Cram has partnered with the National Tutoring Association, Comparing Health Insurance Rates And Suppliers. Disability Income plans which require that the insurer can NEVER change or alter premium rates are usually considered. What is created after policy proceeds areobtained in a lump sum and then immediately invested? A producer is meeting with a client to determine whether an annuity would be suitable for purchase. Prospective producer who is waiting to take the state examination. The death benefit paid will be what the premium would have purchased at the correct age. Unintentionally misrepresented a material fact on the application. 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. b. Incomeif an insured is unable to work for a period of over six months, c. Coveragefor excess charges not paid for under Medicare. In regards to a life insurance contract, which of the following statements is NOT true regarding the concept of insurable interest? 1. Howsoon can the benefit payments begin with a deferred annuity? A _______ negotiates an insurance contract on behalf of an insurer, The Entire Contract provision states that an entire contract consists of the actual policy and the, the last day of the licensee's birth month (every two years), A producer's renewal date for his/her resident insurance license is on or before. Whattype of beneficiary should be named if the insured wants to give explicitdirections on how the policy proceeds should be paid? To be classified as a small employer, an employer must NOT have more than _________ eligible employees, The _______ is responsible for determining the appropriateness of a Medicare Supplement policy for an applicant, During the examination of an insurer's books and records by the Commissioner, the insurer, remain in effect until a new one is issued, John the insurance producer has an insurance license that expires in 6 months. Introducing Cram Folders! The face amount and the premium will remain constant over the 10-year period. 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. We'll bring you back here when you are done. New Jersey insurance law requires eligible individuals to make an election to continue health insurance benefits within a MAXIMUM of _____ days after coverage termination, A _____ insurance company is one that was formed under the laws of a state other than New Jersey, All of the following are typically included in a life insurance policy illustration EXCEPT, Claims payable to a Disability Income insured, even when the insured can continue to work, are the result of a. XYZ Corp pays the tax-deductible insurance premiums for a key employee disability policy. 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, Under a small group health plan, an insurer is required to provide a newly-married employee at least ____ days to add the new spouse to the plan, replacing an insurance policy from one insurer to another based on misrepresentation, legible and brief description of the policy on the first page, Each delivered life insurance policy in Maryland MUST include a, The _____________ of Coverage describes policy features, benefits, exclusions, and riders in a Long-Term Care policy, A person who, for a fee, gives advice or recommendations on benefits provided by an insurance contract is called, Child over the age of 18 years who attends an educational institution and relies on the insured employee for financial support. Bob and Tom start a business. Which military service exclusion clause would pay upon his death? a producers secretary who solicits prospects on the telephone D.In the event of employment termination, group health insurance can be kept if the employer pays the premium. Twisting is an illegal act which involves, A producer does NOT have a fiduciary responsibility to. a. social stratification b. feminization of poverty c. social class d. social mobility e. bourgeoisie f. vertical mobility g. proletariat h. intergenerational mobility i. wealth j. horizontal mobility k. income l. open-class system m. prestige n. absolute poverty o. relative poverty p. caste system. Please sign in to share these flashcards. A producer has committed an insurance crime that violates US Code 1033 (interstate commerce). An insurer is REQUIRED to offer which of the following to each long-term care applicant at the time of purchase? Who is eligible for insurance under a group policy issued to a labor union? Commissioner may impose an administrative penalty. What is the MINIMUM benefit period that must be offered by a Long-Term Care policy? A. Collectinga premium for insurance that is not provided. Selecting an insurance organization ought to be founded on a few components that can be broken into two general gatherings: \\ Temporarily Deposit the funds in a personal account. If a producer has been engaged in an administrative action by any governmental agency, within how many days following the final deposition must the producer report the action to the Commissioner? Former dependent of employee no longer ofdependent status. June 24, 2022 . Tim's individual life insurance policy has just recently lapsed. What happens when an insurance policy is backdated? Who regulates the quality care provided by a health maintenance organization (HMO)? Mariais a preferred provider organization (PPO) subscriber and received care from anout-of-network provider. The policyholder for a group health benefit plan is considered to be the, A Medicare Supplement policy can be cancelled by the insurer for, As of January 1, 2007, producer's license expires, Every two years on the last day of the producer's birth month, An insurer has the right to recover payment made to the insured from the negligent party. An attending physician's statement would be appropriate for which life insurance purpose? d. Individual disability income insurance premiums. Within how many days must a producerreport to the commissioner any administrative actions made against him/her? What happens to the total amount of premium paid for an insurance policy when the payment frequency increases? A separate converted policy may, at the option of the insurance company, be issued to cover a (n). This is called a. A Medicare Supplement policy may be cancelled by an insurer for which of the following reasons? Ifan insurer refuses to pay a claim, how many days must the insured wait to takelegal action against a health insurer after submitting written proof of loss? licensed producers not appointed by an insurer. 