Final Exam: California Life, Accident, and Health Insurance 2024

Final Exam: California Life, Accident, and Health Insurance 2024 What is considered the most common type of specified disease insurance policy? - Answer️️ - Cancer Minimum participation standards exist for a group health insurance plans in order to - Answer️️ -Prevent Adverse Selection How does underwriting differ between group life and individual life insurance? - Answer️️ - Medical questions must be answered on individual life insurance when handling premiums for an insured an agent is acting in which capacity? - Answer️️ - Fiduciary what is the term used to describe the frequency and severity of certain illnesses and accidents? - Answer️️ -Morbidity Which of the following describes the statement "The more times an event is repeated, the more predictable the outcome becomes"? - Answer️️ -Law of large numbers In order to be considered "currently insured" under Social Security, an individual must be credited with? - Answer️️ -6 quarters of coverage during the last 13-quarter period How long must a policy be in force before an insurer is prohibited from denying claims based on misstatements made on the health policy application? - Answer️️ -2 Years Which of the following does the California Insurance Code NOT require an insurance policy to specify? - Answer️️ -Insurer's financial rating Which of the following is NOT required in the content of a policy? - Answer️️ -Probability of loss Which of the following pieces of information is NOT gathered during the personal financial planning process? - Answer️️ -An individual's civic organization memberships Which of the following is not considered to be an unfair claims settlement practice? - Answer️️ -Advising a claimant to hire an attorney When an applicant applies for insurance, the process by which the insurer determines whether to issue a policy is called? - Answer️️ -Underwriting How is a Medicare claim submitted? - Answer️️ -Expenses are submitted to Medicare by the health provider According to the PPACA, the medical enrollment tier that has 80% actuarial value is called: - Answer️️ -Gold Employer contributions to qualified plans are - Answer️️ -Tax-deductible by the employer Employee participation in a noncontributory group life plan must be - Answer️️ -100% What does the term "illustration" mean when used in the phrase "life insurance policy illustration", according to the California Insurance Code? - Answer️️ -Presentation of policy features that includes non-guaranteed elements Which of the following is NOT a characteristic of a preferred provider organization (PPO)? - Answer️️ -Primary physicians serve a