Which of the following describes a person who is NOT acceptable by an insurer at standard rates because of health history, occupation, or hobbies? Whichphase is this annuity in? \\ 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. A life insurance policyowner does NOT have the right to, A Guaranteed issue insurance policy has no. Twisting is an illegal act which involves, A producer does NOT have a fiduciary responsibility to. Which military service exclusion clause would pay upon his death? The commissioner must examine the financial affairs of each admitted insurer operating in Maryland at least once every how many years? Annuities are intended to create an estate. Which type of coverage pays an amount per day for hospitalization directly to the insured regardless of the insured's other health insurance? Julie has a $100,000 30-year mortgage on her new home. A term life insurance policy is what most people think of when they think about life insurance. 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. At minimum, a carrier is required to offer which of the following health benefit plans to small employers? B.Change must be initialed by the applicant. Which of the following actions by a producer would NOT result in a license suspension or revocation? 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. by geriford27, Healthinsurance will typically cover which of the following perils? \text{Common stock} & \hspace{13pt}70,000 & \hspace{13pt}60,000 \\ Which of the following is NOT considered to be an act of fraud? As of January 1, 2014, small group health insurance can be rated on the basis of. 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. An insurer must furnish to a claimant forms for filing proof of loss within ___ days upon receiving a notice of claim. Which of the following would be considered a "dependent child"? assure full and truthful disclosures to the public, All of the following are typically included in a life insurance policy illustration EXCEPT. Any decrease in income resulting from this injury would make him eligible for benefits under which provision? 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. A plan in which an employer pays insurance benefits from a fund derived from the employer's current revenues is called. HIPPA considers which of the following as "individually identifiable health information"? We understand that this must have been both very frustrating and disappointing. Which of the following is NOT a required provision in an accident and health insurance policy? Who is the individual paid on a fee-for-service basis? In a group health care, what is the purpose of the coordination of benefits provision? Under a life insurance policy, what does the insuring clause state? B. Providea risky, yet high return investment, Fixedannuities provide each of the following EXCEPT. It allows for cash advances to be paid against the death benefit if the insured becomes terminally ill. Who assumes the investment risk in a variable insurance contract? \text{Inventory} & \underline{\hspace{13pt}55,000} & \underline{\hspace{13pt}50,000} \\ D.) By providing consumer credit counseling. A. Selecting an insurance organization ought to be founded on a few components that can be broken into two general gatherings: B. Guaranteedlifetime withdrawal benefit, D. Guaranteedminimum accumulation benefit. Must be bonded through the state. What may be the result of replacing an existing life insurance policy with a new one? Proof of loss on a health insurance claim must be submitted to an insurer within _____ days after the insure's date of loss. A separate converted policy may, at the option of the insurance company, be issued to cover a (n). Please upgrade to Cram Premium to create hundreds of folders! Adoctor who accepts Medicare Assignment agree to which of the following ? Producer commissioners may NOT be paid to: B. Licensedand appointed producers who are sharing commissions. Barbara's policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of insurability. Which of the following is NOT part of an insurance contact? _____ 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. Which of these is NOT subject to income taxation under a Modified Endowment Contract (MEC)? . What is the required action to be taken by a Maryland licensee before operating under an assumed business name? Whichtype of life insurance is normally associated with a payor benefit rider? Focus of Major medical insurance is providingcoverage for: C. Medical and Hospitalization expenses. The power given to an individual producer that is not specifically addressed in his/her contract is considered what type of authority? 