Which optional disability income insurance rider waives the elimination period if the insured is hospitalized?

The hospital confinement rider waives the elimination period if the insured is hospitalized and pays only when the insured is being treated as an inpatient.

Which of the following actions may not be taken by an insurance company to insure a substandard applicant for disability income?

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”.

Which measure could an underwriter used to reduce the risk when underwriting a disability income policy?

Answer A is correct. Presumptive Disability involves the loss of two or more limbs, not the loss of one limb only. Which measure could an underwriter use to reduce the risk when underwriting a Disability Income Policy? A) Increase the benefit period and shorten the elimination period.

Which of the following are ways that the insurer can issue disability income coverage for a substandard risk?

Reduced benefits, higher premiums, and elimination of coverage for known risks (preexisting health conditions, vocational/avocational risks) are three of the ways in which insurers deal with substandard risk.

What type of insurance would be used for a return of premium rider?

term life insurance
A return of premium rider allows term life insurance policyholders to recover the premiums they’ve paid over the life of their policy if they don’t die while the policy is in effect. Policies with this provision are also referred to as return of premium life insurance.

What is an impairment rider?

An impairment rider is also known as a medical exclusion rider or exclusionary rider. This is an amendment to a health insurance policy that waives the insurer’s responsibility to pay all future claims that are related to a pre-existing medical condition.

What is the elimination period for disability insurance?

The Elimination Period is defined as the period starting from the day you first become disabled and continuing for the period noted in the policy. This may be 90 days or 180 days or whatever the policy calls for. No Benefits Paid: During the EP, no benefits are paid.

Which of the following types of disability coverage would be the least restrictive to the insured as to qualifying for benefit payments?

* D) Own occupation. From the insured’s perspective, qualifying for disability benefits would be the least restrictive under an “own occupation” policy, which requires that the insured be unable to work at his or her own occupation, because of a disabling sickness or injury, from any cause.

What is the elimination period of an individual disability policy quizlet?

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

What is an elimination period for short term disability?

Elimination Period: The elimination period is a period of time an employee must be disabled before benefits are paid. For short term disability, there is an elimination period for disabilities due to sickness and one for those due to injury.

What is a 14 14 elimination period?

The elimination periods are/is as follows: For Injury: 14 days. For Sickness (includes pregnancy): 14 days. Benefits continue for as long as you are disabled up to a maximum duration of 13 weeks of Disability.

What is elimination period for Aflac?

(The elimination period is the period of time between the onset of a disability, and the time you are eligible for benefits). The participant can select from an option of benefit periods ranging from 3, 6, 12, or 24 months. Monthly benefit amounts can range from $500-$5,000.00 (subject to income requirements).

What is the elimination period?

Elimination period is a term used in insurance to refer to the time period between an injury and the receipt of benefit payments. In other words, it is the length of time between the beginning of an injury or illness and receiving benefit payments from an insurer.

What is elimination disability?

An elimination period is the time period between when an illness/injury has occurred and the commencement/receipt of the benefit payment. An elimination period can range anywhere from 30 – 365 days depending on the policy. When it comes to a disability, elimination periods and premium has the inverse effect.

How does elimination period work?

The elimination period starts on the date that your injury or diagnosis renders you unable to work. For instance, if you were in a car accident that left you unable to work, and you filed a claim 30 days after the accident, the elimination period would begin the day of the accident.

Which of the following is true regarding elimination periods and the cost of coverage?

Which of the following is true regarding elimination periods and cost of coverage? The longer the elimination period, the lower the cost of coverage. – the elimination period is a period of days which must expire after onset of an illness or occurrence of an accident before benefits will be payable.

Which of the following best describes the elimination period in a long term care insurance policy?

The elimination period on a long-term care policy works like a deductible: It’s the number of days you pay for care before the policy pays out. A typical elimination period is 90 days.

How does elimination period work for long term care insurance?

An elimination period: Is like the deductible you have on car insurance, except it is measured in time rather than by dollar amount. Most policies allow you to choose an elimination period of 30, 60, or 90 days at the time you purchased your policy. During the period, you must cover the cost of any services you receive.