insurance review

an agent makes amistake on the application and then corrects his mistake by physically entering the necessary information. who must intial the change?

the insured

Which of the following best describes the aleatory nature of an insurance contract?

exchange of unequal values

How long is an insurance company allowed to defer policy loan request?

6 months

Which of the following entities has the authority to make changes to an insurance policy?

insurer’s executive officer

Who makes up the medical information bureau?

insurers to compare informaiton collected on insurers

tax reagarding policy loans

money borrowed from the cash value is not taxable. policy loans can be repaid at any time, including surrender and death. an insurer can charge interest on outstanding policy loans

if a consumer request addition information concerning an investigative consumer report, how long does theinsurer or reporting agency have to comply?

5 days

What does the guaranteed renewable option allow

the insured to purchase specific amounts of additional insurance at specifici times without proving insurability

Carry over provision

if theinsured did not incur sufficient medical cost during th year to meet the deductible, any medical expenses incurred during the last three months may be carried forward to the next year, offsetting the total deductible cost for that year

Medicad

states administer the program that is finaced by federal and state funds. for persons with insufficient income or resources to pay for health care

What is a stop loss limit

specified dollar amount beyond which the insured no longer participates in the sharing of expenses

an agent is in the process of replacing the insured current health insurance policy with a new one. Which of the following would be a proper action?

the old policy should stay in force until the new policy is issued

according to the entire contract provision a policy must contain

a copy or the original application for insurance

another name for a substandard risk classification

rated

Which of the following is NOT eligible for medicare

a person who has been entitled to social secuirty disability benefits for the last 6 months

Who has control over HRA after individual left job?

employers discretion

childrens riders attached to whole life policies are usually issued as what type of insurance?

term

all of the following are true about group disability income incsurance except?

coverage applies both on and off the job

HSA are designed too

help indivdiuals save for qualified health expenses

if an insured changes the premium payment mode from monthly to annually waht happens to the total premium

decreases

annually renwable term policies provide a level death benefit for a premium that

increases annually

While a claim is pending in regards to individual examination

an insurer can have it be as often as reasonable required

How does a member of an HMO see a specilist?

primary care physician refers the member

which of the following explains the policy owners right to change beneficiaries choose benefit payment options and assign the policy

owners rights

an insured makes regualr contributions ot his health savings account. how are those contributions treated in regards to taxation?

they are tax deductible

a death benefit under the universal life obtion b

gradually increases each year by the amount that the cash value increases

in a relative value system of determining coverage for a given procedure, what term describes the total amount payable per point

conversion factor

a policy will pay the death benefit if the insured dies the twenty year premium paying period, and nothing if death occurs after the 20 year period. What type of policy is this?

level term

an insured pays a monthly premium of 100 for her health insurance >What owuld be the duration of the grace period under her policy?

10 days

which one of the following is an eligibility requirement for social security disaiblity income benefits?

fully insured status

Which of the following information will be stated in the consideraiton clause of a life insurance policy?

the amount of premium payment

an employee is insured under her employer group life plan. if she terminates her group coverage, which of the following statements is incorrect?

the insured may choose to convert to term or permanent individual coverage

if a dental plan is interegrated, it is combined with what type of plan

medical

what is reduction of premium

allows the policyholder to apply policy dividends towards the next year premium. the divided is subtracted from the premium amount

if an individual wants both protection and savings from their insurance, and is willing to pay premiums until retirement at age 65. What owuld be the right policy fo this individual

limited pay whole life

a prospective insured recieves a conditional receipt but dies before the policy is issued. the insured will

pay the policy proceeds only if it would have issued the policy

an insured purchased a 10 year level term life policy that is guaranteed renewable and convertible. What happens at the end of the 10 year term?

the insured may renew the policy for another 10 years at a higher premium rate

an association could buy group insurance for its members if it meets all of the following requirements except?

has at least 50 members

Which of the following statements pertaining to medicare part A is correct?

individuals who have ALS automatically qualify for Medicare Part A, regardless of age

most policies will pay the accidental death benefits as long as the death is caused by the accident and occurs with

90 days

the section of a health pholicy that states the causes of eligible loss under which an insured is assumed to be disabled is

insuring clause

under accident and sickness policy

the insured will be covered for 1 screening each year

which of the following will NOT be a violation of unfair comp law?

a bank requiring a borrower to insure the mortgaged property

In Indiana, all of the following may act as insurance consultants except?

an individuals who holds both producer and consultant license

when an applicant applies for medicare supplement insurance, whose responsibility is it to confirm whether the applicant has an accident or sickness insurance policy in force?

the insurers

how long does the commisioner serve in office?

no specified lenth of term, serves at the pleasure of the govenor

in order to get anonresident license producers must

apply and pay a fee to a nonresident state that reciprocates

What happens if a producer licensed lapse?

if a producer has completed all of the required continuing education hours but allows license to pase, the license can be reinstated within 12 months without a written exam

when an applicant applies for medicare supplemental insurance, whose responsibility is it to confirm whether the applicant has an accident or sickness insurance policy

the insurers responsiblity to determine if there is already that policy in force

how do you involve term insurance into a replacement of a policy

allow the term insurance to expire at the end

In Indiana all of the following may act as insurance consultants except

an individual who holds both the producer and consultant license

how long can a person hold a consultatnt license before it expires

2 years

What is considered a felony

a person with knowinglly intent to defraud an insurer

How long is the free look period for replacement policies

20 days

which of the following premium mode would result in the highest annual cost for an insurance policy?

more frequently such as monthly

Which of the following best describes annual renewable term?

it is level term insurance

What is important about social secuirty disability defintion

disability expected to last for a continious 12 motnhs

contracts that are take it or leave it

contracts of adhesion

under the uniform required provison, proof of loss under a health insurance policy normally should be filed within

90 days

What is a stop loss limit

specified dollar amount in which the insurer will not pay over in sharing of expenses

Which option for Universla life allows the beneficiary to collect both the death bneefit and cash value upon the death of the isnured

option b

which of the following terms describes a specific dollar amount or the cost of care that must be paid by the member

cost share

What are the options form universal life?

A: Level Death Benefit provides fixed and unchanging benefit

B; increasing death benefit, premiums are higher