Which course of action must be taken by the Commissioner? 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). Which type of rider will waive the premium on a child's life insurance policy if the parent paying the premium dies? What does the word "level" in Level Term describe? B.Canceling a term life policy to buy a whole life policy. Peter Griffith, Funeral Director of Lyndhurst Funeral Home. How long after its effective date will an individual life insurance policy become incontestable? Whichof these benefit options would he choose? Which entity is responsible for processing insurance advertising in New Jersey? Lower than the typical whole life policy duringthe first few years and then higher than typical for the remainder. If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy? B. Guaranteedlifetime withdrawal benefit, D. Guaranteedminimum accumulation benefit. 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. a producers secretary who solicits prospects on the telephone. 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. 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. Whoassumes the investment risk with a fixed annuity contract? Failingto promptly provide a reasonable explanation for the denial of a claim isconsidered to be a (n). Which of these riders will pay a death benefit if the insured's spouse dies? 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. One of. What is the contract called that is issued to an employer for a Group Medical Insurance plan? B. 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. Annuities are intended to create an estate. Please upgrade to Cram Premium to create hundreds of folders! What happens when an insurance policy is backdated? c. Solve the equation f(x)=0, if possible. Which of the Uniform Optional Provisions covers this situation? Sonya applied for a health insurance policy on April 1. The ____ is responsible for determining the appropriateness of a Medicare Supplement policy for an applicant. Which of the following is NOT a circumstance to which a temporary producer license can be issued? Which of these describes the change that will take place?A) Coordination of benefitsB) ConversionC) Extension of benefitsD) Rollover, Under a group life policy, the insurer will issue an individual _____ to the policyowner for delivery to each person insured.A) policyB) certificateC) applicationD) rider. The power given to an individual producer that is not specifically addressed in his/her contract is considered what type of authority? Must be bonded through the state. a producers secretary who solicits prospects on the telephone. Please sign in to share these flashcards. Normally pay for losses arising from: Which of these would an insurer consider when determining whether to accept a group life plan? Anapplicants character and personal habits can be obtained for underwritingpurposes from which source? Eventually, they retire and dissolve the business. Erica is 35 years old and owns an IRA. An accident and health policy that provides reimbursement benefits makes them payable to the, A separate converted policy may, at the option of the insurance company, be issued to cover a, Dental treatment is needed to repair an injury. Bob and Tom start a business. To be eligible for small employer group coverage, an employee must work a MINIMUM of ____ hours in a typical week. The policy automatically converts to whole lifeafter the 10-year period, B. Duringthe accumulation period, who can surrender an annuity? B. Collectinga charge for insurance that is less than the charge applicable to thatinsurance, C. Misappropriateor unreasonably withhold premiums or returned premiums. D. The face amount and premiumwill remain constant over the 10-year period. When must a claim on a life insurance policy be paid after proof of loss has been received by the insurer? At minimum, a carrier is required to offer which of the following health benefit plans to small employers? An insurer must furnish to a claimant forms for filing proof of loss within ___ days upon receiving a notice of claim. by recommending insurers with good AM Best ratings, C.) With guidelines regarding credit reporting and distribution. 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. & \text{Balance}& \text{Balance} & \\ If credit life insurance is terminated before the scheduled maturity date of the debt, any unearned premium held by the insurer will be? Pay for Medicare charges exceeding the approvedamount. Introducing Cram Folders! Whatis created after policy proceeds are obtained in a lump sum and thenimmediately invested? She paid the premium on May 15 with the policy indicating the effective date being May 30. 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. This rider is called a(n). When is an existing health insurance policy required to provide coverage for a newborn child, a producer who shares commissions with a client. A. C. Remain of their current coverage for 30 months. 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. 