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18 Cards in this Set
- Front
- Back
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Universal life is distinguished from whole life insurance in that
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partial withdrawls can be taken from the cash value account
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Elimination (waiting) periods in disability income polices are designed
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specify a limited period of time at the start of disability when benefits are not payable
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how much may the Commissioner fine an insurer for each willful violation of a cease and desist order?
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$10,000
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major risk factors in health insurance underwriting include the following EXCEPT
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marital status
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All of the following statements regarding market value adjusted annuities (MVAAs) are correct EXCEPT
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it is necessary for agents and brokers to hold either the NASD Series 6 or 7 registrations to market and sell MVAA's
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Thomas, an insured, submits a claim and proof of loss for medical expenses covered by his major medical policy. According to the time of payment of claims provisions, how soon must the company pay the claim
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Immediately
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If a worker is killed in an industrial accident, workers' compensation insurance will cover all of the following EXCEPT
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Compensation to the employer of loss of the employee's services
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Suppose a beneficiary receives the proceeds from a group life insurance policy in a lump sum payment. How is this payment treated in a relation to debts of the insured?
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It can be subject to the insured's debts.
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Which of the following age groups normally experiences the LARGEST number of deaths in a year?
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50 year olds
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Gina, age 66 has worked for the past 35 years a a dermatologist. If she decides to delay receiving Social Security benefits until her retirement three years later
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Gina will receive slightly higher Social Security benefits
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The insured in a $25,00 life insurance policy died of a heart attack. Since the policy had a "double indemnity" provision, the policy beneficiary received
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$25,000
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Jan paid $4,800 in premiums for a personal disability income insurance policy. If she becomes disabled and receives $5,000 in benefits under her policy
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the entire $5,000 in benefits will not be subject to tax
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In carrying out their duties, licensed insurance agents are representatives of the
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insurance company
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Concerning the consideration clause for a health insurance policy, all of the following statements are correct EXCEPT
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a consideration clause may be included in a rider, if requested by the insured
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Social Security defines disability as the inability to engage in
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Any substantial, gainful work
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The effect of an impairment rider attached to a health insurance policy is to
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exclude losses resulting from specified conditions
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In an HMO, the role of the "gatekeeper" is performed by the the insured's
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primary physician
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Who performs the function of risk selection in determnining an individual's insurability for policy issue?
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Underwriter
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