Utah Life, Health, and accident insurance Exam Study Guide.
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Course
Utah Life, Health, and accident insurance
Institution
Utah Life, Health, And Accident Insurance
Utah Life, Health, and accident insurance
Exam Study Guide.
Mode - answerRefers to how often a premium is paid.
coinsurance - answerthe insurer and the insured share expenses over the deductible.
participating policies - answerparticipating policies pay dividends
non-participating policies - a...
non-participating policies - answer✔non-participating policies do not pay dividends
LTC Rider - answer✔reimburses Health and Social Service expenses incurred in a convalscent
or nursing home facility
ownership rights - answer✔vest ownership rights EG the right to designate the beneficiary to
specific person or entity
term Riders - answer✔are used to purchase insurance on a family member of the originally
insured
impairment Rider - answer✔list specific conditions in the contract that are excluded from the
contract.
policy loan provision - answer✔the loan is not taxed
policy withdrawal - answer✔is taxed for amounts above the contract cost basis
Premium modes - answer✔Monthly; Quarterly; Semi-annually; Annually (cheapest due to less
admin cost).
conditionally renewable - answer✔the insurer may elect not to renew only under conditions
specified in the policy
whose responsibility is it to make sure the company is notified of a death claim at the earliest
possible opportunity - answer✔the producer
which of the following is true regarding assignment rights for irrevocable beneficiaries? -
answer✔they are more likely to receive a loan based on the expectations of the proceeds
conditional receipt for renewal - answer✔when the premium is paid after the time granted by the
insurer the maximum amount of time for reinstatement of the policy is 45 days
unified carrier registration - answer✔a policy will pay on a UCR basis when particular benefits
are not listed on a payment schedule
family term insurance - answer✔covers the extra expenses of childcare and home related costs
summary of coverage - answer✔excludes a detailed and comprehensive summary of The
Accelerated benefit
accidental death benefit - answer✔or double indemnity, it provides twice the face value in the
policy for death due to accident
notice of claim - answer✔must be given to the insurer with in 20 days after the occurrence or
commencement of any loss covered by the policy, or as soon thereafter as reasonably possible.
spendthrift clause - answer✔excludes the beneficiary encumbering the proceeds
NCOIL act - answer✔specifically designed to address the STOLI and IOLI practices
stranger originated life insurance - answer✔this policy is originated primarily or solely for the
purpose of resale
MIB report - answer✔Medical Information Bureau
a report of medical information on an applicant for assessing life or health insurance risk
Consumer Reports - answer✔exclude medical underwriting exams
Warranties - answer✔guaranteed to be true
representations - answer✔believe to be true to the best of one's knowledge
the applicant and possibly the agent initial any changes - answer✔what procedure is used by an
insurer to protect itself in the event of dispute arises and the applicant and the agent do not recall
the changes that were made in a completed application
USA Patriot Act of 2001 - answer✔requires insurance companies to establish an anti-money-
laundering program
binding receipt - answer✔makes the insurer liable for the risk from the date of application,
regardless of the applicants insurability.
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