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). A producer's license may only be suspended or revoked if the producer, one or more diagnostic, preventive, therapeutic, rehabilitative, maintenance, or personal care services in a setting other than an acute care unit of a hospital, Long-term care policies sold in Maryland may exclude coverage related to, The Life and health Guaranty Corporation provides funds to carry out its powers and duties by assessing, As of January 1, 2014, small group health insurance can be rated on the basis of, An individual covered under a Blue Cross Blue Shield plan is called a, An HMO that involves a partnership of physicians and other providers who practice out of a central facility is called a, Funding for Medicare Part B is partially provided by, Medicare Part A does not pay for medical benefits provided for treatment in a skilled nursing facility, MEWA (Multiple Employer Welfare Arrangement), Small employers who are sponsored by an insurer to provide group benefits to its employees are called. Which of these statements about Medicaid iscorrect? Which of the following life events would allow an uninsured employee to qualify for special enrollment in a small employer health benefit plan? AMaryland insurance producer solicits an insurance policy. \text{Total liabilities and stockholders' equity} & \underline{\underline{\hspace{3pt}\$244,000}} & \underline{\underline{\hspace{3pt}\$256,000}} \\ by geriford27, C. Protects consumers with guidelines regarding creditreporting and distribution. 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. what happened to amy bailey happy healthy humble . B. Which of the following statements is CORRECT regarding an individual applying for life or health insurance? What is the MINIMUM benefit period that must be offered by a Long-Term Care Policy? Submit to the replacing insurer a list of the policies to be replaced. Benefits for a Medicare Supplement policy. Who is eligible for insurance under a group policy issued to a labor union? cuanto gana un pintor de autos en estados unidos . Tim's individual life insurance policy has just recently lapsed. Mikehas inherited his fathers traditional IRA. 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. It would be considered taxable income to the employee. ABC Corporation has a group life insurance policy that covers its employees and their dependent children. In accordance with New Jersey law, a Producer must remit health insurance premiums to the insurer within what period? A producer is meeting with a client to determine whether an annuity would be suitable for purchase. Which of the following is an example of defamation? 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 is present when an applicant stands to lose value if the insured dies? D.In the event of employment termination, group health insurance can be kept if the employer pays the premium. Which of these gaps in Medicare coverage is addressed with Medicare Supplemental Insurance? a producers secretary who solicits prospects on the telephone What is the maximum fine for a producer violating a New Jersey Insurance law for the first time? Underthe Maryland health insurance plan, comprehensive health benefits are providedto. C.) Unintentionally misrepresented a material fact on the application. Producers must complete a total of ____ continuing education credits for each two-year licensing period. 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. assure full and truthful disclosures to the public, All of the following are typically included in a life insurance policy illustration EXCEPT. 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. 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. How long is the Contestable period for health insurance policies sold in Maryland? Whena qualified plan starts making payments to its recipient, which portion of thedistributions is taxable? In regards to a life insurance contract, which of the following statements is NOT true regarding the concept of insurable interest? Similar to the differen o Term Life insurance: an individual is buying protection for a specific period of time. An insurance company needs to obtain personal information from a third party concerning an applicant. If an insured dies during the grace period with no premiums paid. Which of thesestatements is true? Terminally - ill life insurance policy owners may sell their policy at a discount to the third party. a producers secretary who solicits prospects on the telephone B.) A. Atourist traveling abroad on a major airline carrier, B. Anindividual who has a hobby racing cars once a month, C. Anairline pilot who flies for a commercial carrier, B. AnIndividual who has a hobby racing cars once a month. The commissioner must examine the financial affairs of each admitted insurer operating in Maryland at least once every how many years? Proof of loss on a health insurance claim must be submitted to an insurer within _____ days after the insure's date of loss. What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) OF 1985 allow an employee to do? Which of the following actions is REQUIRED by an agent who is replacing an existing life insurance policy? 5511. Which settlement options pays a stated amount to an annuitant but no residual value to a beneficiary? Upon receiving a producer complaint, the Commissioner may immediately A producer may begin to solicit insurance ONLY when, A.) In Maryland, a full-time employee of a small employer MUST work an average of at least ___ per week. Reggie purchased a life insurance policy with a face amount of $500,000. Selecting an insurance organization ought to be founded on a few components that can be broken into two general gatherings: Which of the following statements is TRUE? B. Recieve a tax credit to help offset the cost of health insurance. The face amount and the premium will remain constant over the 10-year period. On Social Security disability for over two years, D.Falling below the federal poverty level, D. Falling below the federal poverty level, Field underwriting performed by the producer involves, Completing the application and collecting initial premium, A provision that allows a policy owner to withdraw a policy's cash value interest free is a(n). Which law do all insurers and their producers need to comply with? \text{Inventory} & \underline{\hspace{13pt}55,000} & \underline{\hspace{13pt}50,000} \\ Tarathe producer is delivering a specified disease insurance policy to a new policyowner. Producing an inadequate amount of new premium. Which of the following is a requirement for ANY change in an insurance application? . 