The ____of coverage describes policy features, benefits, exclusions and riders in a long-term care policy. What information would the insurer's underwriters likely use to determine the appropriate coverage and final premium rate given to the group? In regards to a life insurance contract, which of the following statements is NOT true regarding the concept of insurable interest? Advertising material for a life insurance policy does NOT need to contain which of the following? How long is the Contestable period for health insurance policies sold in Maryland? 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? If a subscriberchooses a primary care physician outside of the network, the subscriber willlikely pay, Medicareprovides coverage for each of the following EXCEPT. (p^1p^2). Which of the following is NOT a common exclusion for a medical expense policy? D.In the event of employment termination, group health insurance can be kept if the employer pays the premium. 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. B. Whenthe application is collected and policy is issued, C. Whenthe application is completed and signed, D. Whenthe completed application is signed and initial premium is collected. Who is the individual paid on a fee-for-service basis? Whichtype of life insurance is normally associated with a payor benefit rider? a producers secretary who solicits prospects on the telephonecapricorn and virgo flirting. According to HIPPA, this tax will not be applied if the withdrawal is used for medical expenses that exceed _____ of the individual's adjusted gross income. Within how many days must a producer notify the Department of Banking and Insurance of a change in address? A closed network plan offers a primary physician copay of $25. Whatis the elimination period of an individual disability policy? \text{Income taxes payable} & \hspace{13pt}25,000 & \hspace{13pt}28,000 \\ Healthinsurance will typically cover which of the following perils? 1. Temporarily Deposit the funds in a personal account. Insurance producer Kelly offers an insured a $500 shopping card if an insurance product is purchased through her. We understand that this must have been both very frustrating and disappointing. Her agent submitted the information to the insurance company on April 6. 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. An annuitant is guaranteed to NOT outlive their benefits will a(n). Long-term care insurance and Medicare Supplement plans have a free-lock period of ______ days, A ______ insurance company is one that was formed under the laws of a state other than Maryland, they are both licensed in the same line of business, Two producers may share a commission ONLY if, Mary's Medicare Supplement policy had been in effect for 12 months. The applicant's medical history may be analyzed and reported, Which of the following MUST contain a "Statement of Policy Cost and Benefit Information". What is created after policy proceeds areobtained in a lump sum and then immediately invested? Mike has inherited his fathers traditional IRA.As beneficiary, he will pay __Taxes on any money withdrawn. Determine financial strength of an insurance company, As classified by the Adorable Care Act (ACA), a silver plan offers. 59 and owned account for a minimum of 10 years, B. Making the policy effective on an earlier date than the present. The Premium for a Modified whole life policy is: A. \\ Who is eligible for insurance under a group policy issued to a labor union? ARoth IRA owner must be a least what age in order to make tax-free withdrawals? Bob dies 12 months later. Alimited payment whole life policy provides. 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? 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. Their offer/administration. b. Pat the client interest on any monies held. Twisting is an illegal act which involves, A producer does NOT have a fiduciary responsibility to. B.) A separate converted policy may, at the option of the insurance company, be issued to cover a (n). A. D. The face amount and premiumwill remain constant over the 10-year period. Which of the following does Medicare Part D cover? 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. B.Change must be initialed by the applicant. The company did not retire any bonds or repurchase any of its own common stock during the year. Both May and John are injured. a producers secretary who solicits prospects on the telephonecrumbl cookies franchise applicationcrumbl cookies franchise application Eventually, they retire and dissolve the business. When an insured changes to a more hazardous occupation, which disability policy provision allows an insurer to adjust policy benefits and rates? \text{Total liabilities and stockholders' equity} & \underline{\underline{\hspace{3pt}\$244,000}} & \underline{\underline{\hspace{3pt}\$256,000}} \\ What is the primary purpose of a rating service company such as A.M. Best? Which of the following unfair trade practices involves a producer who makes public malicious statements about an insurer's financial condition? 