Questions and Answers
The Do Not Call Registry offers exemptions for calls placed from all of the following EXCEPT
What is the type of policy called where the insurer can cancel it during the term?
Cancelable
What rider allows Barbara to purchase additional insurance without evidence of insurability?
Guaranteed insurability rider
Disability Income plans that require that the insurer can NEVER change premium rates are usually considered what?
Signup and view all the answers
In what part of an insurance policy are policy benefits found?
Signup and view all the answers
What happens if the insurer discovers that the insured's age was misstated on an application?
Signup and view all the answers
Health insurance will typically cover which of the following perils?
Signup and view all the answers
What is a viatical settlement contract?
Signup and view all the answers
Under the Affordable Care Act, how would a grandfathered health plan lose its status?
Signup and view all the answers
Which technique can remove the risk of losing money in the stock market?
Signup and view all the answers
Which nursing home option would BEST suit an individual who needs some care but NOT full-time care?
Signup and view all the answers
What is the definition of an appointment in insurance?
Signup and view all the answers
Which of these would NOT be considered a presumptive disability?
Signup and view all the answers
How often must a producer's license in Louisiana be renewed?
Signup and view all the answers
Which nursing home option would best serve Bill, who requires some nursing care but NOT full-time care?
Signup and view all the answers
At what age does the open enrollment period for Medicare Supplements begin?
Signup and view all the answers
Study Notes
The Do Not Call Registry
- Exemptions include calls from charities, political organizations, and surveys.
- Insurance sales calls do not qualify for exemptions.
Cancelable Policy
- Insurer can cancel at any time by notifying the insured and refunding any advance premium.
- The renewability provision allows for policy termination mid-term.
Guaranteed Insurability Rider
- Permits purchase of additional insurance without proof of insurability at specified times or events.
Noncancellable Policy
- Insurer cannot alter premium rates or cancel the policy under any circumstances.
Policy Benefits Location
- Policy benefits are found in the declarations section of an insurance policy.
- Declaration page summarizes essential information for the policyholder.
Age Misstatement on Application
- If the insured's age is misstated, benefits are calculated based on coverage for the correct age corresponding to the premiums paid.
Health Insurance Coverage
- Coverage typically includes injuries resulting from accidents.
Viatical Settlement Contract
- This contract is between a life insurance policyowner and a viatical settlement provider.
Grandfathered Health Plans
- Under the Affordable Care Act, significant increases in co-insurance, deductibles, or co-payment charges can lead to a loss of grandfathered status.
Risk Avoidance
- Involves eliminating potential losses by not investing in stocks, thus avoiding stock market risks.
Assisted Living Facilities
- Ideal for individuals requiring some nursing care and supervision without needing full-time care.
Appointment in Insurance
- Defined as the agreement between an insurance producer and an insurer for the producer to sell, solicit, or negotiate insurance policies.
Presumptive Disability
- Loss of a single leg or arm is not classified as a presumptive disability.
Producer License Renewal
- In Louisiana, a producer's license must be renewed every two years.
Medicare Supplements Open Enrollment
- Begins when an individual reaches the age of 65.
Nursing Home Suitability
- Assisted living facilities are recommended for those needing some assistance but not full-time care.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge with these flashcards covering essential concepts in life and health insurance. Each card prompts a critical understanding of insurance regulations and policies. A perfect study aid for anyone preparing for their licensing exam!
