Which of the following is NOT covered by the Family and Medical Leave Act (FMLA)? Pregnancy, Adoption, Traveling overseas with a spouse, Attending to the serious health condition of a parent

Traveling overseas with a spouse

What action should a Producer take if the initial premium is NOT submitted with the application?

Forward the application to the insurer without the initial premium.

Who does a life settlement broker represent?

Individual wanting to sell their life policy to a third party

An underwriter determines that an applicant’s risk should be recategorized due to a health issue. This policy may be issued with?

An exclusion for the medical condition

What does the Medical Information Bureau (MIB) identify?

Existing Life Insurance coverage with other carriers

A prepaid application for Individual Disability Income Insurance was submitted. The MIB report showed the applicant had a stroke 18 months ago, not disclosed on the application. Which action would the insurance company NOT take? Options: Send the initial premium back to the applicants, Send a Notice to the applicant that the coverage was declined, Send a Notice to the MIB that the applicant was delivered, Send a Notice to the Agent that the applicant was declined.

Send a Notice to the MIB that the applicant was delivered

Consumer reports requested by an underwriter during the application process of a health insurance policy can be used to determine?

Probability of making timely premium payment

Why is an applicant’s signature required on a health insurance application?

To attest that the statements on the application are accurate to the best of the applicant’s knowledge

Before an insurance policy is issued, which of these components of the contract is required? Options: Applicant’s signature on application, Beneficiary’s signature, A conditional receipt, Attending Physician Statement (APS)

Applicant’s signature on application

Which statement regarding Medicare is true? Options: Nursing home coverage is covered by Part B, Benefits for prescription drugs are covered exclusively by Part A, Medicare is available only to individuals age 60 and older, Benefits for diagnostic tests and X-rays performed on an outpatient basis are provided by Part B

Benefits for diagnostic tests and X-rays performed on an outpatient basis are provided by Part B

Henry is a producer who notices 5 questions on a health application were not answered. What actions should Henry take? Options: Mail incomplete application to applicant to be completed and returned to the agent, Submit the application as is to the insurer, Call the applicant and complete application over the phone, Set up a meeting with the Applicant to answer the remaining questions

Set up a meeting with the Applicant to answer the remaining questions

Which of the following is an example of a third-party administrator? Options: Outside organization that manages a sales team Outside organization that processes claims for an employer's self-funded group plan Outside organization that serves as an arbitrator in Social Security claims Outside organization that conducts investigations into fraudulent claims

Outside organization that processes claims for an employer's self-funded group plan

What is the purpose of the U.S. Patriot Act?

Detect and deter terrorism (as well as help fight the funding and money laundering of terrorism activity)

The incontestable clause allows an insurer to?

Contest a claim during the contestable period.

John died five years after purchasing a Life Policy. While investigating the claim, the insurer discovered material misrepresentations made by John during the application process. Which of these actions will the insurer take? a) Beneficiary will be denied the claim, b) Beneficiary will be denied the claim and refunded all paid premiums, c) Beneficiary will be paid the Death Benefit (because the policy is over the 2 years incontestable period they must pay the DEATH BENEFIT), d) Beneficiary will be paid a partial Death Benefit

Beneficiary will be paid the Death Benefit (because the policy is over the 2 years incontestable period they must pay the DEATH BENEFIT)

What action will an insurer take if an interest payment on a policy loan is not made on time? Options: a) Cancel the policy if not paid within the grace period, b) Automatically add the amount of interest due to the loan balance, c) Subtract from any dividends owed, d) Disallow any further loans

Automatically add the amount of interest due to the loan balance

How do life insurance companies handle cases where the insured commits suicide within the contracts stated contestable period?

Claims are denied under the Suicide Clause of the policy.

Which of the following statements BEST describes what the Legal Actions provisions of an Accident and Health Policy requires? a) An insured must settle a claim within 60 days after proof of loss is submitted, b) An insured must wait at least 30 days after proof of loss has been submitted, c) An insured must wait at least 60 days after proof of loss has been submitted before a lawsuit can be filled, d) An insured must settle a claim within 30 days after proof of loss is submitted

An insured must wait at least 60 days after proof of loss has been submitted before a lawsuit can be filled.

Which statements about the waiver of premium provision is NOT correct? a) A waiting period must pass before becoming eligible for benefits, b) Waiver of premium is available on both permanent and term insurance policies, d) Insured must be totally disabled to qualify

Insured must be eligible for Social Security Disability for claim to be accepted.

The Notice of Claims provision requires a Policy Owner to?

Notify an insurer of a claim within a specified time.

Which of these STATEMENTS accurately describes the waiver of premium provision in an insurance policy? a) Past due premiums on a lapsed policy are waived and coverage is restored, b) The insured is paid a monthly benefit to keep insurance premiums current in the event of total disability, c) Premiums waived after the insured has been unemployed for a specified time period, d) Premiums are waived (or paid) after the insured has been totally disabled for a specified time period

Premiums are waived (or paid) after the insured has been totally disabled for a specified time period.

What is an insurance solicitor authorized to do?

Help an agent or broker sell insurance

What is considered to be a characteristic of a Conditionally Renewable Health Insurance Policy?

Premiums may increase at time of renewal.

Insurance and Health Policy Flashcard

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Financial Education

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Professional Development

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Hard

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FLASHCARD QUESTION

Front

If the initial premium is not collected during the application process, when does an insurance contract become effective?

Back

When the producer agent delivers the policy and collects the initial premium

FLASHCARD QUESTION

Front

People with low income can be provided with medical assistance through

Back

Medi-Cal

FLASHCARD QUESTION

Front

When did the coverage become effective for an insurance policy applied for on January 8th, approved on January 14th, issued on January 15th, and delivered on January 26th?

Back

January 26th

FLASHCARD QUESTION

Front

According to the PPACA, an adult can be covered by a parent's health care plan until what age?

Back

Age 26

FLASHCARD QUESTION

Front

In order for coverage and a non-medical insurance application to take effect the same day, the producer must collect a signed application and?

Back

The initial premium

FLASHCARD QUESTION

Front

Which statement regarding the Misstatement of Age provision is considered to be true? Coverage will be adjusted to reflect the insured’s true age if a misstatement of age is discovered, Requires that a new policy must be applied for if a misstatement of age is found on the current policy, Misstatement of Age provision is valid only during the Contestable period, Insurer may void the policy if a misstatement of age is discovered

Back

Coverage will be adjusted to reflect the insured’s true age if a misstatement of age is discovered.

FLASHCARD QUESTION

Front

If Jack, an agent, takes an application for individual insurance and accepts a check from the client, but the check was never signed by the applicant, when will coverage be effective if the application is approved?

Back

The date the agent delivered the policy, collected the initial premium, and obtained a good health statement from the insured.

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