FCS 340 Exam 3

A policy that pays you back for actual expenses is called a ______________________

plan. - Ans - Hospital indemnity policies

Define deductible - Ans - Amount the insured must pay before they receive before

benefits become payable by the insurance company

Explain the following settlement options:

a. Lump-sum payment.

b. Limited installment payment.

c. Life income option.

d. Proceeds left with the company. - Ans - Lump sum- Pays face amount of policy in

one installm...
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