SC Accident Health, And Life Insurance Exam 89 Questions And Answers
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Terms in this set
89
Annuity Certain
Maria would like an annuity that provides a guaranteed accumulation or payout. The type of annuity she is seeking is called
The type of policy which pays on the death of the last person is called
Survivorship Life
Defamation occurs when a producer makes a false statement intended to
Malign another insurer
Part A Hospital coverage provided under Medicare is automatically made available to each of the following EXCEPT
A 70 year old NOT eligible for Social Security
*You are not eligible to receive Medicare Part A benefits at age 65 or older if you are eligible to receive Social Security benefits
*You are not eligible to receive Medicare Part A benefits at age 65 or older if you are eligible to receive Social Security benefits
According to life insurance contract law, insurable interest exists
At the time of application
A whole life insurance policy accumulates cash value that becomes
the policy loan value which the insured may borrow against
A licensee MUST notify the Department of a legal name change
upon changing his or her legal name
*the producer must notify the Department upon changing his or her legal name.
*the producer must notify the Department upon changing his or her legal name.
Which of the following does Coordination of Benefits allow?
Allows the secondary payor to reduce their benefit payments so no more than 100% of the claim is paid.
*coordination of benefits allows the secondary payor to reduce their benefit payments so that no more than 100% fo the claim is paid.
*coordination of benefits allows the secondary payor to reduce their benefit payments so that no more than 100% fo the claim is paid.
In group health care, what is the purpose of the coordination of benefits provision?
Determines what is paid by the primary and secondary insurers in the event of a claim.
All of the following are examples fo pure risk EXCEPT
Losing money at a casino
*Pure risk is a category of risk in which loss is the only possible outcome, which is the opposite of speculative risk. Gambling is considered a speculative risk where there is a chance of either gain or loss.
*Pure risk is a category of risk in which loss is the only possible outcome, which is the opposite of speculative risk. Gambling is considered a speculative risk where there is a chance of either gain or loss.