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 _____. 2.1.1 6 Whole life Insurance in Malaysia The Right-to-Examine period in Maryland for Long-Term Care policies is ____ days. Which of the following areas do error commonly occur on applications and for which the incontestable clause does NOT apply? A. New Jersey Department of Banking Insurance, A limited payment whole life policy provides, All advertisements for health insurance shall make clear the identity of the, The double indemnity provisions in a life insurance policy pertains to an insured's death caused by a. Mike has inherited his father's traditional IRA. a producer's secretary who solicits prospects on the telephone. A beneficiary has just received a claim payment for a life insurance policy. Must be bonded through the state. a producers secretary who solicits prospects on the telephone Krissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. How long is the Contestable period for health insurance policies sold in Maryland? An insurer must furnish to a claimant forms for filing proof of loss within ___ days upon receiving a notice of claim. _____ 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. To be classified as a small employer, an employer mustNOT have more than__ eligible employees. Whichtype of injury would NOT be covered under a health insurance policy? Submit to the replacing insurer a list of the policies to be replaced. The power given to an individual producer that is not specifically addressed in his/her contract is considered what type of authority? Which entity is responsible for processing insurance advertising in New Jersey? d. A covered employee if terminated for grossmisconduct. XZY company has applied for group health insurance for its employees. How long after its effective date will an individual life insurance policy become incontestable? 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. \end{array} Which of these gaps in Medicare coverage is addressed with Medicare Supplemental Insurance? Under a disability income policy, which provision would be payable if the cause of an injury is unexpected and accidental? A producer may be disciplined by the Commissioner for which of the following actions? What is issued to each employee of an employerhealth plan? Normally pay for losses arising from: Which of these would an insurer consider when determining whether to accept a group life plan? What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) OF 1985 allow an employee to do? Where would policy proceeds be paid if both the insured and primary beneficiary were killed in the same accident? Which of these is affected by the frequency of an insurance policy's premium payments? C.) Unintentionally misrepresented a material fact on the application. Which of the following is TRUE regarding the federal income tax? Failing to promptly provide a reasonable explanation for the denial of a claim is considered to be a. Which of the following is typically NOT eligible for coverage in a group health policy? A. Which of these if NOT considered a form of life insurance advertisement? Anindividual covered under a Blue Cross Blue shield is called a(n), Aclosed network plan offers a primary physician copay $25. Mike has inherited his fathers traditional IRA.As beneficiary, he will pay __Taxes on any money withdrawn. The insurer's obligation to pay a death benefit upon an approved death claim, Jennifer is required to pay a specific sum out of pocket before any benefits are paid in a year. In Maryland, a producer may have his/her license revoked for which of the following acts? Which type of coverage pays an amount per day for hospitalization directly to the insured regardless of the insured's other health insurance? Pay for Medicare charges exceeding the approvedamount. Which type of disability would be less than total impairment and equal to permanent impairment? \text{Inventory} & \underline{\hspace{13pt}55,000} & \underline{\hspace{13pt}50,000} \\ An example of a primary care physician would be an, A fee for service health insurance plan will normally cover. Within how many days must a producer notify the Department of Banking and Insurance of a change in address? The proceeds of this contract could be subject to the claims of. AMaryland insurance producer solicits an insurance policy. \text{Total liabilities and stockholders' equity} & \underline{\underline{\hspace{3pt}\$244,000}} & \underline{\underline{\hspace{3pt}\$256,000}} \\ A term life insurance policy is what most people think of when they think about life insurance. a producers secretary who solicits prospects on the telephone Maria would like an annuity that provides a guaranteed accumulation or payout. a producers secretary who solicits prospects on the telephone An insurance producer who replaces an existing policy by making false written or oral statements is committing the act of, A license MUST notify the Commissioner of an address change with ___ Days of the change. A debtor may receive Credit Life insurance in which of the following forms? Whichscenario would most life insurance policies exclude coverage for? An error was made on Erica's life insurance application. The renewability provision for an individual long-term care insurance policy must be located on the policy form's, The ______________________ must be notified of a licensee's address change within 30 days of such change, Producers must complete a total of _______ Continuing Education hours for each two-year licensing period, A Medicare Supplement policy may exclude coverage for a preexisting condition for up to ____ months. Which of these is NOT considered to be a risk factor in life insurance underwriting? B. Protects insurers from an applicantsMisrepresentation, C. Protect consumers with guidelines regardingcredit reporting and distribution. 