Her agent submitted the information to the insurance company on April 6. Arollover from a Traditional IRA to another IRA must be done within __ days toavoid tax consequences. Peter Griffith, Funeral Director of Lyndhurst Funeral Home. To be classified as a small employer in Maryland, and employer must employ, Secretary of the Department of Health and Mental Hygiene. A policy owner may exercise which of these dividend options that uses the dividend to pay all or part of the next premium due? 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. 5151\left|\begin{array}{ll}5 & 1 \\ 5 & 1\end{array}\right| A producer who sells an individuallife insurance policy in Maryland MUST deliver to the policy owner a(n), b. We weren't able to detect the audio language on your flashcards. One of. Providing claim payments to insureds under the guidelines of the insurance contract. Which of the following is NOT a required provision in an accident and health insurance policy? The type of annuity she is seeking is called? An individual can enroll in a Part C Medicare Advantage Plan at what time? Who is the individual paid on a fee-for-service basis? Whena qualified plan starts making payments to its recipient, which portion of thedistributions is taxable? Which of the Uniform Optional Provisions covers this situation? A provision in a whole life policy that allows a policy owner to terminate the policy in return for a reduced paid-up policy of the same type is called, A type of group that has a constitution and bylaws and has been organized for purposes other than obtaining insurance is called. 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. A producer has committed an insurance crime that violates US code 1033 (interstate commerce). Re: Acting as insurance producer without a license Questions Presented 1. She recently replaced the policy with a new one that provides better coverage. B.Canceling a term life policy to buy a whole life policy. a producers secretary who solicits prospects on the telephone. Which settlement options pays a stated amount to an annuitant but no residual value to a beneficiary? 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. Whichtype of life insurance is normally associated with a payor benefit rider? by . June 24, 2022 . To be classified as a small employer, an employer must NOT have more than _________ eligible employees, The _______ is responsible for determining the appropriateness of a Medicare Supplement policy for an applicant, During the examination of an insurer's books and records by the Commissioner, the insurer, remain in effect until a new one is issued, John the insurance producer has an insurance license that expires in 6 months. Which option was chosen? 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? What happens when an insurance policy is backdated? As beneficiary, he will pay ____ taxes on any money withdrawn. The renewability provision for an individual long-term care insurance policy must be located on the policy form's, The ______________________ must be notified of a licensee's address change within 30 days of such change, Producers must complete a total of _______ Continuing Education hours for each two-year licensing period, A Medicare Supplement policy may exclude coverage for a preexisting condition for up to ____ months. Which of the following situations would be suitable for a temporary work authority? In what form do disability income policies typically pay benefits? 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. A life insurance policyowner is allowed ____ days upon policy delivery to return the policy for a full premium refund, A producer's license MUST be renewed every _______ years, Collecting a charge for insurance that is less than the charge applicable to that insurance. 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. How much does Medicare Part B pay forphysician fees? 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. Hill during her initial calls made to the call center. Pat is insured with a life insurance policy and Karen is his primary beneficiary. If an insured dies during the grace period with no premiums paid. Focus of Major medical insurance is providingcoverage for: C. Medical and Hospitalization expenses. 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? Alimited payment whole life policy provides. Which market index is associated with an indexed annuity's rate of return? In the marketplace there are four various tiers of coverage, ranging from, bronze to platinum. With a past due premium of $100, the insurer pays $400. A life insurance policy which contains cash values that vary according to its investment performance of stocks is called. When is an existing health insurance policy required to provide coverage for a newborn child, a producer who shares commissions with a client. 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. HIPPA considers which of the following as "individually identifiable health information"? What amount will be paid under a policy where the insured misstated his/her age? Which of the following is NOT information found in a life insurance buyer's guide? What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) OF 1985 allow an employee to do? A. A. Which of the following is the likely result? D. Willfullycollecting a premium that exceeds the amount of the actual premium. a producers secretary who solicits prospects on the telephone. 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, Under a small group health plan, an insurer is required to provide a newly-married employee at least ____ days to add the new spouse to the plan, replacing an insurance policy from one insurer to another based on misrepresentation, legible and brief description of the policy on the first page, Each delivered life insurance policy in Maryland MUST include a, The _____________ of Coverage describes policy features, benefits, exclusions, and riders in a Long-Term Care policy, A person who, for a fee, gives advice or recommendations on benefits provided by an insurance contract is called, Child over the age of 18 years who attends an educational institution and relies on the insured employee for financial support. A. How to take legal action against an insurance company. 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? 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. Which of the following areas do error commonly occur on applications and for which the incontestable clause does NOT apply? B. Providea risky, yet high return investment, Fixedannuities provide each of the following EXCEPT. 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. 