NURSING EXAMS AND STUDY GUIDES(Verified learners)

using dividends to purchase small single premium amounts of life insurance is what dividend option - CORRECT ANSWER-paid-up additions for how long must producers keep information collected in making annuity recommendations - CORRECT ANSWER-5 years if someone takes out a policy loan the insurer can - CORRECT ANSWER-charge a fixed interest rate of up to 10% annually how long does someone have after they leave their employer to convert their group coverage into an individual policy - ...

Which action will the insurance company most likely NOT take if the applicant has Diabetes and applies for a Disabiility Income policy? - CORRECT ANSWER-Issue the policy with an altered Time of Payment of Claims Which is NOT a legal entity for selling life insurance in Florida? - CORRECT ANSWER Risk Management Advisors do not qualify Percentage of an individual's Primary Insurance Amount (PIA) determines the benefits are paid in which program? - CORRECT ANSWER-Social Security Disabil...

The clause identifying which losses resulting from an accident or sickness are insured by the policy is called the: - CORRECT ANSWER-Insuring clause K applies for a life insurance policy on herself and submits the initial premium with the application. She is given a receipt by the agent stating that coverage begins immediately if the application is approved. What kind of receipt was used? - CORRECT ANSWER-Conditional A life insurance arrangement which circumvents insurable interest s...

Insurance - CORRECT ANSWER-Financial protection against loss or harm - An arrangement by which company gives customers financial protection against loss or harm such as theft or illness in return for premium payments. Life Insurance - CORRECT ANSWER-Is based on actuarial or mathematical principles and guarantees a specified sum of money upon the death of the person who is insured. Annuities - CORRECT ANSWER-Provide a stream of income by making a series of payments to the annuitant fo...

Which Accident and Health policy provision addresses preexisting conditions? - CORRECT ANSWER-Time Limit on Certain Defenses Which of the following individual health insurance policies will provide the broadest protection? - CORRECT ANSWER-Major Medical Which of the following situations does NOT apply to the Florida Replacement Rule? - CORRECT ANSWER-An existing policyholder purchases an additional policy from the same insurer Agent J takes an application and initial premium from a...

According to Mandatory Uniform Policy Provisions, what is the maximum amount of time after the premium due date during which the policy remains in force even though the premium has not been paid? - CORRECT ANSWER-31 days G purchased a Family Income policy at age 40. The policy has a 20-year rider period. If G were to die at age 50, how long would G's family receive an income? - CORRECT ANSWER-10 years E and F are business partners. Each takes out a $500,000 life insurance policy on ...

Nondisabling Injury Provision - CORRECT ANSWER-A person who has a disability income policy and suffers from a disability that is not serious enough to qualify them for disability income benefits may receive the actual cost of medical treatment for accident related injuries under the: The following statement(s) about HMOs is/are CORRECT? - CORRECT ANSWER HMOs stress preventive care, rarely assess deductibles, and provide coverage for routine doctor visits and hospital care. Pure Risk ...

Accumulation units are converted into annuity units: - CORRECT ANSWER-at the time of annuity payout. A group life insurance plan in which the employer pays the entire premium is known as a ________________ plan. - CORRECT ANSWER-noncontributory If a disabled worker covered under Social Security disability benefits recovers and then is disabled again within five years, a new waiting period is required before benefits begin again. - CORRECT ANSWER-FALSE Robert had an accident and qua...

When life insurance proceeds are used to pay inheritance taxes and federal estate taxes, it is known as - CORRECT ANSWER-Estate conservation In group insurance, the primary purpose of the Coordination of Benefits provision is to - CORRECT ANSWER-Prevent overinsurance Which of the following statements is NOT true regarding health insurance policy provisions? - CORRECT ANSWER-All additional provisions written by insurers are cataloged by their respective states. The policyowner has a...

Unilateral Contract - CORRECT ANSWER-one-sided contract agreement in which an offeror promises to pay only after the completion of a task by the offeree. Aleatory Contract - CORRECT ANSWER-a contract where the values exchanged may not be equal but depend on an uncertain event. Contract of Adhesion - CORRECT ANSWER-the insured must accept the entire contract with all of its terms and conditions (The insurance contract is offered to the insured on an "as is," "take it or leave it" ...