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GEORGIA LIFE AND HEALTH INSURANCE
QUESTIONS WITH ANSWERS
Group Disability Insurance-correct-answer-A type of insurance that covers a group
of individuals against loss of pay due to accident or sickness.
Group Health Insurance-correct-answer-Health coverage provided to members of
a group.
Hazard-correct-answer-A circumstance that increases the likelihood of a loss.
Hazard, Moral-correct-answer-The effect of a person's reputation, character, living
habits, etc. on his/her insurability.
Hazard, Morale-correct-answer-The effect a person's indifference concerning loss
has on the risk to be insured.
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Hazard, Physical-correct-answer-A type of hazard that arises from the physical
characteristics of an individual, such as a physical disability due to either current
circumstance or a condition present at birth.
Health Insurance-correct-answer-Protection against loss due to sickness or bodily
injury.
Health Maintenance Organization (HMO)-correct-answer-A prepaid medical
service plan in which specified medical service providers contract with the HMO to
provide services. The focus of the HMO is preventive medicine.
Health Reimbursement Account (HRAs)-correct-answer-Plans that allow
employers to set aside funds for reimbursing employees for qualified medical
expenses.
Health Savings Account (HSAs)-correct-answer-Plans designed to help individuals
save for qualified health expenses.
Home Health Agency-correct-answer-An entity certified by the insured's health
plan that provides health care services under contract.
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Home Health Care-correct-answer-Type of care in which part-time nursing or
home health aide services, speech therapy, physical or occupational therapy
services are given in the home of the insured.
Home Health Services-correct-answer-A covered expense under Part A of
Medicare in which a licensed home health agency provides home health care to
an insured.
Hospice-correct-answer-A facility for the terminally ill that provides supportive
care such as pain relief and symptom management to the patient and his/her
family. Hospice care is covered under Part A of Medicare.
Hospital Confinement Rider-correct-answer-An optional disability income rider
that waives the elimination period when an insured is hospitalized as an inpatient.
Implied Authority-correct-answer-Authority that is not expressed or written into
the contract, but which the agent is assumed to have in order to transact the
business of insurance for the principal.
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Income Replacement Contracts-correct-answer-Policies which replace a certain
percentage of the insurer's pure loss of income due to a covered accident or
sickness.
Indemnify-correct-answer-To restore the insured to the same condition as prior to
loss with no intent of loss or gain.
Insolvent organization-correct-answer-A member organization which is unable to
pay its contractual obligations and is placed under a final order of liquidation or
rehabilitation by a court of competent jurisdiction.
Insurability-correct-answer-The acceptability of an applicant who meets an
insurance company's underwriting requirements for insurance.
Insurance-correct-answer-A contract whereby one party (insurer) agrees to
indemnify or guarantee another party (insured) against a loss by a specified future
contingency or peril in return for payment of a premium.
Insured-correct-answer-The person or organization that is protected by
insurance;the party to be indemnified.
GEORGIA LIFE AND HEALTH INSURANCE
QUESTIONS WITH ANSWERS
Group Disability Insurance-correct-answer-A type of insurance that covers a group
of individuals against loss of pay due to accident or sickness.
Group Health Insurance-correct-answer-Health coverage provided to members of
a group.
Hazard-correct-answer-A circumstance that increases the likelihood of a loss.
Hazard, Moral-correct-answer-The effect of a person's reputation, character, living
habits, etc. on his/her insurability.
Hazard, Morale-correct-answer-The effect a person's indifference concerning loss
has on the risk to be insured.
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Hazard, Physical-correct-answer-A type of hazard that arises from the physical
characteristics of an individual, such as a physical disability due to either current
circumstance or a condition present at birth.
Health Insurance-correct-answer-Protection against loss due to sickness or bodily
injury.
Health Maintenance Organization (HMO)-correct-answer-A prepaid medical
service plan in which specified medical service providers contract with the HMO to
provide services. The focus of the HMO is preventive medicine.
Health Reimbursement Account (HRAs)-correct-answer-Plans that allow
employers to set aside funds for reimbursing employees for qualified medical
expenses.
Health Savings Account (HSAs)-correct-answer-Plans designed to help individuals
save for qualified health expenses.
Home Health Agency-correct-answer-An entity certified by the insured's health
plan that provides health care services under contract.
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Home Health Care-correct-answer-Type of care in which part-time nursing or
home health aide services, speech therapy, physical or occupational therapy
services are given in the home of the insured.
Home Health Services-correct-answer-A covered expense under Part A of
Medicare in which a licensed home health agency provides home health care to
an insured.
Hospice-correct-answer-A facility for the terminally ill that provides supportive
care such as pain relief and symptom management to the patient and his/her
family. Hospice care is covered under Part A of Medicare.
Hospital Confinement Rider-correct-answer-An optional disability income rider
that waives the elimination period when an insured is hospitalized as an inpatient.
Implied Authority-correct-answer-Authority that is not expressed or written into
the contract, but which the agent is assumed to have in order to transact the
business of insurance for the principal.
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Income Replacement Contracts-correct-answer-Policies which replace a certain
percentage of the insurer's pure loss of income due to a covered accident or
sickness.
Indemnify-correct-answer-To restore the insured to the same condition as prior to
loss with no intent of loss or gain.
Insolvent organization-correct-answer-A member organization which is unable to
pay its contractual obligations and is placed under a final order of liquidation or
rehabilitation by a court of competent jurisdiction.
Insurability-correct-answer-The acceptability of an applicant who meets an
insurance company's underwriting requirements for insurance.
Insurance-correct-answer-A contract whereby one party (insurer) agrees to
indemnify or guarantee another party (insured) against a loss by a specified future
contingency or peril in return for payment of a premium.
Insured-correct-answer-The person or organization that is protected by
insurance;the party to be indemnified.
