Pay for Medicare charges exceeding the approvedamount. Premium mode is term used to describe the: The Fair Credit and Reporting Acts main purposeis to: A. Which of the following is NOT a common exclusion for a medical expense policy? c. Send receipt of payment to the commissioner, d. Forward Premiums to the insurer on a timely basics. 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. Whichtype of life insurance is normally associated with a payor benefit rider? Please upgrade to Cram Premium to create hundreds of folders! A master contract and certificate of coverage can be found in which type of policy? Term, Whole, and universal lifeinsurance. Which of the following is present when an applicant stands to lose value if the insured dies? May an insurance producer licensed in New Jersey but not in New York sell a life insurance policy to a New York resident while in New Jersey? Producers must complete a total of ____ continuing education credits for each two-year licensing period. As of January 1, 2014, small group health insurance can be rated on the basis of. Advertising material for a life insurance policy does NOT need to contain which of the following? In the marketplace there are four various tiers of coverage, ranging from, bronze to platinum. Continued coverage under COBRA would be providedto all of the following EXCEPT: a. 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. 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. Timeperiod an insured must wait before coverage begins, B. Timeperiod a disabled person must wait before benefits are paid, C. Timeperiod after the policy issue date in which the provisions are stillcontestable, Inan insurance contract, the element that shows each party is giving something ofvalue is called. The Healthcare Insurance Exchange offers plans for everyone. 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? A producer may be disciplined by the Commissioner for which of the following actions? Determine financial strength of an insurance company, As classified by the Adorable Care Act (ACA), a silver plan offers. Which rider would pay a monthly amount because of this disability? A policyowner suffers an injury that renders him incapable of performing one or more important job duties. Maryland requires that a licensee completes___ hours of continuing education on the subject of ethics every reportingperiod. How often must the Commissioner examine each domestic insurance company? Sonya applied for a health insurance policy on April 1. Which of the following is NOT a federal requirement of a qualified plan? Which type of rider will waive the premium on a child's life insurance policy if the parent paying the premium dies? 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. Which of the following is the likely result? What is the required action to be taken by a Maryland licensee before operating under an assumed business name? Tim's individual life insurance policy has just recently lapsed. Course Hero is not sponsored or endorsed by any college or university. Former dependent of employee no longer ofdependent status. Peter Griffith, Funeral Director of Lyndhurst Funeral Home. Which course of action must be taken by the Commissioner? 1. B. Guaranteedlifetime withdrawal benefit, D. Guaranteedminimum accumulation benefit. Which of these if NOT considered to be a purpose of an annuity? What is the contract called that is issued to an employer for a Group Medical Insurance plan? Which scenario would most life insurance policies exclude coverage for? What does the word "level" in Level Term describe? What is involved when a life insurance policy has been backdated? What type of life insurance could she purchase that is designed to pay off the loan balance if she dies within the 30-year period? Maria the insurance producer completes a sale by collecting the required signatures on the application and obtaining the initial premium. 5151\left|\begin{array}{ll}5 & 1 \\ 5 & 1\end{array}\right| Which of these is NOT subject to income taxation under a Modified Endowment Contract (MEC)? An insurer must furnish to a claimant forms for filing proof of loss within ___ days upon receiving a notice of claim. 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. 1. 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. Her health policy most likely contains a(n). Chapter 8 Texas Laws and Rules Pertinent to I, NY state insurance license practice exam ques, Chapter 16: Private Insurance Plans for Senio, Totalliabilitiesandstockholdersequity, Fundamentals of Financial Management, Concise Edition, Anexo del Real Decreto 1630/2006 Educacin in. An attending physician's statement would be appropriate for which life insurance purpose? Which of the following is NOT a circumstance to which a temporary producer license can be issued? D. Administered by the federal government. 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. b. Incomeif an insured is unable to work for a period of over six months, c. Coveragefor excess charges not paid for under Medicare. Her agent submitted the information to the insurance company on April 6. Ahealth care provider claim may be settled using which of the following paymentmethods? A hospital or medical expense policy will typically cover dental treatment expenses under which circumstance? visas, binomial trials. What is this an example of? An insurer is REQUIRED to offer which of the following to each long-term care applicant at the time of purchase? Twisting is an illegal act which involves, A producer does NOT have a fiduciary responsibility to. Arollover from a Traditional IRA to another IRA must be done within __ days toavoid tax consequences. 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 does Medicare Part D cover? Submit to the replacing insurer a list of the policies to be replaced. Since each partner contributes an important element to the success of the business, they decide to take life insurance policies out on each other, and name each other as beneficiaries. Claims for a Long-Term Care policy MUST be paid for which of the following conditions? An eligible employee can be excluded from group health coverage for up to _______ months is he/she is considered a "late enrollee". Which of the following is an example of defamation? D. Adjustable, permanent, and limited-pay lifeinsurance. June 5, 2022 . 