Ohio Health & Life Insurance Exam Prep 2024 Q&A

Ohio Health & Life Insurance Exam Prep 2024 Q&A Medical Expense Insurance - CORRECT ANSWER-Covers medical care and services Disability income insurance - CORRECT ANSWER-replaces income lost when disability keeps the insured from working Long-term care insurance - CORRECT ANSWER-covers long-term care in a nursing home, at home, or at an extended health care facility. Medicare supplement insurance - CORRECT ANSWER-Policy that provides coverage to supplement Medicare coverage Limited Benefit/Voluntary Benefit Policies - CORRECT ANSWER-Policy that covers specific conditions or provide benefits for specific health services Managed Care Service Providers - CORRECT ANSWER-Provides their insureds with health care directly through a network of health care providers Accidental death & dismemberment (AD&D - CORRECT ANSWER-Pays lump-sum benefits if accidental death or injury results in dismemberment Binding receipt (or temporary insurance agreement) - CORRECT ANSWER-covers the applicant during the underwriting period even if determined to be uninsurable. It takes effect when the application is signed. Conditional receipt - CORRECT ANSWER-covers the applicant during the underwriting period only if determined to be insurable. effective from the date of the medical exam (if required) or the signed application— whichever is later—as long as the medical exam confirms the applicant is insurable. Entire Contract - CORRECT ANSWER-Specifies that a policy, riders, and endorsements make up the contract between the insurer and insured. Time Limit on Certain Defenses - CORRECT ANSWER-Prevents the insurer from voiding a policy after 2 or 3 years from issue due to a misrepresentation. Grace Period - CORRECT ANSWER-Gives the insured more time—7, 10, or 31 days— after a premium is due to pay it and keep a policy from lapsing. Reinstatement - CORRECT ANSWER-Lets the insured put a policy back in force after it lapses, usually within 3 years of lapse.