life, accident and health insurance state exam- OH

life, accident and health insurance state exam- OH Questions And Answers person who is a nonsmoker, of average weight and in excellent health would most likely be in which risk classification? - preferred Preferred risk policies with reduced premiums are issued by insurance companies bc the insured has - better than average mortality The waiver of premium does NOT include which provision? - Al future premiums are waived if the insured recovers from the disability An advertisement for an insurance product may contain - the insurer's name A medicare supplement plan can be canceled by the insurer - for nonpayment of premiums The principle of insurable interest, in regards to a life insurance contract, is accurately described in which statement? - Insurable interest can be based on the love and affection of individuals related by blood or law Craig submits a %500 claim for medical expenses. With a past due premium of $100, the insurer pays $400. which of the uniform optional provisions covers this situation? - unpaid premium An example of a health insuring corporation (HIC) specialty care provider is - neurologist an insurance company needs to obtain personal info from a 3rd part concerning an applicant. which law do all insurers and their producers need to comply with? - fair credit reporting act time is covered under a group plan and would like to changed his coverage to an individual policy w the same insurer bc of employment termination. which of these describes the change that will take place? - conversion an agents appt has been terminated by insurer. the insurer must then notify the superintendent within how many days of the termination? - 30 the suicide clause of a life insurance policy states that if an insured commits suicide w in a stated period from the policy inception, the insurer will only be liable for a return of prisms paid - minus indebtedness and without interest which of the following is considered to be an alternative to a life settlement? - accelerated death benefit rider if the annuitant dies before the annuity start date, - the premiums paid plus interest earned will be given to the beneficiary a life insurance policy that has premiums fully paid up within a stated time period is called - limited payment insurance shopping for annuity that guarantees he cannot outlive the benefits. which of these benefit options would he choose - guaranteed lifetime withdrawal benefit what is medicare part b known as - supplementary medical insurance field underwriting performed by the producer involves - completing the application and collecting initial premium a life insurance policy which contains cash values that vary according to its investment performance of stocks is called - variable whole life a life insurance policy owner was injured in an automobile accident which results in total and permanent disability. which rider would pay a monthly amount bc of this disability? - disability income rider pierre is covered by his employers group major medical plan. his employer pays for 75% of the premium and he pays for 25%. how much would a 10000 benefit be taxable as income under this plan - 0 what is not an element of a valid contract - countersignature a health insurance policy will typically cover - preventative health services which settlement option involves having the proceeds remain with the insurer and earnings paid on a monthly basis to the beneficiary? - interest only all of the following are qualifications for establishing a health savings act (HSA) except - enrolled in a health plan with a prescription drug benefit legal purpose is a term used in contract law meaning - there must be legal reasons for entering into the contract donald is the primary insured of a life insurance policy and adds a children's term rider. what is the advantage of adding this rider? - can be converted to a permanent coverage The factor used most often when underwriting a disability income policy is - annual earnings the free look period in ohio for individual health insurance policies is __ days - 10 which of the following is considered to be the period when the accumulated value in an annuity is paid out? - annutization phase under a disability income policy, which provision would be payable if the cause of an injury is unexpected and accidental? - accidental bodily injury provision the ire states that taxpayers medical expenses that exceed 7.5% of their adjusted gross income is tax deductible. which of the following may be considered a medical expense under this rule? - long term care insurance premium an insurance company has just received a request for verification from a vatical settlement provider. the insurer is required to respond within ___ calendar days to this request - 30 which signature is not required on an indiv insurance app - insurer what can increase death benefit amount? - cost of livi