity with a decreasing term life insurance rider. A retirement income annuity provides both a death benefit (with a decreasing term rider) and the annuity's surrender value if the annuitant dies before retirement. What type of eligible groups for health insurance consists of 2 or more employers or labor unions? - ANSWER MET and MEWA. Multiple employer trusts and multiplier employer welfare arrangements consist of 2 or more employers or labor uni...

What amount will be paid under a policy where the insured misstated his/her age? - ANSWER an amount the premium would have purchased at the correct age the acceptance of a credit life application requires the submission of a certificate of insurance to the insured within_____ days - ANSWER 30 days which of these is considered to be a Living benefit option in a life insurance policy - ANSWER Accelerated death benefit loans obtained by a policy owner against the cash value of a life insur...

What percentage of a participant's income are group long-term disability benefit amounts typically limited to? - ANSWER 60% A life insurance policy which contains cash values that vary according to its investment performance of stocks is called - ANSWER Variable whole life Under a disability income policy, which provision would be payable if the cause of an injury is unexpected and accidental? - ANSWER Accidental bodily injury provision All of the following are examples of pure risk EX...

A policyowner may change two policy features on what type of life insurance? - ANSWER Adjustable life The legal action provision in a health contract is limited to no more than ___ years. - ANSWER 5 Long-Term Care policies may provide coverage for claims arising from - ANSWER Senile dementia In group health care, what is the purpose of the coordination of benefits provision? - ANSWER Determines what is paid by the primary and secondary insures in the event of a claim All of the follo...

Risk - ANSWER The uncertainty or chance of a loss occurring. The two types are pure and speculative. Pure Risk - ANSWER Refers to a situation that can only result in a loss or no change. There is no opportunity for financial gain. Speculative Risk - ANSWER Involves the opportunity for either loss or gain. Hazards - ANSWER Conditions or situations that increase the probability of an insured loss occurring. Hazards and classified as physical hazards, moral hazards, or morale hazards. P...

Fixed period settlement options are considered to be a form of a(n) - ANSWER annuity Ownership of a life insurance policy may be temporarily transferred with a(n) - ANSWER collateral assignment Gina the producer caused financial harm to an insured. Which of these actions may the Commissioner take? - ANSWER Revoke Gina's license after a hearing concludes a violation has occured Converting a group plan to permanent life insurance requires - ANSWER The conversion being applied for within ...

A health insurance policy that allows an insurer to change the policy owners premiums, but not cancel the policy is called - ANSWER Guaranteed renewable policy Which type of coverage pays an amount per day for hospitalization directly to the insured regardless of the insured's other health insurance? - ANSWER Hospital indemnity A life insurance policy that contains a guaranteed interest rate with the chance to earn a rate that is higher than the guaranteed rate is called - ANSWER Universa...

Actuarial Department - ANSWER Calculates policy rates, reserves, and dividends Alien Insurer - ANSWER An insurer whose principal office and domiciled location is outside the country Admitted Insurer - ANSWER An admitted or authorized insurer is an insurer who has received a certificate of authority from a state's department of insurance authorizing them to conduct insurance business in that state. Broker - ANSWER Represents themselves and the insured (i.e. the client, customer) Capt...

Which is TRUE regarding the annuitant, when the annuitant is NOT the policy owner? 1. The annuitant has the right to name the beneficiary 2. The annuitant is the person paying the premiums 3. The cash value is available to the annuitant for withdrawals 4. Annuity payments will be based on the annuitants life expectancy - ANSWER Annuity payments will be based on the annuitants life expectancy Signing an applicants name for insurance is known as...? 1. Concealment 2. Defamation...