This illustration MUST disclose that. Eventually, they retire and dissolve the business. Which of the following is Medicare Part B also known as? 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 beneficiary has just received a claim payment for a life insurance policy. May 2020. What is issued to each employee of an employerhealth plan? 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. Which of the following areas do error commonly occur on applications and for which the incontestable clause does NOT apply? Which type of life insurance policy is this? This rider is called a(n). The producer decides not to respond. XZY company has applied for group health insurance for its employees. Howare annuities given favorable tax treatment? 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. Which of these will typically authorize treatment from a specialist? 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. Maria the insurance producer completes a sale by collecting the required signatures on the application and obtaining the initial premium. 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. by geriford27, (p^1p^2). An individual can enroll in a Part C Medicare Advantage Plan at what time? 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. Collectinga premium for insurance that is not provided. We'll bring you back here when you are done. This is an unlawful practice known as, must be delivered with or prior to policy delivery. Afterwards, she deposits the check into her personal account. B.) What is the contract called that is issued to an employer for a Group Medical Insurance plan? Which of the following is NOT part of an insurance contact? The ____of coverage describes policy features, benefits, exclusions and riders in a long-term care policy. Maria the agent would like to advertise an annuity product on a highway billboard. Which of the following unfair trade practices involves a producer who makes public malicious statements about an insurer's financial condition? Bob dies 12 months later. A. What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) OF 1985 allow an employee to do? As beneficiary, he will pay ____ taxes on any money withdrawn. When must a claim on a life insurance policy be paid after proof of loss has been received by the insurer? 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. If an insured dies during the grace period with no premiums paid. (To help answer this question, create an Accounts Receivable T-account and insert the beginning and ending balances.) 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. The power given to an individual producer that is not specifically addressed in his/her contract is considered what type of authority? Which of these statements about Medicaid iscorrect? & \text{Ending}& \text{Beginning} & \\ Tara the producer is delivering a specified disease insurance policy to a new policyowner. A whole life policy option where extended term insurance is selected is called a(n). What will the beneficiary receive if an annuitant dies during the accumulation period? 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? Both May and John are injured. Changing from one occupation to another at the same general status is called _____. a producers secretary who solicits prospects on the telephone. A master contract and certificate of coverage can be found in which type of policy? Which of the following is NOT information found in a life insurance buyer's guide? 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. Which of the following describes a person who is NOT acceptable by an insurer at standard rates because of health history, occupation, or hobbies? A long-term care policy typically provides all of the following levels of care EXCEPT, A life insurance policy that has premiums fully paid up within a stated time period is called, A securities license is required for a life insurance producer to sell, In contrast to a guaranteed renewable policy, a noncancellable policy. . 1. 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. 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. Why are dividends from a mutual insurer not subject to taxation? 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. Donnaand Mary were racing bicycles in a store parking lot while being cheered on by fellowemployees. Whatis the primary reason for buying an annuity? Underthe Maryland health insurance plan, comprehensive health benefits are providedto. 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. A policyowner suffers an injury that renders him incapable of performing one or more important job duties. The benefit can be offered as a rider at a specific extra cost or may be at no cost, All of the following are included as part of a contract in the entire contract provision EXCEPT the. 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. pain between 4th and 5th metatarsal. Which of these premium payment frequencies is not typically available to a policy owner? Which of the following MUST contain a "Statement of Policy Cost and Benefit Information"? 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 of these is affected by the frequency of an insurance policy's premium payments? There are several types of whole life insurance that are as follow:- Mike has inherited his fathers traditional IRA.As beneficiary, he will pay __Taxes on any money withdrawn. How often must an insurance producer's license in Maryland be renewed? Which of the following is a requirement for ANY change in an insurance application? 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. There is protection of proceeds against the insured's and the beneficiary's creditors, Susan is insured through her Group Health Insurance plan and changed her coverage to an individual plan with the same insurer after her employment was terminated. 