Exam (elaborations)
Life, Accident And Health Exam With 100% Correct Answers 2023
- Course
- Institution
Life, Accident And Health Exam With 100% Correct Answers 2023
[Show more]
Content preview
Life, Accident And Health Exam With 100% Correct Answers 2023Annuity - Correct Answer--A contract between a person and an insurance company that
requires the insurer to make payments to you.
-You buy an annuity by making either a single payment or a series of payments
-Annuity Death benefits are NOT tax deductible or taxfree
Dividends - Correct Answer--Declared by the board of directors and cannot be guaranteed
-A sum of money paid regularly by a company to its shareholders out of its profits
Stock Insurers - Correct Answer--Owned by the stockholders who elect the board of directors. -Profits are paid to the stockholders.
Frequency - Correct Answer--When the pricing principle is defined in a disability policy by a financial loss in a certain group occuring over a certain period of time.
Beneficiary - Correct Answer-One who receives benefits
Medi-Cal - Correct Answer-health care program for the poor
Medicare - Correct Answer-A - provides coverage for hospital services, free to those who reach 65)
B - provides coverage for doctor services (optional)
C - does NOT cover prescription drugs D - Prescription Drugs
Utmost Good Faith - Correct Answer--Allows each party to rely on the representation made by other party
Patient Protection & Affordable Care Act (PPACA) - Correct Answer-This is the health care reform law. Focuses on reform of the private health insurance market; providing better coverage for those with pre-existing conditions; improving prescription drug coverage in Medicare.
Period - Correct Answer-Probationary-
Elimination- the waiting period included in disability income policies
Grace-
Waiting (deductible)- The period of time the insured is not eligible for benefits once they become disabled (30, 60, 90days) Coinsurance - Correct Answer--Feature of Major Medical insurance
-Defined as sharing the loss after the deductible has been satisfied
-Usually expressed as percentage sharing of the loss between the insurer and the insured
-Insurer pays the larger percentage, such as 90/10
Gatekeeper - Correct Answer--Primary Care Physician -Cannot be a specialist, must be a general practice doctor.
COBRA - Correct Answer--Consolidated Omnibus Budget Reconciliation Act
-A law that allows people who leave employment to continue their health insurance under the company plan for a limited period of time
HIPCAP - Correct Answer--Free counseling
Coordination of Benefits - Correct Answer--Provision that applies in group insurance when an insured has coverage under multiple plans at one time.
-Coordination of benefits is included in all group health insurance policies in order to reinforce the principle of indemnity and determine which coverage is primary, which is the coverage the insured has where they work.
Keogh plan - Correct Answer--A retirement plan for the self-employed
The Social Security Blackout - Correct Answer--Period of time when surviving family members are NOT eligible for Social Security survivors benefits -Begins at 16
-Ends at 60
Premium - Correct Answer--The amount the insured pays the insurer for the coverage provided.
Solvent Insurer - Correct Answer-Has enough reserves to pay for all its liabilities
Types of Life Policy Riders: - Correct Answer--Waiver of Premium- Waives the insured's
premium if the insured becomes disabled
-Disability Income- Pays a replacement of the insured's lost income if the become disabled.
-Accidental Death Benefit- Pays double the face amount if the insured dies in an accident, and is also known as double indemnity.
-Guaranteed Insurability- Allows the insured to purchase additional amounts of life insurance w/o having to prove insurability.
-Cost of Living- increases the policy death benefit based upon the rate of inflation
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 professoraxel. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72964 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now