Life and Health Insurance License (Maryland) All Answers Correct

Life and Health Insurance License (Maryland) All Answers Correct "Maximum benefits" refers to the ️upper limit of the total lifetime benefits the insurance company will pay 1033 Waiver ️a personal convicted of a felony may apply for a ____ to transact insurance business. A clause that allows an insurer the right to terminate coverage at any anniversary date is called a(n) ️optional renewability clause A disability elimination period is best described as a ️time deductible A disability income policy can prevent an insured from earning a higher income than if he/she were working by utilizing ️Benefit limits A disability policyowner is injured and becomes totally disabled. The benefits pay for 2 years, starting from the date of injury. What is this time period called? ️Benefit period A divisible surplus results and the company can return to the policyowners a part of the premiums if ️fewer insureds have died than was estimated A fee for service health insurance plan will normally cover ️disease A group disability income plan that pays tax-free benefits to covered employees is considered ️fully contributory A health insurance policy will typically cover ️preventative health services A Medicare supplement plan can be canceled by the insurer ️for nonpayment of premiums A payment system for health care in which the provider is paid for each service given is called ️feefor-service A pharmacy benefit covers prescription drugs derived from a list is called a(n) ️drug formulary A whole life policy that provides a choice of dividend options must ️include a statement that dividends are not guaranteed Absolute Assignment ️- The transfer is irrevocable and the assignee receives full control of the policy. - The assignee can even change the beneficiary without the beneficiary's permission, unless otherwise stated. Accelerated Benefits ️Riders attached to life insurance policies which allow death benefits to be used to cover nursing or convalescent home expenses. It is tax free Accidental Death Benefit Rider ️doubles the face amount of life insurance if death occurs as a result of an accident An annuitant is guaranteed to NOT outlive their benefits with a(n) ️Guaranteed lifetime withdrawal benefit An annuity is primarily used to provide ️long-term care benefits An employer is issued a group medical insurance policy. This single contract is known as a(n) ️master policy An example of a primary care physician would be a(n) ️internist An example of elective cosmetic surgery would be ️removing excess fat from an insured's waistline An insurable interest must exist only ️at the policy inception An insured has a health plan that pays established amounts in accordance with a list of injuries