PA Health, Life and Accident insurance exam part 2 Latest Update Graded A+

PA Health, Life and Accident insurance exam part 2 Latest Update Graded A+ Which of the following is considered to be an alternative to a life settlement? Accelerated death benefit rider The document that describes policy features, benefits, exclusions, and riders in Long-Term Care policy is known as Outline of Coverage No Long-Term care may exclude pre-existing conditions for a period of more than 6 months The cause of a loss is referred to as Peril Which of these statements about Medicaid is CORRECT? Funded by federal, state and local taxes Which of the following is NOT eligible dependent on an Accident and Health policy? 27 year old married child Claims payable to a Disability Income insured, even when the insured can continue to work, are the result of a Presumptive disability Maria would like an annuity that provides a guaranteed accumulation or payout. The type of annuity she is seeking is called Annuity Certain Without a section 125 plan in place what would happen to an employees payroll contribution to an HSA It would be considered taxable income to the employee Why are dividends from a mutual insurer not subject to taxation Because dividends are considered to be a return of the premium Medicare Part A does not pay for medical benefits provided for treatment in a skilled nursing facility beyond 100 days If an employee contributes 50% toward the disability plan premium provided by an employer, what would be considered the taxable income of a $1,000 monthly disability benefit? $500 Which of the following is considered to be the period when the accumulated value in an annuity is paid out? Annuitization Phase Richard owns an insurance policy that is renewable only at the option of the insurance company. His policy is considered to be Optionally Renewable What is the primary reason for buying an annuity Provide future economic security Sharing 50% of a producers commission with the insured is an example of illegal inducement A whole life insurance policy accumulates cash value that becomes the policy loan value which the insured may borrow against HIPPA considers which of the following as "individually identifiable health information"? A person's health claim information Jonas has disability insurance through his employer. The employer pays 75% of the premium, and Jonas pays the other 25%. What is Jonas's tax liability for any benefits paid from the disability plan? 75% the insured pays taxes on the benefits