Florida Life and Health Insurance
A situation in which a person can only experience a loss and no gain represents
what type of risk? - ANS-Pure Risk
\A waiver of premium provision may be included with what type of health insurance
policies? - ANS-Disability income and LTC
\A whole life policy that requires premium payments only for a specified number of
years is known as what kind of policy? - ANS-Limited-Pay Whole Life
\According to the Affordable Care Act, what are the cost-sharing requirements for
preventive care? - ANS-No cost sharing.
\According to the coordination of benefits provision, if both parents have coverage for
a child and their employers' policies, which policy would pay first? - ANS-The order
of payment will be determined by the birthday rule.
\According to the reinstatement provision, once a lapsed policy is reinstated, how
soon will coverage be available for accidents? - ANS-Immediately
\According to the taxation rules of life insurance policies, how are cash value
increases taxed? - ANS-Cash value growth is tax-deferred
\According to the time limit on certain defenses provision in health insurance policies,
when can an insurer contest fraudulent misstatements on a health insurance
application? - ANS-Any time while the policy is in force.
\Adverse Selection - ANS-The tendency of risk with higher probability of loss to
purchase and maintain insurance more often than the risks who represent lower
probability of loss.
\Agent - ANS-An individual who is licensed to sell, negotiate, or effect insurance
contracts on behalf of the insurer.
\An agent offer a client free tickets to a sporting event in exchange for the purchase
of an insurance policy. What is the agent guilty of? - ANS-Rebating
\At what point does coverage begin when an agent issues a conditional insurability
receipt for a life insurance policy? - ANS-Either on the date of the application or the
date of the medical exam, whichever occurs last.
\Can Alzheimer's disease be excluded from coverage under a ling-term care policy?
- ANS-NO, organic cognitive disorders, such as Alzheimer's or Parkinson's must be
covered.
\Certificate of Insurance - ANS-A document issued to insureds under a group plan
that states the coverage being issued, and indicates the coverage type and amounts.
\Concealment - ANS-The withholding of known facts that, if material, can void a
contract.
\Conditions that increase the chance of a loss are known as what? - ANS-Hazards
\Contract of Adhesion - ANS-A contract prepared by one party that must be accepted
as written or be rejected by the other party.
\Disclosure - ANS-Providing sufficient information to help someone make informed
decision.
, \Face Amount - ANS-The amount of benefit stated in the life insurance policy.
\Fiduciary - ANS-A producer who handles insurer's funds in a trust capacity.
\Field Underwriter - ANS-An insurance agent who conducts an initial policy
solicitation and application. (The company's front line of underwriting)
\For a retirement plan to be qualified, it must be designed for whose benefit? -
ANS-Employees
\How are benefits received by the business from a key person disability insurance? -
ANS-Income tax free
\How are excess funds in an employee's health savings account (HSA) handled? -
ANS-The funds can be carried forward to the next year.
\How are individually owned disability income benefits taxed once received by that
insured? - ANS-Disability benefits are not taxed; they are received income tax free
\How are the benefits of a group accidental death and dismemberment policy
received? - ANS-Income Tax free
\How can AD&D coverage be written? - ANS-As a rider to a health insurance policy,
or as a seperate policy.
\How can health insurance policies be delivered to the insured? - ANS-Personally
delivered by the agent or mailed.
\How do insurers determine that cost for a group health policy? - ANS-The main
variables are the ration of men and women in the group, and the average age of the
group.
\How is Medicaid funded? - ANS-Medicaid is a federal and state funded program
\How is Medicare part B funded? - ANS-By monthly premiums and from the general
revenues of the federal government.
\How long do short-term disability group plans pay benefits? - ANS-For a period of
less than two years
\How many consecutive months of coverage must long-term care insurance provide?
- ANS-12 Months
\How soon can income payments begin in an immediate annuity? - ANS-No later that
one year from the time of annuity purchase.
\How will changing one's occupation to be more hazardous, affect the health
insurance policy in force? - ANS-Claim benefits will be reduced to what the premium
would have brought for a more hazardous occupation.
\If a settlement option is not chosen by the policy owner or the beneficiary, what
option will be used by the insurer? - ANS-Lump-Sum payment
\If an agent makes a correction on the application for health insurance, who must
initial the correct answer? - ANS-The Applicant
\If an insurer meets the states financial requirements and is approved to transact
business in the state, it is considered what type of insurer? - ANS-Authorized
\If an underwriter requires extensive information about the applicants medical history,
what report will best serve this purpose? - ANS-Attending Physician's statement.
