Nevada Life and Health Exam Simulator (200 questions) with 100% Correct Answers(RATED A+)

Z owns a disability income policy with a 30 day elimination period. Z contracts pneumonia that leaves him unable to work from January 1 until January 15. He then becomes disabled from an accident on February 1 and the disability last until July 1 the same year. She will become eligible to receive benefits starting on? - ANSWER-March 1. The elimination period is the period of time between the onset of a disability, and the time you're eligible for benefits. It is best thought of as a deductible. For your policy. After a 30 day elimination. Z will become eligible for receiving benefits on March 1. Which of the following best describes how pre-administration certifications are used? - ANSWER-Used to prevent nonessential medical costs. Pre-administration certification is used to prevent unnecessary medical costs When an insurance company sends a policy to the insured with an attached application, the element that makes the application part of the contract between the insured and the insurer is called: - ANSWER-Entire Contract provision At the age of 45, an individual with draws $50,000 from his qualified profit-sharing plan and then deposit this amount into a personal savings account. This action would result in: - ANSWER-Income tax and a 10% penalty assessed upon funds withdrawn from the qualified plan. The IRS says that withdraws of funds from a profit sharing plan may be subject to a 10% tax penalty in addition to income taxes if they are made before the age of 59 1/2. This same early withdrawal penalty applies to funds taken out of for 401(k) plans and traditional individual retirement accounts. If, at a time of an insured's death, the insurance company discovers that the insured's age wa