Final Exam - South Carolina Life and Health Questions with complete solutions

A closed network plan offers a primary physician copay of $25. If a subscriber chooses a primary care physician outside of the network, the subscriber will likely pay - ANSWER-100% of the billed amount What does Coordination of Benefits allow? - ANSWER-Allows the secondary payor to reduce their benefit payments so no more than 100% of the claim is paid A waiver of premium rider allows an insured to waive premium payments if the insured is - ANSWER-completely and permanently disabled Under the Time Limit of Certain Defenses Provision, a disability policy is incontestable after it has been in force for a period of - ANSWER-2 years In what part of an insurance policy are policy benefits found? - ANSWER-Declarations What type of annuity stops all payments upon the death of the annuitant? - ANSWER-Life annuity A guaranteed issue insurance policy has no - ANSWER-medical underwriting What is NOT a qualifying event for Medicare? - ANSWER-Falling below the federal poverty level An insured has a health plan that pays established amounts in accordance with a list of injuries, surgical procedures, or other losses. This list is called a - ANSWER-benefit schedule Craig purchased a life insurance policy for enabling his heirs to pay estate taxes. What is this called? - ANSWER-Estate conservation Ownership of a life insurance policy may be temporarily transferred with a(n) - ANSWER-collateral assignment