Insurance for senior citizens and special needs individuals
Accident & Health policy provisions
Introduction to life insurance
Law of contracts and other contract features
Field and home office underwriting and policy issuance
100

What is skilled nursing care? 

Professional care provided on a 24/7 basis 

100

Being involved in an illegal activity may result in the _____ of a claim 

denial 
100

Identify the two parties in a life insurance contract. 

the policyowner and insurer

100

What is another term for being financially strong? 

solvent 

100

When does coverage begin if a policy has conditional receipt based upon insurability? 

Coverage begins on the receipt date provided the application is approved as applied for 

200

What does approved and reasonable mean? 

the amount Medicare agree to pay for benefits based on geographic factors and limits

200
Define preexisting condition 

 a medical condition that was known to exist prior to the policy application 

200

Which type of reinsurance does NOT allow the reinsurer to reject the risk? 

Treaty or automatic reinsurance 

200

What is a contract of adhesion?

An insurance policy drafted by an insurer and accepted/adhered to by an applicant 

200

What methods are used to insure a substandard risk? 

Higher premium, exclusion rider, lower benefit, and lower benefit time frame

300

True or False: Care for those suffering mental dementia is covered under an AD&D policy. 

False. Coverage is provided under LTC for those sufferign mental dementia 

300

What constitutes the entire contract? 

The policy, application (or copy) and any riders, waivers, or exclusions to the contract 

300

List some of the personal uses for life insurance. 

Funeral expenses, estate protection, survivor protection, debt payment, education expenses, etc. 

300

True or False: a representation is a statement that is guaranteed to be absolutely true. 

False. A representation is a statement that is true to the best of the applicant’s knowledge
300

What are the primary duties of an underwriter? 

Assess risks, approve or deny applications determine premiums, and protect the insurer against adverse selection 

400

What benefits are provided by Medicare Part A ?

Part A helps pay inpatient hospital benefits, some skilled nursing, home health care, and hospice benefits

400

If an insured changes to a more hazardous job and is injured, what recourse does an insurer have? 

Changing to a more hazardous job without giving notice allows the insurer to decrease benefits paid 
400

True or False: an independent agency may place business with only one insurer 

False. An independent agency may place business with multiple insurers 

400

The offer and acceptance is also known as the _________.

agreement 

400

When should the agent review and collect signatures on a Notice Regarding Replacement form? 

No later than time of application 

500

True or False: Medicare Part A has a deductible per benefit period 

True 

500

All policies sold must conform to the state law in which the policy is _______ and _________.

sold and delivered 

500

What general name is used to describe agents, brokers, and consultants?

Producer 

500

May an insurance contract be voided if an applicant makes a material misrepresentation? 

Yes 

500

What is the primary source of underwriting information?

The original application 

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