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 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. c. Send receipt of payment to the commissioner, d. Forward Premiums to the insurer on a timely basics. a producers secretary who solicits prospects on the telephone. Which of the following is an example of fraud? 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 _____. 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. D. The face amount and premium will remain constantover the 10-year period. The funeral of Wayne Emmerson Wilson leaves Downes and Wilson Funeral Home, Eagle Hall, St.Fax: 540-662-2627. Which of the following is NOT a required provision in an accident and health insurance policy? What is this an example of? (To help answer this question, create an Accounts Receivable T-account and insert the beginning and ending balances.) assure full and truthful disclosures to the public, All of the following are typically included in a life insurance policy illustration EXCEPT. Please select the correct language below. Whatis created after policy proceeds are obtained in a lump sum and thenimmediately invested? Arollover from a Traditional IRA to another IRA must be done within __ days toavoid tax consequences. What is the MINIMUM benefit period that must be offered by a Long-Term Care policy? 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. 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. Howdo interest earnings accumulate in a deferred annuity? What will the beneficiary receive if an annuitant dies during the accumulation period? is one of the oldest and best known of all Barbadian funeral establishments. An attending physician's statement would be appropriate for which life insurance purpose? In Maryland, a producer may have his/her license revoked for which of the following acts? The death benefit paid will be what the premium would have purchased at the correct age. The Office of General Counsel issued the following opinion on April 25, 2005, representing the position of the New York State Insurance Department. Maria has committed what crime? EXECUTIVE SUMMARY. port clinton high school athletics / roberto bettarini ambassador / roberto bettarini ambassador Which of the following is an example of defamation? B. Guaranteedlifetime withdrawal benefit, D. Guaranteedminimum accumulation benefit. When is an existing health insurance policy required to provide coverage for a new born child? AnIndividual can enroll in a part C Medicare Advantage Plan at what time? An eligible employee can be excluded from group health coverage for up to _______ months is he/she is considered a "late enrollee". This illustration MUST disclose that. The ____ is responsible for determining the appropriateness of a Medicare Supplement policy for an applicant. Whichof these will have the highest monthly payout upon annuitization? a producers secretary who solicits prospects on the telephone old restaurants in lawrence, ma . 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. A life policy loan in Maryland cannot charge a fixed rate of interest higher than: A producer's secretary who solicits prospects on the telephone: a) is an example of the illegal act called twisting, d.) Is not required to be licensed as a producer. 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. 1. ABC Corporation has a group life insurance policy that covers its employees and their dependent children. What is the purpose of a disability income benefit? Which of the following areas do error commonly occur on applications and for which the incontestable clause does NOT apply? Employee must be able to make unlimited contributions. How often must the Commissioner examine each domestic insurance company? Which of the following is a requirement for ANY change in an insurance application? The Federal Employees Benefit Program consists of two types of health plans for federal civilian employees. b. Incomeif an insured is unable to work for a period of over six months, c. Coveragefor excess charges not paid for under Medicare. Which of the following statements is TRUE about Medicaid? 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. 1. After 15 years, the cash value has accumulated to $100,000 and the police's face amount has become $600,000. When the word "insurance" appears in a producer's business name, which of the following words cannot be approved? At the request of the insurer to assist in the underwriting decision. Converting a group plan to permanent lifeinsurance requires: D. The conversion being applied for within 31 daysof termination. Which of these is NOT a characteristic of the Accelerated Death Benefit option? This change is called a(n). by . Tarathe producer is delivering a specified disease insurance policy to a new policyowner. June 5, 2022 . Lower than the typical whole life policy duringthe first few years and then higher than typical for the remainder. a producers secretary who solicits prospects on the telephone 12. c. Solve the equation f(x)=0, if possible. 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. by recommending insurers with good AM Best ratings, C.) With guidelines regarding credit reporting and distribution. Juni 2022. The common disaster provision states the insurer will continue as if, Carmen's individual life insurance policy has recently lapsed. Whendoes a life insurance policy typically become effective? 