Which settlement option pays a stated amount toan annuitant, but no residual value to a beneficiary? 1. 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. 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? port clinton high school athletics / roberto bettarini ambassador / roberto bettarini ambassador Who would most likely be coveredunder Workers Compensation? 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. Whichof these will have the highest monthly payout upon annuitization? 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. Kurt is an active duty serviceman who was recently killed in an accident while home on leave. Whichtype of life insurance is normally associated with a payor benefit rider? These rights are called, A producer who intentionally makes an untrue or incomplete statement in the course of an insurance transaction may be guilty of. When must a claim on a life insurance policy be paid after proof of loss has been received by the insurer? assure full and truthful disclosures to the public, All of the following are typically included in a life insurance policy illustration EXCEPT. She recently replaced the policy with a new one that provides better coverage. Please sign in to share these flashcards. Insurance producer Kelly offers an insured a $500 shopping card if an insurance product is purchased through her. This is called a. \text{Total liabilities and stockholders' equity} & \underline{\underline{\hspace{3pt}\$244,000}} & \underline{\underline{\hspace{3pt}\$256,000}} \\ Which of the following would disqualify a company's retirement plan from receiving favorable tax treatment? 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. At the request of the insurer to assist in the underwriting decision. Which of the following is the likely result? She would like to borrow $15,000 against the cash value. The applicant's medical history may be analyzed and reported, Which of the following MUST contain a "Statement of Policy Cost and Benefit Information". The proceeds of this contract could be subject to the claims of, The Food and Drug Administrationapproved prescription drugs for treatment as stated on the drugs labeling. (To help answer this question, create an Accounts Receivable T-account and insert the beginning and ending balances.) Which of the following is not a reason for the Commissioner to deny or refuse a producer license application? Who is eligible for insurance under a group policy issued to a labor union? Pierre MUST remit the premium to his insurer within ___ business days of receipt. 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. What happens to interest earned if the annuitant dies before the payout start date? Barbara's policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of insurability. Which of the following does Coordination of Benefits allow? Alimited payment whole life policy provides. What is involved when a life insurance policy has been backdated? Which of these is NOT a characteristic of the Accelerated Death Benefit option? Which of the following is the likely result? How often must an insurance producer's license in Maryland be renewed? When a qualified plan starts making payments to its recipient, which portion of the distributions is taxable? \text{Total assets} & \underline{\underline{\hspace{3pt}\$244,000}} & \underline{\underline{\hspace{3pt}\$256,000}} \\ The face amount and the premium will remain constant over the 10-year period. An individual who has a hobby racing cars once a month. Former dependent of employee no longer ofdependent status. Whichscenario would most life insurance policies exclude coverage for? Unintentionally misrepresented a material fact on the application. 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. Which of the following actions by a producer would NOT result in a license suspension or revocation? This illustration MUST disclose that. 1. The promise of a discount in premium as an inducement to purchase insurance is known as, exchanging a new policy for one already in force, with guidelines regarding credit reporting and distribution, The Fair Credit Reporting Act protects consumers, Terminally-ill life insurance policyowners may sell their policy at a discount to a third party. Which of the following may be used as continuation education credit? What is the required action to be taken by a Maryland licensee before operating under an assumed business name? What is the purpose of a disability income benefit? Which of the following is a reinstatement condition? Introducing Cram Folders! a. Mustmeet certain underwriting guidelines. Whatis the purpose of the medical information Bureau (MIB)? If credit life insurance is terminated before the scheduled maturity date of the debt, any unearned premium held by the insurer will be? Who regulates the quality care provided by a health maintenance organization (HMO)? A producer is meeting with a client to determine whether an annuity would be suitable for purchase. Which of the following statements is CORRECT regarding an individual applying for life or health insurance? A professional liability for which producers can be sued for mistakes of putting a policy into effect is called. Whichphase is this annuity in? The two plans are fee-for-service and. A hospital or medical expense policy will typically cover dental treatment expenses under which circumstance? June 24, 2022 . b. Incomeif an insured is unable to work for a period of over six months, c. Coveragefor excess charges not paid for under Medicare. Bob dies 12 months later. who would be responsible for the prosecution of this crime? A producer who sells an individual life insurance policy in Maryland MUST deliver to the policyowner a, Refusing to pay persons bringing false or fraudulent claims, All of these may be an Unfair Claims Practice EXCEPT, is eligible for a Federal tax credit through the SHOP Exchange, An existing health benefit plan offered by a small employer may be replaced by a SHOP Exchange Navigator only if the small employer, An insurance producer who replaces an existing policy by making false written or oral statements is committing the act of, A producer has recently died and leaves behind a spouse. B.) is one of the oldest and best known of all Barbadian funeral establishments. The Federal Employees Benefit Program consists of two types of health plans for federal civilian employees. A licensed producer is required to file notice of any change of address within how many days? Julie has a $100,000 30-year mortgage on her new home. Where would policy proceeds be paid if both the insured and primary beneficiary were killed in the same accident? Which of these premium payment frequencies is not typically available to a policy owner? ABC Insurance Agency is entering each applicant who purchases insurance through their agency into a drawing to win a free trip. The Commissioner issues a subpoena to a producer. Maria is a Preferred Provider Organization (PPO) subscriber and received care from an out-of-network provider. C. Remain of their current coverage for 30 months. The ____ is responsible for determining the appropriateness of a Medicare Supplement policy for an applicant. Written notice for a health claim must be given to the insurer ___ days after the occurrence of the loss. Focus of Major medical insurance is providingcoverage for: C. Medical and Hospitalization expenses. 