LIFE, ACCIDENT & HEALTH AGENT EXAM
Which settlement option allows only the death benefit EARNINGS to be paid to
the beneficiary?
Interest Option (Interest-Only)
Common policy riders - life policy
waiver of premium
cost of living
accidental death & dismemberment
(all of the above)
concept of medical expense benefits based upon charges for like services in the
same geographical area
usual, customary & reasonable charges
NOT a type of group disability insurance policies
any occupation for initial period, then own occupation
seniors given 30-day right to return when (age)
60 or older
ins. sold at airport
travel accident
containment measure for emergency hospital care under major medical expense
plan
deductible
human life value concept is based on:
income
NOT required as ideally insurable risk
result of catastrophic event
considered as ideally insurable risk
loss must be:
- accidental
- measurable in monetary value
- exposure part of similar group of exposures
does NOT apply to HMOs
TRUE OR FALSE: in HMOs, payment to subscriber is a reimbursement basis
HMO abbreviation
health maintenance organization
which initial premium is lower: term vs whole life insurance
term
NOT a characteristic of adverse selection
insurance companies cannot discriminate against applicants based on higher probability
of loss
insurance for agents to cover losses due to negligence
Errors & Omissions
rider that pays portion of death benefit prior to death
accelerated death benefit rider
NOT true about gatekeepers
TRUE OR FALSE: specialists can choose to be gatekeepers for their patients
, true about gatekeepers
- referrals to specialists must be authorized by gatekeepers
- gk are a common feat of HMO plans
- insured must utilize primary care physician who authorize all of their care
vision insurance coverage often excludes
eye surgery
NOT considered in determining life insurance rates
policy reserves
health care provider of both health care coverage & health care services
HMO
if policy requires premium payments less frequently than monthly (quarterly or
semi-annually), what is the minimum grace period?
31 days
insured has a disability income policy with a $1500 monthly benefit unable to
work for 90 days following an accident. Policy has a 90 day elimination period.
how much will they receive?
nothing
type of policy that offers shared profits in the form of dividends?
participating life policy
which coverage is available at no costs to persons at age 65?
Medicare Part A
difference: group vs. individual life insurance underwriting?
individual requires applicant to answer medical questions
hazard definition
condition that may increase the chance that a loss may occur
Hazard types
Physical, Moral, Morale, Legal
Utmost Good Faith
each party is entitled to rely on the representations of the other
PPACA (Patient Protection and Affordable Care Act)
(Obamacare) federal statute providing major healthcare reforms
Health care exchanges
?... allows for families and groups
accumulation period of annuity
allows annuity to grow on a tax-deferred basis
in group life insurance, who is issued a CERTIFICATE of INSURANCE?
the PARTICIPANT (employee)
A measure for rating an individual's need for LTC benefits is called:
activities of daily living
life agent / volunteer? needs NOT training in:
financial planning
Medicare Part C
Medicare Advantage
Capitation
HMO concept that pays doctors a predetermined monthly fee
life insurance policy dividend
Which settlement option allows only the death benefit EARNINGS to be paid to
the beneficiary?
Interest Option (Interest-Only)
Common policy riders - life policy
waiver of premium
cost of living
accidental death & dismemberment
(all of the above)
concept of medical expense benefits based upon charges for like services in the
same geographical area
usual, customary & reasonable charges
NOT a type of group disability insurance policies
any occupation for initial period, then own occupation
seniors given 30-day right to return when (age)
60 or older
ins. sold at airport
travel accident
containment measure for emergency hospital care under major medical expense
plan
deductible
human life value concept is based on:
income
NOT required as ideally insurable risk
result of catastrophic event
considered as ideally insurable risk
loss must be:
- accidental
- measurable in monetary value
- exposure part of similar group of exposures
does NOT apply to HMOs
TRUE OR FALSE: in HMOs, payment to subscriber is a reimbursement basis
HMO abbreviation
health maintenance organization
which initial premium is lower: term vs whole life insurance
term
NOT a characteristic of adverse selection
insurance companies cannot discriminate against applicants based on higher probability
of loss
insurance for agents to cover losses due to negligence
Errors & Omissions
rider that pays portion of death benefit prior to death
accelerated death benefit rider
NOT true about gatekeepers
TRUE OR FALSE: specialists can choose to be gatekeepers for their patients
, true about gatekeepers
- referrals to specialists must be authorized by gatekeepers
- gk are a common feat of HMO plans
- insured must utilize primary care physician who authorize all of their care
vision insurance coverage often excludes
eye surgery
NOT considered in determining life insurance rates
policy reserves
health care provider of both health care coverage & health care services
HMO
if policy requires premium payments less frequently than monthly (quarterly or
semi-annually), what is the minimum grace period?
31 days
insured has a disability income policy with a $1500 monthly benefit unable to
work for 90 days following an accident. Policy has a 90 day elimination period.
how much will they receive?
nothing
type of policy that offers shared profits in the form of dividends?
participating life policy
which coverage is available at no costs to persons at age 65?
Medicare Part A
difference: group vs. individual life insurance underwriting?
individual requires applicant to answer medical questions
hazard definition
condition that may increase the chance that a loss may occur
Hazard types
Physical, Moral, Morale, Legal
Utmost Good Faith
each party is entitled to rely on the representations of the other
PPACA (Patient Protection and Affordable Care Act)
(Obamacare) federal statute providing major healthcare reforms
Health care exchanges
?... allows for families and groups
accumulation period of annuity
allows annuity to grow on a tax-deferred basis
in group life insurance, who is issued a CERTIFICATE of INSURANCE?
the PARTICIPANT (employee)
A measure for rating an individual's need for LTC benefits is called:
activities of daily living
life agent / volunteer? needs NOT training in:
financial planning
Medicare Part C
Medicare Advantage
Capitation
HMO concept that pays doctors a predetermined monthly fee
life insurance policy dividend
