Annuities
These are the two phases that make up the annuity cycle.
What are the income and payout phases?
November 1st is the date for
What is when health insurance open enrollment for the individual market begins?
ICAE stands for...
What is Insurance Consumer Affairs Exchange by the NAIC?
Eligibility for an External Review request is determined by...
Who is the health carrier?
The office the Bureau that assists consumers in filing appeals, including utilization review appeals.
What is the Ombudsman?
What these three are considered. They are fixed, variable and indexed annuities.
What are the most common types of annuities?
True or false, Virginia balance billing protections apply to a person covered under a self-funded plan.
What is true, if the plan opts in?
What is Adverse Underwriting Decisions?
Medical records can be sent to the reviewer assigned to a standard review by this means.
What is the member authorized representative and insurance company?
A type of plan in which an employer takes on most or all of the cost of benefit claims. The insurance company manages the payments, but the employer is the one who pays the claims.
What is self funded or self insured?
True or false, the difference between non-qualified and qualified annuities is it being purchased with pre-taxed or taxed fund.
What is true?
State what MHPAEA stands for.
What is Mental Health Parity and Addiction Equity Act?
Insurance regulation handles CAP. State what the acronym means and define the term.
What is Corrective Action Plan? This is what a company must do to come into compliance and correct their violations and/or mistakes.
These types of coverage are not subject to the External Review process.
What are Medicare, Medicaid, Tricare?
Also, what are stand-alone dental, vision, or any other limited supplemental benefit? Or what are self-insured plans unless opted in to our process?
True or false, with an indemnity plan the insurance company does not pay a pre-determined percentage of the reasonable and customary charges for a given service, and the insured pays the rest. There is also a provider network the patient has to choose from.
What is false?
This type requires the consideration of risk tolerance.
What is a variable annuity?
Virginia's new state health benefit exchange is called
What is Virginia's Insurance Marketplace?
Name this program. It provides a range of services in the individual's private residence as long as medically feasible and the provision of facility-based long-term care services when required, either directly or indirectly, through affiliated services or through contractual arrangements.
What is CBCC - Community-Based Continuing Care?
The timeframe a consumer has to request an External Review after a final adverse decision letter.
What is 120 days?
A kind of snake and the abbreviation for an important law regarding continuation of coverage.
Whats is COBRA? The Consolidated Omnibus Budget Reconciliation Act.
Define the cost basis of an annuity.
What is it consists of the after tax dollars used to fund a non-qualified annuity?
Name a benefit that was added to the Essential Health Benefits Benchmark Plan for 2025.
What is enhanced medically necessary prosthetic devices and components?
Or, what is oral enteral nutrition?
The period in which the contract owner makes payments to the company (premiums).
What is the accumulation phase in an annuity contract?
IRO stands for this
What is independent review organization?
A situation in which the buyers and sellers of an insurance product do not have the same information available. A common example occurs when a person waits until he know he is sick and in need of health care before applying for a health insurance policy.
What is adverse selection?