licensed producers not appointed by an insurer. 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. Maria has committed what crime? What is the MINIMUM benefit period that must be offered by a Long-Term Care policy? At what age does the open enrollment period typically begin for Medicare Supplement coverage? Which of the following is NOT information found in a life insurance buyer's guide? a producers secretary who solicits prospects on the telephone. Whowere Keogh Plans designed to provide pension benefits for? Which of the following statements is TRUE about Medicaid? d. Individual disability income insurance premiums. 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. What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1985 allow an employee to do ? Maria the insurance producer completes a sale by collecting the required signatures on the application and obtaining the initial premium. B. Collectinga charge for insurance that is less than the charge applicable to thatinsurance, C. Misappropriateor unreasonably withhold premiums or returned premiums. c. Solve the equation f(x)=0, if possible. Maria is a Preferred Provider Organization (PPO) subscriber and received care from an out-of-network provider. Under this plan a, Adoption of a child (an uninsured, eligible employee who acquires a new dependent through marriage, birth, or adoption may qualify for special enrollment in a small employer's health benefit plan). Howdo interest earnings accumulate in a deferred annuity? Which of the following is NOT considered to be an act of fraud? Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. D. Level for the first 5 years then decreases forthe remainder of the policy. Tim's individual life insurance policy has just recently lapsed. B.Canceling a term life policy to buy a whole life policy. 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. 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. Whichof these will have the highest monthly payout upon annuitization? Using derogatory statements about an insurance company's financial condition. B. Protects insurers from an applicantsMisrepresentation, C. Protect consumers with guidelines regardingcredit reporting and distribution. We'll bring you back here when you are done. B.) If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy? An individual can enroll in a Part C Medicare Advantage Plan at what time? Whichtype of life insurance is normally associated with a payor benefit rider? This MANDATORY health policy provision states that the policy, including endorsements and attached papers, constitutes, The entire insurance contract between the parties, All of the following are elements of an insurance policy EXCEPT. 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? Engaged in a fraudulent insurance practices. The Federal Employees Benefit Program consists of two types of health plans for federal civilian employees. Which of the following is NOT a qualification to be licensed as a producer? All Medicare Supplement policies MUST contain which provision? Which situation accurately describes a reduced paid-up nonforfeiture option? 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. Joanne has a $100,000 whole life policy with an accumulated $25,000 of cash value. 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 exceptions, reductions, and limitations affecting the basic provisions of the policy, Any advertisement that mentions a dollar amount, period of time for which any benefit is payable, cost of policy, policy benefit, or the loss for which the benefit is payable MUST disclose. The replacing policy may only impose a ____ month time exclusion for pre-existing conditions, forward premiums to the insurer on a timely basis, When collecting insurance premiums from a client, a producer MUST, Once a health insurance policy has been in force for _______ years, the policy may NOT be contested by the insurer, cancelling a term life policy to buy a whole life policy, All of these types of benefits may be covered by a nonprofit health service plan EXCEPT, have it's content approved by the commissioner. Which market index is associated with an indexed annuity's rate of return? Whena qualified plan starts making payments to its recipient, which portion of thedistributions is taxable? 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). D.) By providing consumer credit counseling. Whatis the primary reason for buying an annuity? The New Jersey Life and Health Insurance Guaranty Association is, Funded by assessments on member companies. B. Providea risky, yet high return investment, Fixedannuities provide each of the following EXCEPT. Which of the following is not a reason for the Commissioner to deny or refuse a producer license application? A non-contributory health insurance plan helps the insurer avoid, An employee under a group insurance policy has the right to name a beneficiary and the right to, A) remain on the group in the event of employment termination, D) Convert to an individual policy in the event of employment termination, D) Convert to an individual policy in the event of employment termination, All of the following are Characteristics of a group life insurance plan EXCEPT, Tim is covered under a group plan and would like to change his group coverage to an individual policy with the same insurer because of employment termination. How often must an insurance producer's license in New Jersey be renewed? Write a sentence explaining its significance to the executive branch. Pat is insured with a life insurance policy and Karen is his primary beneficiary. Where would policy proceeds be paid if both the insured and primary beneficiary were killed in the same accident? In the event of employment termination, group insurance can be kept if the employee pays the premiums. An insurance producer who replaces an existing policy by making false written or oral statements is committing the act of, A license MUST notify the Commissioner of an address change with ___ Days of the change. The death benefit paid will be what the premium would have purchased at the correct age. In accordance with New Jersey law, a Producer must remit health insurance premiums to the insurer within what period? 