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Terms in this set (50)The Consideration clause in a life insurance policy indicates that a policyowner's consideration consists of a completed application and the initial premium The initial premium- What action will an insurer take if an interest payment on a policy loan is not made on time? cancel the policy if not paid within the grace period automatically add the amount of interest due to the loan balance subtract from any dividends owed disallow any further loans Automatically add the amount of interest due to the loan balance- Which provision prevents an insurer from changing the terms of the contract with the policyowner by referring to documents not found within the policy itself? Policy Exclusion Entire
Contract- If an individual has an Accidental Death and Dismemberment policy and dies, an autopsy can be performed in all these situations EXCEPT When the cause of death is unknown When the state prohibits this by law- What is considered to be a characteristic of a Conditionally Renewable Health Insurance policy? Premiums may increase at time of renewal Premiums may increase at time of renewal- Which of the following statements about a Guaranteed Renewable Health Insurance policy is CORRECT? Premiums normally decrease at time of renewal Premiums normally increase at time of renewal- M's insurance company denied a reinstatement application for her lapsed health insurance policy. The company did not notify M of this denial. How many days from the reinstatement application date does the insurance company have to notify M of the denial before the policy will be automatically placed back in force? 10 days 45 days- Which of the following statements is CORRECT about accelerated death benefits? The full face amount is available as an accelerated benefit Those on Social Security disability automatically qualify for this benefit This provision is usually provided with an increase in premium Must have a terminal illness to qualify Must have a
terminal illness to qualify- Which statement regarding the Misstatement of Age provision is considered to be true? Coverage will be adjusted to reflect the insured's true age if a misstatement of age is discovered Requires that a new policy must be applied for if a misstatement of age is found on the current policy Misstatement of Age provision is valid only during the contestable period Insurer may void the policy if a misstatement of age is discovered Coverage will be adjusted to reflect the insured's true age if a misstatement of age is discovered-
Which of the following provisions guarantees that premiums will be waived if a Juvenile Life policyowner becomes disabled? Family Maintenance clause Payor clause- Which of these is NOT considered to be a right given to a policyowner? Surrendering the policy's cash value Modify a provision in the insurance contract- For which of the following expenses does a Basic Hospital policy pay? Hospital room and
board Hospital room and board- T took out a $50,000 life insurance policy with an Accidental Death and Dismemberment rider. Five years later, T commits suicide. How much will the insurer pay?
The total premiums paid minus any policy loans $50,000- What action can a policyowner take if an application for a bank loan requires collateral? Utilize accelerated benefits provision Borrow against policy cash value and use as a down payment Assign policy ownership to the bank Name bank as beneficiary Assign policy ownership to the bank- How do life insurance companies handle cases where the insured commits suicide within the contract's stated Contestable period? Claims are denied under the Suicide clause of the policy Company pays twice the face amount under the double indemnity clause Claims are paid in full Premiums are returned under the Consideration clause Claims are denied under the Suicide clause of the policy- Q is hospitalized for 3 days and receives a bill for $10,100. Q has a Major Medical policy with a $100 deductible and 80/20 coinsurance. How much will Q be responsible for paying on this claim? $2,100 $2,100- M had an annual life insurance premium payment due January 1. She died January 10 without making the premium payment. What action will the insurer take? Collect premium from M's estate Pay face amount minus the past due premium- Which of the following statements about Health Reimbursement Arrangements (HRA) is CORRECT? If the employee had a qualified medical leave from work, lost wages can be reimbursed If the employee paid for qualified medical expenses, the reimbursements may be tax-free Any unused amounts are added to employee's gross income Health insurance premiums can be reimbursed to the employee If the employee paid for qualified medical expenses, the reimbursements may be tax-free- S has a Whole Life policy with a premium payment due soon. Which provision would keep the policy in force if S does not make the required payment and the policy has adequate cash value from which the premium payment can be made? Automatic Policy Loan Automatic Policy Loan- How are policyowner dividends treated in regards to income tax? Dividends are not taxable Interest on accumulations is taxed-
B owns a Whole Life policy with a guaranteed insurability option that allows him to purchase, without evidence of insurability, stated amounts of additional Term Life coverage at any time Additional Whole Life coverage at specified times- A characteristic of Preferred Provider Organizations (PPOs) would be: Discounted fees for the patient Discounted fees for
the patient- An insurance company receives E's application for an individual health policy. E did not complete all of the medical history questions because she could not remember the exact dates. E signed the policy and submitted it to the insurance company anyway. A few weeks later, E suffers a heart attack and is hospitalized without completing the medical history questions and paying the initial premium. E is not insured. Which of the following clauses details the conditions that E did not meet? Entire Contract clause Consideration clause- S filed a written Proof of Loss for a Disability Income claim on September 1. The insurance company not responded to the claim. S can take legal action against the insurer beginning September 21 November 1- An insured pays premiums on an annual basis for an individual health insurance policy. What is the MINIMUM number of days for the Grace Period provision? 