Life Accident And Health Insurance Latest Exam With Complete Solution Verified 2023/2024 (Questions And Answers)

LIFE ACCIDENT and HEALTH INSURANCE LATEST EXAM WITH COMPLETE SOLUTION VERIFIED 2023/2024 (Questions and Answers). 401(k) Plan - answerCODA plan in which plan participants make contributions via salary reductions, cash bonuses or thrift plans. 403(b) Tax-sheltered Annuity - answer401(k) plan for employees of nonprofit organizations and public schools. 408(k) Plan - answerQualified plans for small employers. A mix of an IRA and profit-sharing plan. More commonly referred to as a SEP. Absolute - answerAn absolute assignment occurs when the policyowner assigns all rights including cash values to another person or entity. Synonymous with voluntary assignment. Absolute Value - answerA medical expense plan that pays a fixed maximum dollar amount for a procedure. Accelerated Benefit Rider - answerLife insurance rider which allows the insured to receive a portion of the death benefit prior to death if the insured has a terminal illness. Accidental Bodily Injury - answerDefinition of accident in which the injury is unintentional and unexpected. Policies using this definition cover all injuries except self-inflicted injuries. Accidental Death and Dismemberment (AD&D) - answerStandalone accident-only policy which only pays benefits if an insured dies or has a dismembered body part as a result of an accident. Accidental Death and Dismemberment (AD&D) Rider - answerPays a lump-sum benefit for death, loss of limbs, or blindness. Identical to the standalone AD&D policy