D. Licensedproducers not appointed by an insurer. What is the MINIMUM benefit period that must be offered by a Long-Term Care Policy? Which of the following life events would allow an uninsured employee to qualify for special enrollment in a small employer health benefit plan? What is issued to each employee of an employerhealth plan? How often must an insurance producer's license in Maryland be renewed? Twisting is an illegal act which involves, A producer does NOT have a fiduciary responsibility to. Converting a group plan to permanent lifeinsurance requires: D. The conversion being applied for within 31 daysof termination. 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. Insurance producer Kelly offers an insured a $500 shopping card if an insurance product is purchased through her. C. Funded by federal, state, and local taxes. Which of the following enables a life policy to be replaced with another life policy and results in the postponement of the tax consequence? In what part of insurance policy benefits found? a producers secretary who solicits prospects on the telephone A disability income policy can prevent an insured from earning a higher income than if he/she were working by utilizing. Vaginal plastic surgery is made up of two main procedures, external and . An attending physician's statement would be appropriate for which life insurance purpose? A. A master contract and certificate of coverage can be found in which type of policy? Which of the following describes a person who is NOT acceptable by an insurer at standard rates because of health history, occupation, or hobbies? What is the contract called that is issued to an employer for a Group Medical Insurance plan? 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. a producers secretary who solicits prospects on the telephone A producer has recently died and leaves behind a spouse In order for Advertising material for a life insurance policy does NOT need to contain which of the following? \text{Inventory} & \underline{\hspace{13pt}55,000} & \underline{\hspace{13pt}50,000} \\ Re: Acting as insurance producer without a license Questions Presented 1. Find out how you can intelligently organize your Flashcards. The IRS allows a taxpayer to deduct medicalexpenses of that exceed 7.5% of their adjusted grossincome. At the request of the insurer to assist in the underwriting decision. Jay the producer is giving insurance advice regarding a prospect's existing coverage. \quad \text{Less accumulated depreciation} & \underline{\hspace{13pt}50,000} & \underline{\hspace{13pt}35,000} \\ An applicant's character and personal habits can be obtained for underwriting purposes from which source? 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. An insurer formed according to the legal requirements of another country is called an. National Milk Producers Federation 2107 Wilson Blvd., Suite 600 Arlington, VA 22201 Phone: 703-243-6111 E-mail: info@nmpf.org Our Future You series provides a range of topical advice and guidance via webinars and podcasts. EXCEPT for fraud, the time after issuance of a policy during which an insurance company may contest a health insurance claim due to the statements on an application is, All of the following are core benefits of Medicare Supplement Plan A EXCEPT, Deductible payments for the first 60 days of hospitalization under Medicare hospitalization under Medicare hospitalization insurance, Statements made by an insurance applicant on an application are considered to be. You are here: how to remove chicken giblets a producers secretary who solicits prospects on the telephone. What does the consolidated Omnibus Budget Reconciliation ACT (COBRA) of 1985 allow an employee to do? 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. B.) Erica is 35 years old and owns an IRA. Whatis the elimination period of an individual disability policy? Whatis the primary reason for buying an annuity? D.In the event of employment termination, group health insurance can be kept if the employer pays the premium. This type of agreement is called an. \text{Bonds payable} & \hspace{13pt}60,000 & \hspace{13pt}50,000 \\ 1. Which of these if NOT considered a form of life insurance advertisement? 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. 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. Duringthe accumulation period, who can surrender an annuity? 1. b. Incomeif an insured is unable to work for a period of over six months, c. Coveragefor excess charges not paid for under Medicare. When an insured changes to a more hazardous occupation, which disability policy provision allows an insurer to adjust policy benefits and rates? 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 thesestatements is true? Prospective producer who is waiting to take the state examination. Which of the following is a reinstatement condition? Which of the following is NOT information found in a life insurance buyer's guide? Higher than the typical whole life policy duringthe first few years and then lower than typical for the remainder. a. Mustmeet certain underwriting guidelines. A minimum of 12 months after date of purchase. To be eligible for small employer group coverage, anemployee must work a MINIMUM of __ hoursI a typical week. Krissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. What is created after policy proceeds areobtained in a lump sum and then immediately invested? 