Final Exam - Maryland Life and Health Questions and Answers 100% Solved

Final Exam - Maryland Life and Health Questions and Answers 100% Solved How are monthly life annuity benefit payments treated under a tax sheltered annuity (TSA)? taxed as ordinary income in the year received Life Insurance replacement can be best defined as _______? a transaction in which a new life insurance policy is purchased and an existing life insurance policy is surrendered According the the affordable care act (ACA), dependent children may remain on their parent's plan until what age? 26 Long-term care insurance provides ______? one or more diagnostic, preventive, therapeutic, rehabilitative, maintenance, or personal care services in a setting other than an acute care unit of a hospital Reductions is coverage are one feature of ____ in Health Insurance policies? cost containment (one feature) If group Health benefit levels are too high, what could be the end result? Overutilization of the plan Rick is a disabled worker receiving Social Security benefits. What benefits are his wife and dependent children eligible for? An income benefit which is a percentage of his primary insurance amount An accident and health plan that typically covers ONLY the services of approved providers is called a(n) _______? HMO (Health Maintenance Organization) Plan Contributions made by an employee to a qualified retirement plan are required to be ______? subject to a vesting schedule Under which circumstance can an insurance company offer group Health insurance? The sponsoring group provides an employer-employee relationship Which reinsurance contract between two insurers involves an automatic sharing of the risks assumed? Treaty Reinsurance Health Maintenance Organization (HMO) wellness programs may include each of the following EXCEPT ________? Diagnostic testing services Which of these is NOT an Unfair Claims Settlement Practice? Refusing to pay persons bringing false or fraudulent claims Which of these statements regarding a managing general agent is NOT true? A managing general agent generally represents the insured The premiums paid by an employer for his employee's group life insurance are usually considered to be ______? tax deductible to the employer Which of the following describes coverage for the Medicare Part B coinsurance? A medicare supplement core benefit Which of the following can be defined as a cause of a loss? Peril An insurance policy may be issued with a preferred insurance premium in all of these situations EXCEPT ______? living in a rural area Which situation would not require the insured's consent when a life insurance policy is issued? a policy is purchased by a parent for a minor child Jim is covered under a disability income policy. He is hurt while engaged in an occupation that is more hazardous than the occupation he specified in the policy. What action will the insurer likely take? reduce the