Podcast
Questions and Answers
How many loan payments can be canceled due to a qualified disability?
How many loan payments can be canceled due to a qualified disability?
Payments of up to 6 payments can be made for qualified sickness claims.
Payments of up to 6 payments can be made for qualified sickness claims.
False
What is the minimum consecutive days a borrower must meet the definition of Disability to qualify for payment cancellation?
What is the minimum consecutive days a borrower must meet the definition of Disability to qualify for payment cancellation?
14 days
Payments of up to ___ payments can be canceled if the protected individual is involuntarily unemployed.
Payments of up to ___ payments can be canceled if the protected individual is involuntarily unemployed.
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Which of the following is NOT a requirement to qualify for Disability coverage?
Which of the following is NOT a requirement to qualify for Disability coverage?
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Match the benefits with their respective terms:
Match the benefits with their respective terms:
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What happens if there is a loss of life of a Non-Protected Dependent?
What happens if there is a loss of life of a Non-Protected Dependent?
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Which of the following events is NOT protected under the Disability coverage?
Which of the following events is NOT protected under the Disability coverage?
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Involuntary Unemployment benefits include coverage for retirement.
Involuntary Unemployment benefits include coverage for retirement.
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What is the maximum protected payment for Disability coverage?
What is the maximum protected payment for Disability coverage?
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Disability is excluded if it is related to a __________ condition for which the Borrower received treatment within 6 months prior to the Effective Date.
Disability is excluded if it is related to a __________ condition for which the Borrower received treatment within 6 months prior to the Effective Date.
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Match the event type with its protection status:
Match the event type with its protection status:
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Which of the following events does NOT disqualify a Borrower from Life Plus coverage?
Which of the following events does NOT disqualify a Borrower from Life Plus coverage?
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Involuntary Unemployment is protected if it results from a unionized labor dispute.
Involuntary Unemployment is protected if it results from a unionized labor dispute.
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What is the time frame within which Involuntary Unemployment is not protected following the Effective Date?
What is the time frame within which Involuntary Unemployment is not protected following the Effective Date?
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Disability coverage does not protect events occurring within the first __________ months related to a pre-existing condition.
Disability coverage does not protect events occurring within the first __________ months related to a pre-existing condition.
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What is the qualification period for a borrower to meet the definition of Disability under Life Plus Disability Protection?
What is the qualification period for a borrower to meet the definition of Disability under Life Plus Disability Protection?
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Payments can be made for a protected individual under Life Plus Disability Protection for voluntary unemployment.
Payments can be made for a protected individual under Life Plus Disability Protection for voluntary unemployment.
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What benefits are provided under Life Plus Debt Protection if a protected individual is hospitalized for 48 hours or more?
What benefits are provided under Life Plus Debt Protection if a protected individual is hospitalized for 48 hours or more?
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The balance of the loan will be paid off in full for qualified balances upon ______ of a protected individual.
The balance of the loan will be paid off in full for qualified balances upon ______ of a protected individual.
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Match the following Debt Protection types with their specific benefits:
Match the following Debt Protection types with their specific benefits:
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Under which Debt Protection coverage do payments of up to 3 payments occur if there is a loss of life of a Non-Protected Dependent?
Under which Debt Protection coverage do payments of up to 3 payments occur if there is a loss of life of a Non-Protected Dependent?
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Life Plus Disability and Unemployment Protection includes coverage for voluntary unemployment.
Life Plus Disability and Unemployment Protection includes coverage for voluntary unemployment.
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Describe the benefit associated with Family Medical Leave under Life Plus Debt Protection.
Describe the benefit associated with Family Medical Leave under Life Plus Debt Protection.
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Under Life Plus Disability Coverage, the borrower must demonstrate a qualifying disability for at least ______ days.
Under Life Plus Disability Coverage, the borrower must demonstrate a qualifying disability for at least ______ days.
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Study Notes
Debt Protection Coverage
- ACCU offers Life Plus Debt Protection, Life Plus Disability Protection, and Life Plus Disability and Unemployment Protection
- Life Plus Debt Protection: Covers loan cancellation upon qualified death or terminal illness, hospitalization benefits (up to 3 payments for 48+ hours), accident & sickness (loan payoff), and family medical leave (up to 3 payments). Also covers loss of life of a non-protected dependent (up to 3 payments).
Life Plus Disability Protection
- Covers loan cancellation upon qualified death or terminal illness, hospitalization benefits (up to 3 payments for 48+ hours), accident & sickness (loan payoff), and family medical leave (up to 3 payments). Also covers loss of life of a non-protected dependent (up to 3 payments) and disability coverage (up to 24 payments for 14+ consecutive days of disability).
Life Plus Disability and Unemployment Protection
- Covers loan cancellation upon qualified death or terminal illness, hospitalization benefits (up to 3 payments for 48+ hours),
- Involuntary Unemployment: Up to 24 loan payments cancelled if the policyholder becomes involuntarily unemployed for 14 consecutive days. Must be actively working (25+ hrs/week) for at least 14 days before qualifying for benefits and seeking active employment.
General Notes
- Benefit maximums apply to different situations and are often a percentage of the loan balance, with a maximum amount.
- Events not covered can include felonies, atomic explosions, elective cosmetic surgeries, intentionally self-inflicted injuries, and assisted suicides.
- Death events (except of a non-protected dependent) are not covered within 6 months of the effective date if related to a pre-existing condition or if the death occurs within 12 months and is a suicide.
- Events related to disabilities also aren't covered within three months of the effective date, or if related to a pre-existing condition within 6 months.
- Involuntary Unemployment benefits are not covered if related to annual, regular, or seasonal layoffs. Temporary employment, contract work, self-employment or being employed by another joint borrower is also not covered. Retirement, vacations, strikes, union disputes are excluded, along with instances of Willful or Criminal Misconduct, voluntary unemployment, or loss of wages.
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Description
This quiz covers the key features of various debt protection plans offered by ACCU, including Life Plus Debt Protection, Life Plus Disability Protection, and Life Plus Disability and Unemployment Protection. Learn about the benefits each plan provides, including coverage for illness, accidents, and loan cancellations. Understand how these policies might safeguard your financial well-being in challenging circumstances.
