Final Exam - South Carolina Life and Health

A 10% excise tax is normally applied to an early withdrawal from an IRA. According to HIPAA, this tax will not be applied if the withdrawal is used for medical expenses that exceed ____ of the individual's adjusted gross income. - 7.5% A beneficiary change can occur - normally at any time during the policy term A common exclusion or limitation on a dental policy is - Endodontics A disability elimination period is best described as a - time deductible A health insurance policy that allows an insurer to change the policyowner's premiums, but NOT cancel the policy is called a(n) - guaranteed renewable policy A master contract and certificate of coverage can be found in which type of policy? - Group A Medicare Supplement Policy is - designed to fill in the gaps of Part A and Part B Medicare A Medicare Supplement policy must NOT contain benefits which - duplicate Medicare benefits A Modified Endowment Contract (MEC) is best described as - A life insurance contract which accumulates cash values higher than the IRS will allow A policy illustration given at time of sale does NOT typically include the - names of the beneficiary A policyowner suffers an injury that renders him incapable of performing one or more important job duties. Any decrease in income resulting from this injury would make him eligible for benefits under which provision? - Partial disability A Pre-existing Condition Provision applies to a covered person if the previous creditable coverage was continuous to a date NOT more than how many days prior to the enrollment date of the new coverage? - 63 days A producer offers a $50.00 handbag in exchange for the purchase of an insurance policy. The producer would be considered to have committed which prohibited sales practice? - Rebating