South Carolina Life and Health Final Exam Questions and Answers 100% Pass

South Carolina Life and Health Final Exam Questions and Answers 100% Pass A closed network plan offers a primary physician copay of $25. If a subscriber chooses a primary care physician outside of the network, the subscriber will likely pay 100% of the billed amount What does Coordination of Benefits allow? Allows the secondary payor to reduce their benefit payments so no more than 100% of the claim is paid A waiver of premium rider allows an insured to waive premium payments if the insured is completely and permanently disabled Under the Time Limit of Certain Defenses Provision, a disability policy is incontestable after it has been in force for a period of 2 years In what part of an insurance policy are policy benefits found? Declarations What type of annuity stops all payments upon the death of the annuitant? Life annuity A guaranteed issue insurance policy has no medical underwriting What is NOT a qualifying event for Medicare? Falling below the federal poverty level An insured has a health plan that pays established amounts in accordance with a list of injuries, surgical procedures, or other losses. This list is called a benefit schedule Craig purchased a life insurance policy for enabling his heirs to pay estate taxes. What is this called? Estate conservation Ownership of a life insurance policy may be temporarily transferred with a(n) collateral assignment Respite care is able to provide temporary relief to the patient's primary caregiver What are employers is required to follow ERISA regulations? A local electrical supply company with 12 employees A policy illustration given at time of sale does NOT typically include the names of the beneficiary How are contributions made to a Roth IRA handled for tax purposes? Not tax deductible With respect to small group health benefit plans, a carrier may discontinue coverage or may refuse to renew such a plan if the employer fails to pay the premium prior to the end of the grace period What is an insurance policy's grace period? period of time after premium is due but the policy remains in force