WA Life and Disability Producer Combo Questions with Verified Solutions

WA Life and Disability Producer Combo Questions with Verified Solutions If a company provides group disability insurance to its employees, which of the following may be tax deductible? The premiums paid by the company as a business expense Which provides benefits for expenses incurred as a result of in-hospital medical treatment and surgery as well as certain outpatient expenses such as doctor's visits, laboratory tests, and diagnostic services? Hospitalization insurance Compared to basic hospital, medical and surgical policies, which type of insurance provides broader coverage, fewer gaps, higher individual benefits, and higher policy maximums? Major Medical Insurance What are two characteristics of Health Maintenance Organizations (HMOs)? Containing costs and early treatment What can be used to qualify for Medicare Parts A and B? Permanent kidney failure / age / disability What is true of a point of service plan? A patient's care is coordinated by an in-network primary care physician Which does a covered employee agree to a reduction in compensation so the amount can be used to cover medical expenses? Flexible Spending Account (FSA) Which is the primary purpose of Health Reimbursement Accounts (HRAs)? To assist covered employees with the payment of medical expenses on a high deductible plan funded through pre-tax contributions. Which plan is most commonly paired with a High Deductible Health Plan? Health Savings Account (HSA) Which of the following is defined as the dollar amount beyond which the insured no longer participates in payment of medical expenses? Stop Loss Limit Which of the following is the most common method to supplement Medicare coverage? Coverage offered by private insurers A group conversion option may be used in all of the following instances Loss of coverage due to loss of employment / loss of eligibility on the part of a class of insureds / the termination of the master policy Which is a primary difference between individual and group health insurance? Individual insurance requires evidence of insurability What is the major reason that insurance regulators are often critical of dread disease insurance policies? Buyers often think they are getting broader coverage than they actually purchase What is true for most comprehensive dental policies? Routine care is provided without coinsurance or deductibles Basic vision care package includes all of the following Annual eye exam / Contact lenses / Lenses and frames Which whole life policy premium type is most common? Continuous premium All of the following are characteristics of variable whole life Agent must be licensed in both insurance and securities / premium is level / there is no guaranteed cash value Which policy type is backed by equity investments and allows the policy holder to adjust the death benefit? Variable Universal Life Why do equity-indexed life insurance policies have an increased premium? For increased amount of protection Which of following is true about a decreasing term life policy? The face amount reaches zero at policy expiration What is true for a flexible premium annuity? The purchaser has the option to vary the amount of each premium payment falling