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a producers secretary who solicits prospects on the telephone old restaurants in lawrence, ma . All Medicare Supplement policies MUST contain which provision? What happens to interest earned if the annuitant dies before the payout start date? 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. Annuities are intended to create an estate. The taxable portion of each annuity payment is calculated using which method? In what form do disability income policies typically pay benefits? Which of the following life events would allow an uninsured employee to qualify for special enrollment in a small employer health benefit plan? The names of the insurance companies represented by the producer. A. Toaccept or decline insurance applicants, B. Toset the premium rates for insurers, D. Toperform physical examination on applicants. 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 What may be the result of replacing an existing life insurance policy with a new one? the exceptions, reductions, and limitations affecting the basic provisions of the policy, Any advertisement that mentions a dollar amount, period of time for which any benefit is payable, cost of policy, policy benefit, or the loss for which the benefit s is payable MUST disclose, All of the following is considered a form of advertising EXCEPT. The Commissioner issues a subpoena to a producer. Must be bonded through the state. Her health policy most likely contains a(n). The right-to-examine period in Maryland for long-Term Care polices is ___ days. D. Adjustable, permanent, and limited-pay lifeinsurance. Pierre MUST remit the premium to his insurer within ___ business days of receipt. Insurance producer Kelly offers an insured a $500 shopping card if an insurance product is purchased through her. Which course of action must be taken by the Commissioner? When are group disability benefits considered to be tax-free to the insured? 5151\left|\begin{array}{ll}5 & 1 \\ 5 & 1\end{array}\right| What geographic factor makes Antarctica's ice caps drier than deserts in Africa and Asia? D. Administered by the federal government. Terminally - ill life insurance policy owners may sell their policy at a discount to the third party. She may reinstate her policy within _____ years. D. The face amount and premium will remain constantover the 10-year period. At minimum, a carrier is required to offer which of the following health benefit plans to small employers? Paul has an, An indemnity plan limitation that will pay the dental bills after a small amount is paid by the insured is called. B. Gainsare tax exempt at distribution. To be eligible for small employer group coverage, anemployee must work a MINIMUM of __ hoursI a typical week. 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. Tarathe producer is delivering a specified disease insurance policy to a new policyowner. 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. She paid the premium on May 15 with the policy indicating the effective date being May 30. \text{Ratained earnings} & \underline{\hspace{13pt}57,000} & \underline{\hspace{13pt}61,000} \\ Submit to the replacing insurer a list of the policies to be replaced. If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy? a producers secretary who solicits prospects on the telephone 12. When does a life insurance policy typically become effective? 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? \text{Accounts payable} & \$\ \hspace{5pt}32,000 & \$\ \hspace{5pt}57,000 \\ Which of the following is NOT a reason for the Commissioner to deny or refuse a producer license application? 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? In the event of employment termination, group insurance can be kept if the employee pays the premiums. Which of the followingunfair trade practices involves an agent who makes malicious statements aboutanother person's financial condition? The producer decides not to respond. 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. What is involved when a life insurance policy has been backdated? 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. 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. Which of these if NOT considered a form of life insurance advertisement? Life insurance policies will. A master contract and certificate of coverage can be found in which type of policy? The statement which best describes the relationship between the relationship between the premiums of a whole life policy and the premium payment period is, The shorter the payment period, the higher the premium. Proof of loss on a health insurance claim must be submitted to an insurer within _____ days after the insure's date of loss. C) Unintentionally misrepresented a material fact on the application. 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. 1. In regards to a life insurance contract, which of the following statements is NOT true regarding the concept of insurable interest? 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. 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. 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. It is administrated by the federal government, C. It is funded by federal, state, and local taxes. A. Changemust be initialed by the agent, B. Changemust be initialed by the applicant, C. Changemust be approved by the insurer. Which license is REQUIRED in order to solicit Long Term Care insurance in the State of Maryland? Which of the Uniform Optional Provisions covers this situation? Which of the following would be the appropriate tax consequence? Sonya applied for a health insurance policy on April 1. An eligible employee can be excluded from group health coverage for up to _______ months is he/she is considered a "late enrollee". d. A covered employee if terminated for grossmisconduct. A producer has recently died and leaves behind a spouse. Which of the following is NOT considered to be an actof fraud? Because dividends are considered to be a return of premium. Who is required to notify the producer in the event of appointment termination? At minimum, a carrier is required to offer which of the following health benefit plans to small employers? If an insured dies during the grace period with no premiums paid. There are several types of whole life insurance that are as follow:- 1. This type of agreement is called an. A producer may begin to solicit insurance ONLY. 16381 Chillicothe Rd, Chagrin Falls, OH 44023, USA 440-708-1855. search. Maria has committed what crime? The company did not retire any bonds or repurchase any of its own common stock during the year. Which of thesestatements is true? An error was made on Erica's life insurance application. National Milk Producers Federation 2107 Wilson Blvd., Suite 600 Arlington, VA 22201 Phone: 703-243-6111 E-mail: info@nmpf.org In some cases, NDRC also solicits the opinions of relevant Chinese industrial regulators and consulting agencies, which may include industry associations that represent Chinese domestic firms. May 2020. Medical history from the insured may be reviewed and reported, If an insurer receives a notice of claim under an individual health policy, and fails to provide proof of loss forms within 15 days, the insured must, File a written proof of loss, detailing the occurrence, character and extent of loss. Which type of coverage pays an amount per day for hospitalization directly to the insured regardless of the insured's other health insurance? A policy owner may exercise which of these dividend options that uses the dividend to pay all or part of the next premium due? What happens when an insurance policy is backdated? In the event of employment termination, group health insurance can be kept if the employee pays the premiums, B. Recieve a tax credit to help offset the cost of health insurance, C. Remain of their current coverage for 30 months. 