Nevada Life and Health Complete Questions & Answers

COBRA (because she can convert, and if she has a long term illness it it will be hard for her to get approved for individual insurance) - ANSWER Kevin and Nancy are married; Kevin is the primary breadwinner and has a health insurance policy that covers both him and his wife. Nancy has an illness that requires significant medical attention. Kevin and Nancy decide to legally separate, which means that Nancy will no longer be eligible for health insurance coverage under Kevin. Which of the following options would be best for Nancy at this point? a)COBRA b)Apply for social security benefits c)Apply for coverage under the same group policy that covers Kevin d)Convert to an individual insurance policy with 31 days so she won't have to provide evidence of insurability Ownership - ANSWER What is the major difference between a stock company and a mutual company? Increasing Term - ANSWER What type of insurance would be used for a Return of Premium rider? a)Decreasing Term b)Annually Renewable Term c)Increasing Term d)Level Term Elimination Period - ANSWER In disability income insurance, the time between the onset of an injury or sickness and when benefits begin qualifying events include the voluntary termination of employment; an employee's change from full time to part time; or the death of the employee, divorce - ANSWER Qualifying Events for COBRA 36 months - ANSWER What is the period of coverage for events such as death or divorce under COBRA? First-Dollar Insurance Coverage - ANSWER Insurance where the insured is not required to pay a deductible Adverse Selection - ANSWER insuring of risks more prone to loss than average risk Agent/Producer - ANSWER a legal representative of an insurance company Applicant/Proposed insured - ANSWER a person applying for insurance Hazard - ANSWER conditions that increase the probability of a loss indemnity - ANSWER restoring the insured to the condition that existed before loss insurance - ANSWER transfer of risk of loss from an individual to an insurer insurance transaction - ANSWER solicitation, negotiations, or effectuation of a contract insured - ANSWER the person covered by the insurance policy insurer - ANSWER the company that issues an insurance policy law of large numbers - ANSWER the larger the number of people with the same exposure to loss, the more predictable the actual loss will be peril - ANSWER the cause of loss policyowner - ANSWER the person who has the rights and privileges in the policy risk - ANSWER uncertainty or chance of loss beneficiary - ANSWER the person who receives the benefits from an insurance policy death benefit - ANSWER the amount paid upon the insured's death estate - ANSWER a persons' net worth life insurance - ANSWER coverage on huma