Life, Accident and Health Exam

Annuity Correct Answers -A contract between a person and an insurance company that requires the insurer to make payments to you. -You buy an annuity by making either a single payment or a series of payments -Annuity Death benefits are NOT tax deductible or taxfree Dividends Correct Answers -Declared by the board of directors and cannot be guaranteed -A sum of money paid regularly by a company to its shareholders out of its profits Stock Insurers Correct Answers -Owned by the stockholders who elect the board of directors. -Profits are paid to the stockholders. Frequency Correct Answers -When the pricing principle is defined in a disability policy by a financial loss in a certain group occuring over a certain period of time. Beneficiary Correct Answers One who receives benefits Medi-Cal Correct Answers health care program for the poor Medicare Correct Answers A - provides coverage for hospital services, free to those who reach 65) B - provides coverage for doctor services (optional) C - does NOT cover prescription drugs D - Prescription Drugs Utmost Good Faith Correct Answers -Allows each party to rely on the representation made by other party Patient Protection & Affordable Care Act (PPACA) Correct Answers This is the health care reform law. Focuses on reform of the private health insurance market; providing better coverage for those with pre-existing conditions; improving prescription drug coverage in Medicare. Period Correct Answers Probationary-