Nebraska Health and Life Insurance Exam Complete Solutions
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Course
Nebraska Health and Life Insurance Exm Complete
Institution
Nebraska Health And Life Insurance Exm Complete
Nebraska Health and Life Insurance Exam Complete
Solutions
What is the purpose of a life insurance policy's contestability period?
The contestability period is the time frame, typically two years, during which an insurance company can
investigate and deny a claim based on misrepresentations...
Nebraska Health and Life Insurance Exam Complete
Solutions
What is the purpose of a life insurance policy's contestability period?
The contestability period is the time frame, typically two years, during which an insurance company can
investigate and deny a claim based on misrepresentations made in the application. ✔️✔️
What is a comprehensive health insurance plan?
A comprehensive health insurance plan provides a wide range of coverage for various healthcare
services, including preventive care, hospital stays, and outpatient services. ✔️✔️
What is the significance of having a designated primary beneficiary in a life insurance policy?
Having a designated primary beneficiary ensures that the death benefit is paid directly to that individual,
simplifying the claims process and ensuring the policyholder's wishes are honored. ✔️✔️
How does health insurance cover preventive services?
Health insurance often covers preventive services, such as vaccinations and annual check-ups, at no cost
to the insured, encouraging early detection and treatment of potential health issues. ✔️✔️
What is a flexible spending account (FSA)?
A flexible spending account (FSA) allows employees to set aside pre-tax dollars to pay for eligible
medical expenses, reducing taxable income and helping manage out-of-pocket costs. ✔️✔️
What is the impact of inflation on life insurance policies?
, Inflation can reduce the purchasing power of a life insurance death benefit over time, making it
important for policyholders to review coverage amounts periodically. ✔️✔️
What does the term "guaranteed renewable" mean in health insurance?
Guaranteed renewable means that the insurance company must renew the policy at the end of each
term without requiring evidence of insurability, although premiums may increase. ✔️✔️
What is an accelerated death benefit rider?
An accelerated death benefit rider allows policyholders to access a portion of their death benefit while
still alive if diagnosed with a terminal illness, helping cover medical costs or other expenses. ✔️✔️
What is the difference between a preferred and standard life insurance classification?
Preferred classification typically offers lower premiums due to better health and lifestyle, while standard
classification is for individuals with average health, leading to higher premiums. ✔️✔️
What is a health insurance policy's summary of benefits?
A health insurance policy's summary of benefits outlines the coverage provided, including benefits, cost-
sharing details, and limits, helping insured individuals understand their plan. ✔️✔️
What are the tax implications of withdrawing cash from a life insurance policy?
Withdrawing cash from a life insurance policy may result in tax liability if the withdrawal exceeds the
total premiums paid, as the excess is considered taxable income. ✔️✔️
What is a narrow network health plan?
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