Questions and Answers
Replacement regulation is designed to protect?
Policyowners from misrepresentation and loss of benefits
All Health Benefit Plans issued after January 1, 2014 must provide?
Preventative health services
Which of these will have the highest monthly payout upon annuitization?
Straight life
Which of the following is included in the entire contract according to the entire contract provision?
Signup and view all the answers
Which of the following is considered to be an alternative to a life settlement?
Signup and view all the answers
With a scheduled dental policy, how are covered expenses paid?
Signup and view all the answers
Coordination of benefits regulation applies to all of the following plans EXCEPT?
Signup and view all the answers
Which approach predicts a person's earning potential and determines how much of that amount would be devoted to dependents?
Signup and view all the answers
Which of the following policies does NOT build cash value?
Signup and view all the answers
Which of these is a method of determining the level of funds required for ongoing support in the event of the breadwinner's death?
Signup and view all the answers
The free look period provided in a life insurance policy is usually?
Signup and view all the answers
What does 'SHOP' stand in SHOP Exchange?
Signup and view all the answers
An employer is issued a group medical insurance policy. This single contract is known as a(n)?
Signup and view all the answers
Which of the following is NOT covered under Workers' Compensation?
Signup and view all the answers
Which of the following provides Medicare supplement policies?
Signup and view all the answers
A life settlement intermediary is a(n)?
Signup and view all the answers
An annuitant dies during the distribution period. What kind of annuity will return to a beneficiary the difference between the annuity value and the income payments already made?
Signup and view all the answers
The is responsible for determining the appropriateness of a Medicare Supplement policy for an applicant?
Signup and view all the answers
The purpose of the Coordination of Benefits provision in group accident and health plans is to?
Signup and view all the answers
Medicaid is intended for?
Signup and view all the answers
A provision that allows a policyowner to temporarily give up ownership rights to secure a loan is called a(n)?
Signup and view all the answers
A disability policy where the premiums are due monthly requires a grace period of?
Signup and view all the answers
Tom the agent replaced a client's insurance policy when it was not in the client's best interest. Tom could be found guilty of?
Signup and view all the answers
Which type of annuity stops all payments upon the death of the annuitant?
Signup and view all the answers
Decreasing term life insurance is often used to?
Signup and view all the answers
What does a life insurance policy guarantee to the stated beneficiary upon the death of the insured?
Signup and view all the answers
Major medical insurance will typically cover medical expenses that result from?
Signup and view all the answers
The typical long-term care insurance policy is designed to provide a minimum of ________ year(s) of coverage.
Signup and view all the answers
The double indemnity provision in a life insurance policy pertains to an insured's death caused by a(n)?
Signup and view all the answers
Life insurance policies will normally pay for losses arising from?
Signup and view all the answers
The coverage, conditions, and limitations in the master policy of a group contract can be found in which document?
Signup and view all the answers
Which type of long-term care benefit would be most appropriate for a stroke victim who requires speech therapy administered at her home?
Signup and view all the answers
Study Notes
Replacement Regulation
- Protects policyowners from misrepresentation and loss of benefits.
Health Benefit Plans
- All plans issued after January 1, 2014 must cover preventive health services.
Annuity Payouts
- Straight life annuities provide the highest monthly payout upon annuitization.
Entire Contract Provision
- The entire contract includes clauses that are essential to the policy.
Life Settlement Alternatives
- Accelerated death benefit riders serve as an alternative to life settlements.
Scheduled Dental Policy
- Covers expenses with specific maximum dollar limits per procedure.
Coordination of Benefits
- Does not apply to Preferred Provider Organization (PPO) plans.
Human Life Value Approach
- Predicts earning potential and determines funds for dependents.
Policies Without Cash Value
- Term life insurance policies do not build cash value.
Ongoing Support Funds
- Human life value method calculates the funds needed for support after a breadwinner's death.
Free Look Period
- Life insurance policies typically have a 10-day free look period.
SHOP Exchange
- Stands for Small Business Health Options Program.
Group Medical Insurance
- Issued under a single contract known as a master policy to the employer.
Workers' Compensation Coverage
- Pain and suffering are typically not covered under Workers' Compensation.
Medicare Supplement Policies
- Provided by private insurance companies.
Life Settlement Intermediary
- An association maintaining offers and counteroffers for life settlements.
Refund Annuity
- Returns the difference between annuity value and payments made if the annuitant dies in the distribution period.
Medicare Supplement Policy Appropriateness
- The agent is responsible for determining the suitability for applicants.
Coordination of Benefits Purpose
- Aims to avoid overpayment of claims in group accident and health plans.
Medicaid Eligibility
- Intended for individuals who are poverty-stricken.
Collateral Assignment
- Allows temporary relinquishment of ownership rights to secure a loan.
Disability Policy Premiums
- Monthly premiums require a grace period of 10 days.
Twisting
- Agent guilty of twisting if they replace a client's policy against their best interest.
Life Annuity
- Ceases all payments upon the death of the annuitant.
Decreasing Term Life Insurance
- Often used to cover home mortgages.
Life Insurance Guarantee
- Guarantees a specified amount of money to the beneficiary upon the insured's death.
Major Medical Insurance Coverage
- Covers medical expenses from negative reactions to prescribed medications.
Long-Term Care Insurance
- Generally designed for a minimum of 1 year of coverage.
Double Indemnity Provision
- Applies when the insured's death results from an accident.
Commercial Aviation Losses
- Life insurance policies generally cover losses arising from commercial aviation.
Group Contract Documentation
- Coverage details are found in the Certificate of Coverage and Benefits.
Long-Term Care for Stroke Victims
- Home health care benefits are ideal for stroke victims needing speech therapy at home.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Prepare for the Xcel Life Insurance exam with these flashcards covering essential terms and definitions. Each card provides a clear understanding of key concepts, ensuring you're well-equipped for the test. From regulations to benefit plans, these flashcards are a valuable study tool.
