How many days notice must the Commissioner give prior to a hearing? When must a claim on a life insurance policy be paid after proof of loss has been received by the insurer? In which of the following relationship would there NOT be an insurable interest? 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In the event of employment termination, group health insurance can be kept if the employee pays the premiums, B. Recieve a tax credit to help offset the cost of health insurance, C. Remain of their current coverage for 30 months. visas, binomial trials. Which of the following does Medicare Part D cover? Which course of action must be taken by the Commissioner? Fundingfor Medicare Part B is Partially provided by. Which of the following is NOT considered to be an act of fraud? Employee must be able to make unlimited contributions. A Long-Term Care policy may only exclude pre-existing conditions for up to _____ months, The identity of the ____ must be made clear in every health insurance advertisement, _______________ is the authority given to a producer to sell, solicit, or negotiate insurance on behalf of the insurer, Pre-existing conditions may only be excluded from coverage for a maximum of 6 months. To be eligible for small employer group coverage, an employee must work a MINIMUM of ____ hours in a typical week. Long-term care insurance and Medicare Supplementplan have a free-look period of__ days. An accident and health policy that provides reimbursement benefits makes them payable to the, A separate converted policy may, at the option of the insurance company, be issued to cover a, Dental treatment is needed to repair an injury. Which of the following enables a life policy to be replaced with another life policy and results in the postponement of the tax consequence? A long-term care policy typically provides all of the following levels of care EXCEPT, A life insurance policy that has premiums fully paid up within a stated time period is called, A securities license is required for a life insurance producer to sell, In contrast to a guaranteed renewable policy, a noncancellable policy. What happens to interest earned if the annuitant dies before the payout start date? Submit to the replacing insurer a list of the policies to be replaced. What happens to the total amount of premium paid for an insurance policy when the payment frequency increases? D.In the event of employment termination, group health insurance can be kept if the employer pays the premium. How many months can a life insurance policy normally be backdated from the date of application? In what form do disability income policies typically pay benefits? If the company debited Accounts Receivable and credited Sales for $600,000 during the year, what is the total amount of credits recorded in Accounts Receivable during the year? Who regulates the quality care provided by a health maintenance organization (HMO)? It is administrated by the federal government, C. It is funded by federal, state, and local taxes. A life insurance replacement gives the policyowner the right to return the policy for a 100% refund within _____ days of policy delivery, A producer MUST maintain insurance transaction records for a minimum of ____ years. Complete the sentence using each term once. c. Solve the equation f(x)=0, if possible. Provides the insured a specific dollar amount for services, An example of an unfair method of competition is, Overstating the benefits of an insurance policy, A pharmacy benefit covers prescription drugs derived from a list called, The type of policy which pays on the death of the last person is called, Converting a group plan to permanent life insurance requires, The conversion being applied for within 31 days of termination, Ownership of a life insurance policy may be temporarily transferred with a(n). Maria the agent would like to advertise an annuity product on a highway billboard. A plan in which an employer pays insurance benefits from a fund derived from the employer's current revenues is called. Afterwards, she deposits the check into her personal checking account. B. Determine whether the discriminant is positive, negative, or zero. Written notice for a health claim must be given to the insurer ___ days after the occurrence of the loss. An annuitant is guaranteed to NOT outlive their benefits will a(n). Pat is insured with a life insurance policy and Karen is his primary beneficiary. A life insurance policy is hallowed ___ days upon policy delivery to return the policy for a full premium refund.. An order issued by the commissioner that prohibits a specific practice listed in the order is called a (n). Term, Whole, and universal lifeinsurance. Failing to renew license on timely basics, C.) Sharing Commissioners with another licensed Producer, D.) Signing a prospect's name without thier knowledge or presence, The Fair Credit Reporting Act Protects consumers, B.) A producer may begin to solicit insurance ONLY. \text{Common stock} & \hspace{13pt}70,000 & \hspace{13pt}60,000 \\ How long must a life insurance policy be in effect before the policy owner may use the non forfeiture provision? Frank is shopping for a disability income policy. A silver level medical plan is what percent the insurance company pays for the employee and the other percent is what the employee pays out of pocket (Unders Insurance companies look at a number of factors when it comes to setting premiums for a particular company. juin 5, 2022 . What is the purpose of having an accelerated death benefit on a life insurance policy? A. It would be considered taxable income to the employee. In order for the producer's insurance business to continue, the Commissioner may issue to the producer's spouse a has a mental or physical handicap and remains dependent on the parent A dependent child may remain on a parent's health insurance plan beyond age 26 if the child 60 Find out how you can intelligently organize your Flashcards. C. Remain of their current coverage for 30 months. A debtor may receive Credit Life insurance in which of the following forms? Which of these gaps in Medicare coverage is addressed with Medicare Supplemental Insurance? A newborn is required to be covered for ______ days from the moment of birth. All Medicare Supplement policies MUST contain which provision? audio not yet available for this language. Which license is REQUIRED in order to solicit Long Term Care insurance in the State of Maryland? A. These rights are called, A producer who intentionally makes an untrue or incomplete statement in the course of an insurance transaction may be guilty of. Reggie purchased a life insurance policy with a face amount of $500,000. If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy? Terminally - ill life insurance policy owners may sell their policy at a discount to the third party. The proceeds of this contract could