Massachusetts Life And Health Insurance Exam (Producers License & Law Supplement) Already Passed!!

Exposure {Ans: Risks for which the insurance company would be liable}Defined benefit {Ans: a retirement benefit in which an employee is guaranteed certain payments on retirement}Producer termination- Commissioner must be notified within how many days after termination date {Ans: 30 days}(Guaranteed Association) Maximum benefits for any one life- Long Term Care insurance benefits {Ans: $300,000}health insurance exclusions {Ans: intentional, war, elective cosmetic surgery, workers compensation, felony}Access to Cash Values While Insured is Living {Ans: loan reduced death benefits, if interest if not paid, loan automatically taken to pay interest,}Major Medical Features {Ans: Deductible Coinsurance Stop Loss Insured Maximum Out of pocket}Classes of Life Insurance Policies {Ans: - Individual vs. Group - Term vs. Permanent - Participating vs. Non-participating - Fixed vs. Variable - Industrial & Home Service}indemnity {Ans: pay for the loss but with no gain}Premium Mode {Ans: Annual, semi - annual, quarterly, monthly -annual is the lowest}coordination of benefits {Ans: Eliminates the duplication of payments when an employee, spouse, or dependents have health coverage under two or more plans. *Birthday/ calendar rule}Decreasing Term {Ans: Death benefit decreases, premium remains level}Payor Rider {Ans: When an adult insures