59 and owned account for a minimum of 10 years, B. B. Whenthe application is collected and policy is issued, C. Whenthe application is completed and signed, D. Whenthe completed application is signed and initial premium is collected. the 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. Whichof these will have the highest monthly payout upon Annuitization? Who regulates the quality care provided by a health maintenance organization (HMO)? A plan in which an employer pays insurance benefits from a fund derived from the employer's current revenues is called. Whichscenario would most life insurance policies exclude coverage for? The producer decides not to respond. An applicant's character and personal habits can be obtained for underwriting purposes from which source? With a past due premium of $100, the insurer pays $400. Contact; a producers secretary who solicits prospects on the telephonepossum playing dead in the yard. Which of these statements about Medicaid iscorrect? You are given the graphs of several functions of the form f(x)=ax2+bx+cf(x)=a x^2+b x+cf(x)=ax2+bx+c for different values of a, b, and c. For each function. Frank is shopping for a disability income policy. A minimum of 12 months after date of purchase. Whichof the following is Medicare Part B also known as? As of January 1, 2014, small group health insurance can be rated on the basis of. Within how many days must a producerreport to the commissioner any administrative actions made against him/her? It is administrated by the federal government, C. It is funded by federal, state, and local taxes. Wherewould policy proceeds be paid if both the insured and primary beneficiary werekilled in the same accident? Which of the following basics is a producer's fiduciary responsibility? June 24, 2022 . May 2020. Whichof the following is a requirement for ANY change in an insurance application? What is involved when a life insurance policy has been backdated? Shirley has a $500,000 10-year non-renewable level term life policy. The commissioner must examine the financial affairs of each admitted insurer operating in Maryland at least once every how many years? Which type of disability would be less than total impairment and equal to permanent impairment? 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. If an insurer refuses to pay a claim, how many days must the insured wait to take legal action against a health insurer after submitting written proof of loss? 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? When are group disability benefits considered to be tax-free to the insured? One of. Continued coverage under COBRA would be providedto all of the following EXCEPT: a. It would be considered taxable income to the employee. Doctor cannot charge more than Medicare's scheduled coverage, Health insurance advertisements that mention statistical information are required by New Jersey law to. Mary ran into John, another employee, who happened to be taking outthe garbage. Which of the following would disqualify a company's retirement plan from receiving favorable tax treatment? Without a Section 125 Plan in place, what would happen to an employee's payroll contribution to an HSA? D. Coverage includes compulsory hospital andvoluntary supplementary medical insurance. Find out how you can intelligently organize your Flashcards. Which of these is likely to occur when life or health insurance is being applied for? Under a life insurance policy, what does the insuring clause state? ABC Insurance Agency is entering each applicant who purchases insurance through their agency into a drawing to win a free trip. Determine whether the discriminant is positive, negative, or zero. When an insured changes to a more hazardous occupation, which disability policy provision allows an insurer to adjust policy benefits and rates? A person who is a nonsmoker, of average weight, and in excellent health would most likely be in which risk classification? Former dependent of employee no longer ofdependent status. Afterwards, she deposits the check into her personal checking account. 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. 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. 1. She paid the premium on May 15 with the policy indicating the effective date being May 30. After an insured gives notice of loss, what must he/she do if the insurer does not furnish forms? 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. 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. d. Alump sum payment upon first diagnosis of cancer, heart attack, or stroke. During the year, Ravenna paid a $6,000 cash dividend and it sold a piece of equipment for$3,000 that had originally cost $6,000 and had accumulated depreciation of$4,000. A closed network plan offers a primary physician copay of $25. Change must be initialed by the applicant, A producer who sells an individual life insurance policy in New Jersey MUST deliver to the policyowner. Anapplicants character and personal habits can be obtained for underwritingpurposes from which source? EXECUTIVE SUMMARY. Barbara's policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of insurability. The proceeds of this contract could be subject to the claims of. 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. June 5, 2022 . Underthe Maryland health insurance plan, comprehensive health benefits are providedto. The policyholder for a group health benefit plan is considered to be the, A Medicare Supplement policy can be cancelled by the insurer for, As of January 1, 2007, producer's license expires, Every two years on the last day of the producer's birth month, An insurer has the right to recover payment made to the insured from the negligent party. 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. \text{Bonds payable} & \hspace{13pt}60,000 & \hspace{13pt}50,000 \\ In event of acontroversy between the insured and the company, the producer is considered to representthe. What does the consolidated Omnibus Budget Reconciliation ACT (COBRA) of 1985 allow an employee to do? The coverage, condition, and limitations in the master policy of a group contract can be found in which document? 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. Which of the following would be the appropriate tax consequence? When an applicant passes a licensing examination and answers all background questions negatively. How much does Medicare Part B pay for physician fees? What happens to the coverage under a children's term rider when that child reaches a certain specified age? How to take legal action against an insurance company. 2.1.1 6 Whole life Insurance in Malaysia We weren't able to detect the audio language on your flashcards. 