A life insurance policyowner is allowed ____ days upon policy delivery to return the policy for a full premium refund, A producer's license MUST be renewed every _______ years, Collecting a charge for insurance that is less than the charge applicable to that insurance. 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. The funeral of Wayne Emmerson Wilson leaves Downes and Wilson Funeral Home, Eagle Hall, St.Fax: 540-662-2627. Producing an inadequate amount of new premium. C. Protects consumers with guidelines regarding creditreporting and distribution. A non-contributory health insurance plan helps the insurer avoid, An employee under a group insurance policy has the right to name a beneficiary and the right to, A) remain on the group in the event of employment termination, D) Convert to an individual policy in the event of employment termination, D) Convert to an individual policy in the event of employment termination, All of the following are Characteristics of a group life insurance plan EXCEPT, Tim is covered under a group plan and would like to change his group coverage to an individual policy with the same insurer because of employment termination. 59 and owned account for a minimum of 5 years, C. 70 and owned account for a minimum of 10 years, D. 70 and owned account for a minimum of 5 years, A. Cancelingdisability policy to buy a term life policy, B. Cancelinga term life policy to buy a whole life policy, C. Cancelinga long-term care policy to buy a whole life policy, D. Cancelinga whole life policy to buy a major medical policy. Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Barbara's policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of insurability. In the event of the employment termination, group health insurance can be kept if the EMPLOYEE pays the premiums, A health insurer must be provided with written proof of loss _____ days after the date of loss, A producer must notify the Commissioner within _____ days of a felony conviction. Mike has inherited his fathers traditional IRA.As beneficiary, he will pay __Taxes on any money withdrawn. The ____of coverage describes policy features, benefits, exclusions and riders in a long-term care policy. In this situation, who will receive Bob's policy proceeds? D. Coverage includes compulsory hospital andvoluntary supplementary medical insurance. We'll bring you back here when you are done. Which of the following is NOT considered to be an act of fraud? This MANDATORY health policy provision states that the policy, including endorsements and attached papers, constitutes, The entire insurance contract between the parties, All of the following are elements of an insurance policy EXCEPT. Which of these describes the change that will take place?A) Coordination of benefitsB) ConversionC) Extension of benefitsD) Rollover, Under a group life policy, the insurer will issue an individual _____ to the policyowner for delivery to each person insured.A) policyB) certificateC) applicationD) rider. It is health insurance for the elderly. she may need to resume premium payments, depending on actual results, Kiara filled out a life insurance application and was given a policy illustration that showed future premiums being paid out of non guaranteed values. Paul has an, An indemnity plan limitation that will pay the dental bills after a small amount is paid by the insured is called. Allof these are considered key factor in underwriting life insurance EXCEPT, Anapplicant intentionally lying to an insurance company on an application inorder to obtain a cheaper premium is an example of. Intereston death benefits are NOT required to be paid by an insurance company as longas proceeds are paid within __ after the date of the death of the insured. Kathy pays a monthly premium on her health insurance policy. Vaginal plastic surgery is made up of two main procedures, external and . A producer has recently died and leaves behind a spouse In order for What information would the insurer's underwriters likely use to determine the appropriate coverage and final premium rate given to the group? a producers secretary who solicits prospects on the telephone \text{Common stock} & \hspace{13pt}70,000 & \hspace{13pt}60,000 \\ An insurer may pay a commission in which of the following scenarios? Assist in the underwriting of insurance policies. Which of these gaps in Medicare coverage is addressed with Medicare Supplemental Insurance? 1. Replacement regulation is designed to protect the interests of, A health insurance policy that allows an insurer to change the policyowner's premiums, but NOT cancel the policy is called. Maria is a Preferred Provider Organization (PPO) subscriber and received care from an out-of-network provider. A producer who sells an individuallife insurance policy in Maryland MUST deliver to the policy owner a(n), b. Failingto promptly provide a reasonable explanation for the denial of a claim isconsidered to be a (n). A type of group that has a constitution and bylaws andhas been organized for purposes other than obtaining insurance is called awhat? A beneficiary has just received a claim payment for a life insurance policy. Paul has a (n), Failingto Promptly provide a reasonable explanation for the denial of a claim is conservedto be a(n), AnHMO that