1. In which of the following relationship would there NOT be an insurable interest? Whowere Keogh Plans designed to provide pension benefits for? b. Pat the client interest on any monies held. Financial report from the previous year. Which disability policy provision would address any concerns of the value of the benefits decreasing over time? Which of these premium payment frequencies is not typically available to a policy owner? A life insurance policyowner does NOT have the right to, A Guaranteed issue insurance policy has no. What kind of insurance provides coverage for one or more necessary or appropriate diagnostic, preventative, therapeutic, rehabilitative, maintenance, or personal care services in a setting other than an acute care unit of a hospital? MedicarePart A does not pay for medical benefits provided for treatment in a skillednursing facility beyond. When is an existing health insurance policy required to provide coverage for a new born child? Write a sentence explaining its significance to the executive branch. If credit life insurance is terminated before the scheduled maturity date of the debt, any unearned premium held by the insurer will be? 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. Which of these is likely to occur when life or health insurance is being applied for? 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. Which of the following is CORRECT regarding the death benefit amount. 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). Percent frequency distribution for key variables. A licensed producer is required to file notice of any change of address within how many days? 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. What happens to coverage under a children's term rider when that child reaches a certain specified age? Jim recently sold his whole life insurance policy under a critical settlement contract. Which of these is NOT a characteristic of the Accelerated Death Benefit option? B. Gainsare tax exempt at distribution. 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. Upon delivery, she may be expected to collect all of the following EXCEPT a(n), Modified application with a new signature, All of these are valid policy dividend options for a life insurance policyowner EXCEPT. A master contract and certificate of coverage can be found in which type of policy? The commissioner must examine the financial affairs of each admitted insurer operating in Maryland at least once every how many years? B. Protects insurers from an applicantsMisrepresentation, C. Protect consumers with guidelines regardingcredit reporting and distribution. What is the required action to be taken by a Maryland licensee before operating under an assumed business name? A policyowner suffers an injury that renders him incapable of performing one or more important job duties. a. Mustmeet certain underwriting guidelines. A master contract and certificate of coverage can be found in which type of policy? Its balance sheet for this year is as follows: EndingBeginningBalanceBalanceCashandcashequivalents$48,000$57,000Accountsreceivable41,00044,000Inventory55,00050,000Totalcurrentassets144,000151,000Property,plant,andequipment150,000140,000Lessaccumulateddepreciation50,00035,000Netproperty,plant,andequipment100,000105,000Totalassets$244,000$256,000Accountspayable$32,000$57,000Incometaxespayable25,00028,000Bondspayable60,00050,000Commonstock70,00060,000Ratainedearnings57,00061,000Totalliabilitiesandstockholdersequity$244,000$256,000\begin{array}{l c c} When calculating the amount of life insurance needed for an income earner, what has to be determined when using he Needs Approach? 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. Because dividends are considered to be a return of premium. Which of thesestatements is true? Bob and Tom start a business. Which of the following actions is REQUIRED by a producer who is replacing an existing life insurance policy? When is an existing health insurance policy required to provide coverage for a newborn child, a producer who shares commissions with a client. To be eligible for small employer group coverage, an employee must work a MINIMUM of ____ hours in a typical week. You are here: leeds city council repairs phone number a producers secretary who solicits prospects on the telephone. Tarathe producer is delivering a specified disease insurance policy to a new policyowner. A life insurance replacement gives the policyowner the right to return the policy for a 100% refund within _____ days of policy delivery, A producer MUST maintain insurance transaction records for a minimum of ____ years. When an applicant passes a licensing examination and answers all background questions negatively. A disability income policy can prevent an insured from earning a higher income than if he/she were working by utilizing. In the event of a controversy between the insured and the company, the producer is considered to represent the, A life policy loan in Maryland cannot charge a fixed rate of interest higher than, The Food and Drug Administration approves prescription drugs for treatment as stated on the drug's labeling. 