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The life insurance policy will not be truly effective until all of the following occur EXCEPT:

• The beneficiary is named.
• The policy is issued.
• The applicant submits a medical exam.
• The policy is paid in full.
• The statement of good health is obtained by the insurer

The life insurance policy will not be truly effective until all of the following occur EXCEPT:

• The beneficiary is named.
• The policy is issued.
• The applicant submits a medical exam.
• The policy is paid in full.
• The statement of good health is obtained by the insurer

The life insurance policy will not be truly effective until all of the following occur EXCEPT:

• The beneficiary is named.
• The policy is issued.
• The applicant submits a medical exam.
• The policy is paid in full.
• The statement of good health is obtained by the insurer

A producer who makes false statements about the financial condition of an insurer may be found guilty of

• breach of contract
• insider trading
• defamation

• negligence

Time Payment of Claims provision: the insurer must make the payment immediately after receiving proof of loss EXCEPT:

• If the claim is for a small amount.
• If the policyholder has not paid their premium.
• for claims involving periodic payments

• If the claim is submitted after the deadline.

What does coinsurance mean?

• Coinsurance is the percentage of costs that the insured pays after the deductible.
• Coinsurance is the amount the insurance company pays for covered services.
• Coinsurance refers to a fixed dollar amount paid for each service received.
• Coinsurance is the total amount paid by the insured before any coverage starts.

Which coverage pays a monthly cash benefit following the elimination period for total disability due to accident or sickness?

• Health insurance
• Life insurance
• Accidental death coverage
• Disability income insurance

The period beginning at the time of an insured loss that an insured must wait before benefits are payable is called the:

• claim initiation period
• deductible phase
• coverage period
• elimination period

Managed care plans increase efficiency by all of the following EXCEPT:

• Transferring management of costs to the insureds
  

• Reducing healthcare costs
• Enhancing preventive care
• Increasing patient access

Under an individual policy, and insured who CANNOT perform the duties of his/her own occupation for a specific period of time is:

• Temporarily incapacitated
• Fully functional
• Partially disabled
• Totally disabled