involves a partnership of physicians and other providers who practiceout of a central facility is called a(n), Smallemployers who are spooned by an insurer to provider group benefits to itsemployees are called. What happens to the coverage under a children's term rider when that child reaches a certain specified age? How much does Medicare Part B pay for physician fees? Peter Griffith, Funeral Director of Lyndhurst Funeral Home. The promise of a discount in premium as an inducement to purchase insurance is known as, exchanging a new policy for one already in force, with guidelines regarding credit reporting and distribution, The Fair Credit Reporting Act protects consumers, Terminally-ill life insurance policyowners may sell their policy at a discount to a third party. The policy automatically converts to whole lifeafter the 10-year period, B. All of these are responsibilities of the Commissioner EXCEPT, policy must be issued to XYZ, and a certificate must be issued to each employee, XYZ Corp was issued a group health policy for its employees. The premium for a Modified whole life policy is, How long is the Contestable Period for health insurance policies sold in New Jersey, An applicant intentionally lying to an insurance company on an application in order to obtain a cheaper premium is an example of. James is the insured on a life insurance policy where his age was misstated on the application. An annuitant is guaranteed to NOT outlive their benefits will a(n). A producer's secretary who solicits prospects on the telephone Must be licensed as a producer Which of the following is a requirement for ANY change in an insurance application? A Medicare Supplement policy may be cancelled by an insurer for which of the following reasons? Hill during her initial calls made to the call center. pain between 4th and 5th metatarsal. A prorated death benefit based on the amount of insurance the insured's premiums would have been if purchased at the correct age, A guaranteed issue insurance policy has no, A single premium cash value policy can be described as, A policy that is paid up after only one payment. \text{Total liabilities and stockholders' equity} & \underline{\underline{\hspace{3pt}\$244,000}} & \underline{\underline{\hspace{3pt}\$256,000}} \\ How to take legal action against an insurance company. An error was made on Erica's life insurance application. On Social Security disability for over two years, D.Falling below the federal poverty level, D. Falling below the federal poverty level, Field underwriting performed by the producer involves, Completing the application and collecting initial premium, A provision that allows a policy owner to withdraw a policy's cash value interest free is a(n). A. How many employees must an employer have for a terminated employee to be eligible for COBRA? a producers secretary who solicits prospects on the telephone Which of these if NOT considered to be a purpose of an annuity? With a usual, customary, and reasonable fee, Which of these is NOT a qualifying event for Medicare, A. a producers secretary who solicits prospects on the telephone. Arollover from a Traditional IRA to another IRA must be done within __ days toavoid tax consequences. Annuities are intended to create an estate. The type of annuity she is seeking is called? \text{Cash and cash equivalents} & \$\ \hspace{5pt}48,000 & \$\ \hspace{5pt}57,000 \\ D.) By providing consumer credit counseling. An insurer must furnish to a claimant forms for filing proof of loss within ___ days upon receiving a notice of claim. Which of these statements is true? Johan the producer charged a fee to a sales prospect for analyzing insurance coverages A written statement describing the elements of a policy is called, All of the following are considered appropriate uses of life insurance for business purposes EXCEPT, Protecting the business by covering entry level employees with life insurance, An insured individual and the policy's beneficiary die from the same accident. A provision in a whole life policy that allows a policy owner to terminate the policy in return for a reduced paid-up policy of the same type is called, A type of group that has a constitution and bylaws and has been organized for purposes other than obtaining insurance is called. Which of the following does Medicare Part D cover? 1. Determine whether there are 0,1 , or 2 real solutions to f(x)=0. a. Theinsured skipped a payment beyond the 31 day grace period, b. Theinsured was injured while participating in an illegal occupation, c. Theinsured was given a notice of cancellation from the insurer, d. Theinsured suffered an injury as an innocent bystander during a bank robbery. 