California Life, Accident and Health Exam Questions With Complete Solutions Annuity - Correct Answers ✅-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 - Correct Answers ✅-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 - Correct Answers ✅-Owned by the stockholders who elect the board of directors.-Profits are paid to the stockholders.Frequency - Correct Answers ✅-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 - Correct Answers ✅One who receives benefits Medi-Cal - Correct Answers ✅health care program for the poor 1 / 3
California Life, Accident and Health Exam Questions With Complete Solutions Medicare - Correct Answers ✅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 - Correct Answers ✅-Allows each party to rely on the representation made by other party Patient Protection & Affordable Care Act (PPACA) - Correct Answers ✅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.Period - Correct Answers ✅Probationary- Elimination- the waiting period included in disability income policies Grace- Waiting (deductible)- The period of time the insured is not eligible for benefits once they become disabled (30, 60, 90days) Coinsurance - Correct Answers ✅-Feature of Major Medical insurance 2 / 3
California Life, Accident and Health Exam Questions With Complete Solutions -Defined as sharing the loss after the deductible has been satisfied -Usually expressed as percentage sharing of the loss between the insurer and the insured -Insurer pays the larger percentage, such as 90/10 Gatekeeper - Correct Answers ✅-Primary Care Physician -Cannot be a specialist, must be a general practice doctor.COBRA - Correct Answers ✅-Consolidated Omnibus Budget Reconciliation Act -A law that allows people who leave employment to continue their health insurance under the company plan for a limited period of time HIPCAP - Correct Answers ✅-Free counseling Coordination of Benefits - Correct Answers ✅-Provision that applies in group insurance when an insured has coverage under multiple plans at one time.-Coordination of benefits is included in all group health insurance policies in order to reinforce the principle of indemnity and determine which coverage is primary, which is the coverage the insured has where they work.
- / 3