KENTUCKY HEALTH INSURANCE LICENSE EXAM 2024 WITH 100% CORRECT ANSWERS

KENTUCKY HEALTH INSURANCE LICENSE EXAM 2024 WITH 100% CORRECT ANSWERS Sean has renewed his health insurance policy with Ability Insurance every year for the past 3 years. At this renewal, Sean received an extra payment from his insurer as a reward for renewing his policy and to encourage him to renew his policy again next year. What is this extra amount called? 1. An endorsement 2. An accumulation 3. A supplemental benefit 4. An additional benefit - correct answer An accumulation When an individual is covered under two health insurance policies that have duplicate benefits which could make a claim for benefits because of an injury or illness profitable, it is called: 1. Pro-rata coverage. 2. Overinsurance. 3. Double indemnity coverage. 4. Fraternal coverage - correct answer Overinsurance In the event a policy lapses due to nonpayment of premium, within how many days would the policy be automatically reinstated once the outstanding premium is paid? 1. 10 days 2. 25 days 3. 30 d