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Questions and Answers
What is the duration of the waiting period before benefits begin for protected events?
Which of the following events is considered a protected event?
How long must a protected event continue for benefits to be retroactive?
Which of the following is NOT a reason for an event to be categorized as non-protected?
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What type of surgery is explicitly listed as a non-protected event?
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What is a condition under which a death event is not protected?
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Which of the following events would be considered non-protected immediately after the Effective Date of Protection?
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What is the waiting period for disability protection related to a pre-existing condition?
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An event related to which of the following would not be covered if it occurs within 3 months of the Effective Date of Protection?
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Which of the following is explicitly excluded from life insurance protection?
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Which benefit is NOT applicable to the LifePlus package?
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What is the waiting period for involuntary unemployment under all LifePlus plans?
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Which event is considered a non-protected event under the LifePlus plans?
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At what age do graded benefits apply in the LifePlus plans?
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Which LifePlus plan has the highest rate per $100?
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Which of the following is an exclusion in the LifePlus coverage?
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What does the Balance Cancellation apply to in all LifePlus plans?
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Which of the following options is NOT covered under the LifePlus Disability plan?
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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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Description
This quiz explores the key aspects of Life Plus coverage, including protections and exclusions for life and disability. Additionally, it covers comparisons between various benefit packages and the criteria for non-protected events. Test your knowledge on the details of insurance protection and policies.
