Life health and accident insurance Study guides, Revision notes & Summaries

Sally is considering her Medicare options. She understands that to enroll in Medicare Part B, she will have to pay a monthly premium. Since she is healthy, she is considering delaying her enrollment until later. Will she be able to enroll at a later date? 1.Yes, she can enroll at anytime in the future 2.Yes, however; she would have a permanent premium penalty when she does enroll 3.No, this is a take or leave it situation 4.Yes, but she would have to show evidence of good health. - Corre...

Health/Accident Insurance Exam Chapter 1 Quizzes & Ans..

Premiums paid by self-employed sole proprietors or partners for medical expense insurance are - answera) Not tax deductible b) Partially tax deductible c) Totally tax deductible d) Taxable c) Totally tax deductible - answerc) What is the purpose of a conditional receipt - answera) It is given by the agent only to applicants who fully prepay all scheduled premiums in advance of policy issue b) It is intended to provide coverage on a date earlier than the date of the issuance of the policy...

31. A group Disability Income plan that pays tax-free benefits to covered employees is considered 32. HIPAA considers which of the following as "individually identifiable health information"? 33. An employer is issued a group medical insurance policy. This single contract is known as a(n) 34. Group health plans may deny participation based upon the 35. Ron has a new employer and wishes to enroll in the company's group health plan. In determining whether his pre-existing health con...

25. P is a new employee and will be obtaining non-contributory group Major Medical insurance from her employer. Which of the following actions must she take during the open enrollment period? 26. The federal income tax treatment of employer-provided group Medical Expense insurance can be accurately described as... 27. Which of the following characteristics is associated with a large group disability income policy? 28. The provision in a Group Health policy that allows the insurer to pos...

21. ABC Partnership is a business with a limited number of partners. Which disability buy-sell agreement is best suited for this business? 22. Individuals covered with employer-paid group health plans will normally receive tax-free benefits under all of these plans EXCEPT 23. What action can an insurer take to discourage malingering and false disability claims? 24. Group accident and health insurance may be offered by an insurer when the sponsoring group Provides an employer-employee r...

50. If an employee contributes 50% toward the disability plan premium provided by an employer, what would be considered the taxable income of a $1,000 monthly disability benefit? A) $100 B) $250 C) $500 D) $1,000 51. Minimum participation standards exist for group health insurance plans in order to A) cover the agent's commission B) prevent adverse selection C) avoid treating benefits as taxable income D) meet state requirements 52. Which of the following would evidence ownership ...

60. On a major medical insurance policy, the amount that an insured must pay on a claim before the insurer will pay is known as: Deductible 61. Insurers offering Medigap policies in California must offer Medicare supplement: Plans 'A' and either Plan 'C' or 'F' 62. Part A of original Medicare provides coverage for those who are terminally ill and have six months or less to live, which is known as: Hospice care 63. An LTC policy can be replaced in all of the following situations...

81. All of the following would be different between qualified and nonqualified retirement plans EXCEPT... A. Taxation of contributors B. IRS approval requirements C. Taxation on accumulation D. Taxation of withdrawals 82. In an traditional IRA plan, who would be allowed catch-up contributions? A. Anyone with earned income B. Individuals age 50 or older C. Individuals who have dependents D. Individuals who contribute less than the allowed maximum amount 83. All of the following appl...