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When must a claim on a life insurance policy be paid after proof of loss has been received by the insurer? What does the Group Life underwriting risk selection process help protect insurance companies from? b. Which of the following unfair trade practices involves a producer who makes public malicious statements about an insurer's financial condition? d. Alump sum payment upon first diagnosis of cancer, heart attack, or stroke. Annuities are intended to create an estate. When the minor has been approved by the Commissioner, When collection insurance premiums from a client, a producer MUST, A. 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. _____ is NOT an element of valid contract, The automatic premium loan provision authorizes an insurer to withdraw from a policy's cash value at the amount of, Past due premiums that have not been paid by the end of the grace period. 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. The Right-to-Examine period in Maryland for Long-Term Care policies is ____ days. A. B. Guaranteedlifetime withdrawal benefit, D. Guaranteedminimum accumulation benefit. \text{Total current assets} & \underline{\hspace{8pt}144,000} & \underline{\hspace{8pt}151,000} \\ Barbara's policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of insurability. Tim's individual life insurance policy has just recently lapsed. Whoregulates the quality of care provided by a health maintenance organization(HMO), a. Secretaryof department of health and mental hygiene, b. NationalAssociation of insurance commissioners, A.Secretary of the department of health and mental hygiene. A. Collectinga premium for insurance that is not provided. Howdoes one become eligible for part D: Prescription Drug Coverage? 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? Who is the individual paid on a fee-for-service basis? 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. With a past due premium of $100, the insurer pays $400. 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 Former dependent of employee no longer ofdependent status. 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. Whichof these is considered to be a document that describes the critical segments ofa life insurance policy? The entity which issues the certificate of authority is the, A policyowner has _____ days after policy delivery to return a major medical policy for a full refund, make any transactions before being approved for a licence, counsels and advises the Governor on all matters assigned to the Maryland Insurance Administration, A Maryland insurance producer solicits an insurance policy. Tara the producer is delivering a specified disease insurance policy to a new policyowner. Which disability policy provision would address any concerns of the value of the benefits decreasing over time? What is involved when a life insurance policy has been backdated? \text{Inventory} & \underline{\hspace{13pt}55,000} & \underline{\hspace{13pt}50,000} \\ What is created after policy proceeds areobtained in a lump sum and then immediately invested? A _______ negotiates an insurance contract on behalf of an insurer, The Entire Contract provision states that an entire contract consists of the actual policy and the, the last day of the licensee's birth month (every two years), A producer's renewal date for his/her resident insurance license is on or before. Determine financial strength of an insurance company, As classified by the Adorable Care Act (ACA), a silver plan offers. The ____ is responsible for determining the appropriateness of a Medicare Supplement policy for an applicant. Doctor cannot charge more than Medicare's scheduled coverage, Health insurance advertisements that mention statistical information are required by New Jersey law to. Level premium permanent insurance accumulates a reserve that will eventually, Ambiguities in an insurance policy are always resolved in favor of the, Chapter 11 Exam - New Jersey Laws and Rules, Life Insurance Policies - Provisions, Options, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Daniel F Viele, David H Marshall, Wayne W McManus. Which of the following is NOT a requirement for soliciting insurance in Maryland? . Which of the following is an example of defamation? The proceeds of this contract could be subject to the claims of. 16381 Chillicothe Rd, Chagrin Falls, OH 44023, USA 440-708-1855. search. June 24, 2022 . Over the course of a year, which premium payment mode is most expensive? Which of the following would have the HIGHEST premium? Which of the following must be included in the advertisement? 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). Submit to the replacing insurer a list of the policies to be replaced. How long after its effective date will an individual life insurance policy become incontestable? 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. 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. Advertising material for a life insurance policy does NOT need to contain which of the following? Whatis the elimination period of an individual disability policy? Similar to the differen o Term Life insurance: an individual is buying protection for a specific period of time. To be eligible for small employer group coverage, an employee must work a MINIMUM of ____ hours in a typical week. All Medicare Supplement policies MUST contain which provision? \text{Accounts payable} & \$\ \hspace{5pt}32,000 & \$\ \hspace{5pt}57,000 \\ Which of these is affected by the frequency of an insurance policy's premium payments? To be classified as a small employer in Maryland, and employer must employ, Secretary of the Department of Health and Mental Hygiene. a producers secretary who solicits prospects on the telephone Call us (+254) 722 22 99 44 Email polucon@polucon.com Our Laboratories Nairobi & Mombasa fort worth murders 1990s Home Services a producers secretary who solicits prospects on the telephone Micro-Biology Services Agri - Services Instrumentation Division Environment Division An insurer must furnish to a claimant forms for filing proof of loss within ___ days upon receiving a notice of claim. An eligible employee can be excluded from group health coverage for up to _______ months is he/she is considered a "late enrollee". Find out how you can intelligently organize your Flashcards. By Posted browning 725 pro sporting canada 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. Under a Traditional IRA, Interest earned istaxed. Donnaand Mary were racing bicycles in a store parking lot while being cheered on by fellowemployees. Registered for the state insurance examination. What types of life insurance are normally usedfor key employee indemnification? What is the maximum fine for a producer violating a New Jersey Insurance law for the first time? She would like to borrow $15,000 against the cash value. Which settlement options pays a stated amount to an annuitant but no residual value to a beneficiary? Determine whether there are 0,1 , or 2 real solutions to f(x)=0. Kurt is an active duty serviceman who was recently killed in an accident while home on leave. Which of the following would be considered a "dependent child"? Which of the following actions by a producer would NOT result in a license suspension or revocation? 