NC Aflac State Exam Study Guide Verified Questions And Answers With Verified Updates
9 views 0 purchase
Course
NC Aflac State
Institution
NC Aflac State
What is Presumptive Disability? - The obvious total, permanent disability requiring no
demonstration of the inability to work (i.e., loss of sight, hearing, speech, or the loss of two or more
limbs)
What is the purpose of Disability Income Insurance? - Provides income payments when the
insured ...
NC Aflac State Exam Study Guide
What is Presumptive Disability? - The obvious total, permanent disability requiring no
demonstration of the inability to work (i.e., loss of sight, hearing, speech, or the loss of two or more
limbs)
What is the purpose of Disability Income Insurance? - Provides income payments when the
insured is unable to work because of sickness or injury
What are the two major types of losses? - 1. Loss of Income (disability)
2. Hospital/Medical expenses
How often does Disability Income policies pay out benefits? - Provides weekly or monthly benefits
to replace salary/wages lost while sick/injured
What is the maximum amount of benefits that is typically paid out for in a Disability Income policy? -
Typical maximum benefits will be 50% to 70% of gross income
What can a Disability Income policy also be referred to as? - Loss of time or loss of income policies
How much of a Disability Income policy can be taxable? - Only the amount that the employer pays
Total disability can be defined as what? - May arise from either illness or injury related occurences
What is the least restrictive total disability? - "Own" occupation
What is the most restrictive total disability? - "Any" occupation
What does "own occupation" mean? - The inability to perform duties of his/her OWN occupation
,What does "any occupation for which the insured is reasonably suited" mean? - The inability to
perform duties of any occupation for which he/she is reasonable suited for by EXPERIENCE
What does "any occupation" mean? - The inability to perform duties of ANY OCCUPATION
What protects the company from malingering? - Combination definitions (own + any = combined)
What is the only form of disability you can collect without being under a doctors care? -
Presumptive disability
What is Partial Disability? - The inability to perform one or more duties of an occupation and
working less than half of business time
How much is paid out for a Partial Disability? - Usual benefit will be 50% of the amount payable
for total disability, and are paid for a specified maximum amount of time (i.e., 6 months)
Partial Disability State Exam question: If X returns to work, but only earns 40% of his original pay of
$2000 a month, what will he be receiving from residual disability? - $1,200
(cut in pay percentage = 60%)
So, 60% x $2000 = $1,200
What is Recurrent Disability? - The onset of disability, after recovery from a preceding disability
period, resulting from the same accident/illness
For Recurrent Disability, it will be treated as a continuation of the previous disability if it occurs within
___________ . - Six months
(also, will not have to re-wait the Elimination Period)
For Recurrent Disability, when will the individual have to wait the Elimination Period over again? -
If the reoccurring accident/illness takes place longer than 6 months
, What is the Elimination (waiting) Period? - The time from onsite of a disability until benefit
payment begins or the number of days that an individual must be disabled before they will be paid (i.e.,
15 days, 30 days, etc.)
What is the Probationary Period? - The time from issuance to the effective date of policy
For Probationary Period, how long must an individual wait for a new policy to be in effect? - 30
days
What eliminates coverage for pre-existing conditions and protect against adverse selection? - The
Probationary Period
What is Non-occupational coverage? - Provides coverage for when the individual is not at work
What is Full coverage? - Provides coverage around the clock
What benefit feature offsets inflation? - The Cost of Living Adjustment (COLA)
How long must a person have been receiving disability benefits for before the COLA provision is
activated? - 12 months
What is Guaranteed Insurability? - The insured is allowed to purchase additional amounts of
benefits at selected, predetermined intervals WITHOUT having to prove evidence of insurability
What is Waiver of Premium? - The insurance company will make the premium payments on behalf
of the insured from the date of disability IF disabled for longer than the elimination period
What is the purpose of Basic Medical Expense Insurance? - It pays hospital confinement expenses
on a reimbursement basis (by paying benefits to the policy holder) or on a service basis (by paying those
who provide the service directly)
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 ACADEMICMATERIALS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