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). B. Anytimewithin 12 months after date of purchase, C. Aminimum of 6 months after date of purchase, D. Aminimum of 12 months after date of purchase. Whichmarket index is normally associated with an indexed annuitys rate of return? Which of the following enables a life policy to be replaced with another life policy and results in the postponement of the tax consequence? Which of these is NOT considered to be a risk factor in life insurance underwriting? What does a life insurance policy guarantee to the stated beneficiary upon the death of the insured? a producers secretary who solicits prospects on the telephone old restaurants in lawrence, ma . Whena qualified plan starts making payments to its recipient, which portion of thedistributions is taxable? D. Licensedproducers not appointed by an insurer. How is a health provider reimbursed if they do NOT have an agreement in place with the insurance company? Actively solicits increases in limits and/or coverages or rounding out accounts through sales to clients at every service contact. A master contract and certificate of coverage can be found in which type of policy? \text{Common stock} & \hspace{13pt}70,000 & \hspace{13pt}60,000 \\ Prospective producer who is waiting to take the state examination. Which of these statements is true? When must a claim on a life insurance policy be paid after proof of loss has been received by the insurer? What is created after policy proceeds areobtained in a lump sum and then immediately invested? She would like to borrow $15,000 against the cash value. Hill during her initial calls made to the call center. 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? 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. a producers secretary who solicits prospects on the telephone. Which of the following is CORRECT regarding the death benefit amount. Paul has an, An indemnity plan limitation that will pay the dental bills after a small amount is paid by the insured is called. An example of a primary care physician would be an, A fee for service health insurance plan will normally cover. C. Normally graded over a period of 20 years. You are given the graphs of several functions of the form f(x)=ax2+bx+cf(x)=a x^2+b x+cf(x)=ax2+bx+c for different values of a, b, and c. For each function. Which of the following basics is a producer's fiduciary responsibility? 5511. c. Solve the equation f(x)=0, if possible. 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. Term, Whole, and universal life insurance, C. Joint, credit, and group life insurance. by geriford27, 1. D. The face amount and premiumwill remain constant over the 10-year period. Which of the following is NOT considered to be an actof fraud? Maria has committed what crime? This situation is called, Written notice of a health insurance claim should be given to the insurer within _____ days after the occurrence of any loss covered by the policy, To conduct insurance business in this State, an insurer must be issued a certificate of authority. The funeral of Wayne Emmerson Wilson leaves Downes and Wilson Funeral Home, Eagle Hall, St.Fax: 540-662-2627. When initial premium is collected and policy is issued. Maria is a Preferred Provider Organization (PPO) subscriber and received care from an out-of-network provider. A whole life policy option where extended term insurance is selected is called a(n). Under a Traditional IRA, Interest earned istaxed. Their offer/administration. Which of the following statements is TRUE about Medicaid? In a group health care, what is the purpose of the coordination of benefits provision? Insurance producer Kelly offers an insured a $500 shopping card if an insurance product is purchased through her. What is the primary purpose of a rating service company such as A.M. Best? 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. Which of the following is considered a tax-deductible medical expenseunder this rule? C. Careis only covered in a government facility, D. Careis only covered if primary care physician gives a referral, Theopen enrollment period for Medicare part B is, D. Generaltax revenue and user premiums. audio not yet available for this language. Which of the following is the likely result? Maria would like an annuity that provides a guaranteed accumulation or payout. B.) 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. We weren't able to detect the audio language on your flashcards. Under a life insurance policy, what does the insuring clause state? Whatwould be an expense factor in an insurance program? What happens to the coverage under a children's term rider when that child reaches a certain specified age? 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 Which of the following would disqualify a company's retirement plan from receiving favorable tax treatment? Underthe Maryland health insurance plan, comprehensive health benefits are providedto. Which of the following is NOT a requirement for soliciting insurance in Maryland? pain between 4th and 5th metatarsal. The individual is paying premiums that are priced for each year or Use LEFT and RIGHT arrow keys to navigate between flashcards; Use UP and DOWN arrow keys to flip the card; Barbara's policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of instability. 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. Which of thesestatements is true? Kathysannuity is currently experiencing tax-deferred growth until she retires. juin 5, 2022 . Before conducting an HIV related test, an insurer is REQUIRED to obtain written authorization from the. It would be considered taxable income to the employee. In order for the producer's insurance business to continue, the Department of Banking and Insurance may issue to the producer's spouse a. Whoassumes the investment risk with a fixed annuity contract? 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 entity is responsible for processing insurance advertising in New Jersey? One or morediagnostic, preventive, therapeutic, rehabilitative, maintenance or personalcare services in a setting other than an acute care unit of a hospital. \text{Bonds payable} & \hspace{13pt}60,000 & \hspace{13pt}50,000 \\ b. Pat the client interest on any monies held. B. Gainsare tax exempt at 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. All Medicare Supplement policies MUST contain which provision? Unintentionally misrepresented a material fact on the application. Howsoon can the benefit payments begin with a deferred annuity? Erica is 35 years old and owns an IRA. The policies continue in force with no change. One of. Please sign in to share these flashcards. What is this an example of? a. Mustmeet certain underwriting guidelines.
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