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Terms in this set (17)Insured Z's health insurance policy year begins in January. His policy contains a carry-over provision. In November, he has a small claim which is less than his deductible. Which of the following is true? A The insured may carry over the amount of this year's expenses to next year, which will help satisfy next year's
deductible. A The insured may carry over the amount of this year's expenses to next year, which will help satisfy next year's deductible. Items
stipulated in the contract that the insurer will not provide coverage for are found in the A Exclusions. The provision that provides for the sharing of expenses between the insured and the insurance company is B Coinsurance. When Linda suffered a broken hip, she notified her agent, in writing, within 12 days of the loss. However, her agent did not notify the insurance company until 60 days after the loss. Which of the following statements correctly explains how this claim would be handled? C The insurer is considered to be notified since the notification to agent equals notification to the insurer. Which of the following is NOT a feature of a guaranteed renewable provision? A Coverage is not renewable beyond the insured's age 65. C The insurer can increase the policy premium on an individual basis. The provision in a health insurance policy that ensures that the insurer cannot refer to any document that is not contained in the contract is the A Incontestability clause. C Entire contract clause. A man is injured while robbing a convenience store. How does his major medical policy handle the payment of his claim? A If the man
is not convicted, he will get 75% of his claim paid. C Claim is denied if his policy contains the Illegal Occupation provision. Insurers may change which of the following on a guaranteed renewable health insurance policy? C Rates by class An insured misstated her age on an application for an individual health insurance policy. The insurance company found the mistake after the contestable period had expired. The insurance company will take which of the following actions regarding any claim that has been issued? A Adjust the claim benefit to reflect the insured's true age A Adjust the claim benefit to reflect the insured's true age Which of the following is true regarding elimination periods and the cost of coverage? A The longer the elimination period, the higher the cost of coverage C The longer the elimination period, the lower the cost of coverage Which of the following statements is most correct concerning the changing of an irrevocable beneficiary? A They may be changed at any time. D They can be changed only with the written consent of that beneficiary. An insured purchased a noncancellable health insurance policy 1 year ago. Which of the following circumstances would NOT be a reason for the insurance company to cancel the policy? A
Within two years of the application, the insurer discovers a misrepresentation. B The insured is in an accident and incurs a large claim. Manny has been injured in an accident. Although she is still receiving benefits from her policy, she does not have to pay premiums. Her policy includes A Benefit of Payment clause. C Waiver of Premium rider. A medical expense policy that establishes the amount of benefit paid based upon the prevailing charges which fall within the standard range of fees normally charged for a specific procedure by a doctor of similar training and experience in that geographic area is known as A Gatekeepers. B Usual, customary and reasonable. What statement best describes the free look provision? A It allows the company to obtain an inspection and medical examination on the proposed insured prior to issuing the policy. C It allows the insured to return the policy within 10 days for a full refund of premiums if dissatisfied for any reason.
An insured is hospitalized with a back injury. Upon checking his disability income policy, he learns that he will not be eligible for benefits for at least 30 days. This indicates that his policy is written with a 30-day C Elimination period. According to the rights of renewability rider for cancellable policies, all of the following are correct about the cancellation of an individual insurance policy EXCEPT A The insurer must provide the insured a written notice of the cancellation. D Unearned premiums are retained by the insurance company. Students also viewedOther health insurance concepts15 terms ariela_la_maravilla Disability Income and Related Insurance15 terms study_pro96 Health98 terms Luttrell5 Missed Questions 324 terms Tommylikethegun92 Other sets by this creatorhealth insurance questions79 terms jordan_nichole_opal Additional L&H questions118 terms jordan_nichole_opal Missed L&H Questions184 terms jordan_nichole_opal life and health Ch. 815 terms jordan_nichole_opal Other Quizlet setssalma exam 8,9,10276 terms salma19772 NAQT-History-YGK-Modern Speeches48 terms Lois-LA001 The Tragedy of Julius Caesar, Act III, Scene 1-3 S…30 terms AbsoluteMagnitudePlus Jackson Era Test12 terms morgpay What is the elimination period quizlet?The elimination period is the time immediately following the start of a disability when benefits. are not payable. The longer the elimination period, the lower the premium for comparable disability benefits.
Which statement is true about the elimination period in a disability income policy?The correct answer is "Time period a disabled person must wait before benefits are paid". The elimination period of an individual disability insurance policy refers to the amount of time a disabled person must wait before benefits are paid.
What is the elimination period?Elimination period is a term used in insurance to refer to the time period between an injury and the receipt of benefit payments. In other words, it is the length of time between the beginning of an injury or illness and receiving benefit payments from an insurer.
Which of the following are elimination period options?Elimination periods range from 30 days to two years (typically 30, 60, 90, 180, 365, and 720 days) and the most common period is 90 days.
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Which of the following is true regarding the elimination period and the cost of coverage?
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