Pennsylvania Life and Health Simulated Exam Review Questions and Correct Answers

An employee becomes insured under a PPO plan provided by his employer. If the insured decides to go to a physician who is not a PPO provider, which of the following will happen? The PPO will pay reduced benefits Insurers may change which of the following on a guaranteed renewable health insurance policy? Rates by class If a business wants to buy a disability income policy on a key employee, which of the following is considered the applicant? The employer When must an insurance company present an outline of coverage to an applicant for a Medicare Supplement Policy? At the time of application According to the PPACA metal levels classification, if a health plan is expected to cover 90% of the cost for an average population, and the participants would cover the remaining 10% what type of plan is that? Platinum A producer licensed in Pennsylvania must notify the Insurance Department of any change in address in his or her residence or business address within how many days? 30 Which of the following is true regarding Medicare Supplement Policies? They must be guaranteed renewable When the policy premium wasn't submitted with the application, what should the agent obtain from the insured upon policy delivery A statement of good health The act of voluntarily giving up insurance by the insured is called Cancellation What type of benefit helps to pay for accidental injuries that are not severe enough to qualify as disabilities? Medical Reimbursement Benefit Which renewal option does NOT guarantee renewal and allows the insurance company to refuse renewal of a policy of any premium due date Optionally renewable In comparison to a policy that uses the accidental means definition, a policy that uses the accidental bodily injury definition would provide a coverage that is? Broader in general Once