Exam (elaborations)
Washington Life/Health Insurance Exam 2024|2025
- Institution
- Rasmussen College
Washington Life/Health Insurance Exam 2024|2025
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Washington Life/Health Insurance Exams... - ANS-Annuity settlement option "add on"
programs
that are reasonably priced because of volume discounts - ANS-voluntary plans
(AKA Mortgage protection insurance) Face value decreases over time. Commonly used to pay off mortgage debt. - ANS-
Decreasing term
(State to state program)
Injured on the Job, covers med expenses Die on the
job Benefit paid to spouse
Disabled on job, disabilities income payment - ANS-Workers Comp
(Worked for 10 years) payroll taxes levied on employees, employers, and the self-
employed.
Retirement Benefits;
Disability Income Benefits; and
Survivor Benefits. - ANS-FICA Fully Insured
• after the first 2 years,
• an honest mistake is incontestable by the Insurer;
• fraud is incontestable by Life Insurers and Group
Health Insurers; but
• fraud remains contestable forever by Individual Health Insurers -
ANS-Contestable clause
$255 funeral help
% of PIA paid to survivor (After 10 years) - ANS-Survivor benefits
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,10 days to hang onto the policy and void it at any time for any reason. Begins at policy reception, not issue - ANS-Free-look
clause (return/exchange provision)
31 day grace period begins when you fail to make the premium by the due date - ANS-Grace period
31 day grace period on premium payments. The company may charge interest on late payments - ANS-Grace period clause
a booklet explaining the coverage and
2
,an identification card - ANS-Certificate of Insurance A clause, or
part of the contract - ANS-Provision
A collection of policies under on policy - ANS-Family policy
A combination of term, cash value account and coverage to 100. Premium payments go into an interest sensitive cash value
account. The insurance company deducts a monthly charge to cover the term payment. The remaining cash value stays in
the account and gains a guaranteed minimum or greater rate. The policy owner can pay higher premiums for faster growth.
The cash value can fund premiums during times of non-payment. - ANS-Universal life
A company owned by its policy holders where the profits are distributed among policy holders - ANS-participating
companies
A Contingent (second or
tertiary) Beneficiary is an individual who will receive the death benefit if the
primary beneficiary is no longer living at the time of the Insured's death - ANS-
Contingent Secondary Beneficiary
A continuation privilege allows adult children up to the limiting age to be covered as long as they are full-time students.
Adult disabled children can be covered their whole lives as long as they are incapable of supporting themselves and
dependent upon the parents. An adult standard premium may be charged at age 18. Proof of incapacity or dependency is
necessary within 31 days of reaching their 18th birthday. Annual proof of handicap may be required to continue dependent
coverage. -
ANS-Adult dependent children
a contract is to be
valid, its purpose must be legal - ANS-legal purpose
A deductible that shows up in the middle of comprehensive major medical coverage after the basic plans benefits run out
and the major medical policy kicks in - ANS-Integrated/corridor deductable
a Group Insurance plan in which
the entire cost of coverage for all eligible group members is
covered by the organizing entity, usually the employer - ANS-non-contributory plan
a guarantee that government
would never again allow workers (and their families) to become destitute - ANS-Social
Security act
3
, A health policy that excludes payment for specific preexisting conditions - ANS-Exclusion rider/Exclusion Waiver/Impairment
Rider
A hybrid of permanent and temporary coverage - ANS-Combination Policy a lie about a material
fact - ANS-Misrepresentation
A life policy that builds up cash value - ANS-Permanent Policy
A list of medical procedures and how much the company will pay for each. - ANS-Schedule of Indemnities
A measure that limits the maximum amount for which the insurance can be responsible for in a stated time period. - ANS-
Annual stop-loss limit
a month in which all employees who have become eligible to enroll can - ANS-open enrollment period
A person who tracks the lifespan and chance of illness or accident based on specific factors - ANS-actuary
A producer must have reasons to believe that the policy he/she sold to someone is suitable Human life approach: maintain
standard of living
Needs approach: what client actually needs - ANS-Life insurance suitability
A rider that allows the beneficiary to receive, upon the insureds demise, the death benefit and the cash value. Usually not
extended beyond age 65. - ANS-Return of cash value term rider
A rider that would return the premium paid into the policy. This rider dramatically adds to the monthly payment due to the
company each month, but is not considered part of the actual premium. - ANS-Return of Premium Term Rider
A statement made on an application for insurance that the applicant gaurentees to be true (Not allowed in life and health
insurance forms) - ANS-Warranty
Accidental death and dismemberment (Add-ons), Accidental loss of life, limb or vision, pays benefits in a lump sum only
when medical problems are direct result of an accident (not sickness), death within 90 days of accident or policy won't pay,
if accident is triggered by illness
- no payout, value policy not indemnity policy, at least one hand, one foot or vision in one eye will pay capital sum (100%),
if two hands, two feet or vision in both eyes, policy will pay full amount, when attached to life or health policy, the rider
pays over and above overriding policy - ANS-AD&D Rider
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