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. Who is required to notify the producer in the event of appointment termination? Term, Whole, and universal life insurance, C. Joint, credit, and group life insurance. How many days notice must the Commissioner give prior to a hearing? A. The benefit can be offered as a rider at a specific extra cost or may be at no cost, All of the following are included as part of a contract in the entire contract provision EXCEPT the. Which type of long-term care benefit would be most appropriate for a stroke victim who requires speech therapy administered at her home? D. Administered by the federal government. You are here: how to remove chicken giblets a producers secretary who solicits prospects on the telephone. If credit life insurance is terminated before the scheduled maturity date of the debt, any unearned premium held by the insurer will be? Which of these is likely to occur when life or health insurance is being applied for? Converting a group plan to permanent lifeinsurance requires: D. The conversion being applied for within 31 daysof termination. Therole of the federal government was expanded when Medicaid was establish byallowing the state to, A. Froma large PPO on a statewide level, B. Purchasehealth insurance from the federal government, C. Receivematching funds to expand public assistance programs, D. Deferall costs to the federal government for public assistance program, Anaccident and Health policy that Provides reimbursement benefits makes them payable to the, Paulis an employee who caught a disease unique to the trade in which he was exposedto. The producer decides not to respond. A whole life policy option where extended term insurance is selected is called a(n). How long is her grace period? Life insurance policies will. June 5, 2022 . Her agent submitted the information to the insurance company on April 6. A separate converted policy may, at the option of the insurance company, be issued to cover an. Kurt is an active duty serviceman who was recently killed in an accident while home on leave. A. a)When the policy owner notifies the insurance company, c.)When the required additional premium is paid, d.) No more than 10 days after date of birth, The double indemnity provision in a life insurance policy pertains to an insured's death caused by a(n), A) the policy would be payable, minus the premium amount, B) the policy would be payable only after the beneficiary makes past due premium payment, C) all past premiums will be refunded with interest, An insurance producer agrees to pay the first monthly premium for an insurance applicant. Whichtype of injury would NOT be covered under a health insurance policy? She recently replaced the policy with a new one that provides better coverage. Which of the following is NOT part of an insurance contract? An annuitant is guaranteed to NOT outlive their benefits will a(n). Which of the following is required for an insurer to conduct business in this state? An insurance company may ONLY pay a sales commission to, Continuous 24-hour care provided by licensed medical professionals under the direct supervision of a physician is called. AnIndividual can enroll in a part C Medicare Advantage Plan at what time? Determine financial strength of an insurance company, As classified by the Adorable Care Act (ACA), a silver plan offers. 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 individual can enroll in a Part C Medicare Advantage Plan at what time? At minimum, a carrier is required to offer which of the following health benefit plans to small employers? In Maryland, an insurance producer cannot sell, solicit, or negotiate policies for an insurer unless there is an agreement in place between the producer and insurer. A. Toaccept or decline insurance applicants, B. Toset the premium rates for insurers, D. Toperform physical examination on applicants. c. Send receipt of payment to the commissioner, d. Forward Premiums to the insurer on a timely basics. His policy may be reinstated at any time within _____ years. Whatis created after policy proceeds are obtained in a lump sum and thenimmediately invested? Percent frequency distribution for key variables. Which type of disability would be less than total impairment and equal to permanent impairment? Maria is a Preferred Provider Organization (PPO) subscriber and received care from an out-of-network provider. A Medicare Supplement policy may exclude coverage fora preexisting condition for up to __months. It is administrated by the federal government, C. It is funded by federal, state, and local taxes. The entity which issues the certificate of authority is the, A policyowner has _____ days after policy delivery to return a major medical policy for a full refund, make any transactions before being approved for a licence, counsels and advises the Governor on all matters assigned to the Maryland Insurance Administration, A Maryland insurance producer solicits an insurance policy. The type of annuity she is seeking is called? Mark continues working after the age of 65 and is covered through his employer's group health plan. All Medicare Supplement policies MUST contain which provision? How long must a life insurance policy be in effect before the policy owner may use the non forfeiture provision? Find out how you can intelligently organize your Flashcards. Whowere Keogh Plans designed to provide pension benefits for? The greater of the accumulated cash value or the total premium paid. How long is the Contestable Period for health insurance policies sold in Maryland? In order for the producer's insurance business to continue, the Department of Banking and Insurance may issue to the producer's spouse a. In the event of employment termination, group insurance can be kept if the employee pays the premiums. To be classified as a small employer in Maryland, and employer must employ, Secretary of the Department of Health and Mental Hygiene. By . 