(p^1p^2). A beneficiary has just received a claim payment for a life insurance policy. Mike has inherited his fathers traditional IRA.As beneficiary, he will pay __Taxes on any money withdrawn. Maria is a Preferred Provider Organization (PPO) subscriber and received care from an out-of-network provider. The Premium for a Modified whole life policy is: A. When calculating the amount of life insurance needed for an income earner, what has to be determined when using he Needs Approach? D.In the event of employment termination, group health insurance can be kept if the employer pays the premium. Which type of rider will waive the premium on a child's life insurance policy if the parent paying the premium dies? 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). An attending physician's statement would be appropriate for which life insurance purpose? Which of the following actions is REQUIRED by a producer who is replacing an existing life insurance policy? How many days notice must the Commissioner give prior to a hearing? Higher than the typical whole life policy duringthe first few years and then lower than typical for the remainder. A policyowner suffers an injury that renders him incapable of performing one or more important job duties. Registered for the state insurance examination. 14 day waiting period / 10 year benefit period. How much does Medicare Part B pay forphysician fees? Which of the following is an example of fraud? 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. Theprescription of a drug for treatments other than whats labeled is known as(Blank) use. 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. Whatwould be an expense factor in an insurance program? 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. A closed network plan offers a primary physician copay of $25. An eligible employee can be excluded from group health coverage for up to _______ months is he/she is considered a "late enrollee". Which option was chosen? B. Gainsare tax exempt at distribution. When does a life insurance policy typically become effective? Whatis the elimination period of an individual disability policy? 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. c. Send receipt of payment to the commissioner, d. Forward Premiums to the insurer on a timely basics. What happens to coverage under a children's term rider when that child reaches a certain specified age? 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? {"cdnAssetsUrl":"","site_dot_caption":"Cram.com","premium_user":false,"premium_set":false,"payreferer":"clone_set","payreferer_set_title":"Insurance\/Healt Agent Exam","payreferer_url":"\/flashcards\/copy\/insurance-healt-agent-exam--11456962","isGuest":true,"ga_id":"UA-272909-1","facebook":{"clientId":"363499237066029","version":"v12.0","language":"en_US"}}. A prorated death benefit based on the amount of insurance the insured's premiums would have been if purchased at the correct age, A guaranteed issue insurance policy has no, A single premium cash value policy can be described as, A policy that is paid up after only one payment. The face amount will remain constant and thepremium will increase over the 10-year period, C. The Premium will remain constant and the faceamount will increase over the 10-year period. a producers secretary who solicits prospects on the telephone & \text{Ending}& \text{Beginning} & \\ Howare annuities given favorable tax treatment? Krissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. To be classified as a small employer in Maryland, and employer must employ, Secretary of the Department of Health and Mental Hygiene. A debtor may receive Credit Life insurance in which of the following forms? 1. The ____ is responsible for determining the appropriateness of a Medicare Supplement policy for an applicant. 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? A. At what age does the open enrollment period typically begin for Medicare Supplement coverage? Write a sentence explaining its significance to the executive branch. Which of the following is a reinstatement condition? Which of the following is NOT information found in a life insurance buyer's guide? b. Pat the client interest on any monies held. 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. 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. Howdo interest earnings accumulate in a deferred annuity? a. 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 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? is one of the oldest and best known of all Barbadian funeral establishments. C. Normally graded over a period of 20 years. How often must an insurance producer's license in New Jersey be renewed? How is a health provider reimbursed if they do NOT have an agreement in place with the insurance company? Term, Whole, and universal lifeinsurance. Twisting is an illegal act which involves, A producer does NOT have a fiduciary responsibility to. Ahealth care provider claim may be settled using which of the following paymentmethods? The ________ has the right to renew a small employer health plan. All of these are valid options for an Adjustable Life Policy EXCEPT, A nonforfeiture option can be used to increase the death benefit. Which of these statements about Medicaid iscorrect? 