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. D.) Intentionally violated state insurance laws. Before conducting an HIV related test, an insurer is REQUIRED to obtain written authorization from the. Whathappens when an insurance policy is backdated? Insurance producer Kelly offers an insured a $500 shopping card if an insurance product is purchased through her. 5151\left|\begin{array}{ll}5 & 1 \\ 5 & 1\end{array}\right| Engaged in a fraudulent insurance practices. Krissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. In a group health care, what is the purpose of the coordination of benefits provision? A newborn is required to be covered for ______ days from the moment of birth. a producers secretary who solicits prospects on the telephone. \quad \text{Less accumulated depreciation} & \underline{\hspace{13pt}50,000} & \underline{\hspace{13pt}35,000} \\ Elizabethis the beneficiary of a life insurance policy. Premium mode is a term used to describe the, A newborn is required to be covered for _____ days from the moment of birth, A clause that allows an insurer the right to terminate coverage at any anniversary date is called. Which of the following would be considered a "dependent child"? a. Mustmeet certain underwriting guidelines. All Medicare Supplement policies MUST contain which provision? At the request of the insurer to assist in the underwriting decision. To be classified as a small employer, an employer mustNOT have more than__ eligible employees. 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. In Maryland, a full-time employee of a small employer MUST work an average of at least ___ per week. At what age can she begin to receive distributions without a tax penalty? Which of the following is present when an applicant stands to lose value if the insured dies? An example of a primary care physician would be an, A fee for service health insurance plan will normally cover. Jim recently sold his whole life insurance policy under a critical settlement contract. This is called a. When a qualified plan starts making payments to its recipient, which portion of the distributions is taxable? 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? 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 separate converted policy may, at the option of the insurance company, be issued to cover a (n). An amount the premium would have purchased at the correct age. Whatis the elimination period of an individual disability policy? Term, Whole, and universal life insurance, C. Joint, credit, and group life insurance. Introducing Cram Folders! A. Which of these will typically authorize treatment from a specialist? \text{Property, plant, and equipment} & \hspace{8pt}150,000 & \hspace{8pt}140,000 \\ Which license is REQUIRED in order to solicit Long Term Care insurance in the State of Maryland? Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. Which of the following is Medicare Part B also known as? Proof of loss on a health insurance claim must be submitted to an insurer within _____ days after the insure's date of loss. Find out how you can intelligently organize your Flashcards. 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). Because dividends are considered to be a return of premium. Anapplicants character and personal habits can be obtained for underwritingpurposes from which source? 2.1.1 6 Whole life Insurance in Malaysia The standard grace period for a life insurance policy sold in Maryland is. Whoassumes the investment risk with a fixed annuity contract? Which of the following is considered a tax-deductible medical expenseunder this rule? Unintentionally misrepresented a material fact on the application. If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy? Which of the following must be included in the advertisement? A. b. Lower than the typical whole life policy duringthe first few years and then higher than typical for the remainder. What is the purpose of a disability income benefit? Juni 2022. Whena qualified plan starts making payments to its recipient, which portion of thedistributions is taxable? 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. What happens to coverage under a children's term rider when that child reaches a certain specified age? Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. 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. EXECUTIVE SUMMARY. 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. \end{array} C. Remain of their current coverage for 30 months. Within how many days must a producer notify the Department of Banking and Insurance of a change in address? C.) Unintentionally misrepresented a material fact on the application. 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. Maria has committed what crime? 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. An annuitant is guaranteed to NOT outlive their benefits will a(n). In event of acontroversy between the insured and the company, the producer is considered to representthe. Which of the following is TRUE regarding the federal income tax? What is the MINIMUM benefit period that must be offered by a Long-Term Care Policy? Which of the following statements is TRUE? 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. An insurance company needs to obtain personal information from a third party concerning an applicant. Which of the following is NOT a required provision in an accident and health insurance policy? How many employees must an employer have for a terminated employee to be eligible for COBRA? 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. 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. An insurance producer is issued a _____ as evidence of authority. 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. Which of the following topics needs to be discussed with this client? Who is eligible for insurance under a group policy issued to a labor union? 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. 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. Contact; a producers secretary who solicits prospects on the telephonepossum playing dead in the yard. Which of the following is NOT a federal requirement of a qualified plan? a producers secretary who solicits prospects on the telephone Welcome To Be Falcon Solutions Website Hotline & WhatsApp : +971556212280 | Landline : +97143873596 , +97167499398 james reynolds obituary popeyes vs chicken express do venmo requests expire yorba linda football maxpreps primary care physicians in cleveland ohio Pierre MUST remit the premium to his insurer within ___ business days of receipt. Whichof the following is Medicare Part B also known as? 