Ann is considering the purchase of a life insurance policy with these characteristics: flexible premium payments, the insurance and savings components are separate, the interest rate credited to the savings is tied to a market interest rate but a minimum rate is guaranteed, and a monthly administrative fee is charged. Ann is considering buying
Jessica is an agent for LMN Life Insurance Company. She met with Brad, who was interested in purchasing life insurance. Jessica explained the various uses of life insurance, including income for Brad’s wife during the 1- or 2-year period following Brad’s death. This period is known as the
Which of the following statements about health savings accounts (HSAs) is true?
All of the following statements about the conversion of a term policy are true EXCEPT
Purposes of the coinsurance provision in major medical insurance policies include which of the following?
I. To reduce premiums.
II. To prevent overutilization of policy benefits.
Under one health care reform proposal, a government entity would be created that would compete with private insurance plans. This alternative is called the
Under the Health Insurance Portability and Accountability Act, what is the maximum length of a preexisting conditions exclusion if an employee enrolls when initially eligible?
Doris started a business 2 years ago. The business has been successful, and Doris is thinking about starting to offer some employee benefits for her workers. She plans to offer a group term life insurance benefit. All of the following are usual eligibility requirements for participation in a group life insurance plan EXCEPT
Which of the following statements about group insurance underwriting principles is (are) true?
I. If a plan is contributory, 100 percent of the eligible employees must be covered.
II. Employees should be allowed to determine their own level of benefits.
Which of the following statements about supplemental group major medical insurance is (are) true?
I. Most plans have a lifetime limit of $50,000 to $100,000.
II. Most plans contain an out-of-pocket maximum that places a dollar limit on the maximum amount an individual must pay out of his or her own pocket.