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Questions and Answers
An example of a presumptive disability would be?
An example of a presumptive disability would be?
- Deafness (correct)
- Cancer
- Diabetes
- A stroke
Tom has a rider on his disability income policy that guarantees the right to increase his benefits without a medical exam. What kind of rider is this?
Tom has a rider on his disability income policy that guarantees the right to increase his benefits without a medical exam. What kind of rider is this?
- Payor benefit rider
- Guaranteed insurability rider (correct)
- Guaranteed benefit rider
- Waiver of premium rider
Which type of disability would be less than total impairment and equal to permanent impairment?
Which type of disability would be less than total impairment and equal to permanent impairment?
- Temporary partial disability
- Permanent partial disability (correct)
- Residual partial disability
- Partial total disability
What percentage of a participant's income are group long-term disability benefit amounts typically limited to?
What percentage of a participant's income are group long-term disability benefit amounts typically limited to?
The waiting period for a disability insurance policy?
The waiting period for a disability insurance policy?
What is the purpose of a Disability Income Benefit?
What is the purpose of a Disability Income Benefit?
Which of the following statements regarding Group Disability Income insurance is TRUE?
Which of the following statements regarding Group Disability Income insurance is TRUE?
Loss of income insurance provides?
Loss of income insurance provides?
Frank is shopping for a disability income policy. Which of the following would have the HIGHEST premium?
Frank is shopping for a disability income policy. Which of the following would have the HIGHEST premium?
Claims payable to a Disability Income insured, even when the insured can continue to work, are the result of a?
Claims payable to a Disability Income insured, even when the insured can continue to work, are the result of a?
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Study Notes
Disability Definitions and Concepts
- Presumptive Disability: Defined as conditions such as deafness; other examples include stroke, diabetes, and cancer.
- Guaranteed Insurability Rider: Allows policyholders to increase benefits without undergoing a medical exam.
Types of Disabilities
- Permanent Partial Disability: Represents a type of disability that is less than total impairment but considered permanent.
Disability Income Benefits
- Group Long-Term Disability: Typically limited to 60% of a participant's income.
- Waiting Period: Refers to the time that must pass after a policy's effective date before benefits are available; it typically excludes payments for short-term illnesses or injuries.
- Purpose of Disability Income Benefits: Primarily to provide financial support for living expenses in case of disability.
Group Disability Insurance
- True Statement: Group Disability Income insurance pays benefits for nonoccupational illnesses and injuries.
Loss of Income Insurance
- Provides individuals with the means to replace lost wages during a disability.
Policy Premiums
- The insurance with the highest premium typically includes a 14-day waiting period and a 10-year benefit period.
Claims and Types of Disabilities
- Claims associated with presumptive disability can be made even if the insured is still capable of working.
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