Terms
What is risk?
The uncertainty of loss.
The ability to take something out of your taxes means it is...
tax deductible
Medical plan for people lacking financial means is called
Medicaid
The time an individual has to wait to receive benefits is called:
Elimination period
Payment of premium would fall under which part of the contract?
Consideration
What is the only type of insurable risk?
Pure risk
Individual disability premiums are
not tax deductible.
Tax funded medical plan for the elderly or disabled is called...
Medicare
If a person can still do some jobs, they would not qualify under that definition of disability?
any occupation
In Idaho, how much continuing education is needed?
24 hours
The authority granted to you by your contract with the insurer is:
Express Authority
Employer paid portions of group health insurance are:
tax deductible
Plans that exist to cover things that Medicare does not are called:
Medicare Supplement or medigap plans
If a plan has the "own occupation" definition, and a person cannot perform their job, but is able to do other jobs, do they still qualify?
Yes, for the first 2 years.
Dividends paid to policyholders of policies through Mutual Insurance are...
Not taxable since the IRS treats it as an overpayment of premium.
Bathing, Dressing, Eating, Toileting, Mobility, Continence are examples of:
Activities of Daily Living (ADLs)
Contributed FSA funds are considered
pre-tax dollars, reducing gross income
The Medicare Plan that provides prescription drug coverage is:
Medicare Part D
Social Security Disability uses what definition of disability?
any occupation
All Life and disability insurance in connection with credit transactions is subject to the provisions of the insurance code EXCEPT insurance lasting more than how many years?
15 years
A term meaning a contract is of unequal exchange
Aleatory
The cost of Long Term Care policies...
may be deductible if it exceeds a certain percentage of income.
Which medigap plan will cover the first 3 pints of blood?
All of them.
A provision allowing an individual to not pay the premium of their policy if disabled is called
Waiver of premium feature
How long is the right of the insurer to contest (time limit on certain defenses)?
2 years