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. If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy? B.Canceling a term life policy to buy a whole life policy. An example of a primary care physician would be an, A fee for service health insurance plan will normally cover. EXECUTIVE SUMMARY. The concept is simple - the insured buys the policy and names Life insurance pays after a persons death to help family members pay for debt, lost income, or funeral costs (Life Insurance 686). An individual who has a hobby racing cars once a month. A Whole life policy option where extended terminsurance is selected is called a(n), A provision in a whole life policy that allows apolicy owner to terminate the policy in return for a reduced paid-up policy ofthe same type is called a(N). The policy's effective date is earlier than the present, A Renewable Term Life insurance policy can be renewed, At a predetermined date or age, regardless of the insured's health, A producer's secretary who solicits prospects on the telephone. a producers secretary who solicits prospects on the telephone 12. Where would policy proceeds be paid if both the insured and primary beneficiary were killed in the same accident? The policies continue in force with no change. To be eligible for small employer group coverage, anemployee must work a MINIMUM of __ hoursI a typical week. Which of the following would be the appropriate tax consequence? a producers secretary who solicits prospects on the telephone. When is an existing health insurance policy required to provide coverage for a new born child? What does the consolidated Omnibus Budget Reconciliation ACT (COBRA) of 1985 allow an employee to do? D.In the event of employment termination, group health insurance can be kept if the employer pays the premium. Which of these is NOT considered to be a nonforfeiture option in a whole life insurance policy? Which of the following is present when an applicant stands to lose value if the insured dies? AnIndividual can enroll in a part C Medicare Advantage Plan at what time? A whole life policy option where extended term insurance is selected is called a(n). What is the contract called that is issued to an employer for a Group Medical Insurance plan? A person who is a nonsmoker, of average weight, and in excellent health would most likely be in which risk classification? Maria has committed what crime? Which of these may NOT be used in a health insurance advertisement? What amount will be paid under a policy where the insured misstated his/her age? How soon can the benefit payments begin with a deferred annuity? 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. When initial premium is collected and policy is issued. Similar to the differen o Term Life insurance: an individual is buying protection for a specific period of time. This type of agreement is called a, The act of using misrepresentation to induce an insured person to terminate an existing policy and purchase a new policy is referred to as, An advertisement for an insurance product may contain, Signing a prospect's name without their knowledge or presence. A newborn is required to be covered for ______ days from the moment of birth. A professional liability for which producers can be sued for mistakes of putting a policy into effect is called. Which of the following may be used as continuation education credit? 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. Which of the following is typically NOT eligible for coverage in a group health policy? b. Pat the client interest on any monies held. b. C) Unintentionally misrepresented a material fact on the application. Which of the following would be considered a "dependent child"? Which of thesestatements is true? Unintentionally misrepresented a material fact on the application. \text{Income taxes payable} & \hspace{13pt}25,000 & \hspace{13pt}28,000 \\ 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). A. A. Toaccept or decline insurance applicants, B. Toset the premium rates for insurers, D. Toperform physical examination on applicants. 16381 Chillicothe Rd, Chagrin Falls, OH 44023, USA 440-708-1855. search. Which of the following is NOT considered to be an actof fraud? There is protection of proceeds against the insured's and the beneficiary's creditors, Susan is insured through her Group Health Insurance plan and changed her coverage to an individual plan with the same insurer after her employment was terminated. Policyowners from misrepresentations and loss of benefits, Replacement regulation is designed to protect, A producer must notify the Commissioner within _____ days of a felony conviction, Dependent children under a health insurance plan must be provided coverage up to age, written authorization from the proposed insured, Prior to conducting an HIV-related test, the insurer must obtain, An insurance producer agrees to pay the first monthly premium for an insurance applicant. An individual can enroll in a Part C Medicare Advantage Plan at what time? As beneficiary, he will pay ____ taxes on any money withdrawn. What is the MINIMUM benefit period that must be offered by a Long-Term Care Policy? the daily amount paid for nursing home care, All long-term care policies sold in North Dakota are REQUIRED to pay the SAME daily benefit amount for "at home" care as paid for. A life insurance policy which contains cash values that vary according to its investment performance of stocks is called. Which dividend option would an insurer invest the policyowner's money and add any interest earnings as the dividends accrue? Any decrease in income resulting from this injury would make him eligible for benefits under which provision? Pierre the producer receives a premium for an individual health insurance policy. What is this an example of? The IRS allows a taxpayer to deduct medicalexpenses of that exceed 7.5% of their adjusted grossincome. The names of the insurance companies represented by the producer. cuanto gana un pintor de autos en estados unidos . C. Funded by federal, state, and local taxes. 