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Quick Answer: Which Type Of Plan Normally Includes Hospice Benefits Health Underwriting?

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.

Which optionally renewable health policies the insurer may?

With an Optionally Renewable policy, the insurance company may review the policy annually and choose whether or not to renew it. What is the purpose of the Time of Payment of Claims provision? The purpose of the Time of Payment of Claims provision is to prevent the insurance company from delaying claim payments.

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.

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Which of the following actions will an insurance company most likely not take if an applicant who has diabetes supplies for disability income policy?

Which of the following actions will an insurance company most likely NOT take if an applicant, who has diabetes, applies for a Disability Income policy? The correct answer is “Issue the policy with an altered Time of Payment of Claims provision”.

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 guaranteed renewable insurance?

A guaranteed renewable [health insurance] policy is one by which the insurer guarantees to renew the policy to a stated age, such as age 65. The policy cannot be canceled, and renewal of the policy is at the insured’s sole discretion.

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 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.

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.

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.

How far back does MIB go?

MIB, or MIB Group, Inc., is a membership corporation owned by roughly 500 member insurance companies throughout the United States and Canada. Previously known as the Medical Information Bureau, the organization was created in 1902 to provide fraud protection services to insurance companies.

Which factors are taken into consideration when an insurance company determines the premium rate for a whole life policy on an applicant?

To determine the premium rate on a Whole Life policy, an insurance company will consider the risk classification of the applicant. T applies for a life insurance policy and is told by the producer that the insurer is bound to the coverage as of the date of the application or medical examination, whichever is later.

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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 the elimination period of an individual disability policy?

The elimination period of an individual disability insurance policy refers to the amount of time a disabled person must wait before benefits are paid.

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