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? She may reinstate her policy within _____ years. A closed network plan offers a primary physician copay of $25. 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 The time limit for filing claim disputes is addressed in which provision of an accident and health policy? 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. Which of these will typically authorize treatment from a specialist? Advertising material for a life insurance policy does NOT need to contain which of the following? After an insured gives notice of loss, what must he/she do if the insurer does not furnish forms? B. Recieve a tax credit to help offset the cost of health insurance. An effort by an existing insurer to prevent replacement and continue existing Life Insurance in force is known as which of the following? Over the course of a year, which premium payment mode is most expensive? How is a health provider reimbursed if they do NOT have an agreement in place with the insurance company? AnIndividual can enroll in a part C Medicare Advantage Plan at what time? Which of the following is true concerning the proceeds of a life insurance policy? a producers secretary who solicits prospects on the telephonecrumbl cookies franchise applicationcrumbl cookies franchise application June 5, 2022 . Which of the following does Medicare Part D cover? Change must be initialed by the applicant, A producer who sells an individual life insurance policy in New Jersey MUST deliver to the policyowner. 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? B. Gainsare tax exempt at distribution. D.In the event of employment termination, group health insurance can be kept if the employer pays the premium. 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. Long-term care insurance and Medicare Supplementplan have a free-look period of__ days. Which course of action must be taken by the Commissioner? 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. Benefits for a Medicare Supplement policy. Which type of contract may NOT be issued by an insurance company? the daily amount paid for nursing home care, All long-term care policies sold in North Dakota are REQUIRED to pay the SAME daily benefit amount for "at home" care as paid for. Which of the following MUST contain a "Statement of Policy Cost and Benefit Information"? Tim's individual life insurance policy has just recently lapsed. When an applicant passes a licensing examination and answers all background questions negatively. a producers secretary who solicits prospects on the telephone. a producers secretary who solicits prospects on the telephone. Maria the insurance producer completes a sale by collecting the required signatures on the application and obtaining the initial premium. Failing to promptly provide a reasonable explanation for the denial of a claim is considered to be a. For large samples, describe the sampling distribution of, (p^1p^2)\left( \hat { p } _ { 1 } - \hat { p } _ { 2 } \right) It is health insurance for the elderly. After 15 years, the cash value has accumulated to $100,000 and the police's face amount has become $600,000. CashandcashequivalentsAccountsreceivableInventoryTotalcurrentassetsProperty,plant,andequipmentLessaccumulateddepreciationNetproperty,plant,andequipmentTotalassetsAccountspayableIncometaxespayableBondspayableCommonstockRatainedearningsTotalliabilitiesandstockholdersequityEndingBalance$48,00041,00055,000144,000150,00050,000100,000$244,000$32,00025,00060,00070,00057,000$244,000BeginningBalance$57,00044,00050,000151,000140,00035,000105,000$256,000$57,00028,00050,00060,00061,000$256,000. Whattype of beneficiary should be named if the insured wants to give explicitdirections on how the policy proceeds should be paid? Under a life insurance policy, what does the insuring clause state? When an insured changes to a more hazardous occupation, which disability policy provision allows an insurer to adjust policy benefits and rates? 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? A life insurance policy which contains cash values that vary according to its investment performance of stocks is called. Any decrease in income resulting from this injury would make him eligible for benefits under which provision? What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1985 allow an employee to do ? Anindividual covered under a Blue Cross Blue shield is called a(n), Aclosed network plan offers a primary physician copay $25. \text{Bonds payable} & \hspace{13pt}60,000 & \hspace{13pt}50,000 \\ The death benefit paid will be what the premium would have purchased at the correct age. In regards to a life insurance contract, which of the following statements is NOT true regarding the concept of insurable interest? A producer may be disciplined by the Commissioner for which of the following actions? what happened to amy bailey happy healthy humble . B.Canceling a term life policy to buy a whole life policy. Before conducting an HIV related test, an insurer is REQUIRED to obtain written authorization from the. Intereston death benefits are NOT required to be paid by an insurance company as longas proceeds are paid within __ after the date of the death of the insured. What are the levels of coverage as defined by the Affordable Care Act? This situation is called, Written notice of a health insurance claim should be given to the insurer within _____ days after the occurrence of any loss covered by the policy, To conduct insurance business in this State, an insurer must be issued a certificate of authority. The names of the insurance companies represented by the producer. An individual can enroll in a Part C Medicare Advantage Plan at what time? Maria is a Preferred Provider Organization (PPO) subscriber and received care from an out-of-network provider. 