59 and owned account for a minimum of 10 years, B. A medicare supplement plan can be canceled by the insurer, Small employers who are sponsored by an insurer to provide group benefits to its employees are called, Health insurance involves two perils, accident and _____. How long must a life insurance policy be in effect before the policy owner may use the non forfeiture provision? Which of the following statements is TRUE? Premium mode is term used to describe the: The Fair Credit and Reporting Acts main purposeis to: A. If he files an application for renewal before the expiration date, his license will, A Medicare Supplement policy can be cancelled by the insurer for, Recording the receipt and distribution of premiums due to an insurer is considered a producer's _________ responsibility. Which of these if NOT considered a form of life insurance advertisement? Which of the following is NOT information found in a life insurance buyer's guide? 1980 camaro z28 for sale in canada; fixer upper homes for sale clarksville, tn; crossroads inn leechburg menu Which of the following is a reinstatement condition? The Commissioner must examine the financial affairs of each admitted insurer operating in Maryland at least once every how many years? A domestic insurance company in Maryland MUST, Collecting premiums and paying them to the insurance company. What happens to interest earned if the annuitant dies before the payout start date? Whichof these benefit options would he choose? As of January 1, 2014, small group health insurance can be rated on the basis of. For large samples, describe the sampling distribution of, (p^1p^2)\left( \hat { p } _ { 1 } - \hat { p } _ { 2 } \right) & \text{Ending}& \text{Beginning} & \\ They are both involved in an automobile accident where Pat dies instantly and Karen dies 5 days later Key Person Disability Insurance pays benefits to the. d. Alump sum payment upon first diagnosis of cancer, heart attack, or stroke. Written notice for a health claim must be given to the insurer ___ days after the occurrence of the loss. Which of the following life events would allow an uninsured employee to qualify for special enrollment in a small employer health benefit plan? Which of the following actions is REQUIRED by an agent who is replacing an existing life insurance policy? Which of the following is Medicare Part B also known as? The replacing policy may only impose a ____ month time exclusion for pre-existing conditions, forward premiums to the insurer on a timely basis, When collecting insurance premiums from a client, a producer MUST, Once a health insurance policy has been in force for _______ years, the policy may NOT be contested by the insurer, cancelling a term life policy to buy a whole life policy, All of these types of benefits may be covered by a nonprofit health service plan EXCEPT, have it's content approved by the commissioner. A. The time limit for filing claim disputes is addressed in which provision of an accident and health policy? The face amount and the premium will remain constant over the 10-year period. She recently replaced the policy with a new one that provides better coverage. A master contract and certificate of coverage can be found in which type of policy? . The face amount will remain constant and thepremium will increase over the 10-year period, C. The Premium will remain constant and the faceamount will increase over the 10-year period. Kurt is an active duty serviceman who was recently killed in an accident while home on leave. Julie has a $100,000 30-year mortgage on her new home. A life insurance policyowner does NOT have the right to, A Guaranteed issue insurance policy has no. Which course of action must be taken by the Commissioner? Which of the following is Medicare Part B also known as? Erica is 35 years old and owns an IRA. A producer's license may only be suspended or revoked if the producer, one or more diagnostic, preventive, therapeutic, rehabilitative, maintenance, or personal care services in a setting other than an acute care unit of a hospital, Long-term care policies sold in Maryland may exclude coverage related to, The Life and health Guaranty Corporation provides funds to carry out its powers and duties by assessing, As of January 1, 2014, small group health insurance can be rated on the basis of, An individual covered under a Blue Cross Blue Shield plan is called a, An HMO that involves a partnership of physicians and other providers who practice out of a central facility is called a, Funding for Medicare Part B is partially provided by, Medicare Part A does not pay for medical benefits provided for treatment in a skilled nursing facility, MEWA (Multiple Employer Welfare Arrangement), Small employers who are sponsored by an insurer to provide group benefits to its employees are called. Craig submits a $500 claim for medical expenses. 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. What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) OF 1985 allow an employee to do? D. Level for the first 5 years then decreases forthe remainder of the policy.