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31 Cards in this Set
- Front
- Back
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What’s a unilateral contract? |
Exchanges an act for a promise |
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How many employees are needed to qualify for a group life plan? |
10 |
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What does indemnify mean? |
To be made whole |
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What is adhesion? |
take it or leave it |
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Amount to be paid upon the death of the insured person |
Face amount |
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What is a fiduciary? |
An agent, or a person of trust |
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Who fills in for the commissioner of insurance if they are unable to fulfill their duties? |
The governor |
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Retirement plan for self-employed persons |
Keogh plan |
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What makes you avoid taxation when moving an IRA from one company to another? |
A rollover |
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What is a fixed annuity? |
Guaranteed amount each month |
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Optional disability provision that provides the insurer to wave premiums after a six month waiting period upon total disability of the insured |
Waiver of premium |
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What is a guaranteed insurability rider? |
Provides purchaser of additional insurance on the insured at specified times in the future |
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What is the purpose of policy reserves? |
To make it easier to meet obligations in difficult years |
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What does SEC stand for? |
Securities and Exchange Commission |
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What does an agent get if they sign a blank application? |
A misdemeanor |
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One of the first basic health insurance plans was called what? |
First dollar |
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What are some of the math answers needed for the exam? |
440, 700, 1250, 1800 |
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What is a tertiary? |
3rd beneficiary |
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A unique policy which is a reimbursement contract for payroll, rent, and utilities |
Business Overhead Expense (BOE) |
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What is known as the heart of the contract? |
Insuring clause ❤️ |
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A key disability insurance policy is written for the benefit of who? |
The employer |
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A benefit that provides an income if an insured returns to work and cannot earn as much as before the disability is called what? |
Residual disability benefit |
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When a group changes carriers, what do the employees have? |
a no loss - no gain |
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What benefits are always primary to any other plan? |
HMO benefits |
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What are the disadvantages of an HMO? |
limited choice of doctors and limited service area |
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Feature that limits the amount of money that an insured has to pay out of pocket once he has paid a certain amount under the coinsurance clause? |
Stop loss |
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What does first dollar mean? |
The policy does not have a deductible |
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What do basic medical expense policies provide? |
Basic hospital, miscellaneous, and surgical coverage |
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Policy that pays a flat amount per day in the hospital |
Hospital indemnity or hospital income plan |
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What does “reasonable and customary” found in a health policy mean? |
Policy will pay what most doctors and hospital charge for similar services in the same area |
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Where does it state in a policy what is covered? |
The insuring clause! |
