Insurance for senior citizens and special needs individuals
What is skilled nursing care?
Professional care provided on a 24/7 basis
Being involved in an illegal activity may result in the _____ of a claim
Identify the two parties in a life insurance contract.
the policyowner and insurer
What is another term for being financially strong?
solvent
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
What does approved and reasonable mean?
the amount Medicare agree to pay for benefits based on geographic factors and limits
a medical condition that was known to exist prior to the policy application
Which type of reinsurance does NOT allow the reinsurer to reject the risk?
Treaty or automatic reinsurance
What is a contract of adhesion?
An insurance policy drafted by an insurer and accepted/adhered to by an applicant
What methods are used to insure a substandard risk?
Higher premium, exclusion rider, lower benefit, and lower benefit time frame
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
What constitutes the entire contract?
The policy, application (or copy) and any riders, waivers, or exclusions to the contract
List some of the personal uses for life insurance.
Funeral expenses, estate protection, survivor protection, debt payment, education expenses, etc.
True or False: a representation is a statement that is guaranteed to be absolutely true.
What are the primary duties of an underwriter?
Assess risks, approve or deny applications determine premiums, and protect the insurer against adverse selection
What benefits are provided by Medicare Part A ?
Part A helps pay inpatient hospital benefits, some skilled nursing, home health care, and hospice benefits
If an insured changes to a more hazardous job and is injured, what recourse does an insurer have?
True or False: an independent agency may place business with only one insurer
False. An independent agency may place business with multiple insurers
The offer and acceptance is also known as the _________.
agreement
When should the agent review and collect signatures on a Notice Regarding Replacement form?
No later than time of application
True or False: Medicare Part A has a deductible per benefit period
True
All policies sold must conform to the state law in which the policy is _______ and _________.
sold and delivered
What general name is used to describe agents, brokers, and consultants?
Producer
May an insurance contract be voided if an applicant makes a material misrepresentation?
Yes
What is the primary source of underwriting information?
The original application