Ca Life And Health Insurance Exam Study Guide

What is the consideration clause {Ans: The consideration clause states that the value offered by the insured is the premium and statements made in the application, so it will include the information about the amount and frequency of premium payments.}Variable Life insurance is based on what kind of premium? {Ans: level fixed}Where does info from MIB come from {Ans: underwriting disclosures}What document describes an insured's medical history, including diagnoses and treatments? {Ans: attending physical statement}Which of the following must the patient pay under Medicare Part B? {Ans: 20% of covered charges above the deductible}A hospital indemnity policy will pay {Ans: A benefit for each day the insured is in a hospital.}The life insurance policy clause that prevents an insurance company from denying payment of a death claim after a specified period of time is known as the {Ans: incontestability clause}If a firm has 30 employees that are actively engaged in business on at least 50% of its working days during the preceding calendar year, what is its classification? {Ans: small employer}What happens when you have two or more health plans {Ans: benefits are coordinated}key person insurance {Ans: losing someone key