Florida Life And Health Insurance Study Guide Graded A+

Non-forfeiture Options {Ans: Methods of distribution of guaranteed values in a life insurance policy.}Insurable Interest {Ans: A financial interest in the life of another person with the possibility of losing something of value if that person dies.}How is Medicare part B funded? {Ans: By monthly premiums and from the general revenues of the federal government.}What is the purpose of Medicare supplement plans? {Ans: To fill the gaps in Medicare coverage}What is the purpose of the coinsurance provision in health insurance policies? {Ans: To prevent overutilization of the policy benefits.}Adverse Selection {Ans: The tendency of risk with higher probability of loss to purchase and maintain insurance more often than the risks who represent lower probability of loss.}