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Financial Test 3
final
| Question | Answer |
|---|---|
| What is a participating life insurance policy? | Contract that allows the policyowner to receive a share of surplus in the form of policy dividends |
| During the underwriting process for a group health policy, it was discovered that 15 out of 50 members of the group have major health issues. How would the insurer handle this? | Accept or reject the whole group |
| Which of the following is a type of insurance where an insurer transfers loss exposures from policies written for its insureds? | Reinsurance |
| What percentage of eligible employees must participate in a noncontributory group health plan before it can be put in effect? | 100% |
| Which of the following is an insurer established by a parent company for the purpose of insuring the parent company's loss exposure? | Captive insurer |
| Who is financially liable for the payment of covered claims in a fully insured group health plan? | Insurer |
| Life insurance surplus must be distributed to policyowners at what frequency? | Annually |
| Minimum participation standards exist for group health insurance plans in order to | prevent adverse selection |
| Business Overhead Expense Insurance pays for | business expenses when a business owner becomes disabled |
| Which of the following is NOT typically covered under vision care insurance? | Retina surgery |
| Buy-sell plans are typically funded by which two types of insurance? | Life insurance and disability insurance |
| Coverage is limited for vision and dental insurance in all of the following ways EXCEPT |
Created by:
huangyiken3