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. Which of the following enables a life policy to be replaced with another life policy and results in the postponement of the tax consequence? A branch office registration form is required to be filed at least _____ days before selling insurance out of that branch. Which of the following is true concerning the proceeds of a life insurance policy? Wherewould policy proceeds be paid if both the insured and primary beneficiary werekilled in the same accident? Submit to the replacing insurer a list of the policies to be replaced. Paul has an, An indemnity plan limitation that will pay the dental bills after a small amount is paid by the insured is called. Which of these riders will pay a death benefit if the insured's spouse dies? The ____of coverage describes policy features, benefits, exclusions and riders in a long-term care policy. 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? If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy? Because dividends are considered to be a return of premium. Prospective producer who is waiting to take the state examination. 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. Who would make the final determination on whether or not an insurance advertisement is misleading? Howare annuities given favorable tax treatment? When must a claim on a life insurance policy be paid after proof of loss has been received by the insurer? Healthinsurance will typically cover which of the following perils? visas, binomial trials. It is health insurance for the elderly. What is this an example of? D. Assist an insurer in determine an applicantscreditworthiness. How many employees must an employer have for a terminated employee to be eligible for COBRA? As of January 1, 2014, small group health insurance can be rated on the basis of. \text{Inventory} & \underline{\hspace{13pt}55,000} & \underline{\hspace{13pt}50,000} \\ Which of the following is TRUE regarding the federal income tax? AnIndividual can enroll in a part C Medicare Advantage Plan at what time? When calculating the amount of life insurance needed for an income earner, what has to be determined when using he Needs Approach? A Medicare supplement policy can be cancelled by the insurer for: Maria the insurance producer completes a sale by collecting the required signatures on the application and obtaining the initial premium. Normally pay for losses arising from: Which of these would an insurer consider when determining whether to accept a group life plan? Which type of disability would be less than total impairment and equal to permanent impairment? To be eligible for small employer group coverage, an employee must work a MINIMUM of ____ hours in a typical week. Which of the following basics is a producer's fiduciary responsibility? 2.1.1 6 Whole life Insurance in Malaysia Converting a group plan to permanent lifeinsurance requires: D. The conversion being applied for within 31 daysof termination. Which of the following is NOT a federal requirement of a qualified plan? In regards to a life insurance contract, which of the following statements is NOT true regarding the concept of insurable interest? Producing an inadequate amount of new premium. by recommending insurers with good AM Best ratings, C.) With guidelines regarding credit reporting and distribution. & \text{Balance}& \text{Balance} & \\ If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy? Without a Section 125 Plan in place, what would happen to an employee's payroll contribution to an HSA? Krissa purchases a 10-year level term lifeinsurance policy that has a death benefit of $200,000. Please select the correct language below. At the request of the insurer to assist in the underwriting decision. Change must be initialed by the applicant, A producer who sells an individual life insurance policy in New Jersey MUST deliver to the policyowner. How long is her grace period? Which of these gaps in Medicare coverage is addressed with Medicare Supplemental Insurance? b. Pat the client interest on any monies held. Maryland requires that a licensee completes ______ hours of continuing education on the subject of ethics every reporting period. Which rider would pay a monthly amount because of this disability? Which of these premium payment frequencies is not typically available to a policy owner? Whichscenario would most life insurance policies exclude coverage for? Who regulates the quality care provided by a health maintenance organization (HMO)? Which of the following is an example of fraud? A Medicare Supplement policy may exclude coverage fora preexisting condition for up to __months. Which of the following may be used as continuation education credit? What information would the insurer's underwriters likely use to determine the appropriate coverage and final premium rate given to the group? Which of the following actions is REQUIRED by an agent who is replacing an existing life insurance policy? An effort by an existing insurer to prevent replacement and continue existing Life Insurance in force is known as which of the following? Which of these statements about Medicaid iscorrect? A closed network plan offers a primary physician copay of $25. Disability Income plans which require that the insurer can NEVER change or alter premium rates are usually considered. The statement which best describes the relationship between the relationship between the premiums of a whole life policy and the premium payment period is, The shorter the payment period, the higher the premium. We understand that this must have been both very frustrating and disappointing. This illustration MUST disclose that. You have created 2 folders. Which of these will typically authorize treatment from a specialist? Proof of loss on a health insurance claim must be submitted to an insurer within _____ days after the insure's date of loss. How often must the Commissioner examine each domestic insurance company? Which of the following is present when an applicant stands to lose value if the insured dies? Pierre the producer receives a premium for an individual health insurance policy. What geographic factor makes Antarctica's ice caps drier than deserts in Africa and Asia? Who is required to notify the producer in the event of appointment termination? Mariais a preferred provider organization (PPO) subscriber and received care from anout-of-network provider. A whole life policy option where extended term insurance is selected is called a(n). If Jay were to receive a fee for this advice (in addition to his commission), he MUST, Obtain a signed memorandum from the prospect acknowledging the amount of compensation. 