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. Vaginal plastic surgery is made up of two main procedures, external and . Which of these gaps in Medicare coverage is addressed with Medicare Supplemental Insurance? If a subscriberchooses a primary care physician outside of the network, the subscriber willlikely pay, Medicareprovides coverage for each of the following EXCEPT. A Medicare Supplement policy may exclude coverage fora preexisting condition for up to __months. Actively solicits increases in limits and/or coverages or rounding out accounts through sales to clients at every service contact. C. Funded by federal, state, and local taxes. a producers secretary who solicits prospects on the telephone. a producers secretary who solicits prospects on the telephone When the word "insurance" appears in a producer's business name, which of the following words cannot be approved? Employee must be able to make unlimited contributions. 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. An insurance company needs to obtain personal information from a third party concerning an applicant. 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. When the minor has been approved by the Commissioner, When collection insurance premiums from a client, a producer MUST, A. Krissa purchases a 10-year level term lifeinsurance policy that has a death benefit of $200,000. 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 of the following would disqualify a company's retirement plan from receiving favorable tax treatment? What is the MINIMUM benefit period that must be offered by a Long-Term Care policy? We'll bring you back here when you are done. \text{Accounts receivable} & \hspace{13pt}41,000 & \hspace{13pt}44,000 \\ Which of the following areas do error commonly occur on applications and for which the incontestable clause does NOT apply? \end{array} A. Toaccept or decline insurance applicants, B. Toset the premium rates for insurers, D. Toperform physical examination on applicants. Because dividends are considered to be a return of premium. Whowere Keogh Plans designed to provide pension benefits for? Which of these is NOT considered to be a nonforfeiture option in a whole life insurance policy? What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) OF 1985 allow an employee to do? B. Collectinga charge for insurance that is less than the charge applicable to thatinsurance, C. Misappropriateor unreasonably withhold premiums or returned premiums. If credit life insurance is terminated before the scheduled maturity date of the debt, any unearned premium held by the insurer will be? a producers secretary who solicits prospects on the telephone Disability Income plans which require that the insurer can NEVER change or alter premium rates are usually considered. Pierre MUST remit the premium to his insurer within ___ business days of receipt. \text{Net property, plant, and equipment} & \underline{\hspace{8pt}100,000} & \underline{\hspace{8pt}105,000} \\ She recently replaced the policy with a new one that provides better coverage. An insurance producer is issued a _____ as evidence of authority. Who is eligible for insurance under a group policy issued to a labor union? a. Oneor more diagnostic, preventive, therapeutic, rehabilitative, maintenance orpersonal care services in a setting other than an acute care unit of ahospital. This type of agreement is called an. 1. Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. Which of the following statements is TRUE about Medicaid? An insurer may pay a commission in which of the following scenarios? Whatdoes the word Level in level term describe? \text{Total assets} & \underline{\underline{\hspace{3pt}\$244,000}} & \underline{\underline{\hspace{3pt}\$256,000}} \\ 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. Bob dies 12 months later. What are the levels of coverage as defined by the Affordable Care Act? Which of the following is NOT a qualification to be licensed as a producer? d. A covered employee if terminated for grossmisconduct. C. Protects consumers with guidelines regarding creditreporting and distribution. It would be considered taxable income to the employee. The IRS allows a taxpayer to deduct medicalexpenses of that exceed 7.5% of their adjusted grossincome. By Posted browning 725 pro sporting canada What amount will be paid under a policy where the insured misstated his/her age? Howdoes one become eligible for part D: Prescription Drug Coverage? Pat is insured with a life insurance policy and Karen is his primary beneficiary. Prospective producer who is waiting to take the state examination. Which of the following is NOT a common exclusion for a medical expense policy? 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. Underthe Maryland health insurance plan, comprehensive health benefits are providedto. In the advertising of Individual Life Insurance policies, an "introductory" or "special enrollment" may not be made available until any previous enrollment period for the same policy has been closed for at least how long? What is issued to each employee of an employerhealth plan? What happens to the coverage under a children's term rider when that child reaches a certain specified age? If he files an application for renewal before the expiration date, his license will, A Medicare Supplement policy can be cancelled by the insurer for, Recording the receipt and distribution of premiums due to an insurer is considered a producer's _________ responsibility. A person who is a nonsmoker, of average weight, and in excellent health would most likely be in which risk classification? 