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Insurance 4
| Question | Answer |
|---|---|
| Tom has a rider on his disability income policy that guarantees the right to increase his benefits without a medical exam. What kind of rider is this? | Guaranteed insurability rider |
| Kathy's annuity is currently experiencing tax-deferred growth until she retires. Which phase is this annuity in? | Accumulation period |
| The factor used most often when underwriting a disability income policy is | annual earnings |
| A non-contributory health insurance plan helps the insurer avoid | adverse selection |
| When an insured changes to a more hazardous occupation, which disability policy provision allows an insurer to adjust policy benefits and rates? | Change of occupation provision |
| Typically, Long-Term Disability benefits are coordinated with which benefit plan? | Social Security |
| ABC Insurance Company transfers part of their risk to XYZ Insurance Company. This situation is called | reinsurance |
| Phil is shopping for an annuity that guarantees he CANNOT outlive the benefits. Which of these benefit options would he choose? | Guaranteed lifetime withdrawal benefit |
| Tim is covered under a group plan and would like to change his group coverage to an individual policy with the same insurer because of employment termination. Which of these describes the change that will take place? | Conversion |
| Under the subrogation clause, legal action can be taken by the insurer against the | responsible third party |
Created by:
johnnywaldron71