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Questions and Answers
The Do Not Call Registry offers exemptions for calls placed from all of the following EXCEPT
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?
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?
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?
Disability Income plans that require that the insurer can NEVER change premium rates are usually considered what?
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In what part of an insurance policy are policy benefits found?
In what part of an insurance policy are policy benefits found?
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What happens if the insurer discovers that the insured's age was misstated on an application?
What happens if the insurer discovers that the insured's age was misstated on an application?
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Health insurance will typically cover which of the following perils?
Health insurance will typically cover which of the following perils?
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What is a viatical settlement contract?
What is a viatical settlement contract?
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Under the Affordable Care Act, how would a grandfathered health plan lose its status?
Under the Affordable Care Act, how would a grandfathered health plan lose its status?
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Which technique can remove the risk of losing money in the stock market?
Which technique can remove the risk of losing money in the stock market?
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Which nursing home option would BEST suit an individual who needs some care but NOT full-time care?
Which nursing home option would BEST suit an individual who needs some care but NOT full-time care?
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What is the definition of an appointment in insurance?
What is the definition of an appointment in insurance?
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Which of these would NOT be considered a presumptive disability?
Which of these would NOT be considered a presumptive disability?
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How often must a producer's license in Louisiana be renewed?
How often must a producer's license in Louisiana be renewed?
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Which nursing home option would best serve Bill, who requires some nursing care but NOT full-time care?
Which nursing home option would best serve Bill, who requires some nursing care but NOT full-time care?
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At what age does the open enrollment period for Medicare Supplements begin?
At what age does the open enrollment period for Medicare Supplements begin?
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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.
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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!
