Life Insurance Exam (Wyoming) Chap 1 Questions With Complete Solutions Health insurance - Correct Answers ✅refers to broad filed of insurance plans that provide protection against financial consequences of illness, accident, injury and disability Medical Expense Insurance - Correct Answers ✅includes plans that cover hospital care, surgical expenses, doctors visits, and outpatient care along with most of the other basic medical expenses disability income insurance - Correct Answers ✅provides replacement income when wages are lost due to a disability.It does not cover medical expenses only provides stable income source.Accidental Death and dismemberment insurance - Correct Answers ✅provides a beneficiary with a lump sum death benefit in the event of accidental death of the insured. Also pays a living benefit for dismemberment.premium factors - Correct Answers ✅interest, expense, types of benefits, morbidity, age, sex and occupation Disability buy-sell agreement - Correct Answers ✅Buy-sell agreement is a a legal agreement that specifies how a business will pass between owners when one of the owners dies or becomes disabled. 1 / 2
Life Insurance Exam (Wyoming) Chap 1 Questions With Complete Solutions Business overhead expense insurance - Correct Answers ✅to small business owners who must continue to meet overhead expenses such as rent, payroll and utilities. It does not reimburse for the owners salary, just expenses.Disability Buy-out - Correct Answers ✅Just as with the life insurance buy sell agreement, this one specifies who will purchase a disabled partner's interest and legally obligates that person or party to purchase the business interest of the disabled partner.Contributory plan - Correct Answers ✅Both the employer and the employee contribute toward the premium; 75% of all eligible employees must be covered noncontributory plan - Correct Answers ✅Pension plan in which all the funds for pension benefits are provided by the employer and 100% of employees must participate Pre-existing conditions - Correct Answers ✅individual may be excluded from group coverage for up to a year for any conditions in which the individual sought treatment 6 months prior to the enrollment date.Maternity Benefits - Correct Answers ✅must also cover the services of certified nurse-midwives, and service of licensed birth centers. The insurance company cannot limit the length
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