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. What kind of insurance provides coverage for one or more necessary or appropriate diagnostic, preventative, therapeutic, rehabilitative, maintenance, or personal care services in a setting other than an acute care unit of a hospital? How many months can a life insurance policy normally be backdated from the date of application? Fundingfor Medicare Part B is Partially provided by. What will the beneficiary receive if an annuitant dies during the accumulation period? This illustration MUST disclose that. Which of the following is not a reason for the Commissioner to deny or refuse a producer license application? Whichof these will have the highest monthly payout upon Annuitization? 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. One or morediagnostic, preventive, therapeutic, rehabilitative, maintenance or personalcare services in a setting other than an acute care unit of a hospital. What is this an example of? & \text{Balance}& \text{Balance} & \\ What information would the insurer's underwriters likely use to determine the appropriate coverage and final premium rate given to the group? Advertising material for a life insurance policy does NOT need to contain which of the following? Which settlement option pays a stated amount toan annuitant, but no residual value to a beneficiary? Which of the following is considered a tax-deductible medical expenseunder this rule? Howare annuities given favorable tax treatment? 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. Which of these may NOT be used in a health insurance advertisement? Whendoes a life insurance policy typically become effective? There are several types of whole life insurance that are as follow:- D. Willfullycollecting a premium that exceeds the amount of the actual premium. 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. The producer decides not to respond. Insurable interest can be established sufficiently by sentimental attachment alone, A life insurance policy written on one contract for two people in which it is payable upon the first death is called. 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. Under a life insurance policy, what does the insuring clause state? Which of these is NOT an Unfair Claims Settlement Practice? Erica is 35 years old and owns an IRA. After passing the state Producer licensing exam, application for the license must be made within, How long must an insurance company keep record on life insurance replacement activity, An insurance company that is organized or chartered in a country other than the United States is defined as, Advertisements of insurance in a local newspaper, must be approved by, Which of the following actions may an insurance company NOT do in a health policy that contains a guaranteed renewable premium benefit, Increase the premiums on an individual basis, Continued coverage under COBRA would be provided to a(n), A covered employee is terminated for gross misconduct, In New Jersey, health insurance advertisements are required to contain the, The purpose of a coordination-of-benefits provision in group health accident and health plans is to, If an insured dies during the grace period with no premiums paid, The policy would be payable, minus the premium amount, A 10% excise tax is normally applied to an early withdrawal from an IRA. As beneficiary, he will pay__taxeson any money withdrawn. Reggie purchased a life insurance policy with a face amount of $500,000. a producers secretary who solicits prospects on the telephone Which of the following topics needs to be discussed with this client? To be eligible for small employer group coverage, anemployee must work a MINIMUM of __ hoursI a typical week. What is this an example of? c. Travel accidental insurance premiums. \text{Common stock} & \hspace{13pt}70,000 & \hspace{13pt}60,000 \\ A Medicare supplement policy can be cancelled by the insurer for: Maria the insurance producer completes a sale by collecting the required signatures on the application and obtaining the initial premium. Converting a group plan to permanent lifeinsurance requires: D. The conversion being applied for within 31 daysof termination. It is health insurance for the elderly. how many javan rhinos are left 2022; aquifer tim winton prezi; bloody mary lady gaga roblox id; . B. Gainsare tax exempt at distribution. During the year, Ravenna paid a $6,000 cash dividend and it sold a piece of equipment for$3,000 that had originally cost $6,000 and had accumulated depreciation of$4,000. Financial report from the previous year. Which of the following is NOT information found in a life insurance buyer's guide? She may reinstate her policy within _____ years. a. Oneor more diagnostic, preventive, therapeutic, rehabilitative, maintenance orpersonal care services in a setting other than an acute care unit of ahospital. Which of these statements about Medicaid iscorrect? Which of the following would be the appropriate tax consequence? Whatis the elimination period of an individual disability policy? Which of these is NOT subject to income taxation under a Modified Endowment Contract (MEC)? Whena qualified plan starts making payments to its recipient, which portion of thedistributions is taxable? A separate converted policy may, at the option of the insurance company, be issued to cover an. Which of the following must be included in the advertisement? An insurance producer is issued a _____ as evidence of authority. a producers secretary who solicits prospects on the telephone Which of the following would be considered a "dependent child"? 1980 camaro z28 for sale in canada; fixer upper homes for sale clarksville, tn; crossroads inn leechburg menu The coverage, condition, and limitations in the master policy of a group contract can be found in which document? ARoth IRA owner must be a least what age in order to make tax-free withdrawals? Tarathe producer is delivering a specified disease insurance policy to a new policyowner. For large samples, describe the sampling distribution of, (p^1p^2)\left( \hat { p } _ { 1 } - \hat { p } _ { 2 } \right) Which of the following is the likely result? 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. HIPPA considers which of the following as "individually identifiable health information"? a producers secretary who solicits prospects on the telephone When must a claim on a life insurance policy be paid after proof of loss has been received by the insurer? As beneficiary, he will pay ____ taxes on any money withdrawn.
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