GEORGIA LIFE AND HEALTH INSURANCE ACTUAL

GEORGIA LIFE AND HEALTH INSURANCE (ACTUAL / )

EXAM QUESTIONS AND VERIFIED ANSWERS

Loss - ----Answers----The reduction, decrease, or disappearance of a value of the person or property insured in a policy, by a peril insured against.

Loss of Income Insurance - ----Answers----Insurance that pays benefits for inability to work because of disability resulting from accidental bodily injury or sickness.

Major Medical Insurance - ----Answers----A type of health insurance that usually carries a large deductible and pays covered expenses up to a high limit whether the insured is in or out of the hospital.

Medicaid - ----Answers----A medical benefits program jointly administered by the individual states and federal government.

Medical Expense Insurance - ----Answers----A type of insurance that pays benefits for medical, surgical, and hospital costs.

Medical Information Bureau (MIB) - ----Answers----An information database that stores the health histories of individuals who have applied for insurance in the past. Most insurance companies subscribe to this database for underwriting purposes. 1 / 4

Medical Savings Account - ----Answers----An employer- funded account linked to a high deductible medical insurance plan.

Medicare - ----Answers----The United States federal government plan for paying certain hospital and medical expenses for persons who qualify

Medicare Supplement Insurance - ----Answers----A type of individual or group insurance that fills the gaps in the protection provided by Medicare, but that cannot duplicate any Medicare benefits.

Medigap - ----Answers----Medicare supplement plans issued by private insurance companies that are designed to fill some of the gaps in Medicare.

Misrepresentation - ----Answers----A false statement or lie that can render the contract void.

Morbidity Rate - ----Answers----The ratio of the incidence of sickness to the number of well persons in a given group of people over a given period of time.

Morbidity Table - ----Answers----A table showing the incidence of sickness at specified ages.

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Multiple Employer Trust (MET) - ----Answers----A group of small employers who do not qualify for group insurance individually, formed to establish a group health plan or self- funded plan.

Multiple Employer Welfare Association (MEWA) - ---- Answers----Any entity of at least two employers, other than a duly admitted insurer, that establishes an employee benefit plan for the purpose of offering or providing accident and sickness or death benefits to the employees.

Mutual Companies - ----Answers----Insurance organizations that have no capital stock, but are owned by the policyholders.

Nonadmitted (Nonauthorized) - ----Answers----An insurance company that has not applied for, or has applied and been denied a Certificate of Authority and may not transact insurance in a particular state.

Nonauthorized (Nonadmitted) - ----Answers----An insurance company that has not applied for, or has applied and been denied a Certificate of Authority and may not transact insurance in a particular state.

noncancellable - ----Answers----An insurance contract that the insured has the right to continue in force by payment of premiums that remain the same for a substantial period of time.

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Nonmedical - ----Answers----A life or health insurance policy that is underwritten based on the insurer's statement of health rather than a medical examination.

Nonrenewal - ----Answers----A termination of a policy by An insurer on the anniversary of renewable date.

Nonresident Agent - ----Answers----An agent licensed in a state in which he or she is not a resident.

Notice of Claim - ----Answers----A provision that spells out an insured's duty to provide the insured with reasonable notice in the event of a loss.

Omnibus Budget Reconciliation Act - ----Answers----A federal law which extends the minimum COBRA continuation of group health care coverage from 18 to 29 months for qualified beneficiaries who are disabled at the time of qualification.

oral surgery - ----Answers----Operative treatment of the mouth such as extractions of teeth and related surgical treatment.

Orthodontics - ----Answers----A special field in dentistry which involves treatment of natural teeth to prevent and/or correct dental anomalies with braces or appliances.

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