Life and Health Colorado Exam Questions and Answers 100% Pass

Life and Health Colorado Exam Questions and Answers 100% Pass PPO (Preferred Provider Organization) - Correct Answer ️️ -An arrangement under which a selected group of independent hospitals and medical practitioners, in a certain area, agree to provide services to subscribers at a prearranged cost. Fraternal Benefit Societies - Correct Answer ️️ -Fraternal benefit societies are primarily social organizations that engage in charitable and benevolent activities that can provide life and health insurance to their members. Membership typically consists of members of a given faith, lodge, order, or society. Fraternal insurance producers represent the fraternal insurer and sell insurance to fraternal members. Increasing Term - Correct Answer ️️ -The death benefit increases over the life of the policy while the premiums remain level. Primary Beneficiary - Correct Answer ️️ -The first in line to receive the death benefit upon the death of the insured. Term Rider - Correct Answer ️️ -An attachment to an existing permanent or interest sensitive policy providing temporary extra insurance protection. Agent's Report - Correct Answer ️️ -Personal statement submitted by the producer to the insurer regarding any personal knowledge of the applicant, including information observed during the application process. Inspection Report - Correct Answer ️️ -General report of the applicant's finances, character, morals, work, hobbies, and other habits. High Deductible Health Plan (HDHP) - Correct Answer ️️ -A high deductible health insurance plan under which the deductible must meet a minimum dollar amount and out of pocket expense may not exceed a maximum dollar amount. Experience Rating - Correct Answer ️️ -Determined by examining the history of claims a particular group experiences. Cognitive Impairment - Correct Answer ️️ -Involves the loss of memory and deductive or abstract reasoning due to an organic mental illness, including Alzheimer's disease and senile dementia. Includes impairment due to traumatic brain injury, such as a stroke or blunt-force trauma. ERISA (Employee Retirement Income Security Act) - Correct Answer ️️ -Established rules pertaining to participating, vesting and funding of retirement plans. Collecting the Initial Premium and Issuing the Receipt - Correct Answer ️️ -A producer should attempt to collect the initial premium and submit it along with the application to the insurer, because the policy will not go into effect until the first premium has been paid. Deferred Annuity Characteristics - Correct Answer ️️ --Deferred annuities are normally purchased to defer taxes on any contract earnings. -They are ideal for accumulating a retirement fun