L&HIllinoismedium
Under 215 ILCS 5/4, which of the following is correctly classified as 'accident and health' insurance rather than 'life' insurance in Illinois?
AA whole life policy with an accelerated death benefit rider
An individual disability income policy paying monthly benefits while the insured is unable to work due to sickness or injury
CA single-premium deferred annuity
DA variable universal life contract
Why this is the answer
215 ILCS 5/4 sets out the classes of insurance used throughout the Illinois Insurance Code. Disability income coverage — paying monthly benefits while the insured is unable to work due to sickness or injury — falls within the 'accident and health' class. Life products, including those with accelerated death benefit riders, and annuities fall under the 'life' classification, even though annuities are economically distinct.
Studying for the Illinois Life & Health exam?
This question comes from our L&H bank. Take a free practice test — no signup.