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. c. Solve the equation f(x)=0, if possible. a producers secretary who solicits prospects on the telephone Which type of long-term care benefit would be most appropriate for a stroke victim who requires speech therapy administered at her home? James is the insured on a life insurance policy where his age was misstated on the application. With a past due premium of $100, the insurer pays $400. a producers secretary who solicits prospects on the telephone. She is receiving the deathbenefit in payments of $10,000 per month until the principal and interest hasbeen paid out. Submit to the replacing insurer a list of the policies to be replaced. The time limit for filing claim disputes is addressed in which provision of an accident and health policy? Which of the following is the likely result? 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. D. Coverage includes compulsory hospital andvoluntary supplementary medical insurance. visas, binomial trials. 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). a producers secretary who solicits prospects on the telephone What is created after policy proceeds areobtained in a lump sum and then immediately invested? A life insurance policyowner is allowed ____ days upon policy delivery to return the policy for a full premium refund, A producer's license MUST be renewed every _______ years, Collecting a charge for insurance that is less than the charge applicable to that insurance. An amount the premium would have purchased at the correct age. Provides the insured a specific dollar amount for services, An example of an unfair method of competition is, Overstating the benefits of an insurance policy, A pharmacy benefit covers prescription drugs derived from a list called, The type of policy which pays on the death of the last person is called, Converting a group plan to permanent life insurance requires, The conversion being applied for within 31 days of termination, Ownership of a life insurance policy may be temporarily transferred with a(n). Which of the following is NOT a required provision in an accident and health insurance policy? All of these are standard exclusions found in a life insurance policy EXCEPT. The Commissioner must examine the financial affairs of each admitted insurer operating in Maryland at least once every how many years? \text{Total liabilities and stockholders' equity} & \underline{\underline{\hspace{3pt}\$244,000}} & \underline{\underline{\hspace{3pt}\$256,000}} \\ Which type of coverage pays an amount per day for hospitalization directly to the insured regardless of the insured's other health insurance? Fundingfor Medicare Part B is Partially provided by. a producers secretary who solicits prospects on the telephone 59 and owned account for a minimum of 10 years, B. Anapplicants character and personal habits can be obtained for underwritingpurposes from which source? Which of these is NOT a characteristic of the Accelerated Death Benefit option? The policy automatically converts to whole lifeafter the 10-year period, B. Whatis the purpose of the medical information Bureau (MIB)? 1. A life insurance policyowner was injured in an automobile accident which results in a total and permanent disability. a producers secretary who solicits prospects on the telephone Duringthe accumulation period, who can surrender an annuity? Wherewould policy proceeds be paid if both the insured and primary beneficiary werekilled in the same accident? If she dies 15 years after the policy's inception date, how much will her beneficiary receive? In regards to a life insurance contract, which of the following statements is NOT true regarding the concept of insurable interest? The face amount and the premium will remain constant over the 10-year period. a. Mustmeet certain underwriting guidelines. The New Jersey Life and Health Insurance Guaranty Association is, Funded by assessments on member companies. A. Whichof the following is a requirement for ANY change in an insurance application? In what part of insurance policy benefits found? Failingto promptly provide a reasonable explanation for the denial of a claim isconsidered to be a (n). 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. A plan in which an employer pays insurance benefits from a fund derived from the employer's current revenues is called. Must be bonded through the state. Which of the following is NOT a reason for the Commissioner to deny or refuse a producer license application? Assist in the underwriting of insurance policies. At the request of the insurer to assist in the underwriting decision. a producers secretary who solicits prospects on the telephone There are several types of whole life insurance that are as follow:- Whichtype of life insurance is normally associated with a payor benefit rider? An error was made on Erica's life insurance application. 