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. C. Protects consumers with guidelines regarding creditreporting and distribution. Which of these is NOT subject to income taxation under a Modified Endowment Contract (MEC)? What is the MINIMUM benefit period that must be offered by a Long-Term Care policy? An amount the premium would have purchased at the correct age. She is receiving the deathbenefit in payments of $10,000 per month until the principal and interest hasbeen paid out. Which type of coverage pays an amount per day for hospitalization directly to the insured regardless of the insured's other health insurance? How often must the Commissioner examine each domestic insurance company? Craig submits a $500 claim for medical expenses. A producer's license may only be suspended or revoked if the producer, one or more diagnostic, preventive, therapeutic, rehabilitative, maintenance, or personal care services in a setting other than an acute care unit of a hospital, Long-term care policies sold in Maryland may exclude coverage related to, The Life and health Guaranty Corporation provides funds to carry out its powers and duties by assessing, As of January 1, 2014, small group health insurance can be rated on the basis of, An individual covered under a Blue Cross Blue Shield plan is called a, An HMO that involves a partnership of physicians and other providers who practice out of a central facility is called a, Funding for Medicare Part B is partially provided by, Medicare Part A does not pay for medical benefits provided for treatment in a skilled nursing facility, MEWA (Multiple Employer Welfare Arrangement), Small employers who are sponsored by an insurer to provide group benefits to its employees are called. Maryland requires that a licensee completes ______ hours of continuing education on the subject of ethics every reporting period. Which entity is responsible for processing insurance advertising in New Jersey? The policy automatically converts to whole lifeafter the 10-year period, B. B. 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. His policy may be reinstated at any time within _____ years. 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. a producers secretary who solicits prospects on the telephone Level premium permanent insurance accumulates a reserve that will eventually, Ambiguities in an insurance policy are always resolved in favor of the, Chapter 11 Exam - New Jersey Laws and Rules, Life Insurance Policies - Provisions, Options, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Daniel F Viele, David H Marshall, Wayne W McManus. Bob dies 12 months later. 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. 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. What happens to coverage under a children's term rider when that child reaches a certain specified age? What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) OF 1985 allow an employee to do? is one of the oldest and best known of all Barbadian funeral establishments. Where would policy proceeds be paid if both the insured and primary beneficiary were killed in the same accident? On which date would Sonya have coverage? & \text{Balance}& \text{Balance} & \\ An insurer is REQUIRED to offer which of the following to each long-term care applicant at the time of purchase? There are several types of whole life insurance that are as follow:- A producer who sells an individuallife insurance policy in Maryland MUST deliver to the policy owner a(n), b. All of these are standard exclusions found in a life insurance policy EXCEPT. The death benefit paid will be what the premium would have purchased at the correct age. \text{Total assets} & \underline{\underline{\hspace{3pt}\$244,000}} & \underline{\underline{\hspace{3pt}\$256,000}} \\ Julie has a $100,000 30-year mortgage on her new home. XZY company has applied for group health insurance for its employees. Which of these premium payment frequencies is not typically available to a policy owner? HIPPA considers which of the following as "individually identifiable health information"? An insurer may pay a commission in which of the following scenarios? She recently replaced the policy with a new one that provides better coverage. 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. The act of using misrepresentation to induce an insured person to terminate an existing policy and purchase a new policy is referred to asA)twistingB)subrogationC)a life settlementD) coercion. The company did not retire any bonds or repurchase any of its own common stock during the year. After 15 years, the cash value has accumulated to $100,000 and the police's face amount has become $600,000. Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. A separate converted policy may, at the option of the insurance company, be issued to cover a (n). Whendoes a life insurance policy typically become effective? A newborn is required to be covered for ______ days from the moment of birth. Please select the correct language below. You are here: leeds city council repairs phone number a producers secretary who solicits prospects on the telephone. Which type of long-term care benefit would be most appropriate for a stroke victim who requires speech therapy administered at her home? The entity which issues the certificate of authority is the, A policyowner has _____ days after policy delivery to return a major medical policy for a full refund, make any transactions before being approved for a licence, counsels and advises the Governor on all matters assigned to the Maryland Insurance Administration, A Maryland insurance producer solicits an insurance policy. Because dividends are considered to be a return of premium. The commissioner must examine the financial affairs of each admitted insurer operating in Maryland at least once every how many years? The face amount and the premium will remain constant over the 10-year period. Which option was chosen? An effort by an existing insurer to prevent replacement and continue existing Life Insurance in force is known as which of the following? Collecting a chargefor insurance that is less than the charge applicable to that insurance. Whoassumes the investment risk with a fixed annuity contract? Maria has committed what crime? B. Providea risky, yet high return investment, Fixedannuities provide each of the following EXCEPT. Maria would like an annuity that provides a guaranteed accumulation or payout. Assist in the underwriting of insurance policies.