\If someone wants to buy a life insurance policy that will provide lifetime protection
against premature death, what type of life insurance policy should it be? -
ANS-Permanent
A situation in which a person can only experience a loss and no gain represents
what type of risk? - ANS-Pure Risk
\A waiver of premium provision may be included with what type of health insurance
policies? - ANS-Disability income and LTC
\A whole life policy that requires premium payments only for a specified number of
years is known as what kind of policy? - ANS-Limited-Pay Whole Life
\According to the Affordable Care Act, what are the cost-sharing requirements for
preventive care? - ANS-No cost sharing.
\According to the coordination of benefits provision, if both parents have coverage for
a child and their employers' policies, which policy would pay first? - ANS-The order
of payment will be determined by the birthday rule.
\According to the reinstatement provision, once a lapsed policy is reinstated, how
soon will coverage be available for accidents? - ANS-Immediately
\According to the taxation rules of life insurance policies, how are cash value
increases taxed? - ANS-Cash value growth is tax-deferred
\According to the time limit on certain defenses provision in health insurance policies,
when can an insurer contest fraudulent misstatements on a health insurance
application? - ANS-Any time while the policy is in force.
\Adverse Selection - ANS-The tendency of risk with higher probability of loss to
purchase and maintain insurance more often than the risks who represent lower
probability of loss.
\Agent - ANS-An individual who is licensed to sell, negotiate, or effect insurance
contracts on behalf of the insurer.
\An agent offer a client free tickets to a sporting event in exchange for the purchase
of an insurance policy. What is the agent guilty of? - ANS-Rebating
\At what point does coverage begin when an agent issues a conditional insurability
receipt for a life insurance policy? - ANS-Either on the date of the application or the
date of the medical exam, whichever occurs last.
\Can Alzheimer's disease be excluded from coverage under a ling-term care policy?
- ANS-NO, organic cognitive disorders, such as Alzheimer's or Parkinson's must be
covered.
\Certificate of Insurance - ANS-A document issued to insureds under a group plan
that states the coverage being issued, and indicates the coverage type and amounts.
\Concealment - ANS-The withholding of known facts that, if material, can void a
contract.
\Conditions that increase the chance of a loss are known as what? - ANS-Hazards
\Contract of Adhesion - ANS-A contract prepared by one party that must be accepted
as written or be rejected by the other party.
\Disclosure - ANS-Providing sufficient information to help someone make informed
decision.
, \Face Amount - ANS-The amount of benefit stated in the life insurance policy.
\Fiduciary - ANS-A producer who handles insurer's funds in a trust capacity.
\Field Underwriter - ANS-An insurance agent who conducts an initial policy
solicitation and application. (The company's front line of underwriting)
\For a retirement plan to be qualified, it must be designed for whose benefit? -
ANS-Employees
\How are benefits received by the business from a key person disability insurance? -
ANS-Income tax free
\How are excess funds in an employee's health savings account (HSA) handled? -
ANS-The funds can be carried forward to the next year.
\How are individually owned disability income benefits taxed once received by that
insured? - ANS-Disability benefits are not taxed; they are received income tax free
\How are the benefits of a group accidental death and dismemberment policy
received? - ANS-Income Tax free
\How can AD&D coverage be written? - ANS-As a rider to a health insurance policy,
or as a seperate policy.
\How can health insurance policies be delivered to the insured? - ANS-Personally
delivered by the agent or mailed.
\How do insurers determine that cost for a group health policy? - ANS-The main
variables are the ration of men and women in the group, and the average age of the
group.
\How is Medicaid funded? - ANS-Medicaid is a federal and state funded program
\How is Medicare part B funded? - ANS-By monthly premiums and from the general
revenues of the federal government.
\How long do short-term disability group plans pay benefits? - ANS-For a period of
less than two years
\How many consecutive months of coverage must long-term care insurance provide?
- ANS-12 Months
\How soon can income payments begin in an immediate annuity? - ANS-No later that
one year from the time of annuity purchase.
\How will changing one's occupation to be more hazardous, affect the health
insurance policy in force? - ANS-Claim benefits will be reduced to what the premium
would have brought for a more hazardous occupation.
\If a settlement option is not chosen by the policy owner or the beneficiary, what
option will be used by the insurer? - ANS-Lump-Sum payment
\If an agent makes a correction on the application for health insurance, who must
initial the correct answer? - ANS-The Applicant
\If an insurer meets the states financial requirements and is approved to transact
business in the state, it is considered what type of insurer? - ANS-Authorized
\If an underwriter requires extensive information about the applicants medical history,
what report will best serve this purpose? - ANS-Attending Physician's statement.
\If someone wants to buy a life insurance policy that will provide lifetime protection
against premature death, what type of life insurance policy should it be? -
ANS-Permanent
