FL Health and Life Insurance Exam | Questions with 100 % Correct Answers | Verified

An insured is hospitalized with a back checking his disability income policy, he learns that he will not be eligible for benefits for at least 30 days. This indicates that his policy is written with a 30 day ______________. - Elimination Period All of the following are examples of third-party ownership of a life insurance policy EXCEPT - an insured borrows money from the bank and makes a collateral assignment of a part of the death benefit to secure the loan What document describes an insured's medical history, including diagnoses and treatments? - Attending Physician's Statement Under a health insurance policy, other than death benefits, that have not otherwise been assigned, will be paid to _______________ - The insured A policy will pay the death benefit if the insured dies during the 20 year premium-paying period, and nothing if death occurs after the 20-year period. What type of policy is this? - Level term Which option for Universal life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? - Option B Who must pay for the cost of a medical examination required in the process of underwriting? - Insurer Which of the following would be deducted from the death benefit paid to a beneficiary, if a partial accelerated death benefit had been paid while the insured was still alive? - Amount paid with accelerated benefit, plus the earnings lost by insurance company in interest income from accelerated benefit An insured's long-term care policy is scheduled to pay a fixed amount of coverage of $120 per day. The long-term care facility only charged $100 per day. How much will the insurance company pay? - $120 a day