Wy Health Insurance Exam Questions And Answers

Insurers must offer to each applicant for long-term insurance contracts, at the time of purchase, the option to purchase a contract with an inflation protection feature which meets any the following criteria EXCEPT {Ans: Guarantees that the insured will not outlive the benefits provided by the policy under normal circumstances as defined in the policy illustration.}Which of the following would NOT be considered a limited coverage policy? {Ans: Major medical expense insurance}Who can provide skilled nursing care? {Ans: Doctor}Which of the following is INCORRECT concerning taxation of disability income benefits? {Ans: If paid by the individual, the premiums are tax deductible.}What is a penalty tax for nonqualified distributions from a health savings account? {Ans: 20%}Long term care insurance contracts must contain at least a 6-month grace period that permits reinstatement of the policy or contract retroactive to the date of termination {Ans: If the policy or contract holder's nonpayment of premiums arose as a result of a cognitive impairment suffered by the policy or contract holder as certified by a physician.}Insurers may change which of the following on a guaranteed renewable health insurance policy? {Ans: Rates by class}Issuers of disability insurance policies or