Are nonrenewable or renewable policuies more expensive?
renewable
Donew memebers of a blanket insurnace policy need to fill out a new application?
NO
Except in the case of an MEC, life insurnace policy loans are what?
tax-free
If the policy owner dies before the loan has been repaid, what happens?
death benfit is reducedby whaever outstanding baalnce was
What is important to remember about indimities?
fixed amount per day
WHen accidental death beenfit is excahgned for extended term insurnace, what happnes?
face value stays the same
Medicare plans K and L are characterized by which feature?
higher coninsurnace contributions
What is true about sole propriertors?
Life insrunace is an ideal medium for funding buy-sell agreemtn, becuase for a reasobalne premium, it makes money avaiable when needed to sell the business
Musutal issuers do what?
issue participating policies and issue nontaxable dividends
To make policy more affordable, do you want longer or shorter eliminatino epriod?
longer
Consumer may make request for complete disclosure as to nature and scope of investigation regarding credit history as long as made within how long?
10 days
Prior to HIPAA, a new employee with a preexisting medical condition did not have to have waiting period if how long between jobs?
63 days
To be elligible for Medicare's skilled nursing beenfit-do you need to meet certain income limilts?
NO
To be elligible for social security beentis, whart is necassary?
musrt to totally and permanantly discable for at least 5 months
What is important to remember about term policies?
NO cash values
Elligiblity for Medicare is what?
65 or older, receiving social secuirty benefits for the last 24 months, end-stage renal disease (kidney falisure)
Who is respondible for drafting and enacting insurance laws?
California legislature
Does Califorinia Commisioner of insurnace draft and enact insrunace laws?
NO
What is important to remrmber about varibale polcies?
must be accompanied by a porspectus before slae
When employer renews groupo insurance covefage with same insrunace year-to-year, what is this known as?
persistency
What is important to remember about coverage with Medicare part A?
if more than 60 days have passed, considered new benefit period
Disablity policies offfered to persons age 65 or olde rin California must provide an examinatino period of how long?
30 days
Does Medicare supplement policy for part A include Long term care beenits?
NO
The calendar year providion for major medical plans stipulates what?
deductible is only appllied once per calendar year
Except in the case of MEC, what is important to remember about lfie insurance policy laons?
income-tax free
Is emergency surgery covered in group plans?
NO
Is a death resuling from war coverd in life insruance policies?
NO
How many days from a date of loss does the insrued have to sibmit a claim form to the issuer?
90 days
An applicant determined by underwriting to be declined would be what?
uninsurable at any price
Would individual certificates of a group policy contain the premium amount?
NO
Is auto protection a personal use of life insruance?
NO
State long-term care insrunace partnership policies are a joint effort of whom?
comemrcial insurers, state's insrunace department, and state Medicaid agency