UTAH Life, Health, and Accident Insurance Review Practice Test.
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Course
UTAH.
Institution
UTAH.
UTAH Life, Health, and Accident Insurance Review Practice Test.
mode - CORRECT ANSWER Refers to how often a premium is paid.
coinsurance - CORRECT ANSWER the insurer and the insured share expenses over the deductible.
participating policies - CORRECT ANSWER participating policies pay di...
non-participating policies - CORRECT ANSWER non-participating policies do not pay dividends
LTC Rider - CORRECT ANSWER reimburses Health and Social Service expenses incurred in a convalscent
or nursing home facility
ownership rights - CORRECT ANSWER vest ownership rights EG the right to designate the beneficiary to
specific person or entity
term Riders - CORRECT ANSWER are used to purchase insurance on a family member of the originally
insured
impairment Rider - CORRECT ANSWER list specific conditions in the contract that are excluded from the
contract.
policy loan provision - CORRECT ANSWER the loan is not taxed
policy withdrawal - CORRECT ANSWER is taxed for amounts above the contract cost basis
Premium modes - CORRECT ANSWER Monthly; Quarterly; Semi-annually; Annually (cheapest due to less
admin cost).
, conditionally renewable - CORRECT 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 - CORRECT ANSWER the producer
which of the following is true regarding assignment rights for irrevocable beneficiaries? - CORRECT
ANSWER they are more likely to receive a loan based on the expectations of the proceeds
conditional receipt for renewal - CORRECT 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 - CORRECT ANSWER a policy will pay on a UCR basis when particular benefits
are not listed on a payment schedule
family term insurance - CORRECT ANSWER covers the extra expenses of childcare and home related
costs
summary of coverage - CORRECT ANSWER excludes a detailed and comprehensive summary of The
Accelerated benefit
accidental death benefit - CORRECT ANSWER or double indemnity, it provides twice the face value in
the policy for death due to accident
notice of claim - CORRECT 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 - CORRECT ANSWER excludes the beneficiary encumbering the proceeds
NCOIL act - CORRECT ANSWER specifically designed to address the STOLI and IOLI practices
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