7 31- J's Major Medical policy has a $2,000 deductible and an 80/20 Coinsurance clause. If J is hospitalized and receives a bill for $10,000, J would pay $1,600 $3,600- Which of the following statements BEST defines usual, customary, and reasonable (UCR) charges? The maximum premium an insurer can charge for their health insurance based on geography The maximum amount an employer can contribute to a contributory health plan The maximum deductible an insured can be charged The maximum amount considered eligible for reimbursement by an insurance company under a health plan The maximum amount considered eligible for reimbursement by an insurance company under a health plan- How are surrender charges deducted in a life policy with a rear-end loaded provision? Deducted from the death benefit Deducted when the policy is discontinued- Which of these options can an individual use their medical flexible spending account to pay for? Vitamins and supplements Prescription drugs- Which of the following situations does a Critical Illness plan cover? Asthma Leukemia- Which of the following statements BEST describes dental care indemnity coverage? Services are reimbursed before the insurer receives the invoice Services are reimbursed after insurer receives the invoice In-network dentists must always be used Very limited list of providers Services are reimbursed after insurer receives the invoice- What does the ownership clause in a life insurance policy state? Who the policyowner is and what rights the policyowner is entitled to Who the beneficiary is and what rights the beneficiary is entitled to Ownership cannot be assigned after the incontestable period Allows the policyowner to adjust the death benefit and premium amount at anytime Who the policyowner is and what rights the policyowner is entitled to- S buys a $50,000 whole life policy with a $50,000 Accidental Death and Dismemberment rider. S dies 1 year later of natural causes. How much will the insurer pay the beneficiary? $100,000 $50,000 Refund of premiums paid plus interest No claim will be paid because cause of death was from natural causes $50,000- D is the policyowner and insured for a $50,000 life insurance policy. The beneficiary is D's wife. D and his wife divorce and D remarries, transferring ownership of his policy to his new wife. If D dies without making any further changes, to whom will the policy proceeds be paid to? Ex-wife Ex-wife- Which of these are NOT an example of a Nonforfeiture option? Extended Term Life Income- N has a Major Medical policy that only pays a portion of N's medical expenses. N is responsible for paying the remaining balance. This provision is known as Assignment of Benefits Coinsurance- The Consideration clause in a life insurance contract contains what pertinent information? Summary of benefits Amount of premium payments and when they are due- Which type of policy is considered to be overfunded, as stated by IRS guidelines? Modified Whole
Life Modified Endowment Contract- Which of the following characteristics are associated with a large group disability income policy? No waiting periods No medical underwriting- XYZ Company pays the entire premium for its group health plan. The MINIMUM percentage of eligible employees that must be covered is 25% 100%- A Business Overhead Expense policy covers any loss of income by the business owner covers business expenses such as rent and utilities covers employee wages only reimburses the company for any reduction in sales due to the owner's disability Covers business expenses such as rent and utilities- The situation in which a group of physicians are salaried employees and conduct business in an HMO facility is called a(n) closed panel Closed panel- A 66 year-old is covered under a group health plan while employed with a business that has 40 employees. If she injures herself while walking in the park, what coverage would be considered primary? Medicaid Her group health plan- The health insurance program which is administered by each state and funded by both the federal and state governments is called Long-term care Medicaid- Which of these is considered a true statement regarding Medicaid? Funded by both state and federal governments Intended to be used by individuals age 65 and older Provides disability income benefits Automatically covers those receiving Social Security disability benefits Funded by both state and federal governments- Medicaid is funded by both the federal and state governments. Insurer Insured- The part of a life insurance policy guaranteed to be true is called a(n) representation Warranty- Under which of the following circumstances do the benefits under COBRA continuation coverage expire? Employee has become uninsurable All
group health plans are eliminated by the employer- Which policy requires an agent to register with the National Association of Securities Dealers (NASD) before selling? Variable Life Variable
Life- Which of the following actions require a policyowner to provide proof of insurability in an Adjustable Life policy? increase face amount Increase
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finance Lincoln Industries has a credit line with Bank Two that calls for it to pay 11% interest on its borrowing and to keep a compensatory balance at 15% of the borrowed amount. According to the agreement, the company borrowed $800,000 during the year. Discuss, compare, and contrast the results of your earlier parts. Verified answer
algebra $$ \begin{array}{lll}\text { bond discount } & \text { current yield on bonds } & \text { major medical insurance } \\ \text { bond premium } & \text { disability insurance } & \text { market price } \\ \text { bonds } & \text { health insurance } & \text { mutual fund } \\ \text { capital investment } & \text { Individual Retirement } & \text { net asset value } \\ \text { cash value } & \text { Account (IRA) } & \\ \text { coinsurance } & \text { life insurance } & \end{array} $$ Fill in the blanks with one of the terms above. The price at which a stock sells is called the _?_. Verified answer
world geography On a separate sheet of paper, explain the following term by using it correctly in a sentence. tropics Verified answer
question A statistics practitioner wants to test the following hypotheses with $\sigma=20$ and $n = 100$: $$ \begin{array}{ll}H_0: & \mu=100 \\ H_1: & \mu>100\end{array} $$ Using $\alpha=.10$ find the probability of a Type II error when $\mu=102$ Verified answer Recommended textbook solutions
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gigraham Geschäftsprozess Fertigung19 terms Pavel_Lorkish Which of the following information will be stated in the consideration clause of a life?The consideration clause spells out exactly how much premium payments are and when they are due. The legal consideration for a life policy consists of the application and payment of the initial premium.
What best describes the consideration clause in a life insurance policy?The consideration clause describes the promises exchanged between the insured and the insurer, as evidenced by the payment of premiums and statements made by the insured in the application, and the insurer's promise to pay benefits under the terms of the policy.
What is the consideration given by an issuer in the consideration clause of a life policy?Consideration for an insurance policy is acceptance by the insurance company of the payment of the premium and the statement made by the prospective policyholder in the application, balanced by the insurance company's promise to provide benefits in the case of loss.
What provision describes the parts of the life insurance contract quizlet?Specifically, the insuring clause is found on the first page of the policy and is considered the most important clause in the policy. It identifies the parties to the contract and the perils or conditions in which it will pay.
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The Consideration clause in a life insurance contract contains what pertinent information Quizlet
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