4/2/2023 0 Comments Psi insurance![]() States generally define a true "group" for insurance as requiring a minimum of how many participants?1.ĥ2. The purchaser has the option to vary the amount of each premium payment falling between a minimum and maximum amount. whole life accidental death The company promises to pay the annuitant an amount each period beginning after a single lump sum payment. Which of the following policy types is considered double indemnity?1.Īccidental death2. The face amount reaches zero at policy expiration. Commonly sold as a rider to another type of policy to provide an additional death benefit. Premiums decrease over time but the amount of coverage remains constant.4. The face amount reaches zero at policy expiration.3. The cash value of the policy decreases over time.2. Which of the following is true about a decreasing term life policy? 1. A patient's care is coordinated by an in-network primary care physician. A patient may see any provider for any condition for the same cost and does not need to consult a primary care physician. Which is the major reason why long term care insurance is becoming increasingly important? As life expectancy increases, the chances of needing long term care also increase Which of the following is TRUE of the limited pay whole life policy? Coverage continues after the policy is paid-up. A basic vision care package includes all of the following EXCEPT safety glasses. When there is a buy-sell agreement funded with life insurance to buyout the interest of a deceased owner or partner. When there is a buy-sell agreement funded with disability insurance to buyout the interest of a deceased owner or partner.4. When a takeover of a company with an owner who is in ill-health occurs.3. When a company is newly purchased and it is likely the new owner will be disabled within a year.2. current cash value of the policy interest rates When should a buy-sell agreement include a provision for the buy-out of an owner's business interest in the event of a disability?1. Group Life, Whole Life, Variable Life Variable Life, Whole Life, Universal Life Current assumption whole life policies are sensitive to which of the following? 1. Variable Life, Whole Life, Universal Life2. Which of the following lists the three common types of permanent individual life insurance?1. It has a guaranteed minimum interest rate. It requires a securities license to sell.4. Which of the following is TRUE of an equity-indexed annuity?1. All of the following are characteristics of COBRA EXCEPT 1. a life-changing event, such as marriage, divorce, or childbirth. loss of eligibility on the part of a class of insureds.4. loss of coverage due to loss of employment.3. ![]() A group conversion option may be used in all the following instances EXCEPT1. there is no guaranteed minimum death benefit. the agent must be licensed in both insurance and securities. there is no guaranteed minimum death benefit.4. Coinsurance Stop Loss Limit All of the following are characteristics of variable whole life EXCEPT 1. premium rate will be higher than the group rate Which of the following is defined as the dollar amount beyond which the insured no longer participates in the payment of medical expenses?1.ĭeductible2. premium rate will be higher than the group rate.4. will exclude preexisting conditions for 6 months.3. ![]() An employee is laid off and converts a group health plan to an individual policy. ![]()
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