Nebraska Life, Accident, Health Or Sickness Insura
Nebraska Life, Accident, Health Or Sickness Insura
Exam (elaborations)
Nebraska Life, Accident, Health Or Sickness Insurance Exam
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Course
Nebraska Life, Accident, Health Or Sickness Insura
Institution
Nebraska Life, Accident, Health Or Sickness Insura
Nebraska Life, Accident, Health Or Sickness Insurance
Exam
What is a whole life insurance policy?
A whole life insurance policy is a type of permanent life insurance that provides coverage for the
insured's entire life, along with a cash value component that grows over time. ️️
How do...
Nebraska Life, Accident, Health Or Sickness Insurance
Exam
What is a whole life insurance policy?
A whole life insurance policy is a type of permanent life insurance that provides coverage for the
insured's entire life, along with a cash value component that grows over time. ✔️✔️
How does a health savings account (HSA) work?
A health savings account (HSA) allows individuals to save pre-tax money for medical expenses, providing
tax advantages and the ability to carry over unused funds year to year. ✔️✔️
What is the purpose of an insurance policy’s declarations page?
The declarations page of an insurance policy summarizes key information about the policyholder,
coverage amounts, premiums, and effective dates, serving as a quick reference. ✔️✔️
What is a life insurance beneficiary?
A life insurance beneficiary is the individual or entity designated to receive the death benefit when the
insured passes away, according to the terms of the policy. ✔️✔️
What does the term “out-of-pocket maximum” refer to in health insurance?
The out-of-pocket maximum is the highest amount an insured individual will pay for covered healthcare
services in a plan year, after which the insurance covers 100% of the costs. ✔️✔️
What is a primary and secondary beneficiary in a life insurance policy?
,A primary beneficiary is the first person designated to receive the death benefit, while a secondary
beneficiary is next in line if the primary beneficiary cannot claim the benefit. ✔️✔️
What are the benefits of term life insurance?
The benefits of term life insurance include lower premiums, straightforward coverage for a specific
period, and the option to convert to permanent insurance later. ✔️✔️
What does a co-insurance percentage indicate in health insurance?
A co-insurance percentage indicates the portion of costs the insured is responsible for after meeting the
deductible, typically expressed as a percentage (e.g., 20% co-insurance means the insurer pays 80%).
✔️✔️
What is the significance of the annual open enrollment period for health insurance?
The annual open enrollment period is significant because it allows individuals to enroll in or change their
health insurance plans without restrictions, ensuring access to necessary coverage. ✔️✔️
How can someone ensure they have adequate life insurance coverage?
To ensure adequate life insurance coverage, individuals should assess their financial responsibilities,
consider their dependents' needs, and review existing policies regularly. ✔️✔️
What does it mean to have a preferred provider organization (PPO) plan?
A preferred provider organization (PPO) plan allows insured individuals to choose healthcare providers
within a network at lower costs but also offers coverage for out-of-network services at a higher cost.
✔️✔️
What are annual and lifetime limits in health insurance?
, Annual limits are the maximum amount an insurance company will pay for covered benefits in a year,
while lifetime limits are the total amount paid over the insured's lifetime for certain benefits. ✔️✔️
What is the purpose of a rider in a life insurance policy?
A rider in a life insurance policy allows for customization of coverage by adding specific benefits, such as
accidental death coverage or long-term care benefits. ✔️✔️
What factors contribute to determining health insurance premiums?
Factors contributing to health insurance premiums include age, location, health status, plan type,
coverage level, and whether the insured uses tobacco products. ✔️✔️
What does it mean for a policy to be non-cancellable?
A non-cancellable policy guarantees that the insurer cannot cancel coverage or increase premiums as
long as the policyholder continues to pay the premiums on time. ✔️✔️
What is the role of a third-party administrator (TPA) in health insurance?
A third-party administrator (TPA) manages claims processing, member services, and plan administration
for self-funded health insurance plans on behalf of the employer. ✔️✔️
How can beneficiaries file a claim for a life insurance policy?
Beneficiaries can file a claim for a life insurance policy by contacting the insurance company, submitting
the necessary documentation, and completing a claim form as required. ✔️✔️
What is an insurance policy's grace period?
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