Life, Accident and Health Exam COMPLETE
QUESTIONS & SOLUTIONS
Annuity - ANSWER -A contract between a person and an
insurance company that requires the insurer to make
payments to you.
-You buy an annuity by making either a single payment
or a series of payments
-Annuity Death benefits are NOT tax deductible or
taxfree
,Dividends - ANSWER -Declared by the board of directors
and cannot be guaranteed
-A sum of money paid regularly by a company to its
shareholders out of its profits
Stock Insurers - ANSWER -Owned by the stockholders
who elect the board of directors.
-Profits are paid to the stockholders.
, Frequency - ANSWER -When the pricing principle is
defined in a disability policy by a financial loss in a
certain group occuring over a certain period of time.
Beneficiary - ANSWER One who receives benefits
Medi-Cal - ANSWER health care program for the poor
Medicare - ANSWER A - provides coverage for hospital
services, free to those who reach 65)
B - provides coverage for doctor services (optional)
, C - does NOT cover prescription drugs
D - Prescription Drugs
Utmost Good Faith - ANSWER -Allows each party to rely
on the representation made by other party
Patient Protection & Affordable Care Act (PPACA) -
ANSWER This is the health care reform law. Focuses on
reform of the private health insurance market; providing
better coverage for those with pre-existing conditions;
improving prescription drug coverage in Medicare.
QUESTIONS & SOLUTIONS
Annuity - ANSWER -A contract between a person and an
insurance company that requires the insurer to make
payments to you.
-You buy an annuity by making either a single payment
or a series of payments
-Annuity Death benefits are NOT tax deductible or
taxfree
,Dividends - ANSWER -Declared by the board of directors
and cannot be guaranteed
-A sum of money paid regularly by a company to its
shareholders out of its profits
Stock Insurers - ANSWER -Owned by the stockholders
who elect the board of directors.
-Profits are paid to the stockholders.
, Frequency - ANSWER -When the pricing principle is
defined in a disability policy by a financial loss in a
certain group occuring over a certain period of time.
Beneficiary - ANSWER One who receives benefits
Medi-Cal - ANSWER health care program for the poor
Medicare - ANSWER A - provides coverage for hospital
services, free to those who reach 65)
B - provides coverage for doctor services (optional)
, C - does NOT cover prescription drugs
D - Prescription Drugs
Utmost Good Faith - ANSWER -Allows each party to rely
on the representation made by other party
Patient Protection & Affordable Care Act (PPACA) -
ANSWER This is the health care reform law. Focuses on
reform of the private health insurance market; providing
better coverage for those with pre-existing conditions;
improving prescription drug coverage in Medicare.