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. The names of the insurance companies represented by the producer. Ahealth care provider claim may be settled using which of the following paymentmethods? Which military service exclusion clause would pay upon his death? How soon can the benefit payments begin with a deferred annuity? What does the Group Life underwriting risk selection process help protect insurance companies from? What is the primary purpose of a rating service company such as A.M. Best? An individual life insurance policy can be contested by the insurer only during the first _________ years of the contract, An order issued by the commissioner that prohibits a specific practice listed in the order is called a. ARoth IRA owner must be a least what age in order to make tax-free withdrawals? ABC Insurance Agency is entering each applicant who purchases insurance through their agency into a drawing to win a free trip. 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. Craig submits a $500 claim for medical expenses. The applicant's medical history may be analyzed and reported, Which of the following MUST contain a "Statement of Policy Cost and Benefit Information". If an insured's age on a life insurance policy has been misstated, what is the insurer's liability if the insured dies? 59 and owned account for a minimum of 10 years, B. Annuities are intended to create an estate. 1980 camaro z28 for sale in canada; fixer upper homes for sale clarksville, tn; crossroads inn leechburg menu Whichof these benefit options would he choose? C.) Unintentionally misrepresented a material fact on the application. Which type of long-term care benefit would be most appropriate for a stroke victim who requires speech therapy administered at her home? D.In the event of employment termination, group health insurance can be kept if the employer pays the premium. Aninsureds status under social security can be described as, Along-term care policy typically provides all of the following levels of careEXCEPT. The Office of General Counsel issued the following opinion on April 25, 2005, representing the position of the New York State Insurance Department. How often must an insurance producer's license in Maryland be renewed? C) Unintentionally misrepresented a material fact on the application. 16381 Chillicothe Rd, Chagrin Falls, OH 44023, USA 440-708-1855. search. A debtor may receive Credit Life insurance in which of the following forms? Please sign in to share these flashcards. By . is one of the oldest and best known of all Barbadian funeral establishments. A producer may be disciplined by the Commissioner for which of the following actions? When the minor has been approved by the Commissioner, When collection insurance premiums from a client, a producer MUST, A. Write a sentence explaining its significance to the executive branch. Which of the following is Medicare Part B also known as? How long must a life insurance policy be in effect before the policy owner may use the non forfeiture provision? A. The two plans are fee-for-service and. The commissioner must examine the financial affairs of each admitted insurer operating in Maryland at least once every how many years? 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 What is created after policy proceeds areobtained in a lump sum and then immediately invested? d. A covered employee if terminated for grossmisconduct. (p^1p^2). Duringthe accumulation period, who can surrender an annuity? She paid the premium on May 15 with the policy indicating the effective date being May 30. B.) A minimum of 12 months after date of purchase. Mary ran into John, another employee, who happened to be taking outthe garbage. Which law do all insurers and their producers need to comply with? Which of these if NOT considered to be a purpose of an annuity? Which of these is NOT subject to income taxation under a Modified Endowment Contract (MEC)? Which of the following is typically NOT eligible for coverage in a group health policy? Within how many days must a producerreport to the commissioner any administrative actions made against him/her? 1. The Commissioner issues a subpoena to a producer. Find out how you can intelligently organize your Flashcards. A. Doctormay charge up to a maximum of 15% more than Medicare pays for the service, B. Doctoris not bound by Medicare limitations on charge, C. Doctorcannot charge more than Medicares scheduled coverage, D. Doctor bills the Medicare beneficiary directlyfor services performed, A. Alwaysrequires service in a network, B. Providesa greater choice of providers, C. Alwaysrequires a referral to specialists. The ____ is responsible for determining the appropriateness of a Medicare Supplement policy for an applicant. \text{Accounts payable} & \$\ \hspace{5pt}32,000 & \$\ \hspace{5pt}57,000 \\ Whendoes a life insurance policy typically become effective? Collecting a chargefor insurance that is less than the charge applicable to that insurance. Which of the following is NOT required in an order from the Commissioner? Which of these is NOT an Unfair Claims Settlement Practice? 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). Jay the producer is giving insurance advice regarding a prospect's existing coverage. If a subscriberchooses a primary care physician outside of the network, the subscriber willlikely pay, Medicareprovides coverage for each of the following EXCEPT. It would be considered taxable income to the employee. Which of the following is NOT a common exclusion for a medical expense policy? Whichmarket index is normally associated with an indexed annuitys rate of return? 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. Elizabethis the beneficiary of a life insurance policy. a producers secretary who solicits prospects on the telephone. B.) How many days notice must the Commissioner give prior to a hearing? If she dies 15 years after the policy's inception date, how much will her beneficiary receive? Julie has a $100,000 30-year mortgage on her new home. Shirley has a $500,000 10-year non-renewable level term life policy. 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 producer is meeting with a client to determine whether an annuity would be suitable for purchase. 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. Before conducting an HIV related test, an insurer is REQUIRED to obtain written authorization from the. Pre-existing conditions may only be excludes from coverage for a maximum of 6 months, The reinstatement provision in a health insurance policy is, The type of policy where the insurer can send a notice to the insured that the policy has been cancelled in the middle of the term is called, Naming a contingent beneficiary as "all surviving children" is describing by which term, The entire contract includes the actual policy and the.