Florida Agent's Health & Life (including Annuities & Variable Contracts) Chapter 7
Florida Agent's Health & Life (including Annuities & Variable Contracts) Chapter 7 An insured has endured multiple surgeries and hospitalizations for an illness during the summer months. Her insurer no longer bills her for medical expenses. What term best describes the condition she has met? A Stop-Loss Limit B Out-of-Pocket Limit C Maximum Loss Threshold D Maximum Loss A) A "stop-loss limit" is a specified dollar amount beyond which the insured no longer participates in the sharing of expenses. While a claim is pending, an insurance company may require A An independent examination as often as reasonably required. B The insured to be examined only within the first 30 days. C The insured to be examined only once annually. D An independent examination only once every 45 days. A) While a claim is pending, an insurance company may require an independent exam as often as reasonably required. The premium charged for exercising the Guaranteed Insurability Rider is based upon the insured's A Average age. B Issue age. C Attained age. D Assumed age. C) The premium charged for the increase will be based upon the attained age of the insured.
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