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 as gatekeepers John owns an insurance policy that gives him the right to share in the insurer's surplus. What kind of policy is this? - Answer️️ -Participating a life agent who has misappropriated fiduciary funds to his own use. What is Pete guilty of? - Answer️️ -Theft If an insured dies because of an accident, which type of life insurance rider will provide additional coverage? - Answer️️ -Accidental death rider Tom is shopping for a policy that covers two people and would pay the face amount ONLY when the first person dies. The type of life policy he is looking for is called a - Answer️️ -Joint life policy Which of these statements is NOT true concerning recurrent disabilities? - Answer️️ -The insurer continues coverage after a new elimination period An insurer owned by its policyholders is called a? - Answer️️ -Mutual Insurer Medicare Part B Covers? - Answer️️ -Physician Expenses Which of these is NOT a relevant factor in the health insurance principle of morbidity? - Answer️️ -Intelligence Which of these factors do not affect the rates of medical insurance? - Answer️️ -Race Which of the following types of life insurance is normally associated with a mortgage loan? - Answer️️ -Decreasing term which of the following is not included in comprehensive major medical plans? - Answer️️ - First-Dollar Covera