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. Maryland requires that a licensee completes___ hours of continuing education on the subject of ethics every reportingperiod. The two plans are fee-for-service and. Her health policy most likely contains a(n). Converting a group plan to permanent lifeinsurance requires: D. The conversion being applied for within 31 daysof termination. Whichscenario would most life insurance policies exclude coverage for? In accordance with New Jersey law, a Producer must remit health insurance premiums to the insurer within what period? Without a Section 125 Plan in place, what would happen to an employee's payroll contribution to an HSA? The death benefit paid will be what the premium would have purchased at the correct age. After 15 years, the cash value has accumulated to $100,000 and the police's face amount has become $600,000. a producers secretary who solicits prospects on the telephone. What is the required action to be taken by a Maryland licensee before operating under an assumed business name? Which of the Uniform Optional Provisions covers this situation? An individual life insurance policy can be contested by the insurer only during the first _________ years of the contract, An order issued by the commissioner that prohibits a specific practice listed in the order is called a. An individual the means to replace wages. Which of the following is required for an insurer to conduct business in this state? a producers secretary who solicits prospects on the telephone Both May and John are injured. Which of the following unfair trade practices involves a producer who makes public malicious statements about an insurer's financial condition? The names of the insurance companies represented by the producer. Both partners are still married at the time of Bob's death. In the marketplace there are four various tiers of coverage, ranging from, bronze to platinum. Written notice for a health claim must be given to the insurer ___ days after the occurrence of the loss. Which of these will typically authorize treatment from a specialist? a producers secretary who solicits prospects on the telephone; episcopal academy ice hockey; atlas copco fault codes 7008. serta idirections hybrid queen. Producer commissioners may NOT be paid to: B. Licensedand appointed producers who are sharing commissions. B.) A producer may begin to solicit insurance ONLY. How long is the Contestable Period for health insurance policies sold in Maryland? What is the required action to be taken by a Maryland licensee before operating under an assumed business name? What happens when an insurance policy is backdated? ABC Insurance Agency is entering each applicant who purchases insurance through their agency into a drawing to win a free trip. Which of the following is Medicare Part B also known as? Elizabethis the beneficiary of a life insurance policy. All Medicare Supplement policies MUST contain which provision? In event of acontroversy between the insured and the company, the producer is considered to representthe. How many employees must an employer have for a terminated employee to be eligible for COBRA? Hill during her initial calls made to the call center. yabombay Flashcards | Quizlet Jim recently sold his whole life insurance policy under a critical settlement contract. \\ An insurance producer who convinces a prospective insured to purchase a policy by exaggerating the benefits of the policy may be found guilty of, An ____ _____ sells, solicits, or negotiates insurance contracts for compensation, All of these activities require an individual to hold a producer's license EXCEPT, Jim recently sold his whole life insurance policy under a viatical settlement contract. Whichof these is considered to be a document that describes the critical segments ofa life insurance policy? When must a claim on a life insurance policy be paid after proof of loss has been received by the insurer? Which rider would pay a monthly amount because of this disability? An insurer formed according to the legal requirements of another country is called an. A producer's secretary who solicits prospects on the telephone, When a producer is replacing an existing ordinary life insurance policy, the producer must take all of the following actions EXCEPT, In Maryland, a full-time employee of a small employer MUST work an average of at least _____ per week, A producer may begin to solicit insurance ONLY when. A. Collectinga premium for insurance that is not provided. Its balance sheet for this year is as follows: EndingBeginningBalanceBalanceCashandcashequivalents$48,000$57,000Accountsreceivable41,00044,000Inventory55,00050,000Totalcurrentassets144,000151,000Property,plant,andequipment150,000140,000Lessaccumulateddepreciation50,00035,000Netproperty,plant,andequipment100,000105,000Totalassets$244,000$256,000Accountspayable$32,000$57,000Incometaxespayable25,00028,000Bondspayable60,00050,000Commonstock70,00060,000Ratainedearnings57,00061,000Totalliabilitiesandstockholdersequity$244,000$256,000\begin{array}{l c c} What is the purpose of the Medical Information Bureau (MIB)? 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. A. Thepolicys elimination period is waived, B. Thetime frame for reinstating a lapsed policy is extended, C. Thepolicys probation period is earlier than the present, D. Thepolicy effective date is earlier than the present, D. The policy effective date is earlier than thepresent, Premiummode is a term used to describe the. a producers secretary who solicits prospects on the telephone 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.