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. An individual the means to replace wages. Which of the Uniform Optional Provisions covers this situation? Which of these is NOT considered to be a nonforfeiture option in a whole life insurance policy? To be classified as a small employer in Maryland, and employer must employ, Secretary of the Department of Health and Mental Hygiene. Which of the following is NOT considered to be an actof fraud? juin 5, 2022 . 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. 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). If a subscriber chooses a primary care physician outside of the network, the subscriber will likely pay, Paul is an employee who caught a disease unique to the trade in which he was exposed to. Which type of contract may NOT be issued by an insurance company? 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. 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. Which law do all insurers and their producers need to comply with? Which of the following is NOT part of an insurance contract? 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. In the event of employment termination, group insurance can be kept if the employee pays the premiums. A life insurance policy which contains cash values that vary according to its investment performance of stocks is called. An individual who has a hobby racing cars once a month. Focus of Major medical insurance is providingcoverage for: C. Medical and Hospitalization expenses. The legal action provision in a health contract is limited to no more than ___ years. Insurance producer Kelly offers an insured a $500 shopping card if an insurance product is purchased through her. A hospital or medical expense policy will typically cover dental treatment expenses under which circumstance? You are here: how to remove chicken giblets a producers secretary who solicits prospects on the telephone. If Jay were to receive a fee for this advice (in addition to his commission), he MUST, Obtain a signed memorandum from the prospect acknowledging the amount of compensation. Introducing Cram Folders! For large samples, describe the sampling distribution of, (p^1p^2)\left( \hat { p } _ { 1 } - \hat { p } _ { 2 } \right) What is the purpose of the Medical Information Bureau (MIB)? As beneficiary, he will pay__taxeson any money withdrawn. 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). Under a Traditional IRA, Interest earned istaxed. This is called a, A minor may receive a life insurance policy's death benefit ONLY, B. Which of the following describes a person who is NOT acceptable by an insurer at standard rates because of health history, occupation, or hobbies? 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. \quad \text{Less accumulated depreciation} & \underline{\hspace{13pt}50,000} & \underline{\hspace{13pt}35,000} \\ Which of the following must be included in the advertisement? Cram has partnered with the National Tutoring Association, Comparing Health Insurance Rates And Suppliers. Afterwards, she deposits the check into her personal account. This is an unlawful practice known as, must be delivered with or prior to policy delivery. Without a Section 125 Plan in place, what would happen to an employee's payroll contribution to an HSA? B. 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). 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. a producers secretary who solicits prospects on the telephone. Which of these is NOT subject to income taxation under a Modified Endowment Contract (MEC)? Which of these may NOT be used in a health insurance advertisement? \text{Cash and cash equivalents} & \$\ \hspace{5pt}48,000 & \$\ \hspace{5pt}57,000 \\ A newborn is required to be covered for ______ days from the moment of birth. 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. Which of the following is Medicare Part B also known as? In order for the producer's insurance business to continue, the Department of Banking and Insurance may issue to the producer's spouse a. Which market index is associated with an indexed annuity's rate of return? How much does Medicare Part B pay for physician fees? 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 Right-to-Examine period in Maryland for Long-Term Care policies is ____ days. Donnaand Mary were racing bicycles in a store parking lot while being cheered on by fellowemployees. Both partners are still married at the time of Bob's death. Which settlement option pays a stated amount toan annuitant, but no residual value to a beneficiary? Which of the following is typically NOT eligible for coverage in a group health policy? Written notice for a health claim must be given to the insurer ___ days after the occurrence of the loss. June 24, 2022 . What is involved when a life insurance policy has been backdated? Producers must complete a total of ____ continuing education credits for each two-year licensing period. When a qualified plan starts making payments to its recipient, which portion of the distributions is taxable? How long is the Contestable Period for health insurance policies sold in New Jersey? Write a sentence explaining its significance to the executive branch. 