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. Contact; a producers secretary who solicits prospects on the telephonepossum playing dead in the yard. 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. An agent is required to keep replacement forms on file for at LEAST _____ years, When a Medicare supplement policy is purchased during the open enrollment period, The policy must be issued regardless of health status, Have it's content approved by the Insurance Commissioner. The policies continue in force with no change. Under this plan a, Adoption of a child (an uninsured, eligible employee who acquires a new dependent through marriage, birth, or adoption may qualify for special enrollment in a small employer's health benefit plan). Whichof these will have the highest monthly payout upon Annuitization? d. A covered employee if terminated for grossmisconduct. C. Normally graded over a period of 20 years. When does a life insurance policy typically become effective? Which of the following is a requirement for ANY change in an insurance application? 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 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 will typically authorize treatment from a specialist? Whichscenario would most life insurance policies exclude coverage for? The Commissioner must examine the financial affairs of each admitted insurer operating in Maryland at least once every how many years? what happened to amy bailey happy healthy humble . When is an existing health insurance policy required to provide coverage for a newborn child, a producer who shares commissions with a client. Reggie purchased a life insurance policy with a face amount of $500,000. Which of the following is NOT a circumstance to which a temporary producer license can be issued? It would be considered taxable income to the employee. The family's financial objectives if the income earner were to die or become disabled, Normally at any time during the policy term, Loans obtained by a policyowner against the cash value of a life insurance policy, The solicitation of a non-authorized contact in New Jersey violates. In Maryland, a Producer may have his/her license revoked for which of the following acts? When is an existing health insurance policy required to provide coverage for a new born child? 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). Which of the following actions is REQUIRED by an agent who is replacing an existing life insurance policy? \end{array} When an insured changes to a more hazardous occupation, which disability policy provision allows an insurer to adjust policy benefits and rates? A producer who sells an individual life insurance policy in Maryland MUST deliver to the policyowner a, Refusing to pay persons bringing false or fraudulent claims, All of these may be an Unfair Claims Practice EXCEPT, is eligible for a Federal tax credit through the SHOP Exchange, An existing health benefit plan offered by a small employer may be replaced by a SHOP Exchange Navigator only if the small employer, An insurance producer who replaces an existing policy by making false written or oral statements is committing the act of, A producer has recently died and leaves behind a spouse. 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. Over the course of a year, which premium payment mode is most expensive? A producer's secretary who solicits prospects on the telephone: a) is an example of the illegal act called twisting . 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. 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. a producers secretary who solicits prospects on the telephonecrumbl cookies franchise applicationcrumbl cookies franchise application Before conducting an HIV related test, an insurer is REQUIRED to obtain written authorization from the. Under a disability income policy, which provision would be payable if the cause of an injury is unexpected and accidental? ARoth IRA owner must be a least what age in order to make tax-free withdrawals? Which disability policy provision would address any concerns of the value of the benefits decreasing over time? Which scenario would most life insurance policies exclude coverage for? An ___________ insurance company is one that was formed under the laws of another country outside of the U.S. Level premium permanent insurance accumulates a reserve that will eventually, Ambiguities in an insurance policy are always resolved in favor of the, Chapter 11 Exam - New Jersey Laws and Rules, Life Insurance Policies - Provisions, Options, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Daniel F Viele, David H Marshall, Wayne W McManus. A producer may be disciplined by the Commissioner for which of the following actions? \text{Total assets} & \underline{\underline{\hspace{3pt}\$244,000}} & \underline{\underline{\hspace{3pt}\$256,000}} \\ What would be an expense factor in