FLORIDA HEALTH LIFE & ANNUITIES INSURANCE VOCABULARY TEST STUDY QUESTIONS WITH ANSWERS (COMPLETE 100%) | RATED A+

FLORIDA HEALTH LIFE & ANNUITIES INSURANCE VOCABULARY TEST STUDY QUESTIONS WITH ANSWERS (COMPLETE 100%) | RATED A+

Self-Employed Individuals Retirement Act - Answer>>>Passed by Congress in 1962, this act
enables self-employed persons to establish qualified retirement plans similar to those available to
corporations. P242
coordination of benefits (COB) provision - Answer>>>Designed to prevent duplication of group
insurance benefits. Limits benefits from multiple group health insurance policies in a particular
case to 100% of the expenses covered and designates the order in which the multiple carriers are
to pay benefits. p381
corridor deductible - Answer>>>In superimposed major medical plans, a deductible amount
between the benefits paid by the basic plan and the beginning of the major medical benefits.
P299
cost of living (COL) rider - Answer>>>A rider available with some policies that provides for an
automatic increase in benefits (typically tied to the Consumer Price Index), offsetting the effects
of inflation. P130, 316
self-insurance - Answer>>>Program for providing insurance financed entirely through the means
of the policyowner, in place of purchasing coverage from commercial carriers. P19, 288
yearly renewable term insurance (YRT) - Answer>>>A form of renewable term insurance that
provides coverage for one year and allows the policyowner to renew coverage each year without
evidence of insurability. Also called yearly renewable term (YRT). P87
self-insured plan - Answer>>>A health insurance plan characterized by an employer (usually a
large one), labor union, fraternal organization, or other group retaining the risk of covering its
employees' medical expenses. P288
National Association of Health Underwriters (NAHU) - Answer>>>NAHU is an organization of
health insurance agents that is dedicated to supporting the health insurance industry and to
advancing the quality of service provided by insurance professionals. P27
National Association of Insurance and Financial Advisors (NAIFA) - Answer>>>NAIFA is an
organization of life insurance agents that is dedicated to supporting the life insurance agency
industry and advancing the quality of service provided by insurance professionals. P27
National Association of Insurance Commissioners (NAIC) - Answer>>>Association of state
insurance commissioners active in insurance regulatory problems and in forming and
recommending model legislation and requirements. P26