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. \text{Inventory} & \underline{\hspace{13pt}55,000} & \underline{\hspace{13pt}50,000} \\ An error was made on Erica's life insurance application. 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. A closed network plan offers a primary physician copay of $25. Must be bonded through the state. D. Assist an insurer in determine an applicantscreditworthiness. The type of annuity she is seeking is called? An insurer formed according to the legal requirements of another country is called an. What does the word "level" in Level Term describe? What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1985 allow an employee to do ? B.) Failing to promptly provide a reasonable explanation for the denial of a claim is considered to be a. 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. A. Changemust be initialed by the agent, B. Changemust be initialed by the applicant, C. Changemust be approved by the insurer. Benefits for a Medicare Supplement policy. Which of these if NOT considered to be a purpose of an annuity? C. Normally graded over a period of 20 years. Paul has a (n), Failingto Promptly provide a reasonable explanation for the denial of a claim is conservedto be a(n), AnHMO that involves a partnership of physicians and other providers who practiceout of a central facility is called a(n), Smallemployers who are spooned by an insurer to provider group benefits to itsemployees are called. June 24, 2022 . Which of these if NOT considered a form of life insurance advertisement? Which of these is NOT considered to be a risk factor in life insurance underwriting? Submit to the replacing insurer a list of the policies to be replaced. ARoth IRA owner must be a least what age in order to make tax-free withdrawals? If the company debited Accounts Receivable and credited Sales for $600,000 during the year, what is the total amount of credits recorded in Accounts Receivable during the year? Which of the followingunfair trade practices involves an agent who makes malicious statements aboutanother person's financial condition? 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. If an insured's age on a life insurance policy has been misstated, what is the insurer's liability if the insured dies? Which of these statements is true? 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 is CORRECT regarding the death benefit amount. A. HIPPA considers which of the following as "individually identifiable health information"? c. Travel accidental insurance premiums. How long must a life insurance policy be in effect before the policy owner may use the non forfeiture provision? Shirley has a $500,000 10-year non-renewable level term life policy. The death benefit paid will be what the premium would have purchased at the correct age. Barbara's policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of insurability. A domestic insurance company in Maryland MUST, Collecting premiums and paying them to the insurance company. Which of the following is a reinstatement condition? All Medicare Supplement policies MUST contain which provision? The face amount and the premium will remain constant over the 10-year period. Which of the following is NOT a circumstance to which a temporary producer license can be issued? What geographic factor makes Antarctica's ice caps drier than deserts in Africa and Asia? A plan in which an employer pays insurance benefits from a fund derived from the employer's current revenues is called. what happened to amy bailey happy healthy humble . 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). Maria is a Preferred Provider Organization (PPO) subscriber and received care from an out-of-network provider. A licensed producer is required to file notice of any change of address within how many days? How much does Medicare Part B pay forphysician fees? 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. Which of the following is NOT a common exclusion for a medical expense policy? An insurer must furnish to a claimant forms for filing proof of loss within ___ days upon receiving a notice of claim. The funeral of Wayne Emmerson Wilson leaves Downes and Wilson Funeral Home, Eagle Hall, St.Fax: 540-662-2627. Selecting an insurance organization ought to be founded on a few components that can be broken into two general gatherings: Which of the following is typically NOT eligible for coverage in a group health policy? You are here: how to remove chicken giblets a producers secretary who solicits prospects on the telephone. What happens to the total amount of premium paid for an insurance policy when the payment frequency increases? An ___________ insurance company is one that was formed under the laws of another country outside of the U.S. Benefits provided by a Medicare Supplement policy must NOT, Funding for Medicare Part B is partially provided by. Which of the following situations would be suitable for a temporary work authority? A producer is meeting with a client to determine whether an annuity would be suitable for purchase. Annuities are intended to create an estate. 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. b. Incomeif an insured is unable to work for a period of over six months, c. Coveragefor excess charges not paid for under Medicare. B.Change must be initialed by the applicant. \text{Income taxes payable} & \hspace{13pt}25,000 & \hspace{13pt}28,000 \\ An individual who has a hobby racing cars once a month. 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 type of long-term care benefit would be most appropriate for a stroke victim who requires speech therapy administered at her home? B. Anytimewithin 12 months after date of purchase, C. Aminimum of 6 months after date of purchase, D. Aminimum of 12 months after date of purchase. How soon can the benefit payments begin with a deferred annuity? Which of the following life events would allow an uninsured employee to qualify for special enrollment in a small employer health benefit plan? 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.