Xcel solutions - Final Exam Questions and Answers Bill requires some nursing care and supervision but NOT full-time care. Which of these nursing home options would best serve him? - ANSWER-assisted living Susan is insured through her Group Health Insurance plan and changed her coverage to an individual plan with the same insurer after her employment was terminated. This change is called a(n) - ANSWER-conversion A non-resident producer from a state outside of Louisiana may become licensed in Louisiana IF a(n) - ANSWER-Reciprocal arrangement exists with the state of domicile An insurer has the right to recover payment made to the insured from the negligent party. These rights are called - ANSWER-Subrogation An employee under a group insurance policy has the right to name a beneficiary and the right to - ANSWER-convert to an individual policy in the event of employment termination A newborn is required to be covered for ____ days from the moment of birth -
ANSWER-31
Kathy pays a monthly premium on her health insurance policy. How long is her grace period? - ANSWER-10 days Loss of income insurance provides - ANSWER-an individual the means to replace wages Kate has a Major Medical Plan with a 75/25 coinsurance and a deductible of $25.How much will she have to pay if she, not having met any of her deductible, visits the doctor and receives a bill for $125? - ANSWER-$50 What is the primary reason for buying an annuity? - ANSWER-Provide future economic security Which entity regulates claim settlement practices? - ANSWER-State insurance departments Which type of life insurance policy pays the face amount at the end of the specified period if the insured is still alive? - ANSWER-Variable universal policy The two major actions required for a policyholder to comply with the Reinstatement Clause are - ANSWER-provide evidence of insurability, pay past due premiums A whole life insurance policy accumulates cash value that becomes - ANSWER-the policy loan value which the insured may borrow against 1 / 2
What happens if the insurer discovers that the insurers age was accidentally misstated on an application for an individual life insurance policy? - ANSWER- Benefits will be calculated according to how much coverage the premium paid would have purchased for the correct age.The identity of the ___ must be made clear in every health insurance advertisement.
- ANSWER-insurer
- days later. Which policy provision will protect the rights of the contingent
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Pat is insured with a life insurance policy and Karen is his primary beneficiary. They are both involved in an automobile accident where Pat dies instantly and Karen dies
beneficiary to receive the policy benefits? - ANSWER-Common disaster clause Joe is a Medicare participant who receives his benefits through a Managed Health Care Plan. Which Medicare plan does he have? - ANSWER-Part C Which situation would qualify an individual for receiving benefits from a qualified long-term care policy? - ANSWER-Becoming cognitively impaired (mentally ill) Shirley has a medigap policy, which is designed to pay costs associated with - ANSWER-Medicare Parts A and B A pre-existing is a condition for which medical advice or treatment was recommended by or received from a provider of health care service within ____ months preceding a health policy's effective date. - ANSWER-Six which of the following is NOT part of an insurance contract? - ANSWER-Certificate of Authority The Certificate of Authority allows an insurer to conduct business in a state. It is not part of an insurance contract.Decreasing term life insurance is often used to - ANSWER-provide coverage for a home mortgage When an insured changes to a more hazardous occupation, which disability policy provision allows an insurer to adjust policy benefits and rates? - ANSWER-Change of occupation provision Which of the following protects a policy owner from a misrepresentation caused by an innocent mistake? - ANSWER-Incontestable clause How do interest earnings accumulate in a deferred annuity? - ANSWER-On a tax- deferred basis What is the name of the provision which states that a copy of the application must be attached to the policy when issued? - ANSWER-Entire Contract An annuity is primarily used to provide - ANSWER-retirement income