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. yabombay Flashcards | Quizlet 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. To be eligible for small employer group coverage, anemployee must work a MINIMUM of __ hoursI a typical week. Healthinsurance will typically cover which of the following perils? C. Funded by federal, state, and local taxes. A. Collectinga premium for insurance that is not provided. Their offer/administration. Which of the following is the likely result? The death benefit paid will be what the premium would have purchased at the correct age. When an insured has a major medical plan with first dollar coverage, how does this impact the benefits paid? port clinton high school athletics / roberto bettarini ambassador / roberto bettarini ambassador 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. Whichof these will have the highest monthly payout upon Annuitization? You have created 2 folders. Which of the following is NOT a requirement for soliciting insurance in Maryland? The Commissioner must examine the financial affairs of each admitted insurer operating in Maryland at least once every how many years? Twisting is an illegal act which involves, A producer does NOT have a fiduciary responsibility to. Which of the following is NOT a required provision in an accident and health insurance policy? When the word "insurance" appears in a producer's business name, which of the following words cannot be approved? June 24, 2022 . Which of the followingunfair trade practices involves an agent who makes malicious statements aboutanother person's financial condition? {"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 producer may begin to solicit insurance ONLY. HIPPA considers which of the following as "individually identifiable health information"? What does a life insurance policy guarantee to the stated beneficiary upon the death of the insured? c. Send receipt of payment to the commissioner, d. Forward Premiums to the insurer on a timely basics. Pierre the producer receives a premium for an individual health insurance policy. What does the Group Life underwriting risk selection process help protect insurance companies from? Which of the following is NOT a federal requirement of a qualified plan? a producers secretary who solicits prospects on the telephone Providing claim payments to insureds under the guidelines of the insurance contract. An attending physician's statement would be appropriate for which life insurance purpose? Bob dies 12 months later. Krissa purchases a 10-year level term lifeinsurance policy that has a death benefit of $200,000. Medicare Part A does not pay for medical benefits provided for treatment in a skilled nursing facility beyond. a producers secretary who solicits prospects on the telephone. C) Unintentionally misrepresented a material fact on the application. In order for the producer's insurance business to continue, the Department of Banking and Insurance may issue to the producer's spouse a. D. Adjustable, permanent, and limited-pay lifeinsurance. A hospital or medical expense policy will typically cover dental treatment expenses under which circumstance? Which of the following is the likely result? 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? 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 producer's secretary who solicits prospects on the telephone: a) is an example of the illegal act called twisting . When the minor has been approved by the Commissioner, When collection insurance premiums from a client, a producer MUST, A. Her agent submitted the information to the insurance company on April 6. Maryland requires that a licensee completes ______ hours of continuing education on the subject of ethics every reporting period. Which of the following is NOT a qualification to be licensed as a producer? The time limit for filing claim disputes is addressed in which provision of an accident and health policy? Julie has a $100,000 30-year mortgage on her new home. This is called a. Which of the following statements is TRUE? What happens to coverage under a children's term rider when that child reaches a certain specified age? Kurt is an active duty serviceman who was recently killed in an accident while home on leave. by . Complete the sentence using each term once. His policy may be reinstated at any time within _____ years. Final Exam - New Jersey Life and Health Flashcards | Quizlet 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? Change must be initialed by the applicant, A producer who sells an individual life insurance policy in New Jersey MUST deliver to the policyowner. Howdo interest earnings accumulate in a deferred annuity? D. Willfullycollecting a premium that exceeds the amount of the actual premium. 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 telephonecapricorn and virgo flirting. A type of group that has a constitution and bylaws andhas been organized for purposes other than obtaining insurance is called awhat? In event of acontroversy between the insured and the company, the producer is considered to representthe. The Right-to-Examine period in Maryland for Long-Term Care policies is ____ days. Which military service exclusion clause would pay upon his death? 