be subject to the claims of, The Food and Drug Administrationapproved prescription drugs for treatment as stated on the drugs labeling. C. Protects consumers with guidelines regarding creditreporting and distribution. Former dependent of employee no longer ofdependent status. At what age can she begin to receive distributions without a tax penalty? Which of the following is typically NOT eligible for coverage in a group health policy? A producer is meeting with a client to determine whether an annuity would be suitable for purchase. Which of the following is NOT a qualification to be licensed as a producer? Financial report from the previous year. After an insured gives notice of loss, what must he/she do if the insurer does not furnish forms? In the event of a controversy between the insured and the company, the producer is considered to represent the, A life policy loan in Maryland cannot charge a fixed rate of interest higher than, The Food and Drug Administration approves prescription drugs for treatment as stated on the drug's labeling. Which of these will typically authorize treatment from a specialist? (To help answer this question, create an Accounts Receivable T-account and insert the beginning and ending balances.) An insurer is REQUIRED to offer which of the following to each long-term care applicant at the time of purchase? Which of these is NOT an Unfair Claims Settlement Practice? Must be bonded through the state. The coverage, condition, and limitations in the master policy of a group contract can be found in which document? Whattype of beneficiary should be named if the insured wants to give explicitdirections on how the policy proceeds should be paid? June 5, 2022 . The statement which best describes the relationship between the relationship between the premiums of a whole life policy and the premium payment period is, The shorter the payment period, the higher the premium. by . a producers secretary who solicits prospects on the telephone. In the marketplace there are four various tiers of coverage, ranging from, bronze to platinum. Who is eligible for insurance under a group policy issued to a labor union? How to take legal action against an insurance company. A. Allows the secondary payor to reduce their benefit payments so no more than 100% of the claim is paid, A producer who shares commissions with a client. Whatis created after policy proceeds are obtained in a lump sum and thenimmediately invested? Similar to the differen o Term Life insurance: an individual is buying protection for a specific period of time. What geographic factor makes Antarctica's ice caps drier than deserts in Africa and Asia? Contact; a producers secretary who solicits prospects on the telephonepossum playing dead in the yard. In New Jersey, group health insurance may be offered to all of these groups EXCEPT. The policy automatically converts to whole lifeafter the 10-year period, B. Which of the following is the likely result? Why are dividends from a mutual insurer not subject to taxation? Determines what is paid by the primary and secondary insurers in the event of a claim, A producer has recently died and leaves behind a spouse. Term, Whole, and universal life insurance, C. Joint, credit, and group life insurance. When an insured changes to a more hazardous occupation, which disability policy provision allows an insurer to adjust policy benefits and rates? How long after its effective date will an individual life insurance policy become incontestable? Paul has an, An indemnity plan limitation that will pay the dental bills after a small amount is paid by the insured is called. In the event of employment termination, group insurance can be kept if the employee pays the premiums. Upon receiving a producer complaint, the Commissioner may immediately A producer may begin to solicit insurance ONLY when, A.) What is the MINIMUM benefit period that must be offered by a Long-Term Care policy? a producers secretary who solicits prospects on the telephone. If a subscriberchooses a primary care physician outside of the network, the subscriber willlikely pay, Medicareprovides coverage for each of the following EXCEPT. Howdoes one become eligible for part D: Prescription Drug Coverage? Whichof these will have the highest monthly payout upon annuitization? The ____of coverage describes policy features, benefits, exclusions and riders in a long-term care policy. When calculating the amount of life insurance needed for an income earner, what has to be determined when using he Needs Approach? PartA Hospital expense coverage provided under Medicare is automatically madeavailable to each of the following EXCEPT, A. A50-year-old individual who has qualified for SSDI in the last 24 months, B. A70-year-old NOT Eligible for Social Security, C. A55-year-old suffering from kidney failure. ashlyn 72" ladder bookcase / la montagne jean ferrat partition piano pdf / a producers secretary who solicits prospects on the telephone. In the event of employment termination, group health insurance can be kept if the employee pays the premiums. This agreement is called an, Upon receiving a producer complaint, the Commissioner may immediatley, ABC Insurance Company transfers part of their risk to XYZ Insurance Company. 1. A. Julie has a $100,000 30-year mortgage on her new home. _____ is NOT an element of valid contract, The automatic premium loan provision authorizes an insurer to withdraw from a policy's cash value at the amount of, Past due premiums that have not been paid by the end of the grace period. Disability Income plans which require that the insurer can NEVER change or alter premium rates are usually considered. Which of the following is NOT required in an order from the Commissioner? Premium mode is a term used to describe the, A newborn is required to be covered for _____ days from the moment of birth, A clause that allows an insurer the right to terminate coverage at any anniversary date is called. B. Protects insurers from an applicantsMisrepresentation, C. Protect consumers with guidelines regardingcredit reporting and distribution. Erica is 35 years old and owns an IRA. All of these are valid options for an Adjustable Life Policy EXCEPT, A nonforfeiture option can be used to increase the death benefit. A _______ company is owned by its shareholders, The ___________ has the right to renew a small employer health plan, providing incorrect, misleading, incomplete, or materially untrue information in the license application, A producer who is licensed in Maryland but resident in another state is called a, A minor may receive a life insurance policy's death benefit ONLY, Interest on death benefits are NOT required to be paid by an insurance company as long as proceeds are paid within ______ after the date of the death of the insured, Submit to the replacing insurer a list of the policies to be replaced.