Life is so precious and beautiful but so limited too. Health is the primary key to a fair and peaceful life. Sometimes, there come unwanted situations in life when our health is compromised, so, you must have prior knowledge of health and protection schemes which are directly related to your finance. Take this quiz and test your understanding of life and health insurance policies.
Pays benefits only if it turns out the insured is eligible for benefits from social insurance
Pays a benefit if the insured is injured on the job and qualifies for workers compensation benefits
Provides a payment only when the insured is totally disabled, but not receiving any social insurance benefit plans
Provides for a bonus payment that will match social security disability income benefits, if they are paid
After-hours care
Generic care
Preventative care
Fee for service care
A level death benefit with an increase in premium
A level death benefit with a decrease in premium
A decreasing death benefit with a level premium
An increasing death benefit with a level premium
Select a provider and submit claims to the insurance company
Select a provider at work and claims processor
Pre-select a physician and third-party claims administrator
Pre-select a clinic and submit claims to the insurance company
An irrevocable beneficiary may be changed by the policy owner without the beneficiary's consent
An irrevocable beneficiary has a vested right that neither the policy owner nor his creditors can impair without the beneficiary's consent
A revocable beneficiary can become the policy owner at any time by paying the premiums
An irrevocable beneficiary has the right to name a contingent beneficiary for the policy
A hearing by the insurance commissioner to determine the severity of the the misrepresentation and to determine an appropriate course of action
None, if the policy has been in force for over 12 months
Rescission of the policy
A hearing by a court of law to determine an appropriate course of action an insurer may take
Guaranteed
Insolvent
Solvent
Non-participating
The election is made by the policy owner at the time the application is submitted.
When no settlement option is chosen, the proceeds are automatically paid to the policy owner's state.
The policy owner may change the settlement option after it has been chosen.
The election may be made by the beneficiary if no settlement option is in force at the time of death of the insured.
To provide health insurance benefits to key employees
To give a key employee the ability to purchase the business
To give retirement benefits to key employees
To cover decreased business earnings due to the death of a key employee
Deny the application probably after a hearing
As long as it was not insurance related, the application will be granted
Approve only after a review by a panel of insurance professionals
Deny the application without a hearing
$150,000
$100,000
$0
$50,000
None, due to the fact that the concealment was unintentional
$250 fine to be paid to the injured party
Possible imprisonment to the party who concealed the information
Rescission of the contract
The probability of loss is unknown
The losses are highly predictable
The insured chooses to assume the losses involved
The worst possible loss is not serious
Surrenders the right to change the premiums
Reserves the right to change any of its terms
Reserves the right to change the premiums, but may not change any of its terms
May not renew the policy if the insured ceases to comply with certain conditions such as continued employment
Only when asked
Only when the policy terms require it
Only when relevant
Never
Insurers may offer only broad coverage plans that contain both core benefits and additional benefits
Insurers may freely offer whatever supplemental coverages they prefer to market
Insurers may offer policies that contain only the core benefits
Insurers may create insurance policies for approval by the CA Department of Insurance
Waive premium payments in the event of disability
Access a portion of the death benefit in the event of serious illness
Double the amount of the death benefit in the event of accidental death
Purchase additional insurance regardless of insurability
Convertible term
Level term
Decreasing term
Renewable term
Employees no longer had any legal means of obtaining reimbursement for work injuries
Employees would have to sue their employers to obtain reimbursement for work injuries
Employers would be held responsible for the cost of their employee's work injuries regardless of fault
Employers were no longer responsible for work injuries to employees
RW and Associates who represent BLG Insurance Corporation
RW and Associates underwriting for BLG Insurance Corporation
RW and Associates placing business through BLG Insurance Corporation
RW and Associates using the services of BLG Insurance Corporation
Who joined the group after the policy effective date
Without health coverage after a qualifying event who declined to join the group at the time of eligibility
With a pre-existing condition when they joined the group
Waiver of premium
Accelerated death benefit
Cost of living
Disability Income
Whole life insurance
Universal life insurance
Endowment insurance
Term insurance
An agent's supervisor who takes part of his commission
An employee who handles self-insurance claims
An employee who is responsible for evaluating for relative quality of competing group health and welfare benefits offered to his employer by insurers
An outside organization that processes claims for an employers self-funded plans
Hospice care
Hospital care
Respite care
Intermediate care