Critical Illness Insurance Quiz

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Questions and Answers

How many times can the insured make a claim for Acceleration benefit CI cover?

2 times

3 times

As many times as possible

1 time (correct)

What happens to the future premiums upon an Acceleration benefit CI cover claim?

Reduced, reduced (correct)

The same, the same

Increased, increased

Reduced, the same

What type of rider should be attached to not worry about future premiums after a CI claim?

CI Waiver of Balance Sum Assured

CI Waiver of Death Benefit

CI Waiver of Coverage

CI Waiver of Premium (correct)

What financial benefit does Noel receive upon a Critical Illness claim with his $100,000 Whole Life plan?

$50,000 upon CI, $50,000 upon 2nd CI or death Signup and view all the answers

Which rider would be best advised for a homemaker like Denise who purchased a whole life plan with accelerated CI?

Critical illness waiver of premium Signup and view all the answers

The term for the Additional benefit CI rider can be described as:

May exceed the term of the basic policy Signup and view all the answers

What total benefit will Phillip receive under his Whole Life plan of $100,000 with a 50% additional CI benefit?

$50,000 upon CI or TPD, $100,000 upon death Signup and view all the answers

Which combinations can the CI sum assured of Additional benefit CI rider be in relation to the basic sum assured?

Can be higher, the same, or lower than the basic sum assured Signup and view all the answers

How can additional benefit CI cover be issued?

As a rider Signup and view all the answers

During a claim, which of the following documents must be provided?

All mentioned documents are necessary Signup and view all the answers

What is the total amount of claim payable to Mr. Ong after his accident, considering his Whole Life policy and CI rider?

$350,000 Signup and view all the answers

Group Critical Illness cover can be issued in which formats?

Stand-alone or Combination of both types Signup and view all the answers

Mr. Ang's maximum claim for hospitalization cash insurance is calculated based on:

The sum of daily payouts for two separate hospitalizations Signup and view all the answers

What is a common feature of Hospitalization Cash Insurance?

Might include a cash value component Signup and view all the answers

Which of the following services is typically NOT included in 24-hour worldwide emergency assistance?

Routine check-up scheduling Signup and view all the answers

Which option best represents a standard exclusion for Dental insurance?

Hospital charges related to dental procedures Signup and view all the answers

Study Notes

Critical Illness Insurance (CI) Key Points

Acceleration benefit CI cover allows claims based on terms set by the insurer, typically allowing multiple claims.
Upon CI claim, future premiums are often reduced if the sum assured is shortened due to the claim.
To alleviate concerns over future premiums post-CI claim, an insured can attach a CI Waiver of Premium rider.

Whole Life Plans and Critical Illness

A whole life plan with 50% acceleration benefit means half the sum assured is payable upon critical illness, with remaining coverage active upon death or total permanent disability (TPD).
Clients like homemakers should consider additional riders, such as the CI Waiver of Premium, to enhance protection against premium payment obligations.

Benefits and Claims

When claiming under a whole life plan with additional CI benefits, clients may receive specified amounts based on the occurrence of CI or TPD, with all policies detailing pay-out structures.
Accident-related deaths can trigger benefit payouts, combining standard life insurance with additional CI coverage.

Additional Benefits of CI Cover

Additional benefit CI covers can be issued as stand-alone products or riders, enhancing flexibility in policy structuring.
Claims for additional CI benefits require supporting documents, including histology reports and attending physician statements.

Group Plans and Hospital Cash Insurance

Group Critical Illness covers can be structured as either Acceleration or Additional benefit covers, providing varied options for organizational insurance plans.
Hospitalization Cash Insurance offers daily cash benefits for a fixed number of days, with maximum limits per hospitalization event.

General Insurance Features

Coverage features often vary significantly across policies, from the terms of hospitalization cash benefits to exclusions in dental insurance covering specific treatments.
Medical benefits under travel insurance encompass a range of services, including medical expenses, hospitalization allowances, and emergency assistance services.

Dental Insurance Insights

Dental policies may be offered on individual or group bases and may include underwriting considerations that affect acceptance.
Exclusions in dental insurance typically involve specific treatment types which are not covered, emphasizing the need for thorough understanding before policy purchase.

Summary of Common Insurance Features

Group Dental Care policies may have limitation clauses that alter benefit access due to overlapping coverage with public programs or other insurance plans.
Distinctions between accelerated and additional critical illness cover focus on policy continuation and claims — accelerated products can lead to termination of the basic plan upon payout, unlike additional benefit riders.

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Description

Test your understanding of Critical Illness (CI) insurance policies with this quiz. Learn about the acceleration benefits, claim limits, and premium adjustments related to CI covers. See how well you know the intricacies of CI insurance!