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. A. Which of the following is NOT required in an order from the Commissioner? Temporarily Deposit the funds in a personal account. cuanto gana un pintor de autos en estados unidos . The IRS allows a taxpayer to deduct medicalexpenses of that exceed 7.5% of their adjusted grossincome. June 24, 2022 . Please select the correct language below. B. Collectinga charge for insurance that is less than the charge applicable to thatinsurance, C. Misappropriateor unreasonably withhold premiums or returned premiums. In advertisements of life insurance and annuities, all of the following are true EXCEPT, Advertisements must include training materials provided to the producer. Whichtype of injury would NOT be covered under a health insurance policy? How long must a life insurance policy be in effect before the policyowner may use the nonforfeiture provision? 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. by . James is the insured on a life insurance policy where his age was misstated on the application. Sonya applied for a health insurance policy on April 1. Which of these is affected by the frequency of an insurance policy's premium payments? Which of the following statements is TRUE? When must a claim on a life insurance policy be paid after proof of loss has been received by the insurer? We weren't able to detect the audio language on your flashcards. 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. This is an unlawful practice known as, must be delivered with or prior to policy delivery. Duringthe accumulation period, who can surrender an annuity? How often must an insurance producer's license in New Jersey be renewed? Which situation accurately describes a reduced paid-up nonforfeiture option? What happens to the coverage under a children's term rider when that child reaches a certain specified age? Converting a group plan to permanent lifeinsurance requires: D. The conversion being applied for within 31 daysof termination. Whattype of beneficiary should be named if the insured wants to give explicitdirections on how the policy proceeds should be paid? 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. \quad \text{Less accumulated depreciation} & \underline{\hspace{13pt}50,000} & \underline{\hspace{13pt}35,000} \\ Whena qualified plan starts making payments to its recipient, which portion of thedistributions is taxable? Who would make the final determination on whether or not an insurance advertisement is misleading? 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. Which of the following statements is TRUE about Medicaid? Write a sentence explaining its significance to the executive branch. a producers secretary who solicits prospects on the telephone; episcopal academy ice hockey; atlas copco fault codes 7008. serta idirections hybrid queen. Determine whether the discriminant is positive, negative, or zero. 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. An attending physician's statement would be appropriate for which life insurance purpose? The names of the insurance companies represented by the producer. Krissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. 1. 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. 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. 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. 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. ABC Corporation has a group life insurance policy that covers its employees and their dependent children. Which of the following is NOT a required provision in an accident and health insurance policy? 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. June 5, 2022 . Which of these gaps in Medicare coverage is addressed with Medicare Supplemental Insurance? 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). 1. Add to folder Unintentionally misrepresented a material fact on the application. A master contract and certificate of coverage can be found in which type of policy? 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. Which of the following is not a reason for the Commissioner to deny or refuse a producer license application? 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. A. The prescription of a drug for treatments other than what's labeled is known as _____ use, Coverage for newborns under a health plan MUST include coverage for. Elizabethis the beneficiary of a life insurance policy. 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? 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. 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). The law that established insurance transactions regulated by the states is called. 1. 1. Her agent submitted the information to the insurance company on April 6. How long after its effective date will an individual life insurance policy become incontestable? \text{Bonds payable} & \hspace{13pt}60,000 & \hspace{13pt}50,000 \\ A beneficiary has just received a claim payment for a life insurance policy. When are group disability benefits considered to be tax-free to the insured? In what form do disability income policies typically pay benefits? An individual who has a hobby racing cars once a month. What happens to the total amount of premium paid for an insurance policy when the payment frequency increases? a producers secretary who solicits prospects on the telephone Which of the following is present when an applicant stands to lose value if the insured dies? What is the purpose of having an accelerated death benefit on a life insurance policy? To be classified as a small employer in Maryland, and employer must employ, Secretary of the Department of Health and Mental Hygiene. This is called a. Which of the followingunfair trade practices involves an agent who makes malicious statements aboutanother person's financial condition? Donnaand Mary were racing bicycles in a store parking lot while being cheered on by fellowemployees. What information would the insurer's underwriters likely use to determine the appropriate coverage and final premium rate given to the group? How often must an insurance producer's license in Maryland be renewed? Krissa purchases a 10-year level term lifeinsurance policy that has a death benefit of $200,000. Which of these statements about Medicaid iscorrect? In New Jersey, group health insurance may be offered to all of these groups EXCEPT. What is the required action to be taken by a Maryland licensee before operating under an assumed business name? Find out how you can intelligently organize your Flashcards. Commissioner may impose an administrative penalty. Whendoes a life insurance policy typically become effective? 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. The policies continue in force with no change. The Office of General Counsel issued the following opinion on April 25, 2005, representing the position of the New York State Insurance Department. The ________ has the right to renew a small employer health plan. B. Providea risky, yet high return investment, Fixedannuities provide each of the following EXCEPT. In this situation, who will receive Bob's policy proceeds? 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. Premium mode is term used to describe the: The Fair Credit and Reporting Acts main purposeis to: A. How many employees must an employer have for a terminated employee to be eligible for COBRA? How is a health provider reimbursed if they do NOT have an agreement in place with the insurance company? Which market index is associated with an indexed annuity's rate of return? Lower than the typical whole life policy duringthe first few years and then higher than typical for the remainder. What is the primary purpose of a rating service company such as A.M. Best? She recently replaced the policy with a new one that provides better coverage. d. Individual disability income insurance premiums. Whatis the primary reason for buying an annuity? Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. What is the required action to be taken by a Maryland licensee before operating under an assumed business name? The type of annuity she is seeking is called? Healthinsurance will typically cover which of the following perils? A master contract and certificate of coverage can be found in which type of policy? Complete the sentence using each term once. What is involved when a life insurance policy has been backdated? Maria has committed what crime? 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.