Question: At What Point Must An Outline Of Coverage Be Delivered?

Under which of the following circumstances would an insurer pay accelerated benefits?

Accelerated benefits are paid when insureds endure financial hardship due to severe illness.

They may request immediate payment of some portion of the policy’s death benefit, usually 50-100%, depending on the insurer.

The policy will terminate when the cash value is reduced to nothing..

What is an outline of coverage?

1. A description of the principal benefits and coverage provided in the policy. … A statement that the outline of coverage is a summary of the policy issued or applied for and that the policy should be consulted to determine governing contractual provisions.

Which of the following is not required to be stated in the outline of coverage provided with a long term care policy?

Which of the following is NOT required to be stated in the outline of coverage provided with a long term care policy? … It must provide information about the insurance company, the policy number, important features of the policy and explain the right to return policy for a refund.

Which type of hospital policy pays a fixed amount each day?

Insurance License MIQuestionAnswerWhat are the three types of risk rating classifications in health insurance?Substandard, standard, and preferredWhat type of hospital policy pays a fixed amount each day that the insured is in the hospital?Indemnity98 more rows

How long is a newborn covered without notification to the insurer?

31 daysA newborn child of the insured must be covered without notification to the insurer from the moment of birth. However, the insured must notify the insurer within 31 days of he birth in order for coverage to continue.

Which of the following is a standard provision of the conversion?

Which of the following is a standard provision of the conversion privileges in a Group Life policy? (Correct.) Conversion at regular rates on an attained-age basis without a medical exam is a standard provision for conversion privileges in Group Life policies.

What are the two components of a universal policy?

Universal policy premiums include two components: the cost of insurance amount and the savings component amount, also known as the cash value. The cost of insurance (COI) is the minimum amount you must pay to keep your policy active. This amount varies based on your age, health, and insured risk amount.

Which of the following applies to the 10 day free look privilege?

Which of the following applies to the ten-day free look privilege? It permits the policy owner to reject the policy with a full refund of premium. All of the following are uses for an annuity except: To pay a business when a key employee retires.

What is the initial period of time specified in a disability income policy that must pass?

Disability Income insurance policies have a waiting or elimination period before being able to receive benefit payments. This period is usually 30-days from the date of coverage and may vary by provider and policy.

Whose responsibility is it to determine if all of the questions on an application have been answered?

Whose responsibility is it to determine if all of the questions on an application have been answered? It is the responsibility of the agent to make sure that the application has been properly signed and that all questions have been answered correctly.

Which benefits would a disability plan most likely pay?

Quck ReadQuestionAnswerWhich benefits would disability plan most likely pay?Income lost by the insured’s inability to workBenefit periods for individual short-term disability policies will usually continue fromSix months to two yearsIndividual proprietor insurance policies are sometimes calledSole proprietor127 more rows

What must be present in all Medicare supplement plans?

Medicare Supplement insurance plans do not have to cover vision, dental, long-term care, or hearing aids, but all plans must cover at least a portion of the following basic benefits: Medicare Part A coinsurance costs up to an additional 365 days after Medicare benefits are exhausted.

What is the main purpose of the seven pay test?

The seven-pay test determines whether the total amount of premiums paid into a life insurance policy, within the first seven years, is more than what was required to have the policy considered paid up in seven years.

How is emergency care covered for a member of an HMO?

How is emergency care covered for a member of an HMO? a. A member of an HMO may receive care at any emergency facility, at the same cost as if in his/her own service area. … A member of an HMO can receive care in or out of the HMO service area, but care is preferred in the service area.

At what point must an outline of coverage be delivered quizlet?

The outline of coverage describes the benefits and features of health insurance policies, and must be provided at the time of application, but no later than at the time of policy delivery.

Can an individual who belongs to a POS plan use an out of network physician?

A point-of-service plan (POS) is a type of managed care plan that is a hybrid of HMO and PPO plans. Like an HMO, participants designate an in-network physician to be their primary care provider. But like a PPO, patients may go outside of the provider network for health care services.

Which of the following would be considered a disadvantage of term insurance?

Disadvantages of term insurance are that it increases in cost when you renew it and that it has no value when it matures or you discontinue your policy. The problem with the cash value build up of a whole life insurance policy is that the money can only be used to pay off the policy or buy additional insurance.

Which of the following statements is guaranteed to be true and if untrue may breach?

Which of the following is a statement that is guaranteed to be true, and if untrue, may breach an insurance contract? (A warranty in insurance is a statement guaranteed to be true. When an applicant is applying for an insurance contract, the statements he or she makes are generally not warranties, but representation.