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 producers secretary who solicits prospects on the telephone 12. Disability Income plans which require that the insurer can NEVER change or alter premium rates are usually considered. All of these are responsibilities of the Commissioner EXCEPT, policy must be issued to XYZ, and a certificate must be issued to each employee, XYZ Corp was issued a group health policy for its employees. Barbara's policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of insurability. Which of the following is NOT a federal requirement of a qualified plan? \text{Common stock} & \hspace{13pt}70,000 & \hspace{13pt}60,000 \\ Claims for a Long-Term Care policy MUST be paid for which of the following conditions? A. Changemust be initialed by the agent, B. Changemust be initialed by the applicant, C. Changemust be approved by the insurer. Whathappens when an insurance policy is backdated? \text{Total liabilities and stockholders' equity} & \underline{\underline{\hspace{3pt}\$244,000}} & \underline{\underline{\hspace{3pt}\$256,000}} \\ 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. 1. 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. 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? Whatis the primary reason for buying an annuity? When the minor has been approved by the Commissioner, When collection insurance premiums from a client, a producer MUST, A. 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. How many months can a life insurance policy normally be backdated from the date of application? A silver level medical plan is what percent the insurance company pays for the employee and the other percent is what the employee pays out of pocket (Unders Insurance companies look at a number of factors when it comes to setting premiums for a particular company. 2.1.1 6 Whole life Insurance in Malaysia 1. Which military service exclusion clause would pay upon his death? In regards to a life insurance contract, which of the following statements is NOT true regarding the concept of insurable interest? New Jersey Department of Banking Insurance, A limited payment whole life policy provides, All advertisements for health insurance shall make clear the identity of the, The double indemnity provisions in a life insurance policy pertains to an insured's death caused by a. Mike has inherited his father's traditional IRA. Producer commissioners may NOT be paid to: B. Licensedand appointed producers who are sharing commissions. Which type of coverage pays an amount per day for hospitalization directly to the insured regardless of the insured's other health insurance? ABC Insurance Agency is entering each applicant who purchases insurance through their agency into a drawing to win a free trip. Must be bonded through the state. What happens when an insurance policy is backdated? Mark continues working after the age of 65 and is covered through his employer's group health plan. If an insured dies during the grace period with no premiums paid. Collecting a chargefor insurance that is less than the charge applicable to that insurance. \text{Bonds payable} & \hspace{13pt}60,000 & \hspace{13pt}50,000 \\ Which of the following is an example of fraud? how many javan rhinos are left 2022; aquifer tim winton prezi; bloody mary lady gaga roblox id; . Which of the following statements is TRUE about Medicaid? When the word "insurance" appears in a producer's business name, which of the following words cannot be approved? HIPPA considers which of the following as "individually identifiable health information"? This is called a. In the event of employment termination, group health insurance can be kept if the employee pays the premiums, B. Recieve a tax credit to help offset the cost of health insurance, C. Remain of their current coverage for 30 months. Inwhich of the following situations would the insurer be liable for a loss? This rider is called a(n). Krissa purchases a 10-year level term lifeinsurance policy that has a death benefit of $200,000. b. Which settlement options pays a stated amount to an annuitant but no residual value to a beneficiary? 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? 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. By Posted browning 725 pro sporting canada Life insurance policies will. ashlyn 72" ladder bookcase / la montagne jean ferrat partition piano pdf / a producers secretary who solicits prospects on the telephone. An insurance producer is issued a _____ as evidence of authority. How often must an insurance producer's license in Maryland be renewed? Over the course of a year, which premium payment mode is most expensive? A producer has committed an insurance crime that violates US code 1033 (interstate commerce). The IRS allows a taxpayer to deduct medicalexpenses of that exceed 7.5% of their adjusted grossincome. What is the purpose of the Medical Information Bureau (MIB)? Jay the producer is giving insurance advice regarding a prospect's existing coverage. 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 James is the insured on a life insurance policy where his age was misstated on the application. licensed producers not appointed by an insurer. The ____ is responsible for determining the appropriateness of a Medicare Supplement policy for an applicant. What are the levels of coverage as defined by the Affordable Care Act? Which of the following is not a reason for the Commissioner to deny or refuse a producer license application? 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. What is the MINIMUM benefit period that must be offered by a Long-Term Care Policy? Which of these is NOT considered to be a nonforfeiture option in a whole life insurance policy? How long must a life insurance policy be in effect before the policy owner may use the non forfeiture provision? In Maryland, a producer may have his/her license revoked for which of the following acts? If an insured's age on a life insurance policy has been misstated, what is the insurer's liability if the insured dies? 