Podcast
Questions and Answers
What is the duration of the waiting period before benefits begin for protected events?
What is the duration of the waiting period before benefits begin for protected events?
- 10 days
- 7 days
- 30 days
- 14 days (correct)
Which of the following events would be considered non-protected immediately after the Effective Date of Protection?
Which of the following events would be considered non-protected immediately after the Effective Date of Protection?
- An unexpected heart attack
- Surgery for a known medical condition
- Disability occurring due to a normal pregnancy (correct)
- An accident leading to hospitalization
Which protection product is not available from ACCU.
Which protection product is not available from ACCU.
- MRC
- LifePlus Disability with Voluntary Unemployment Coverage
- GAP
- LifePlus (correct)
Under LifePlus coverage, a death event is not protected if the death occurs as a result of a pre-existing condition within ____ months of the effective date.
Under LifePlus coverage, a death event is not protected if the death occurs as a result of a pre-existing condition within ____ months of the effective date.
With Lifeplus coverage, suicide occurring after the first 6 months of policy date will be a covered event.
With Lifeplus coverage, suicide occurring after the first 6 months of policy date will be a covered event.
While in our system to create credit cards, when you instant issue a credit card, change the Number of Plastics to _____. If the card is being mailed by Co-op leave the Number of Plastics as 1.
While in our system to create credit cards, when you instant issue a credit card, change the Number of Plastics to _____. If the card is being mailed by Co-op leave the Number of Plastics as 1.
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Study Notes
Life Plus Coverage
- Life Plus: Protects against death, but excludes events within 6 months of the effective date if related to pre-existing conditions or suicide within 12 months.
- Disability: Excludes disability within 6 months of the effective date if related to pre-existing conditions or normal pregnancy.
Non-Protected Events
- All Options: Excludes events resulting from felonies committed by the borrower, atomic explosions (except for medical treatment), elective cosmetic surgeries, intentionally self-inflicted injuries, assisted suicides, or events occurring before the effective date of protection.
Benefit Package Comparisons
- LifePlus Disability and Unemployment: Covers balance cancellation, payment cancellation, accident & sickness, graded benefits at age of death, disability, and involuntary unemployment.
- LifePlus Disability: Covers balance cancellation, payment cancellation, accident & sickness, graded benefits at age of death, and disability.
- LifePlus: Covers balance cancellation, payment cancellation, accident & sickness, and graded benefits at age of death.
Waiting Period
- 14 Day Waiting Period (14R): Applies to LifePlus Disability and Unemployment, LifePlus Disability, and LifePlus. Benefits are retroactive to the first day of the protected event if it continues for more than 14 days.
Rates
- LifePlus Disability and Unemployment: 0.499per0.499 per 0.499per100 of outstanding loan balance.
- LifePlus Disability: 0.399per0.399 per 0.399per100 of outstanding loan balance.
- LifePlus: 0.199per0.199 per 0.199per100 of outstanding loan balance.
- Rate Cap: The rate is applied to the outstanding loan balance up to $100,000.
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