My Missed Questions Flash Cards

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Title: My Missed Questions
Description: Life Insurance
Number of Cards: 52
Save Count: 0
Author: delight05119
Created: 2010-03-04
Tags: insurnace life
Private No

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    • Question
    • Answer
    • Side 3
    • Under an extended term insurance policy, the policy cash value is converted to...
    • The same face amount as the whole life policy.
    • In reference to the standard Medicare Supplement benefits plan, what does the term "standard" mean?
    • All providers will have the same coverage options and conditions for each plan.
    • How are optional benefits available with long-term policies?
    • They are available for an additional premium.
    • What helps prevent a universal life policy from lapsing?
    • Target premium
    • Under HIPAA, group health plans cannot impose more than a 12 month pre-existing conditions exclusion for a person who sought medical advice, treatment or diagnosis within the last....
    • 6 months.
    • What is a good description of the annually renewable term insurance?
    • It is a level term insurance.
    • What type of annuity gurantees to pay an income to the annuitant each year as long as he lives, and upon death the annuity will refund the remaining payments to a beneficiary?
    • Installment refund annuity.
    • A pre-existing condition is a condition for which the employee has sought medical assistance, advice, diagnosis or treatment within the previous _____ months.
    • 6
    • The ___ notifies the applicant that an investigative consumer report will be made.
    • Fair Credit Reporting Act Disclosure.
    • To be eligible for a Health Savings Account, an individual must meet what 4 criteria?
    • 1. Must be covered by a High Deductible Health Plan. 2. Cannot be covered by other health insurance except for specific injury, accident, disability, dental, vision or long-term care. 3. Must not be eligible for Medicare (age 65). 4. Can't be claimed as a dependent on someone else's tax return.
    • Bob is enrolled in Medicare Part D. He meets his deductible. Now the plan will pay for ______% of his prescription drug costs.
    • 75%
    • How are members eligible for group health insurance.
    • Groups must be together for a reason other than purchasing health insurance.
    • Which authority is responsible for issuing all certificates and licenses?
    • Director
    • If a terminated employee obtains individual health insurance after losing group health coverage provided by the employer, what 3 conditions must be met by the individual policy?
    • 1. Terminated employees have 31 days to convert to an individual health policy. 2. The insurer can adjust the new individual health policy premium as it sees fit as long as coverage is provided. 3. The new policy can offer lesser benefits than the original group policy.
    • Within how many days after a viator executes documents necessary to transfer the rihts under an insurance policy, must the viatical settlement provider give written notice to the insurer that issued the insurance policy that the policy will become a viaticated policy?
    • 20 days
    • What 4 priveleges does the owner of an Adjustable Life policy have?
    • 1. Increase or decrease the premium. 2. Change the premium paying period. 3. Increase or decrease the face amount of coverage. 4. Change the period of protection.
    • Within what timeframe must an accident occur for an accidental death benefit policy to pay?
    • Must occur within 90 days.
    • Are premium payments for personally owned individual disability income policies tax deductible or not tax deductible?
    • Not tax deductible
    • The market value adjustment in a modified guaranteed annuity is usually a percentage of what two things?
    • The difference between th contracted rate of interest in the annuity and the current rate at surrender.
    • Within how many years may an insurer contest a claim if it believes that inaccurate or misleading information was provided in the policy's application?
    • Within 2 years
    • What is it called when an agent tries to convince a policyholder to retain his current insurance policy by making false statements about other similar policies?
    • Twisting
    • The combination dental plan covers____
    • diagnostic and preventative services on the usual, customary and reasonable basis, but uses a fee schedule for other dental services.
    • If Bob's insurance license is revoked, he may have to pay up to what amount in fines?
    • $1,000
    • An insurance company assures its new policyholders that their premium costs will not increase for a period of at least 5 years. However, due to increasing financial strain, they plan to raise premium costs for all insured by 10% over the next two years. What term describes this act?
    • Fraud
    • The proposed insured makes the premium payment on a new insurance policy. If the insured should die, the insurer will pay the death benefit to the beneficiary if the policy is approved. This is an example of what kind of contract?
    • Conditional
    • How many months after a disabled employee last worked for his employer is he exempt from the Social Security tax?
    • 6 months
    • When a replacement is involved, who is responsible for providing a copy of the Important Notice Regarding Replacment?
    • It is the producer's responsibility.
    • Presumptive Disability plans offer full benefits for what specific conditions?
    • Loss of at least 2 limbs (loss of use does not qualify in some policies), total and permanent blindness, or total loss of speech or hearing.
    • What two services do HMOs provide?
    • Financing and patient care
    • A prospective deferred annuity owner is concrend about what would happen if he surrendered the annuity before the annuitization period. What did the agent most likely explain?
    • Nonforfeiture option guarantees that the owner will receive a surrender value of the contract.
    • A person buys an individual long-term care policy and is not satisfied with the provisions. Within how many days will the insured be able to return the policy for a full premium refund?
    • 30 days
    • What is considered when writing a group policy?
    • The group is judged based on its nature and past claim experience. Generally, medical questions are not necessary.
    • Name 3 benefits of a Medicare
      Supplement Plan A.
    • 1. Approved hospital costs for 365 additional days after Medicare benefits end. 2. The first 3 pints of blood each year. 3. 20% Part B coninsurance amounts for Medicare approved services.
    • The Director examines foreign insurers every ____ year(s).
    • 5 years
    • Funds in a qualified plan accumulate on a tax deferred basis. At distribution will the income be treated as taxable or tax deferred?
    • Taxable as ordinary income.
    • Which 2 group plans allow benefits to be collected income tax-free by the employee without exception?
    • 1. Accidental Death and Dismemberment. 2. Employer Group Health.
    • Tax implications of premium payments for personally-owned disabilty payments
    • NOT Tax Deductable
    • Single mother wants to to make sure she & her child would be protected financially should she become disabled What type of insureace?
    • Total Disability Plan
    • 3 Uses of Personal Life Insurance
    • Survivor Protection, estate creation and conservation, cash accumulation and Liquidity
    • The director examinations of alien insurers every ___ years
    • 5
    • which type of medicare policy requires insureds to use specific healthcare providers and hospitals except in Emergency situations
    • Select
    • Under a nonscheduled plan, what portion of the balance could an insured expect to pay for basic services
    • 20%
    • Information concerning and applicants prior health is generally provided to the underwriter by
    • The medical Information Bureau
    • IF changes need to be made to an application you must never:
    • Use white out or erase the mistake answer
    • Pays a fixed amount each day the insured is in a hospital
    • Indemnity
    • After the elimination period a totally disabled insurer starts recieving benefits. Assuming a waiver of premium, what happens to premiums paid during the elimination period
    • Premiums will be refunded
    • An insured misstates his age in a disability income policy. What happens in the event of a claim.
    • Amounts payable under the policy will reflect correct age
    • Given the Nebraska Senior Protection in Annuity Transaction Act. What 3 things must the producer inquire about of his clients
    • Consumer Financial status
      Consumers Tax status
      Consumers Investment objectives
    • The Omnibus Budget Reconciliation Act of 1990 requires the employer health plan to provide primary converage for Individuals with end-stage renal disease before medicare becomes primary for how many months?
    • 30 months
    • Tax Implications of premium payments of disability buy-sell coverage
    • Premium payments are deductable to the business
    • Tax implications of Benefits of disability buy sell coverage
    • Benefits are not taxable income to the business