Quiz_________________?
- Once the deductible is met the insured and the insurance company share in the expenses
in what is called coinsurance. It is written as 80/20, 70/30, etc. Also called percentage
participation requirement. -
ANSWER✅
Coinsurance
Quiz_________________?
-A supplement (in addition) to Basic Medical or as a stand-alone policy.
-individual or group policy.
-Take over when the Basic Policy runs out -
ANSWER✅
Major Medical Expense Policy
Quiz_________________?
-Allows an insured to increase the benefit level up to a specific predetermined amount at
certain times or on certain occasions, without proof of insurability.
-An increase may also be taken at one's marriage or birth of a child.
-In order to exercise this rider, the insured must qualify from an income standpoint to
prevent over insurance. -
1
, ANSWER✅
Future Increase Option, (FIO)
Quiz_________________?
-Any premium paid by the employer is deductible as a business expenses.
-Any premiums paid by the employee are only deductible to the extent that the employee's
premiums, when added to all other un-reimbursed medical expenses, exceed 7.5% of the
taxpayer's adjusted gross income, if the taxpayer itemizes deductions. -
ANSWER✅
Taxation of LTC Premiums
Quiz_________________?
-At least12 consecutive months in the event the insured requires confinement in any care
center environment, other than an acute unit of a hospital. -
ANSWER✅
LTC Coverage
Quiz_________________?
-Based on the law of large numbers.
-Predict how many people are going to be disabled in a given year and the severity the
disability.
-Tables are important to an insurer because some insureds become more disabled than
others. -
ANSWER✅
Morbidity Tables
2
, Quiz_________________?
-Be Purely Accidental
-Occur within ninety days of the accident
-Occur before the age of 70 -
ANSWER✅
Payment of AD&D Exceptions:
Quiz_________________?
-Cost of a hospital room, up to a daily $ limit. The limit may be expressed either as a dollar
amount, e.g. $500 per day, or it may be expressed as the Usual, Customary and Reasonable
(UCR) and Charge -
ANSWER✅
Daily Hospital Benefit
Quiz_________________?
-Cover "catastrophic" or huge loss. A Catastrophic loss is defined as whenever Basic
coverage runs out and not a specific dollar amount.
-High Maximum Limits ($2,000,000)
-Deductibles (per person or per family ea yr))
-Co- insurance (Usually 80/20%)
-Stop Loss
-Miscellaneous Expense Benefits - x-rays, MRI, lab tests, etc. -
ANSWER✅
Major Medical Expense
Quiz_________________?
3
, -Designed to provide funds to pay continued expenses of a business when the proprietor
(owner) is disabled. Continuing expenses such as power, heat, rent and salaries of
employees are provided by this policy.
-Will not provide income for the owner
-Only actual incurred losses are payable. -
ANSWER✅
Business Over Head Expense (BOE)
Quiz_________________?
-Designed to replace income lost due to a disability or illness of the insured wage earner. It
never pays for the medical expenses; it only replaces lost income and must be paid no less
frequently than monthly. Its to avoid Economic Death.
-Can be group of individual policy -
ANSWER✅
Disability Income Insurance
Quiz_________________?
-Indemnifies an employer for the additional cost of doing business upon the disability of a
Key Employee.
-The funds can be used to replace the income from losing a key employee or for the hiring
of a replacement.
-3rd party ownership:The business is the owner, pays premium and is beneficiary -
ANSWER✅
Key Employee Policy
Quiz_________________?
-Injuries due to war or military conflict
-Elective cosmetic surgery
4
- Once the deductible is met the insured and the insurance company share in the expenses
in what is called coinsurance. It is written as 80/20, 70/30, etc. Also called percentage
participation requirement. -
ANSWER✅
Coinsurance
Quiz_________________?
-A supplement (in addition) to Basic Medical or as a stand-alone policy.
-individual or group policy.
-Take over when the Basic Policy runs out -
ANSWER✅
Major Medical Expense Policy
Quiz_________________?
-Allows an insured to increase the benefit level up to a specific predetermined amount at
certain times or on certain occasions, without proof of insurability.
-An increase may also be taken at one's marriage or birth of a child.
-In order to exercise this rider, the insured must qualify from an income standpoint to
prevent over insurance. -
1
, ANSWER✅
Future Increase Option, (FIO)
Quiz_________________?
-Any premium paid by the employer is deductible as a business expenses.
-Any premiums paid by the employee are only deductible to the extent that the employee's
premiums, when added to all other un-reimbursed medical expenses, exceed 7.5% of the
taxpayer's adjusted gross income, if the taxpayer itemizes deductions. -
ANSWER✅
Taxation of LTC Premiums
Quiz_________________?
-At least12 consecutive months in the event the insured requires confinement in any care
center environment, other than an acute unit of a hospital. -
ANSWER✅
LTC Coverage
Quiz_________________?
-Based on the law of large numbers.
-Predict how many people are going to be disabled in a given year and the severity the
disability.
-Tables are important to an insurer because some insureds become more disabled than
others. -
ANSWER✅
Morbidity Tables
2
, Quiz_________________?
-Be Purely Accidental
-Occur within ninety days of the accident
-Occur before the age of 70 -
ANSWER✅
Payment of AD&D Exceptions:
Quiz_________________?
-Cost of a hospital room, up to a daily $ limit. The limit may be expressed either as a dollar
amount, e.g. $500 per day, or it may be expressed as the Usual, Customary and Reasonable
(UCR) and Charge -
ANSWER✅
Daily Hospital Benefit
Quiz_________________?
-Cover "catastrophic" or huge loss. A Catastrophic loss is defined as whenever Basic
coverage runs out and not a specific dollar amount.
-High Maximum Limits ($2,000,000)
-Deductibles (per person or per family ea yr))
-Co- insurance (Usually 80/20%)
-Stop Loss
-Miscellaneous Expense Benefits - x-rays, MRI, lab tests, etc. -
ANSWER✅
Major Medical Expense
Quiz_________________?
3
, -Designed to provide funds to pay continued expenses of a business when the proprietor
(owner) is disabled. Continuing expenses such as power, heat, rent and salaries of
employees are provided by this policy.
-Will not provide income for the owner
-Only actual incurred losses are payable. -
ANSWER✅
Business Over Head Expense (BOE)
Quiz_________________?
-Designed to replace income lost due to a disability or illness of the insured wage earner. It
never pays for the medical expenses; it only replaces lost income and must be paid no less
frequently than monthly. Its to avoid Economic Death.
-Can be group of individual policy -
ANSWER✅
Disability Income Insurance
Quiz_________________?
-Indemnifies an employer for the additional cost of doing business upon the disability of a
Key Employee.
-The funds can be used to replace the income from losing a key employee or for the hiring
of a replacement.
-3rd party ownership:The business is the owner, pays premium and is beneficiary -
ANSWER✅
Key Employee Policy
Quiz_________________?
-Injuries due to war or military conflict
-Elective cosmetic surgery
4