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. 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. B. Mariais a preferred provider organization (PPO) subscriber and received care from anout-of-network provider. It is health insurance for the elderly. Insurance producer Kelly offers an insured a $500 shopping card if an insurance product is purchased through her. Kathysannuity is currently experiencing tax-deferred growth until she retires. A policy owner may exercise which of these dividend options that uses the dividend to pay all or part of the next premium due? a producers secretary who solicits prospects on the telephone. Which of these will typically authorize treatment from a specialist? Which of these is NOT considered to be a nonforfeiture option in a whole life insurance policy? D. Adjustable, permanent, and limited-pay lifeinsurance. This illustration MUST disclose that. Arollover from a Traditional IRA to another IRA must be done within __ days toavoid tax consequences. She may reinstate her policy within _____ years. An example of a primary care physician would be an, A fee for service health insurance plan will normally cover. Find out how you can intelligently organize your Flashcards. _____ is NOT an element of valid contract, The automatic premium loan provision authorizes an insurer to withdraw from a policy's cash value at the amount of, Past due premiums that have not been paid by the end of the grace period. a producers secretary who solicits prospects on the telephone. Net death benefit will be reduced if the loan is not repaid. Whatwould be an expense factor in an insurance program? Whichtype of injury would NOT be covered under a health 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? At minimum, a carrier is required to offer which of the following health benefit plans to small employers? A beneficiary has just received a claim payment for a life insurance policy. Within how many days must a producer report to the Commissioner any administrative actions made against him/her? 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. With a usual, customary, and reasonable fee, Which of these is NOT a qualifying event for Medicare, A. Term, Whole, and universal lifeinsurance. An attending physician's statement would be appropriate for which life insurance purpose? A. 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. A. Timeperiod an insured must wait before coverage begins, B. Timeperiod a disabled person must wait before benefits are paid, C. Timeperiod after the policy issue date in which the provisions are stillcontestable, Inan insurance contract, the element that shows each party is giving something ofvalue is called. 1. The Commissioner issues a subpoena to a producer. When a qualified plan starts making payments to its recipient, which portion of the distributions is taxable? A. What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) OF 1985 allow an employee to do? As beneficiary, he will pay__taxeson any money withdrawn. (p^1p^2). If a subscriberchooses a primary care physician outside of the network, the subscriber willlikely pay, Medicareprovides coverage for each of the following EXCEPT. the exceptions, reductions, and limitations affecting the basic provisions of the policy, Any advertisement that mentions a dollar amount, period of time for which any benefit is payable, cost of policy, policy benefit, or the loss for which the benefit s is payable MUST disclose, All of the following is considered a form of advertising EXCEPT. by recommending insurers with good AM Best ratings, C.) With guidelines regarding credit reporting and distribution. How long after its effective date will an individual life insurance policy become incontestable? Maximizes productivity through use of appropriate tools; planned training and Columbia Care LLC . 14 day waiting period / 10 year benefit period. 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. An amount the premium would have purchased at the correct age. cuanto gana un pintor de autos en estados unidos . by . This type of agreement is called a, The act of using misrepresentation to induce an insured person to terminate an existing policy and purchase a new policy is referred to as, An advertisement for an insurance product may contain, Signing a prospect's name without their knowledge or presence. Whatis the elimination period of an individual disability policy? This change is called a(n). An insurance company needs to obtain personal information from a third party concerning an applicant. 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. The face amount and the premium will remain constant over the 10-year period. AnIndividual can enroll in a part C Medicare Advantage Plan at what time? How long is the Contestable Period for health insurance policies sold in New Jersey? 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. Which military service exclusion clause would pay upon his death? & \text{Ending}& \text{Beginning} & \\ Commissioner may impose an administrative penalty. 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? ABC Corporation has a group life insurance policy that covers its employees and their dependent children. In Maryland, a full-time employee of a small employer MUST work an average of at least ___ per week. The ____ is responsible for determining the appropriateness of a Medicare Supplement policy for an applicant. Jim recently sold his whole life insurance policy under a critical settlement contract. 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? how many javan rhinos are left 2022; aquifer tim winton prezi; bloody mary lady gaga roblox id; . A producer is meeting with a client to determine whether an annuity would be suitable for purchase. 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} 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. Disability Income plans which require that the insurer can NEVER change or alter premium rates are usually considered. 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. 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. \text{Net property, plant, and equipment} & \underline{\hspace{8pt}100,000} & \underline{\hspace{8pt}105,000} \\ How many employees must an employer have for a terminated employee to be eligible for COBRA? 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.

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