Purpose of insurance - Study guides, Class notes & Summaries

Colorado Health Insurance Exam| Questions and Verified Answers|100% Correct (2023/2024) Q: A group long-term disability plan is integrated with Social Security when which of the following statements is CORRECT? A. Social Security and group benefits pay a combined maximum limit. A. Social Security and group benefits pay a combined maximum limit. B. Full group benefits are paid in addition to Social Security benefits. B. Full group benefits are paid in addition to Social Security ben...

Xcel Final Exam| Questions and Verified Answers| 100% Correct| Grade A (Latest 2024/ 2025) Q: P is a producer who notices 5 questions on a life application were not answered. What actions should P take? Answer: Set up a meeting with the applicant to answer the remaining questions Q: Q applied for life insurance and submitted the initial premium on January 1. The policy was issued February 1, but it was not delivered by the agent until February 7. Q is dissatisfied and returns the...

What is the purpose of licensing? - correct answer Reinforces the purpose of insurance regulation - that the public is treated fairly and equitably by those who sell and distribute insurance. Licensing prerequisites - correct answer 24 credit hours of study in approved course (must have 3hrs ethics). Once your certificate is obtained you have 1yr to pass your exam followed by 1yr to have your license issued. *Passing does not guarantee you will get your license. What are the qualifications...

HCCA – CHPC EXAM ACTUAL EXAM AND STUDY GUIDE LATEST COMPLETE 500+ QUESTIONS AND CORRECT DETAILED ANSWERS JUST RELEASED What is the purpose of HIPAA? - CORRECT ANSWERS • Protect PHI from unauthorized disclosure/use; • Prevent fraud, waste and abuse (via Administrative Simplification); • Make health insurance portable under ERISA; • Move health care onto a nationally standardized electronic billing platform Ref. More on HIPAA: HIPAA resides in which CFR section? - CORR...

South Carolina Insurance Exam Questions and Answers Already Passed An insurer is REQUIRED to offer which of the following to each long-term care applicant at the time of purchase? Inflation protection Which of these riders will pay a death benefit if the insured's spouse dies? Family term insurance rider Disability income plans which require that the insurer can NEVER change or alter premium rates are usually considered Nonconcellable What is the required action to be taken by a...

PRIMERICA LIFE INSURANCE EXAM WITH 100% CORRECT ANSWERS 2025 An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a check from the insurer. From what type of insurer did the insured purchase the policy? a. mutual b. reciprocal c. nonprofit service organization d. stock - Correct answer-A. mutual funds not paid out after paying claims and other operating costs are re...

Utah Health and Life Insurance Exam Questions and Answers Already Passed Under a Modified Endowment Contract, what are the likely tax consequences? Pre Death Distributions will become taxable Kathy's annuity is currently experiencing tax-deferred growth until she retires. Which phase is this annuity in? Accumulation period If threats or force is used to affect an insurance transaction, the unfair trade practice of _________ has been committed. Coercion A whole life policy option...

Multi-Line Insurers - CORRECT ANSWER-________-______ Insurers are insurance carriers that offer more than one line of insurance. False - CORRECT ANSWER-True or False? Stock Insurance Companies are "participating" in that the policyholders receive dividends. Attorney-In-Fact - CORRECT ANSWER-Reciprocal Insurers are managed by an ___________________. Association - CORRECT ANSWER-Contrary to popular opinion, Lloyd's of London is not an insurer but rather an ____________. Limits Catas...

Well-structured FAC1601 Assignment 1 (ANSWERS) Semester 2 2024 - DISTINCTION GUARANTEED. (DETAILED ANSWERS - DISTINCTION GUARANTEED!).. Question 1 Not yet answered Marked out of 2.00 Qabaqongo Oils is a sunfl ower oil production and distribution business, supplying various retailers and wholesalersthroughout Mpumalanga. The company is a partnership between Khanyisa and Zinhle. Below is the relevant informationregarding the partnership’s fi nancial activities for the year ending 30 June 202...