Whichtype of injury would NOT be covered under a health insurance policy? Pierre the producer receives a premium for an individual health insurance policy. Claims for a Long-Term Care policy MUST be paid for which of the following conditions? Which of the following is present when an applicant stands to lose value if the insured dies? To be classified as a small employer, an employer mustNOT have more than__ eligible employees. When the minor has been approved by the Commissioner, When collection insurance premiums from a client, a producer MUST, A. Theprescription of a drug for treatments other than whats labeled is known as(Blank) use. Providing claim payments to insureds under the guidelines of the insurance contract. Re: Acting as insurance producer without a license Questions Presented 1. What is the required action to be taken by a Maryland licensee before operating under an assumed business name? Which of the following statements is TRUE? 16381 Chillicothe Rd, Chagrin Falls, OH 44023, USA 440-708-1855. search. In which of the following relationship would there NOT be an insurable interest? Howdoes one become eligible for part D: Prescription Drug Coverage? 1. A. 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. If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy? . What does the amount of these credits represent? She paid the premium on May 15 with the policy indicating the effective date being May 30. By Posted browning 725 pro sporting canada His policy may be reinstated at any time within _____ years. 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). Must be bonded through the state. Which of the following must be included in the advertisement? Failingto promptly provide a reasonable explanation for the denial of a claim isconsidered to be a (n). 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. A producer may begin to solicit insurance ONLY. An applicant's character and personal habits can be obtained for underwriting purposes from which source? Please sign in to share these flashcards. ARoth IRA owner must be a least what age in order to make tax-free withdrawals? Bob dies 12 months later. Maryland requires that a licensee completes___ hours of continuing education on the subject of ethics every reportingperiod. Arollover from a Traditional IRA to another IRA must be done within __ days toavoid tax consequences. 59 and owned account for a minimum of 10 years, B. Which of the following is NOT a circumstance to which a temporary producer license can be issued? How long must a life insurance policy be in effect before the policyowner may use the nonforfeiture provision? When an insured changes to a more hazardous occupation, which disability policy provision allows an insurer to adjust policy benefits and rates? D. Coverage includes compulsory hospital andvoluntary supplementary medical insurance. D. Administered by the federal government. Which of these is NOT subject to income taxation under a Modified Endowment Contract (MEC)? With a usual, customary, and reasonable fee, Which of these is NOT a qualifying event for Medicare, A. a producers secretary who solicits prospects on the telephonecrumbl cookies franchise applicationcrumbl cookies franchise application Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. Who is required to notify the producer in the event of appointment termination? 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. Ifan insurer refuses to pay a claim, how many days must the insured wait to takelegal action against a health insurer after submitting written proof of loss? It would be considered taxable income to the employee. The commissioner must examine the financial affairs of each admitted insurer operating in Maryland at least once every how many years? Contact; a producers secretary who solicits prospects on the telephonepossum playing dead in the yard. Advertising material for a life insurance policy does NOT need to contain which of the following? Howsoon can the benefit payments begin with a deferred annuity? Which of the following is not a reason for the Commissioner to deny or refuse a producer license application? Anapplicants character and personal habits can be obtained for underwritingpurposes from which source? 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. Who is the individual paid on a fee-for-service basis? Term, Whole, and universal life insurance, C. Joint, credit, and group life insurance. B. Recieve a tax credit to help offset the cost of health insurance. Please upgrade to Cram Premium to create hundreds of folders! Bob and Tom start a business. In order for the producer's insurance business to continue, the Department of Banking and Insurance may issue to the producer's spouse a. What does the consolidated Omnibus Budget Reconciliation ACT (COBRA) of 1985 allow an employee to do? 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. \\ Which settlement options pays a stated amount to an annuitant but no residual value to a beneficiary? Vaginal plastic surgery is made up of two main procedures, external and . 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; episcopal academy ice hockey; atlas copco fault codes 7008. serta idirections hybrid queen. A. Collectinga premium for insurance that is not provided. 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). She may reinstate her policy within _____ years. Insurance producer Kelly offers an insured a $500 shopping card if an insurance product is purchased through her. This type of agreement is called an. What happens when an insurance policy is backdated? & \text{Balance}& \text{Balance} & \\ A. 1. The Office of General Counsel issued the following opinion on April 25, 2005, representing the position of the New York State Insurance Department. D. Willfullycollecting a premium that exceeds the amount of the actual premium. How long is the Contestable Period for health insurance policies sold in New Jersey? 