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). Who would be responsible for the prosecution of this crime? Which of the following MUST contain a "Statement of Policy Cost and Benefit Information"? What is the maximum fine for a producer violating a New Jersey Insurance law for the first time? What would be an expense factor in a insurance program? is one of the oldest and best known of all Barbadian funeral establishments. c. Travel accidental insurance premiums. 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. D. Assist an insurer in determine an applicantscreditworthiness. 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. The death benefit paid will be what the premium would have purchased at the correct age. Which of the following would be the appropriate tax consequence? An attending physician's statement would be appropriate for which life insurance purpose? Mike has inherited his fathers traditional IRA.As beneficiary, he will pay __Taxes on any money withdrawn. The producer decides not to respond. Whichof these will have the highest monthly payout upon Annuitization? Whatis the purpose of the medical information Bureau (MIB)? Whichof these is considered to be a document that describes the critical segments ofa life insurance policy? Who regulates the quality care provided by a health maintenance organization (HMO)? What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) OF 1985 allow an employee to do? Before conducting an HIV related test, an insurer is REQUIRED to obtain written authorization from the. Which of the following is NOT part of an insurance contact? A licensee MUST notify the Commissioner of an address change within _______ days of the change, Violations of US Code Title 18 section 1033 may result in, In the state of Maryland, a licensed producer, sharing commissions with other licensed and appointed agents, All of the following actions are considered rebating EXCEPT, Under the Maryland Health Insurance Plan, comprehensive health benefits are provided to, A producer who knowingly submits a false statement in support of a claim. What types of life insurance are normally usedfor key employee indemnification? Submit to the replacing insurer a list of the policies to be replaced. a. Oneor more diagnostic, preventive, therapeutic, rehabilitative, maintenance orpersonal care services in a setting other than an acute care unit of ahospital. Kathysannuity is currently experiencing tax-deferred growth until she retires. 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. B.Canceling a term life policy to buy a whole life policy. She may reinstate her policy within _____ years. Benefits provided by a Medicare Supplement policy must NOT, Funding for Medicare Part B is partially provided by. What does the consolidated Omnibus Budget Reconciliation ACT (COBRA) of 1985 allow an employee to do? An insurance company's trademark instead of the company's actual name, Using misrepresentation to induce an insured person to terminate an existing policy and purchase a new policy, Field underwriting performed by the producer involves, Completing the application and collecting initial premium. Mariais a preferred provider organization (PPO) subscriber and received care from anout-of-network provider. A. Toaccept or decline insurance applicants, B. Toset the premium rates for insurers, D. Toperform physical examination on applicants. Mary ran into John, another employee, who happened to be taking outthe garbage. At what age can she begin to receive distributions without a tax penalty? 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. Within how many days must a producer notify the Department of Banking and Insurance of a change in address? How many days notice must the Commissioner give prior to a hearing? 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. In the marketplace there are four various tiers of coverage, ranging from, bronze to platinum. At the request of the insurer to assist in the underwriting decision. A whole life policy option where extended term insurance is selected is called a(n). 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. Without a Section 125 Plan in place, what would happen to an employee's payroll contribution to an HSA? What is the purpose of a disability income benefit? A beneficiary has just received a claim payment for a life insurance policy. Which of the following is NOT considered to be an act of fraud? Any decrease in income resulting from this injury would make him eligible for benefits under which provision? By . Which of the following is NOT a duty of the Commissioner? 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. 16381 Chillicothe Rd, Chagrin Falls, OH 44023, USA 440-708-1855. search. Whatis the elimination period of an individual disability policy? As of January 1, 2014, small group health insurance can be rated on the basis of. An error was made on Erica's life insurance application. How long must an individual be unable to engage in any gainful activity due physical or mental disability in order to qualify for Social Security Total Disability? B.) The type of annuity she is seeking is called? In what part of insurance policy benefits found? What is the MINIMUM benefit period that must be offered by a Long-Term Care policy? a producers secretary who solicits prospects on the telephonecapricorn and virgo flirting. D. The face amount and premium will remain constantover the 10-year period. cuanto gana un pintor de autos en estados unidos . Which of the following is the likely result? Unintentionally misrepresented a material fact on the application. How