Massachusetts Health & Accident Insurance Exam All Answers Correct

Massachusetts Health & Accident Insurance Exam All Answers Correct 1. Hazard: A situation that increases the likelihood of loss. 2. Annuity: A policy issued by an insurance company that guarantees an income for a lifetime. 3. Insurer: An insurance company that provides coverage and pays benefits under an insurance policy. 4. Insured: A person or entity covered by an insurance policy, entitled to receive benefits under the terms of the policy. 5. Health Insurance: Insurance plans that protect against financial consequences of illness, accidents, injury, and disability. They are typically paid on an annual basis, subject to periodic premium increases, and the benefits are not fixed. 6. Medical Expense Insurance: Provides benefits for non-surgical medical expenses typically incurred in hospitals, and sometimes for home and office visits. 7. Disability Income Insurance: Provides replacement income when earnings are lost due to disability. The amount paid is based on education, training, and experience, with monthly income payments subject to limits. Premiums vary, with the highest premiums associated with shorter waiting periods (e.g., 14 days) and longer benefit periods (e.g., 10 years). 8. Accidental Death and Dismemberment Insurance (AD&D): Provides a lump-sum benefit in case of accidental death or specific dismemberment due to accidents. 9. Interim Coverages: Term insurance coverage for a specified period, typically less than a year, arranged by special agreement with the insurance company. It allows for the conversion to a permanent policy at a chosen future date. Interim ️the intervening time Subrogation ️the right for an insurer to pursue a third party that caused an insurance loss to the insured Business Continuation Plans ️continue the operation of the business in the event of a disabling sickness to a business owner or key employee Employee Benefit Plans ️- help employee in event of disabling sicknes