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? 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. A. 1. Providing claim payments to insureds under the guidelines of the insurance contract. Arollover from a Traditional IRA to another IRA must be done within __ days toavoid tax consequences. The Right-to-Examine period in Maryland for Long-Term Care policies is ____ days. Vaginal plastic surgery is made up of two main procedures, external and . Upon delivery, she may be expected to collected all of the followingEXCEPT a(n), B. Signedimpairment rider acknowledgement, C. Modifiedapplication with a new signature, Oneof the most important considerations when replacing health insurance would bethe. Cram has partnered with the National Tutoring Association, Comparing Health Insurance Rates And Suppliers. Which type of long-term care benefit would be most appropriate for a stroke victim who requires speech therapy administered at her home? Maria has committed what crime? Complete the sentence using each term once. Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. Which of the following does Coordination of Benefits allow? Similar to the differen o Term Life insurance: an individual is buying protection for a specific period of time. juin 5, 2022 . Which of the following is considered a tax-deductible medical expenseunder this rule? Whatwould be an expense factor in an insurance program? A licensee MUST notify the Commissioner of an address change within _______ days of the change, Violations of US Code Title 18 section 1033 may result in, In the state of Maryland, a licensed producer, sharing commissions with other licensed and appointed agents, All of the following actions are considered rebating EXCEPT, Under the Maryland Health Insurance Plan, comprehensive health benefits are provided to, A producer who knowingly submits a false statement in support of a claim. June 5, 2022 . licensed producers not appointed by an insurer. By . At the request of the insurer to assist in the underwriting decision. 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. Who is the individual paid on a fee-for-service basis? 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. 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. Who is eligible for insurance under a group policy issued to a labor union? Doctor cannot charge more than Medicare's scheduled coverage, Health insurance advertisements that mention statistical information are required by New Jersey law to. Julie has a $100,000 30-year mortgage on her new home. Which military service exclusion clause would pay upon his death? 1980 camaro z28 for sale in canada; fixer upper homes for sale clarksville, tn; crossroads inn leechburg menu Donnaand Mary were racing bicycles in a store parking lot while being cheered on by fellowemployees. When an insured changes to a more hazardous occupation, which disability policy provision allows an insurer to adjust policy benefits and rates? Which of the following topics needs to be discussed with this client? Add to folder How to take legal action against an insurance company. 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. Which of the following basics is a producer's fiduciary responsibility? In what part of insurance policy benefits found? How much does Medicare Part B pay for physician fees? 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. What does the Group Life underwriting risk selection process help protect insurance companies from? 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. Producer commissioners may NOT be paid to: B. Licensedand appointed producers who are sharing commissions. Which settlement option pays a stated amount toan annuitant, but no residual value to a beneficiary? 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. 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? Which of the following enables a life policy to be replaced with another life policy and results in the postponement of the tax consequence? 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. How often must an insurance producer's license in New Jersey be renewed? A minimum of 12 months after date of purchase. Who would be responsible for the prosecution of this crime? 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. HIPPA considers which of the following as "individually identifiable health information"? In advertisements of life insurance and annuities, all of the following are true EXCEPT, Advertisements must include training materials provided to the producer. Whichscenario would most life insurance policies exclude coverage for? She recently replaced the policy with a new one that provides better coverage. 5511. C. Protects consumers with guidelines regarding creditreporting and distribution. audio not yet available for this language. It would be considered taxable income to the employee. b. Incomeif an insured is unable to work for a period of over six months, c. Coveragefor excess charges not paid for under Medicare. This is called a, A minor may receive a life insurance policy's death benefit ONLY, B. A producer is meeting with a client to determine whether an annuity would be suitable for purchase. Change must be initialed by the applicant, A producer who sells an individual life insurance policy in New Jersey MUST deliver to the policyowner. Please sign in to share these flashcards. Theprescription of a drug for treatments other than whats labeled is known as(Blank) use. Prospective producer who is waiting to take the state examination. Bob dies 12 months later. As beneficiary, he will pay ____ taxes on any money withdrawn. 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. Anindividual covered under a Blue Cross Blue shield is called a(n), Aclosed network plan offers a primary physician copay $25. Selecting an insurance organization ought to be founded on a few components that can be broken into two general gatherings: B.Change must be initialed by the applicant. This rider is called a(n). Long-term care insurance and Medicare Supplementplan have a free-look period of__ days. Which of the following is NOT a required provision in an accident and health insurance policy? In Maryland, a Producer may have his/her license revoked for which of the following acts? A. Howare annuities given favorable tax treatment? 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? Which type of contract may NOT be issued by an insurance company? Within how many days must a producer notify the Department of Banking and Insurance of a change in address? 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. After an insured gives notice of loss, what must he/she do if the insurer does not furnish forms? Maryland requires that a licensee completes ______ hours of continuing education on the subject of ethics every reporting period.