Final Exam South Carolina Life and Health Insurance // Real Exam // Updated 2024 // Correct Answers

Final Exam South Carolina Life and Health Insurance // Real Exam // Updated 2024 // Correct Answers A closed network plan offers a primary physician copay of $25. If a subscriber chooses a primary care physician outside of the network, the subscriber will likely pay - CORRECT ANSWER-100% of the billed amount What does Coordination of Benefits allow? - CORRECT ANSWER-Allows the secondary payor to reduce their benefit payments so no more than 100% of the claim is paid A waiver of premium rider allows an insured to waive premium payments if the insured is - CORRECT ANSWER-completely and permanently disabled Under the Time Limit of Certain Defenses Provision, a disability policy is incontestable after it has been in force for a period of - CORRECT ANSWER-2 years In what part of an insurance policy are policy benefits found? - CORRECT ANSWERDeclarations What type of annuity stops all payments upon the death of the annuitant? - CORRECT ANSWER-Life annuity A guaranteed issue insurance policy has no - CORRECT ANSWER-medical underwriting What is NOT a qualifying event for Medicare? - CORRECT ANSWER-Falling below the federal poverty level An insured has a health plan that pays established amounts in accordance with a list of injuries, surgical procedures, or other losses. This list is called a - CORRECT ANSWER-benefit schedule Craig purchased a life insurance policy for enabling his heirs to pay estate taxes. What is this called? - CORRECT ANSWER-Estate conservation Ownership of a life insurance policy may be temporarily transferred with a(n) - CORRECT ANSWER-collateral assignment Respite care is able to provide - CORRECT ANSWER-temporary relief to the patient's primary caregiver What are employers is required to follow ERISA regulations? - CORRECT ANSWER-A local electrical supply company with 12 employees A policy illustration given at time of sale does NOT typically include the - CORRECT ANSWER-names of the beneficiary How are contributions made to a Roth IRA handled for tax purposes? - CORRECT ANSWER-Not tax deductible With respect to small group health benefit plans, a carrier may discontinue coverage or may refuse to renew such a plan if the employer - CORRECT ANSWER-fails to pay the premium prior to the end of the grace period What is an insurance policy's grace period? - CORRECT ANSWER-period of time after premium is due but the policy remains in force What isn't considered to be nonforfeiture options available to policyowner - CORRECT ANSWER-Reduction of Premium An insured MUST submit a proof of loss on a health insurance claim within how many days after the date of loss? - CORRECT ANSWER-9