Kansas Insurance Life and Health Questions and Answers
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Course
Kansas Insurance Life
Institution
Kansas Insurance Life
The Kansas Life and Health Insurance Guaranty Act Association
Ans- provides payment for covered claims under certain insurance policies in
the event that a company is insolvent
What are the limits of the KLHIGAA?
Ans- Life: $100,00 in death benefits; $100,00 in net surrender value
Annuities: ...
Kansas Insurance Life
and Health Questions and
Answers
The Kansas Life and Health Insurance Guaranty Act Association
Ans- provides payment for covered claims under certain insurance policies in
the event that a company is insolvent
What are the limits of the KLHIGAA?
Ans- Life: $100,00 in death benefits; $100,00 in net surrender value
Annuities: $250,00 in present value
Health: $100,00 in benefits
,Underwriting
Ans- a method insurer's use to reduce or avoid risk
Adverse Selection
Ans- reducing risk as much as possible by eliminating as much "bad risk" as
possible
Medical Information Bureau (MIB)
Ans- A nonprofit association that maintains medical data on applicants for life
insurance
What are the four risk classifications?
Ans- Preferred, Standard, Sub-Standard, Declined
Rate-up Age
Ans- lifestyle and physical condition of the applicant versus actual age
, Flat extra rate up
Ans- temporary increase that can be changed when the condition or situation
no longer exist
Tabular Rates
Ans- permanent increases for health conditions such as being overweight or
high blood pressure
Graded Death Benefits
Ans- having a lower death benefit in exchange for lower premiums
What are the responsibilities of an insurance producer?
Ans- 1. Make sure applicant fills application out completely
2. Make sure applicant has insurable interest
Health Insurance Portability and Accountability Act (HIPAA)
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