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. B. Protects insurers from an applicantsMisrepresentation, C. Protect consumers with guidelines regardingcredit reporting and distribution. How often must an insurance producer's license in Maryland be renewed? The standard grace period for a life insurance policy sold in Maryland is. 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. Kurt is an active duty serviceman who was recently killed in an accident while home on leave. Proceeds payable under a life insurance contract to a policyowner in anticipation of death or upon the occurrence of specified life-threatening conditions as defined by the policy are best described as: A temporary producer license in Maryland is valid for up to. There are several types of whole life insurance that are as follow:- The rider is called a(n), All if these are valid options for an adjustable life policy except, A non forfeiture option can be used to increase the death benefit. Which disability policy provision would address any concerns of the value of the benefits decreasing over time? Upon delivery, she may be expected to collect all of the following EXCEPT a(n), Modified application with a new signature, All of these are valid policy dividend options for a life insurance policyowner EXCEPT. A whole life policy option where extended term insurance is selected is called a(n). The face amount and the premium will remain constant over the 10-year period. We'll bring you back here when you are done. In a group health care, what is the purpose of the coordination of benefits provision? You have created 2 folders. With a usual, customary, and reasonable fee, Which of these is NOT a qualifying event for Medicare, A. \text{Common stock} & \hspace{13pt}70,000 & \hspace{13pt}60,000 \\ Elizabethis the beneficiary of a life insurance policy. Which of the following situations would be suitable for a temporary work authority? The waiting period for a disability insurance policy, Excludes payments for a short term illness or injury. Which settlement options pays a stated amount to an annuitant but no residual value to a beneficiary? Why are dividends from a mutual insurer not subject to taxation? 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? Under a disability income policy, which provision would be payable if the cause of an injury is unexpected and accidental? 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? A producer's secretary who solicits prospects on the telephone: a) is an example of the illegal act called twisting . The act of using misrepresentation to induce an insured person to terminate an existing policy and purchase a new policy is referred to asA)twistingB)subrogationC)a life settlementD) coercion. Which option was chosen? The prescription of a drug for treatments other than what's labeled is known as _____ use, Coverage for newborns under a health plan MUST include coverage for. Underthe Maryland health insurance plan, comprehensive health benefits are providedto. D.) Intentionally violated state insurance laws. who would be responsible for the prosecution of this crime? Which of these is affected by the frequency of an insurance policy's premium payments? Percent frequency distribution for key variables. Mikehas inherited his fathers traditional IRA. How long must an individual be unable to engage in any gainful activity due physical or mental disability in order to qualify for Social Security Total Disability? A. Doctormay charge up to a maximum of 15% more than Medicare pays for the service, B. Doctoris not bound by Medicare limitations on charge, C. Doctorcannot charge more than Medicares scheduled coverage, D. Doctor bills the Medicare beneficiary directlyfor services performed, A. Alwaysrequires service in a network, B. Providesa greater choice of providers, C. Alwaysrequires a referral to specialists. Howsoon can the benefit payments begin with a deferred annuity? Producing an inadequate amount of new premium. Using derogatory statements about an insurance company's financial condition. 1. D. Coverage includes compulsory hospital andvoluntary supplementary medical insurance. Pierre MUST remit the premium to his insurer within ___ business days of receipt. 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. MedicarePart A does not pay for medical benefits provided for treatment in a skillednursing facility beyond. Which of the following would be the appropriate tax consequence? The commissioner must examine the financial affairs of each admitted insurer operating in Maryland at least once every how many years? audio not yet available for this language. B. Recieve a tax credit to help offset the cost of health insurance. Afterwards, she deposits the check into her personal checking account. 1. Craig submits a $500 claim for medical expenses. Determine whether there are 0,1 , or 2 real solutions to f(x)=0. Erica is 35 years old and owns an IRA. Where would policy proceeds be paid if both the insured and primary beneficiary were killed in the same accident?