Nevada Life and Health Exam with Correct
Answers
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Terms in this set (314)
Kevin and Nancy are married; Kevin is the primary
breadwinner and has a health insurance policy that
covers both him and his wife. Nancy has an illness that
requires significant medical attention. Kevin and
Nancy decide to legally separate, which means that
COBRA (because she can
Nancy will no longer be eligible for health insurance
convert, and if she has a
coverage under Kevin. Which of the following options
long term illness it it will
would be best for Nancy at this point?
be hard for her to get
a)COBRA
approved for individual
b)Apply for social security benefits
insurance)
c)Apply for coverage under the same group policy
that covers Kevin
d)Convert to an individual insurance policy with 31
days so she won't have to provide evidence of
insurability
What is the major difference between a stock
Ownership
company and a mutual company?
What type of insurance would be used for a Return of
Premium rider?
a)Decreasing Term
Increasing Term
b)Annually Renewable Term
c)Increasing Term
d)Level Term
, In disability income insurance, the time between the
Elimination Period
onset of an injury or sickness and when benefits begin
qualifying events include Qualifying Events for COBRA
the voluntary termination
of employment; an
employee's change from
full time to part time; or
the death of the
employee, divorce
What is the period of coverage for events such as
36 months
death or divorce under COBRA?
First-Dollar Insurance Insurance where the insured is not required to pay a
Coverage deductible
Adverse Selection insuring of risks more prone to loss than average risk
Agent/Producer a legal representative of an insurance company
Applicant/Proposed a person applying for insurance
insured
Hazard conditions that increase the probability of a loss
restoring the insured to the condition that existed
indemnity
before loss
insurance transfer of risk of loss from an individual to an insurer
insurance transaction solicitation, negotiations, or effectuation of a contract
insured the person covered by the insurance policy
insurer the company that issues an insurance policy
the larger the number of people with the same
law of large numbers exposure to loss, the more predictable the actual loss
will be
peril the cause of loss
the person who has the rights and privileges in the
policyowner
policy
, risk uncertainty or chance of loss
the person who receives the benefits from an
beneficiary
insurance policy
death benefit the amount paid upon the insured's death
estate a persons' net worth
life insurance coverage on human lives
cash value a policy's savings element or living benefit
the amount of benefit stated in the life insurance
face amount
policy
builds cash value and remains in effect for the entire
permanent insurance
life of the insured
term insurance temporary protection
ways to invest or distribute a sum of money available
options
in a policy
provisions the rights and obligations within a contract
riders these modify policy provisions
accumulation period (pay- premiums are paid into an annuity
in period)
a natural person whose life expectancy is taken into
annuitant
consideration and who receives annuity payments
Annuitization period income is paid to the annuitant
(liquidation, pay-out
period)
A contract that provides income for a specified
annuity
period of time or for life; NOT life insurance
salary, wages, or commissions; but NOT income from
earned income investments, unemployment benefits, workers comp,
and similar sources of income
Answers
Save
Terms in this set (314)
Kevin and Nancy are married; Kevin is the primary
breadwinner and has a health insurance policy that
covers both him and his wife. Nancy has an illness that
requires significant medical attention. Kevin and
Nancy decide to legally separate, which means that
COBRA (because she can
Nancy will no longer be eligible for health insurance
convert, and if she has a
coverage under Kevin. Which of the following options
long term illness it it will
would be best for Nancy at this point?
be hard for her to get
a)COBRA
approved for individual
b)Apply for social security benefits
insurance)
c)Apply for coverage under the same group policy
that covers Kevin
d)Convert to an individual insurance policy with 31
days so she won't have to provide evidence of
insurability
What is the major difference between a stock
Ownership
company and a mutual company?
What type of insurance would be used for a Return of
Premium rider?
a)Decreasing Term
Increasing Term
b)Annually Renewable Term
c)Increasing Term
d)Level Term
, In disability income insurance, the time between the
Elimination Period
onset of an injury or sickness and when benefits begin
qualifying events include Qualifying Events for COBRA
the voluntary termination
of employment; an
employee's change from
full time to part time; or
the death of the
employee, divorce
What is the period of coverage for events such as
36 months
death or divorce under COBRA?
First-Dollar Insurance Insurance where the insured is not required to pay a
Coverage deductible
Adverse Selection insuring of risks more prone to loss than average risk
Agent/Producer a legal representative of an insurance company
Applicant/Proposed a person applying for insurance
insured
Hazard conditions that increase the probability of a loss
restoring the insured to the condition that existed
indemnity
before loss
insurance transfer of risk of loss from an individual to an insurer
insurance transaction solicitation, negotiations, or effectuation of a contract
insured the person covered by the insurance policy
insurer the company that issues an insurance policy
the larger the number of people with the same
law of large numbers exposure to loss, the more predictable the actual loss
will be
peril the cause of loss
the person who has the rights and privileges in the
policyowner
policy
, risk uncertainty or chance of loss
the person who receives the benefits from an
beneficiary
insurance policy
death benefit the amount paid upon the insured's death
estate a persons' net worth
life insurance coverage on human lives
cash value a policy's savings element or living benefit
the amount of benefit stated in the life insurance
face amount
policy
builds cash value and remains in effect for the entire
permanent insurance
life of the insured
term insurance temporary protection
ways to invest or distribute a sum of money available
options
in a policy
provisions the rights and obligations within a contract
riders these modify policy provisions
accumulation period (pay- premiums are paid into an annuity
in period)
a natural person whose life expectancy is taken into
annuitant
consideration and who receives annuity payments
Annuitization period income is paid to the annuitant
(liquidation, pay-out
period)
A contract that provides income for a specified
annuity
period of time or for life; NOT life insurance
salary, wages, or commissions; but NOT income from
earned income investments, unemployment benefits, workers comp,
and similar sources of income
