Ohio Health & Life Insurance Exam Prep 2024 Q&A

Ohio Health & Life Insurance Exam Prep 2024 Q&A Medical Expense Insurance - CORRECT ANSWER-Covers medical care and services Disability income insurance - CORRECT ANSWER-replaces income lost when disability keeps the insured from working Long-term care insurance - CORRECT ANSWER-covers long-term care in a nursing home, at home, or at an extended health care facility. Medicare supplement insurance - CORRECT ANSWER-Policy that provides coverage to supplement Medicare coverage Limited Benefit/Voluntary Benefit Policies - CORRECT ANSWER-Policy that covers specific conditions or provide benefits for specific health services Managed Care Service Providers - CORRECT ANSWER-Provides their insureds with health care directly through a network of health care providers Accidental death & dismemberment (AD&D - CORRECT ANSWER-Pays lump-sum benefits if accidental death or injury results in dismemberment Binding receipt (or temporary insurance agreement) - CORRECT ANSWER-covers the applicant during the underwriting period even if determined to be uninsurable. It takes effect when the application is signed. Conditional receipt - CORRECT ANSWER-covers the applicant during the underwriting period only if determined to be insurable. effective from the date of the medical exam (if required) or the signed application— whichever is later—as long as the medical exam confirms the applicant is insurable. Entire Contract - CORRECT ANSWER-Specifies that a policy, riders, and endorsements make up the contract between the insurer and insured. Time Limit on Certain Defenses - CORRECT ANSWER-Prevents the insurer from voiding a policy after 2 or 3 years from issue due to a misrepresentation. Grace Period - CORRECT ANSWER-Gives the insured more time—7, 10, or 31 days— after a premium is due to pay it and keep a policy from lapsing. Reinstatement - CORRECT ANSWER-Lets the insured put a policy back in force after it lapses, usually within 3 years of lapse. Physical Exam and Autopsy - CORRECT ANSWER-Lets the insurer order a physical exam or autopsy of the insured following a claim. Legal Actions - CORRECT ANSWER-Permits the insured to sue the insurer no earlier than 60 days and no later than 3 years after a loss. Change of Beneficiary - CORRECT ANSWER-Lets the insured change the beneficiary for a death benefit. (Irrevocable beneficiary must consent.) Payment of Claims - CORRECT ANSWER-Tells the insurer to whom it must pay a claim. Notice of Claim - CORRECT ANSWER-Makes the insured notify the insurer of a loss within 20 days, or as soon as possible. Claims Form - CORRECT ANSWER-Makes the insurer give the insured claim forms within 15 days of notice of claim. Proof of Loss - CORRECT ANSWER-Entitles the insurer to written proof of loss within 90 days of loss. Time of Payment of Claims - CORRECT ANSWER-Makes the insurer pay a claim immediately after proof of loss Change of Occupation - CORRECT ANSWER-Reduces benefits if insured takes a more dangerous occupation. Reduces the premium if the insured takes a less dangerous occupation. Misstatement of Age or Sex - CORRECT ANSWER-Adjusts benefits for what the premium would buy at the insured's correct age and sex when age or sex was misstated in application. Other insurance in this insurer - CORRECT ANSWER-Limits total coverage from a single insurer when insured has two or more related policies with the same insurer. Insurance with other insurer - CORRECT ANSWER-Insurer can prorate its benefit for a loss if another insurer covers the same loss. Other Insurance with other insurer - CORRECT ANSWER-When more than one insurer covers a loss, allocates each insurer's share of the total benefit due. Relation of Earnings to Insurance - CORRECT ANSWER-Reduces the disability income policy's income benefit amount if it exceeds the insured's wages