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Questions and Answers
The employer is the policyowner and each employee receives a certificate of coverage regarding a group accident & health policy issued to an employer.
The employer is the policyowner and each employee receives a certificate of coverage regarding a group accident & health policy issued to an employer.
True (A)
What is the maximum amount J will receive from his Accidental Death and Dismemberment policy after losing a finger?
What is the maximum amount J will receive from his Accidental Death and Dismemberment policy after losing a finger?
$25,000
Which of the following statements best describes how a policy that uses the 'accidental bodily injury' definition differs from one that uses the 'accidental means' definition?
Which of the following statements best describes how a policy that uses the 'accidental bodily injury' definition differs from one that uses the 'accidental means' definition?
- No difference
- Less restrictive (correct)
- More restrictive
- Only applies to workplace accidents
Which of the following characteristics are associated with a large group disability income policy?
Which of the following characteristics are associated with a large group disability income policy?
What does a Business Overhead Expense policy cover?
What does a Business Overhead Expense policy cover?
What type of policy could cover all students attending a large university?
What type of policy could cover all students attending a large university?
What must a new employee do during the open enrollment period to obtain group Major Medical insurance from an employer?
What must a new employee do during the open enrollment period to obtain group Major Medical insurance from an employer?
What is issued to each employee of an employer health plan?
What is issued to each employee of an employer health plan?
What does the Coordination of Benefits provision do?
What does the Coordination of Benefits provision do?
An accident policy will most likely pay a benefit for what type of accident?
An accident policy will most likely pay a benefit for what type of accident?
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Study Notes
Group Accident & Health Policy
- In a group accident and health policy, the employer acts as the policyowner.
- Each employee receives a certificate of coverage detailing their benefits.
Accidental Death and Dismemberment (AD&D) Policy
- The maximum benefit for loss of a finger under an AD&D policy with a principal sum of $50,000 is $25,000.
Definitions of Accidents
- A policy using the "accidental bodily injury" definition is less restrictive compared to one using the "accidental means" definition.
Group Disability Income Policy
- Large group disability income policies typically do not require medical underwriting, simplifying access for employees.
Business Overhead Expense Policy
- This type of policy covers essential business expenses, such as rent and utilities, ensuring continuity during a disability.
Blanket Policy for Students
- A blanket policy offers coverage to all students at a large university, providing collective health insurance benefits.
Enrollment for Major Medical Insurance
- New employees must sign an enrollment card during the open enrollment period to obtain group Major Medical insurance from their employer.
Certificate Issuance
- Employees in an employer health plan receive a certificate outlining their specific coverage and benefits.
Coordination of Benefits Provision
- The Coordination of Benefits provision prevents individuals covered by multiple health plans from profiting from a covered loss, ensuring fair compensation.
Accident Policy Coverage
- Accident policies typically cover benefits for off-the-job accidents, providing financial support for incidents occurring outside of work-related activities.
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