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. You are here: how to remove chicken giblets a producers secretary who solicits prospects on the telephone. What is the purpose of a disability income benefit? An effort by an existing insurer to prevent replacement and continue existing Life Insurance in force is known as which of the following? At minimum, a carrier is required to offer which of the following health benefit plans to small employers? Whichmarket index is normally associated with an indexed annuitys rate of return? She would like to borrow $15,000 against the cash value. assure full and truthful disclosures to the public, All of the following are typically included in a life insurance policy illustration EXCEPT. All Medicare Supplement policies MUST contain which provision? This illustration MUST disclose that. Determine whether the discriminant is positive, negative, or zero. Frank is shopping for a disability income policy. Whoassumes the investment risk with a fixed annuity contract? Sonya applied for a health insurance policy on April 1. An individual can enroll in a Part C Medicare Advantage Plan at what time? Where would policy proceeds be paid if both the insured and primary beneficiary were killed in the same accident? A. Whatdoes the word Level in level term describe? Which of the following enables a life policy to be replaced with another life policy and results in the postponement of the tax consequence? At what age does the open enrollment period typically begin for Medicare Supplement coverage? In event of acontroversy between the insured and the company, the producer is considered to representthe. B.Change must be initialed by the applicant. XZY company has applied for group health insurance for its employees. The type of annuity she is seeking is called? ABC Insurance Agency is entering each applicant who purchases insurance through their agency into a drawing to win a free trip. Kurt is an active duty serviceman who was recently killed in an accident while home on leave. The Federal Employees Benefit Program consists of two types of health plans for federal civilian employees. Which of the following situations would be suitable for a temporary work authority? Jay the producer is giving insurance advice regarding a prospect's existing coverage. Continued coverage under COBRA would be providedto all of the following EXCEPT: a. Whena qualified plan starts making payments to its recipient, which portion of thedistributions is taxable? How often must an insurance producer's license in Maryland be renewed? Any decrease in income resulting from this injury would make him eligible for benefits under which provision? 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. Maryland requires that a licensee completes ______ hours of continuing education on the subject of ethics every reporting period. A. Changemust be initialed by the agent, B. Changemust be initialed by the applicant, C. Changemust be approved by the insurer. 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. 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A type of group that has a constitution and bylaws andhas been organized for purposes other than obtaining insurance is called awhat? Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Which of the following enables a life policy to be replaced with another life policy and results in the postponement of the tax consequence? 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. \text{Net property, plant, and equipment} & \underline{\hspace{8pt}100,000} & \underline{\hspace{8pt}105,000} \\ A. Erica is 35 years old and owns an IRA. AMaryland insurance producer solicits an insurance policy. by geriford27, 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. Which market index is associated with an indexed annuity's rate of return? What is the required action to be taken by a Maryland licensee before operating under an assumed business name? audio not yet available for this language. Who would make the final determination on whether or not an insurance advertisement is misleading? Tara the producer is delivering a specified disease insurance policy to a new policyowner. An insurer is REQUIRED to offer which of the following to each long-term care applicant at the time of purchase? juin 5, 2022 . A life insurance policyowner was injured in an automobile accident which results in a total and permanent disability. a. Oneor more diagnostic, preventive, therapeutic, rehabilitative, maintenance orpersonal care services in a setting other than an acute care unit of ahospital. The funeral of Wayne Emmerson Wilson leaves Downes and Wilson Funeral Home, Eagle Hall, St.Fax: 540-662-2627. Whichof these is considered to be a document that describes the critical segments ofa life insurance policy? What is the purpose of having an accelerated death benefit on a life insurance policy? Anindividual covered under a Blue Cross Blue shield is called a(n), Aclosed network plan offers a primary physician copay $25. 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. licensed producers not appointed by an insurer. Written notice for a health claim must be given to the insurer ___ days after the occurrence of the loss. Mark continues working after the age of 65 and is covered through his employer's group health plan. a producers secretary who solicits prospects on the telephone. When is an existing health insurance policy required to provide coverage for a newborn child, a producer who shares commissions with a client. The taxable portion of each annuity payment is calculated using which method? \text{Cash and cash equivalents} & \$\ \hspace{5pt}48,000 & \$\ \hspace{5pt}57,000 \\ Her health policy most likely contains a(n). 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} Former dependent of employee no longer ofdependent status. 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. This change is called a(n). How often must an insurance producer's license in New Jersey be renewed? Maria the agent would like to advertise an annuity product on a highway billboard. Which of the followingunfair trade practices involves an agent who makes malicious statements aboutanother person's financial condition? B. Providea risky, yet high return investment, Fixedannuities provide each of the following EXCEPT. 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. Net death benefit will be reduced if the loan is not repaid. 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. Whichof the following is Medicare Part B also known as? D.In the event of employment termination, group health insurance can be kept if the employer pays the premium.