is a health provider reimbursed if they do NOT have an agreement in place with the insurance company? Producers must complete a total of ____ continuing education credits for each two-year licensing period. Philsshopping for an annuity that guarantees he CANNOT outlive the benefits. Who would most likely be coveredunder Workers Compensation? Producing an inadequate amount of new premium. Whichmarket index is normally associated with an indexed annuitys rate of return? Which situation accurately describes a reduced paid-up nonforfeiture option? A doctor who accepts Medicare Assignment agrees to which of the following? Find out how you can intelligently organize your Flashcards. A closed network plan offers a primary physician copay of $25. Howare annuities given favorable tax treatment? Which of the following is NOT a circumstance to which a temporary producer license can be issued? Therole of the federal government was expanded when Medicaid was establish byallowing the state to, A. Froma large PPO on a statewide level, B. Purchasehealth insurance from the federal government, C. Receivematching funds to expand public assistance programs, D. Deferall costs to the federal government for public assistance program, Anaccident and Health policy that Provides reimbursement benefits makes them payable to the, Paulis an employee who caught a disease unique to the trade in which he was exposedto. Both partners are still married at the time of Bob's death. Pay for Medicare charges exceeding the approvedamount. Anindividual covered under a Blue Cross Blue shield is called a(n), Aclosed network plan offers a primary physician copay $25. Which rider would pay a monthly amount because of this disability? \end{array} Which type of contract may NOT be issued by an insurance company? Which of these gaps in Medicare coverage is addressed with Medicare Supplemental Insurance? With a past due premium of $100, the insurer pays $400. In advertisements of life insurance and annuities, all of the following are true EXCEPT, Advertisements must include training materials provided to the producer. To be classified as a small employer in Maryland, and employer must employ, Secretary of the Department of Health and Mental Hygiene. Which type of long-term care benefit would be most appropriate for a stroke victim who requires speech therapy administered at her home? a producers secretary who solicits prospects on the telephone. In the event of the employment termination, group health insurance can be kept if the EMPLOYEE pays the premiums, A health insurer must be provided with written proof of loss _____ days after the date of loss, A producer must notify the Commissioner within _____ days of a felony conviction. Which of the following areas do error commonly occur on applications and for which the incontestable clause does NOT apply? What will the beneficiary receive if an annuitant dies during the accumulation period? How long is the Contestable Period for health insurance policies sold in New Jersey? Which option was chosen? 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. 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. Maryland requires that a licensee completes ______ hours of continuing education on the subject of ethics every reporting period. Which of the following statements is CORRECT regarding an individual applying for life or health insurance? \text{Ratained earnings} & \underline{\hspace{13pt}57,000} & \underline{\hspace{13pt}61,000} \\ Employee must be able to make unlimited contributions. How often must an insurance producer's license in New Jersey be renewed? Which type of life insurance policy is this? All of these are standard exclusions found in a life insurance policy EXCEPT. a)When the policy owner notifies the insurance company, c.)When the required additional premium is paid, d.) No more than 10 days after date of birth, The double indemnity provision in a life insurance policy pertains to an insured's death caused by a(n), A) the policy would be payable, minus the premium amount, B) the policy would be payable only after the beneficiary makes past due premium payment, C) all past premiums will be refunded with interest, An insurance producer agrees to pay the first monthly premium for an insurance applicant. She would like to borrow $15,000 against the cash value. (To help answer this question, create an Accounts Receivable T-account and insert the beginning and ending balances.) Which of the following basics is a producer's fiduciary responsibility? Which of the following is typically NOT eligible for coverage in a group health policy? Why are dividends from a mutual insurer not subject to taxation? Twisting is an illegal act which involves, A producer does NOT have a fiduciary responsibility to. 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. Maria is a Preferred Provider Organization (PPO) subscriber and received care from an out-of-network provider. A _______ company is owned by its shareholders, The ___________ has the right to renew a small employer health plan, providing incorrect, misleading, incomplete, or materially untrue information in the license application, A producer who is licensed in Maryland but resident in another state is called a, A minor may receive a life insurance policy's death benefit ONLY, Interest on death benefits are NOT required to be paid by an insurance company as long as proceeds are paid within ______ after the date of the death of the insured, Submit to the replacing insurer a list of the policies to be replaced.
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