Ohio life and Health Insurance Practice Final Accurate 100%

Premiums paid that exceed 7 1/2% of an insured's Adjusted Gross Income (AGI) are tax-deductible when paid for which of the following plans? - ANSWER Qualified Long-Term Care plan All _____ policies must be guaranteed renewable. - ANSWER long-term care An attending physician's statement would be appropriate for which life insurance purpose? - ANSWER At the request of the insurer to assist in the underwriting decision Craig submits a $500 claim for medical expenses. With a past due premium of $100, the insurer pays $400. Which of the Uniform Optional Provisions covers this situation? - ANSWER Unpaid premium Of the following dividend options, which of these is taxable? - ANSWER Accumulation at interest An endorsement found in an insurance plan which modifies the provisions of the policy is called a(n) - ANSWER Rider Which of the following statements is CORRECT regarding an individual applying for life or health insurance? - ANSWER The applicant's medical history may be analyzed and reported Sole proprietors are permitted tax deductions for health costs paid from their earnings in the amount of - ANSWER 100% of costs Kate has a Major Medical Plan with a 75/25 coinsurance and a deductible of $25. How much will she have to pay if she, not having met any of her deductible, visits the doctor and receives a bill for $125? - ANSWER $50.00 When calculating the amount of life insurance needed for an income earner, what has to be determined when using the Needs Approach? - ANSWER The family's financial objectives if the income earner were to die or become disabled A plan in which an employer pays insurance benefits from a fund derived from the employer's current revenues is called - ANSWER A self-funded plan If an insured's age on a life insurance policy has been misstated, what is the insurer's liability if the insured dies? - ANSWER A prorated death benefit based on the amount of insuran