MN LIFE AND HEALTH END OF COURSE EXAM
QUESTIONS AND ANSWERS SURE A+
✔✔Non-occupation coverage - ✔✔only non-job related
✔✔occupational - ✔✔both job related and non-job related
✔✔At-work benefits - ✔✔Insurers offer reduced benefits for individuals who are
impaired, but not totally disabled, and return to work
✔✔Partial Disability Benefits - ✔✔-Returns to work in a reduced capacity
-Usually pays 50% of total benefit
-Usually no longer than 3 to 6 months.
✔✔Partial Disability - ✔✔-Returns to work in a reduced capacity
-Usually pays 50% of total benefit
-Usually no longer than 3 to 6 months.
✔✔Residual Disability Benefits - ✔✔-Paid whether insured is able to work full or part
time
-Benefit based on reduction of income
-Pays as long as the reduction of income continues.
, ✔✔Recurrent Disability - ✔✔-Condition recurs after returning to work
-Doesn't have to wait to start receiving benefits
-Conditions must recur within a certain time frame after returning to work.
✔✔Cost-of-living adjustment (COLA) Rider - ✔✔A rider that may be attached to policies
adjusting the benefits based upon a formula tied to inflationary or deflationary trends.
-increases benefit while receiving disability
-based on the consumer price index
-adjustments usually made every 12 months
✔✔Future Increase Option (FIO) Rider - ✔✔Allows insured to increase policy benefits
No evidence of insurability required
The insured's income must have increased.
✔✔Relation of Earning to Insurance - ✔✔-allows insurer to change policy benefit if
insured's income has decreased, portion of the premium will be refunded
-Mandatory
✔✔Accidental Death and Dismemberment (AD&D) - ✔✔*amount of the rider is the
principal sum
-paid if accidental death-usually a multiple of the monthly disability benefit
-loss of sight in both eyes or loses two limbs
✔✔Rehabilitation Benefit - ✔✔helps insured train for a new occupation
pays as long as insured is disabled and stays in the program
✔✔Medical Reimbursement - ✔✔helps pay medical bills for a non-disabling injury
✔✔Return of Premium Rider (ROPE) rider - ✔✔-refunds a stated percentage of the
premium after a stated time
-benefits paid are subtracted
-Refund
✔✔Exclusions - ✔✔- War or Military Service
- Aviation
- Hazardous Occupation or Hobby
- Felony Commission
- Suicide
✔✔Disability Underwriting - ✔✔Occupation
Benefit limits
Policy issuance alternatives-Increased premium, exclusion rider.
QUESTIONS AND ANSWERS SURE A+
✔✔Non-occupation coverage - ✔✔only non-job related
✔✔occupational - ✔✔both job related and non-job related
✔✔At-work benefits - ✔✔Insurers offer reduced benefits for individuals who are
impaired, but not totally disabled, and return to work
✔✔Partial Disability Benefits - ✔✔-Returns to work in a reduced capacity
-Usually pays 50% of total benefit
-Usually no longer than 3 to 6 months.
✔✔Partial Disability - ✔✔-Returns to work in a reduced capacity
-Usually pays 50% of total benefit
-Usually no longer than 3 to 6 months.
✔✔Residual Disability Benefits - ✔✔-Paid whether insured is able to work full or part
time
-Benefit based on reduction of income
-Pays as long as the reduction of income continues.
, ✔✔Recurrent Disability - ✔✔-Condition recurs after returning to work
-Doesn't have to wait to start receiving benefits
-Conditions must recur within a certain time frame after returning to work.
✔✔Cost-of-living adjustment (COLA) Rider - ✔✔A rider that may be attached to policies
adjusting the benefits based upon a formula tied to inflationary or deflationary trends.
-increases benefit while receiving disability
-based on the consumer price index
-adjustments usually made every 12 months
✔✔Future Increase Option (FIO) Rider - ✔✔Allows insured to increase policy benefits
No evidence of insurability required
The insured's income must have increased.
✔✔Relation of Earning to Insurance - ✔✔-allows insurer to change policy benefit if
insured's income has decreased, portion of the premium will be refunded
-Mandatory
✔✔Accidental Death and Dismemberment (AD&D) - ✔✔*amount of the rider is the
principal sum
-paid if accidental death-usually a multiple of the monthly disability benefit
-loss of sight in both eyes or loses two limbs
✔✔Rehabilitation Benefit - ✔✔helps insured train for a new occupation
pays as long as insured is disabled and stays in the program
✔✔Medical Reimbursement - ✔✔helps pay medical bills for a non-disabling injury
✔✔Return of Premium Rider (ROPE) rider - ✔✔-refunds a stated percentage of the
premium after a stated time
-benefits paid are subtracted
-Refund
✔✔Exclusions - ✔✔- War or Military Service
- Aviation
- Hazardous Occupation or Hobby
- Felony Commission
- Suicide
✔✔Disability Underwriting - ✔✔Occupation
Benefit limits
Policy issuance alternatives-Increased premium, exclusion rider.