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. Reggie purchased a life insurance policy with a face amount of $500,000. \quad \text{Less accumulated depreciation} & \underline{\hspace{13pt}50,000} & \underline{\hspace{13pt}35,000} \\ Duringthe accumulation period, who can surrender an annuity? B. When are group disability benefits considered to be tax-free to the insured? Which of the following is a requirement for ANY change in an insurance application? Prospective producer who is waiting to take the state examination. Policyowners from misrepresentations and loss of benefits, Replacement regulation is designed to protect, A producer must notify the Commissioner within _____ days of a felony conviction, Dependent children under a health insurance plan must be provided coverage up to age, written authorization from the proposed insured, Prior to conducting an HIV-related test, the insurer must obtain, An insurance producer agrees to pay the first monthly premium for an insurance applicant. Annuities are intended to create an estate. Must be bonded through the state. If an insured dies during the grace period with no premiums paid. Erica is 35 years old and owns an IRA. & \text{Balance}& \text{Balance} & \\ At minimum, a carrier is required to offer which of the following health benefit plans to small employers? A. Whichof these will have the highest monthly payout upon Annuitization? 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. XZY company has applied for group health insurance for its employees. Which of the following topics needs to be discussed with this client? Fundingfor Medicare Part B is Partially provided by. Which rider would pay a monthly amount because of this disability? Craig submits a $500 claim for medical expenses. {"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"}}. In event of acontroversy between the insured and the company, the producer is considered to representthe. A producer has committed an insurance crime that violates US code 1033 (interstate commerce). Paul has an, An indemnity plan limitation that will pay the dental bills after a small amount is paid by the insured is called. When initial premium is collected and policy is issued. D. Licensedproducers not appointed by an insurer. 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. An error was made on Erica's life insurance application. 1. By Posted browning 725 pro sporting canada 1. Duringthe accumulation period, who can surrender an annuity? As beneficiary, he will pay__taxeson any money withdrawn. D. Adjustable, permanent, and limited-pay lifeinsurance. What types of life insurance are normally usedfor key employee indemnification? 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. a producers secretary who solicits prospects on the telephone; episcopal academy ice hockey; atlas copco fault codes 7008. serta idirections hybrid queen. What does the word "level" in Level Term describe? a producers secretary who solicits prospects on the telephone 12. Registered for the state insurance examination. \text{Cash and cash equivalents} & \$\ \hspace{5pt}48,000 & \$\ \hspace{5pt}57,000 \\ Which of these is NOT considered to be a risk factor in life insurance underwriting? Her health policy most likely contains a(n). How long after its effective date will an individual life insurance policy become incontestable? A producer's secretary who solicits prospects on the telephone: a) is an example of the illegal act called twisting . Providing claim payments to insureds under the guidelines of the insurance contract. Which of thesestatements is true? Arollover from a Traditional IRA to another IRA must be done within __ days toavoid tax consequences. by geriford27, 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. Whichtype of injury would NOT be covered under a health insurance policy? Maria has committed what crime? The New Jersey Life and Health Insurance Guaranty Association is, Funded by assessments on member companies. Howare annuities given favorable tax treatment? cuanto gana un pintor de autos en estados unidos . After passing the state Producer licensing exam, application for the license must be made within, How long must an insurance company keep record on life insurance replacement activity, An insurance company that is organized or chartered in a country other than the United States is defined as, Advertisements of insurance in a local newspaper, must be approved by, Which of the following actions may an insurance company NOT do in a health policy that contains a guaranteed renewable premium benefit, Increase the premiums on an individual basis, Continued coverage under COBRA would be provided to a(n), A covered employee is terminated for gross misconduct, In New Jersey, health insurance advertisements are required to contain the, The purpose of a coordination-of-benefits provision in group health accident and health plans is to, If an insured dies during the grace period with no premiums paid, The policy would be payable, minus the premium amount, A 10% excise tax is normally applied to an early withdrawal from an IRA. 5151\left|\begin{array}{ll}5 & 1 \\ 5 & 1\end{array}\right| a. Theinsured skipped a payment beyond the 31 day grace period, b. Theinsured was injured while participating in an illegal occupation, c. Theinsured was given a notice of cancellation from the insurer, d. Theinsured suffered an injury as an innocent bystander during a bank robbery. A Whole life policy option where extended terminsurance is selected is called a(n), A provision in a whole life policy that allows apolicy owner to terminate the policy in return for a reduced paid-up policy ofthe same type is called a(N). A producer may begin to solicit insurance ONLY. \text{Property, plant, and equipment} & \hspace{8pt}150,000 & \hspace{8pt}140,000 \\ 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. One of. If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy? Which of the following would be the appropriate tax consequence? How long must a life insurance policy be in effect before the policy owner may use the non forfeiture provision? Which of the following is CORRECT regarding the death benefit amount. The Commissioner must examine the financial affairs of each admitted insurer operating in Maryland at least once every how many years? Pay for Medicare charges exceeding the approvedamount. Krissa purchases a 10-year level term lifeinsurance policy that has a death benefit of $200,000. Which of these gaps in Medicare coverage is addressed with Medicare Supplemental Insurance? Krissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. Which disability policy provision would address any concerns of the value of the benefits decreasing over time?