Colorado Life & Health Insurance Exam |
100% Correctly Answered and Rated A+ |
2025/2026
The insuring clause includes ____________'s promise to pay benefits.
- Correct Answer - Insurers
This provision states that the insured must provide proof of loss within 90
days, up to a 1-year maximum.
- Correct Answer - Proof of loss provision
waiting period after a loss occurs before benefit period begins (30, 90
days, up to 1 year)
- Correct Answer - elimination period
Medicare Advantage plan, substitution for original benefits (A & B)
- Correct Answer - Part C
Hospital insurance, covers inpatient and hospice
- Correct Answer - Medicare Part A
Outpatient treatment, ER treatment, preventive care is looped under Part
___ - Correct Answer - Medicare Part B
,Also known as Medigap, this part covers core benefits, including hospice
care; premiums vary. - Correct Answer - Supplement Part A
Optional rider that enables the policyowner to purchase additional
amounts of coverage at predetermined times without proof of insurability
- Correct Answer - Guaranteed Insurability Rider
doubles the face amount of life insurance if death occurs as a result of
an accident - Correct Answer - Accidental Death Benefit Rider
Often added to a whole life policy to increase coverage.
Coverage more affordable. Insured buys some whole life and some term
(TERM coverage may be level or decreasing). - Correct Answer - Term
Insurance Rider
A part of the insurance contract that states that both parties must give
something of value for the transfer of risk, and specifies the conditions of
the exchange. - Correct Answer - Consideration clause
The more frequent premium payment, the ______ (higher or lower) the
premium. - Correct Answer - Higher premium
, Covers two or more lives and provides for the payment of the proceeds
at the death of the first among those insured, at which time the policy
automatically terminates. - Correct Answer - Joint Life Policy
Joint life policy in which the policy proceeds are paid out upon the death
of the second insured. Synonymous with second-to-die joint life policy. -
Correct Answer - Survivorship Life Policy
A rider that costs extra; nursing home covered - Correct Answer - Long-
term care rider
the charge consistent with what other medical vendors would assess -
Correct Answer - usual, customary, and reasonable (UCR)
A type of health plan that contracts with medical providers, such as
hospitals and doctors, to create a network of participating providers. You
pay less if you use providers that belong to the plan's network. - Correct
Answer - PPO (Preferred Provider Organization)
A managed care organization that provides comprehensive medical
services for a predetermined annual fee per enrollee. PCP = gatekeeper;
subscribers = members. - Correct Answer - HMO (Health Maintenance
Organization)
100% Correctly Answered and Rated A+ |
2025/2026
The insuring clause includes ____________'s promise to pay benefits.
- Correct Answer - Insurers
This provision states that the insured must provide proof of loss within 90
days, up to a 1-year maximum.
- Correct Answer - Proof of loss provision
waiting period after a loss occurs before benefit period begins (30, 90
days, up to 1 year)
- Correct Answer - elimination period
Medicare Advantage plan, substitution for original benefits (A & B)
- Correct Answer - Part C
Hospital insurance, covers inpatient and hospice
- Correct Answer - Medicare Part A
Outpatient treatment, ER treatment, preventive care is looped under Part
___ - Correct Answer - Medicare Part B
,Also known as Medigap, this part covers core benefits, including hospice
care; premiums vary. - Correct Answer - Supplement Part A
Optional rider that enables the policyowner to purchase additional
amounts of coverage at predetermined times without proof of insurability
- Correct Answer - Guaranteed Insurability Rider
doubles the face amount of life insurance if death occurs as a result of
an accident - Correct Answer - Accidental Death Benefit Rider
Often added to a whole life policy to increase coverage.
Coverage more affordable. Insured buys some whole life and some term
(TERM coverage may be level or decreasing). - Correct Answer - Term
Insurance Rider
A part of the insurance contract that states that both parties must give
something of value for the transfer of risk, and specifies the conditions of
the exchange. - Correct Answer - Consideration clause
The more frequent premium payment, the ______ (higher or lower) the
premium. - Correct Answer - Higher premium
, Covers two or more lives and provides for the payment of the proceeds
at the death of the first among those insured, at which time the policy
automatically terminates. - Correct Answer - Joint Life Policy
Joint life policy in which the policy proceeds are paid out upon the death
of the second insured. Synonymous with second-to-die joint life policy. -
Correct Answer - Survivorship Life Policy
A rider that costs extra; nursing home covered - Correct Answer - Long-
term care rider
the charge consistent with what other medical vendors would assess -
Correct Answer - usual, customary, and reasonable (UCR)
A type of health plan that contracts with medical providers, such as
hospitals and doctors, to create a network of participating providers. You
pay less if you use providers that belong to the plan's network. - Correct
Answer - PPO (Preferred Provider Organization)
A managed care organization that provides comprehensive medical
services for a predetermined annual fee per enrollee. PCP = gatekeeper;
subscribers = members. - Correct Answer - HMO (Health Maintenance
Organization)