a insurance program? Which of the following is NOT a common exclusion for a medical expense policy? Atax-free 1035 Exchange of a life insurance policy to a different policy ispermitted if it occurs, A. Inthe same state as the original transaction, C. Frominsurer to insurer and no cash is received by the policy owner, D. Fromagent to agent as long as the agents are licensed in the same line. The proceeds of this contract could be subject to the claims of. Which entity is responsible for processing insurance advertising in New Jersey? Jay the producer is giving insurance advice regarding a prospect's existing coverage. The time limit for filing claim disputes is addressed in which provision of an accident and health 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. Which of the following situations would be suitable for a temporary work authority? D. The face amount and premium will remain constantover the 10-year period. Which of the following is considered a tax-deductible medical expenseunder this rule? Maximizes productivity through use of appropriate tools; planned training and Columbia Care LLC . Add to folder What does the Group Life underwriting risk selection process help protect insurance companies from? 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). If an insurer refuses to pay a claim, how many days must the insured wait to take legal action against a health insurer after submitting written proof of loss? a. Mustmeet certain underwriting guidelines. 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. Introducing Cram Folders! If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy? Tim's individual life insurance policy has just recently lapsed. Which of the following is the likely result? No federal income tax is owed on life insurance proceeds, A non-contributory health insurance plan helps the insurer avoid, States that have "no loss no gain" laws require a replacing policy to, Pay for ongoing claims under the policy it replaces. Which of the following life events would allow an uninsured employee to qualify for special enrollment in a small employer health benefit plan? D. Level for the first 5 years then decreases forthe remainder of the policy. CashandcashequivalentsAccountsreceivableInventoryTotalcurrentassetsProperty,plant,andequipmentLessaccumulateddepreciationNetproperty,plant,andequipmentTotalassetsAccountspayableIncometaxespayableBondspayableCommonstockRatainedearningsTotalliabilitiesandstockholdersequityEndingBalance$48,00041,00055,000144,000150,00050,000100,000$244,000$32,00025,00060,00070,00057,000$244,000BeginningBalance$57,00044,00050,000151,000140,00035,000105,000$256,000$57,00028,00050,00060,00061,000$256,000. There are several types of whole life insurance that are as follow:- Which of these will typically authorize treatment from a specialist? One or morediagnostic, preventive, therapeutic, rehabilitative, maintenance or personalcare services in a setting other than an acute care unit of a hospital. A life insurance policy sold in Maryland can be cancelled for nonfraudulent misstatements for up to, A person who has a contract with an insurance company to represent it, To a licensed producer who is appointed with the insurer. By Posted browning 725 pro sporting canada Erica is 35 years old and owns an IRA. Whichmarket index is normally associated with an indexed annuitys rate of return? a producers secretary who solicits prospects on the telephone. D. Assist an insurer in determine an applicantscreditworthiness. 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. When calculating the amount of life insurance needed for an income earner, what has to be determined when using he Needs Approach? Where would policy proceeds be paid if both the insured and primary beneficiary were killed in the same accident? Which of the following statements is TRUE about Medicaid? Duringthe accumulation period, who can surrender an annuity? What happens to the total amount of premium paid for an insurance policy when the payment frequency increases? a producers secretary who solicits prospects on the telephone. 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. \text{Property, plant, and equipment} & \hspace{8pt}150,000 & \hspace{8pt}140,000 \\ An insurance company's trademark instead of the company's actual name, Using misrepresentation to induce an insured person to terminate an existing policy and purchase a new policy, Field underwriting performed by the producer involves, Completing the application and collecting initial premium. How soon can the benefit payments begin with a deferred annuity? 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. It is health insurance for the elderly. Find out how you can intelligently organize your Flashcards. Maryland requires that a licensee completes ______ hours of continuing education on the subject of ethics every reporting period. Which of the following is NOT a qualification to be licensed as a producer? She would like to borrow $15,000 against the cash value. Benefits provided by a Medicare Supplement policy must NOT, Funding for Medicare Part B is partially provided by.
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