Categories FAQ

Question: Which Type Plan Normally Includes Hospice Benefits?

Which mode of payments is not used by health insurance policies?

Which mode of payment is NOT used by health insurance policies? Single premium is not used when paying for health insurance policies.

What would the MIB identify?

The Medical Information Bureau. The Medical Information Bureau, or MIB, checks past records to uncover “errors, omissions or misrepresentations made on insurance applications.” It’s similar to a credit report for the life insurance process, and it helps prevent fraud, risk, and increased costs.

Which type of renewability best describes a disability income policy?

Which type of renewability best describes a Disability Income policy that covers an individual until the age of 65, but the insurer has the right to change the premium rate? “Guaranteed Renewable“.

What is being delivered during a policy delivery?

What is being delivered during a policy delivery? An agent gives a conditional receipt to a client for an insurance policy after collecting the initial premium.

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What are the factors taken into consideration in insurance?

Description: Insurability of an individual or object is ascertained depending upon the norms and policies of the insurance company. The various factors that are taken into consideration include risk profile, life expectancy, proneness to disease, injury or accidents, etc.

What is the primary factor that determines the benefits paid?

What is the primary factor that determines the benefits paid under a disability income policy? Wages. (The major factor in determining the benefit amount paid under a disability income policy is wages.)

What is the main purpose of the MIB?

The primary goal of the Medical Information Bureau is to help in ensuring that insurance companies can offer and that consumers can obtain – more affordable life and health insurance coverage. This, then, can help with maintaining a more equitable marketplace for insurance carriers.

What are members of the MIB required to report?

In addition to an individual’s credit history, data collected by the Medical Information Bureau (MIB) may include “medical conditions, driving records, criminal activity, drug use, participation in hazardous sports, sexual deviation, and personal or family genetic history, among other facts.” Under Federal law, the

How does the MIB work?

MIB works alongside the police to remove uninsured vehicles from UK roads. MIB also works with enforcement agencies such as the Driver and Vehicle Licensing Agency (DVLA) in a joint venture to tackle uninsured driving using the powerful continuous insurance enforcement legislation.

What is the insuring clause?

In insurance: Liability insurance. One is the insuring clause, in which the insurer agrees to pay on behalf of the insured all sums that the insured shall become legally obligated to pay as damages because of bodily injury, sickness or disease, wrongful death, or injury to another person’s property.

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Which policy pays a benefit if the insured goes blind?

Accidental Death and Dismemberment Insurance

Also known as AD&D, this type of insurance pays out if the insured dies, becomes blind or is dismembered (loses a limb) in a covered accident.

Which of these Nonforfeiture options continue a build up of cash value?

Which Nonforfeiture Option Continues to Build up Cash Value? The reduce paid-up option will continue to build up cash value. It will do this through the accumulation of guaranteed interest and (if applicable) the payment of dividends assuming the dividend option is set to paid-up additions.

How can a life insurance policy be delivered?

Policies are usually delivered by an agent in person, but insurance companies may also permit delivery by registered mail or courier.

Which type of policy is considered to be overfunded?

Overfunded life insurance is when you pay more into a policy than is required. Permanent life insurance policies, such as whole life insurance or universal life insurance, have a cash value component.

Which of these is considered a mandatory provision?

Which of these is considered a mandatory provision? “Payment of Claims”. Payment of Claims is considered a mandatory provision and directs where the claim benefits will go. The others are considered optional provisions.

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