Disability, Health & Accident Insurance
This type of policy provides monthly benefits to replace part of an insured's income if they become unable to work due to illness or injury.
What is Disability Income Insurance
This type of health insurance plan requires members to use a network of doctors and hospitals, and often requires referrals to see specialists.
What is a Health Maintenance Organization (HMO)?
Which AD&D benefit pays half of the contracted sum? A: Capital sum B: Principal sum C: Primary sum D: Primary part
What is A: Capital sum
This term refers to the amount of money the insured must pay out-of-pocket before the health insurance plan starts to pay for covered expenses.
What is the Deductible?
This is to ensure that the current policy is not cancelled before the new policy is issued
What is Replacement?
This period refers to the time that must pass after a policy is issued before coverage for specific conditions begins
This type of health plan offers a tax-advantaged way to save for medical expenses, often paired with a high-deductible health plan.
What is a Health Savings Account (HSA)?
This type of policy provides a lump sum benefit if the insured suffers accidental death or dismemberment.
What is Accidental Death and Dismemberment Insurance (AD&D)?
This is a fixed amount the insured pays for a covered healthcare service, usually when receiving the service.
What is a Copayment?
This is the provision that the insured must wait 60 days after written proof of loss before bringing legal action against the company
What is Legal Action?
This rider in a disability income policy allows the insured to purchase additional amounts of disability coverage without providing evidence of insurability.
What is the Guaranteed Insurability Rider?
This provision in a health insurance policy specifies that coverage cannot be canceled by the insurer as long as premiums are paid, but the insurer can change premiums on a class basis.
What is the Guaranteed Renewable Provision?
Health insurance rules of incontestability are restricted to: A: Claims B: A 5 year period C: Statements made on application D: Group insurance
What is C: Statements made on application
This is the percentage of covered medical expenses that the insured must pay after the deductible has been met.
What is Coinsurance?
The provision where the benefits are adjusted according to what the premium paid would have purchased at correct age
What is the mis-statement of Age
Individuals covered by a high deductible health plan can make a tax-deductible contribution to a____
What is the an Health Savings Account (HSA)?
What is a contributory group health insurance plan? A: The employees must belong to a health club B: The employees pay some or the entire premium C: The employees pay none of the premium D: The employees complete their own application and claim forms
What is B: The employees pay some or the entire premium
This clause in an accident insurance policy ensures that benefits are not duplicated when multiple policies are in place.
What is the Coordination of Benefits Clause?
This term refers to the maximum amount the insured will have to pay out-of-pocket for covered healthcare services in a plan year.
What is the Out-of-Pocket Maximum?
The policy that covers terminated employees and they must exercise the extension of benefits for 18 months within 60 days of separation from employment.
What is COBRA?
These types of policies provide coverage for Business rent, utilities, and other expenses of a business if the owner becomes disabled.
What is Business Overhead Expense
This act requires health insurance plans to offer the same benefits and coverage options to individuals with pre-existing conditions as they do to individuals without such conditions.
What is the Affordable Care Act (ACA)?
This provision states that the policy will remain in force for a specified period even if the premium is not paid on the due date.
What is the Grace Period Provision?
This benefit provides financial assistance for long-term care services, such as nursing home care or home health care.
What is Long-Term Care Insurance?
These 2 positions must be covered by Medical Personnel in LTC
What is skilled care and intermediate care?