HEALTH AND ACCIDENT INSURANCE
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T is covered by two health insurance plans: a group plan through his employer and his spouse's plan as a dependent. When T submits a claim, his employer's plan is considered what type of carrier under the Model Group Coordination of Benefits provision? - ANSWER-Primary carrier
The consolidated omnibus budget reconciliation act (cobra) gives workers and their families whose employment has been terminated the right to ? - ANSWER- Continue group health benefits
Group/voluntary long-term care policy premiums are typically deducted from the employee's income and - ANSWER-are less costly as compared to individual long- term care coverage
All of the following statements regarding group health insurance is true except - ANSWER-An individual policy is given to each member
J has an Accidental Death and Dismemberment policy with a principal sum of $50,000. While trimming the hedges, J cuts off one of his fingers. What is the MAXIMUM J will receive from his policy? - ANSWER-$25,000
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A policyowner's rights are limited under which beneficiary designation? - ANSWER-irrevocable
G is an accountant who has ten employees and is concerned about how the business would survive financially if G became disabled. The type of policy which BEST addresses this concern is - ANSWER-Business Overhead Expense
The provision in a group health policy that allows the insurer to postpone coverage for a covered illness 30 days after the policies effective date is referred to as the - ANSWER-Waiting period
The benefits under a Disability Buy-Out policy are - ANSWER-payable to the company or another shareholder
XYZ Company pays the entire premium for its group health plan. The MINIMUM percentage of eligible employees that must be covered is - ANSWER-100%
T and S are named co-primary beneficiaries on a $500,000 Accidental Death and Dismemberment policy insuring their father. Their mother was named contingent beneficiary. Five years later, S dies of natural causes and the father is killed in a scuba accident shortly afterwards. How much of the death benefit will the mother receive? - ANSWER-$0
Many small business owners worry how their business would survive financially if the owner becomes disabled. The policy which BEST addresses this concern is - ANSWER-Business Overhead Expense
What kind of Accidental Death and Dismemberment (AD&D) insurance beneficiary requires his/her consent when a change of beneficiary is made? - ANSWER-Irrevocable beneficiary
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