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. In Maryland, a Producer may have his/her license revoked for which of the following acts? 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? It is administrated by the federal government, C. It is funded by federal, state, and local taxes. 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. Jay the producer is giving insurance advice regarding a prospect's existing coverage. Which of the following is NOT considered to be an actof fraud? D. Licensedproducers not appointed by an insurer. Which of these is NOT a characteristic of the Accelerated Death Benefit option? Which of these will typically authorize treatment from a specialist? 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.) A Long-Term Care policy may only exclude pre-existing conditions for up to _____ months, The identity of the ____ must be made clear in every health insurance advertisement, _______________ is the authority given to a producer to sell, solicit, or negotiate insurance on behalf of the insurer, Pre-existing conditions may only be excluded from coverage for a maximum of 6 months. \text{Accounts receivable} & \hspace{13pt}41,000 & \hspace{13pt}44,000 \\ She may reinstate her policy within _____ years. Which of these if NOT considered a form of life insurance advertisement? Which type of contract may NOT be issued by an insurance company? An eligible employee can be excluded from group health coverage for up to _______ months is he/she is considered a "late enrollee". If a subscriber chooses a primary care physician outside of the network, the subscriber will likely pay, Paul is an employee who caught a disease unique to the trade in which he was exposed to. Which of the following enables a life policy to be replaced with another life policy and results in the postponement of the tax consequence? When does a life insurance policy typically become effective? Which of these is affected by the frequency of an insurance policy's premium payments? For large samples, describe the sampling distribution of, (p^1p^2)\left( \hat { p } _ { 1 } - \hat { p } _ { 2 } \right) Which of the following areas do error commonly occur on applications and for which the incontestable clause does NOT apply? OGC Opinion No. 05-04-21: Acting as insurance producer without a An insurer formed according to the legal requirements of another country is called an. 5151\left|\begin{array}{ll}5 & 1 \\ 5 & 1\end{array}\right| A producer has recently died and leaves behind a spouse In order for Whichmarket index is normally associated with an indexed annuitys rate of return? Under a Traditional IRA, Interest earned istaxed. Converting a group plan to permanent lifeinsurance requires: D. The conversion being applied for within 31 daysof termination. Which of the following is typically NOT eligible for coverage in a group health policy? The law that established insurance transactions regulated by the states is called. Which of these is NOT considered to be a nonforfeiture option in a whole life insurance policy? Registered for the state insurance examination. a. Mustmeet certain underwriting guidelines. a producers secretary who solicits prospects on the telephone old restaurants in lawrence, ma . 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. d. Alump sum payment upon first diagnosis of cancer, heart attack, or stroke. An example of a primary care physician would be an, A fee for service health insurance plan will normally cover. Which of these is NOT subject to income taxation under a Modified Endowment Contract (MEC)? What is involved when a life insurance policy has been backdated? Which of the following basics is a producer's fiduciary responsibility? This agreement is called an, Upon receiving a producer complaint, the Commissioner may immediatley, ABC Insurance Company transfers part of their risk to XYZ Insurance Company. A. June 24, 2022 . Pat is insured with a life insurance policy and Karen is his primary beneficiary. Actively solicits increases in limits and/or coverages or rounding out accounts through sales to clients at every service contact. According to HIPPA, this tax will not be applied if the withdrawal is used for medical expenses that exceed _____ of the individual's adjusted gross income. Engaged in a fraudulent insurance practices. c. Travel accidental insurance premiums. Which of the following is a reinstatement condition? How often must an insurance producer's license in New Jersey be renewed? Prospective producer who is waiting to take the state examination. a producers secretary who solicits prospects on the telephone. Determine whether the discriminant is positive, negative, or zero. Find out how you can intelligently organize your Flashcards. Former dependent of employee no longer ofdependent status. 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. Which of the following would disqualify a company's retirement plan from receiving favorable tax treatment? _____ 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. 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. A life insurance policy which contains cash values that vary according to its investment performance of stocks is called. Re: Acting as insurance producer without a license Questions Presented 1. a producers secretary who solicits prospects on the telephone Financial report from the previous year. The right-to-examine period in Maryland for long-Term Care polices is ___ days.
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