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. Mary ran into John, another employee, who happened to be taking outthe garbage. Providing claim payments to insureds under the guidelines of the insurance contract. A life insurance policy normally contains a provision that restricts coverage in the event of death under all of the following situations EXCEPT, An insurance consultant is BEST defines as a. 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. Which course of action must be taken by the Commissioner? A master contract and certificate of coverage can be found in which type of policy? 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. 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.) Their offer/administration. Which license is REQUIRED in order to solicit Long Term Care insurance in the State of Maryland? Krissa purchases a 10-year level term lifeinsurance policy that has a death benefit of $200,000. Which of the following is an example of fraud? The premium for a Modified whole life policy is, How long is the Contestable Period for health insurance policies sold in New Jersey, An applicant intentionally lying to an insurance company on an application in order to obtain a cheaper premium is an example of. A professional liability for which producers can be sued for mistakes of putting a policy into effect is called. What is the purpose of a disability income benefit? \\ 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 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. Engaged in a fraudulent insurance practices. Erica is 35 years old and owns an IRA. 1. If a subscriberchooses a primary care physician outside of the network, the subscriber willlikely pay, Medicareprovides coverage for each of the following EXCEPT. Juni 2022. A Medicare Supplement policy may exclude coverage fora preexisting condition for up to __months. A. Toaccept or decline insurance applicants, B. Toset the premium rates for insurers, D. Toperform physical examination on applicants. This rider is called a(n). Which of the following does Medicare Part D cover? This is an unlawful practice known as, must be delivered with or prior to policy delivery. 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. A branch office registration form is required to be filed at least _____ days before selling insurance out of that branch. Selecting an insurance organization ought to be founded on a few components that can be broken into two general gatherings: Krissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. Adoctor who accepts Medicare Assignment agree to which of the following ? Pay for Medicare charges exceeding the approvedamount. The right-to-examine period in Maryland for long-Term Care polices is ___ days. D.In the event of employment termination, group health insurance can be kept if the employer pays the premium. 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. What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) OF 1985 allow an employee to do? In Maryland, an insurance producer cannot sell, solicit, or negotiate policies for an insurer unless there is an agreement in place between the producer and insurer. The Commissioner must examine the financial affairs of each admitted insurer operating in Maryland at least once every how many years? B. Recieve a tax credit to help offset the cost of health insurance. who would be responsible for the prosecution of this crime? Whichof the following is Medicare Part B also known as? In the event of employment termination, group insurance can be kept if the employee pays the premiums. 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? A master contract and certificate of coverage can be found in which type of policy? The company did not retire any bonds or repurchase any of its own common stock during the year. 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? 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. Which of the following is a reinstatement condition? d. Individual disability income insurance premiums. Proof of loss on a health insurance claim must be submitted to an insurer within _____ days after the insure's date of loss. Without a Section 125 Plan in place, what would happen to an employee's payroll contribution to an HSA? 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. An ___________ insurance company is one that was formed under the laws of another country outside of the U.S. 1. Whathappens when an insurance policy is backdated? Reggie purchased a life insurance policy with a face amount of $500,000. Allof these are considered key factor in underwriting life insurance EXCEPT, Anapplicant intentionally lying to an insurance company on an application inorder to obtain a cheaper premium is an example of. Whattype of beneficiary should be named if the insured wants to give explicitdirections on how the policy proceeds should be paid? 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. Any decrease in income resulting from this injury would make him eligible for benefits under which provision? What is the required action to be taken by a Maryland licensee before operating under an assumed business name? What does the consolidated Omnibus Budget Reconciliation ACT (COBRA) of 1985 allow an employee to do? The funeral of Wayne Emmerson Wilson leaves Downes and Wilson Funeral Home, Eagle Hall, St.Fax: 540-662-2627. Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. 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). Before conducting an HIV related test, an insurer is REQUIRED to obtain written authorization from the. Who is required to notify the producer in the event of appointment termination? 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. Hill during her initial calls made to the call center.