Philsshopping for an annuity that guarantees he CANNOT outlive the benefits. Whatis created after policy proceeds are obtained in a lump sum and thenimmediately invested? When an insured changes to a more hazardous occupation, which disability policy provision allows an insurer to adjust policy benefits and rates? Whichof the following is a requirement for ANY change in an insurance application? Commissioner may impose an administrative penalty. . 14 day waiting period / 10 year benefit period. How many days notice must the Commissioner give prior to a hearing? 1. Without a Section 125 Plan in place, what would happen to an employee's payroll contribution to an HSA? Add to folder Which scenario would most life insurance policies exclude coverage for? Pay for Medicare charges exceeding the approvedamount. Which of the following does Medicare Part D cover? Which of the following would be considered a "dependent child"? In Maryland, a Producer may have his/her license revoked for which of the following acts? You are here: leeds city council repairs phone number a producers secretary who solicits prospects on the telephone. When an insured has a major medical plan with first dollar coverage, how does this impact the benefits paid? 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. When the word "insurance" appears in a producer's business name, which of the following words cannot be approved? Which dividend option would an insurer invest the policyowner's money and add any interest earnings as the dividends accrue? What is the purpose of a disability income benefit? Anapplicants character and personal habits can be obtained for underwritingpurposes from which source? What does the amount of these credits represent? Term, Whole, and universal lifeinsurance. A producer who sells an individuallife insurance policy in Maryland MUST deliver to the policy owner a(n), b. Mark continues working after the age of 65 and is covered through his employer's group health plan. 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). 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. \text{Total assets} & \underline{\underline{\hspace{3pt}\$244,000}} & \underline{\underline{\hspace{3pt}\$256,000}} \\ Krissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. EXECUTIVE SUMMARY. It would be considered taxable income to the employee. Which option was chosen? Which of these is NOT a characteristic of the Accelerated Death Benefit option? In the event of employment termination, group health insurance can be kept if the employee pays the premiums. Twisting is an illegal act which involves, A producer does NOT have a fiduciary responsibility to. Maria is a Preferred Provider Organization (PPO) subscriber and received care from an out-of-network provider. juin 5, 2022 . Which of these describes the change that will take place?A) Coordination of benefitsB) ConversionC) Extension of benefitsD) Rollover, Under a group life policy, the insurer will issue an individual _____ to the policyowner for delivery to each person insured.A) policyB) certificateC) applicationD) rider. a producers secretary who solicits prospects on the telephone. A life insurance policyowner was injured in an automobile accident which results in a total and permanent disability. What happens to the coverage under a children's term rider when that child reaches a certain specified age? Fundingfor Medicare Part B is Partially provided by. 1. Which of the following enables a life policy to be replaced with another life policy and results in the postponement of the tax consequence? 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. Which of the following situations would be suitable for a temporary work authority? Which of the following actions is REQUIRED by a producer who is replacing an existing life insurance policy? Premium mode is term used to describe the: The Fair Credit and Reporting Acts main purposeis to: A. 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 60 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). B. Providea risky, yet high return investment, Fixedannuities provide each of the following EXCEPT. Within how many days must a producerreport to the commissioner any administrative actions made against him/her? A debtor may receive Credit Life insurance in which of the following forms? Which of the following is NOT required in an order from the Commissioner? Whichtype of life insurance is normally associated with a payor benefit rider? Which of the following is Medicare Part B also known as? 59 and owned account for a minimum of 5 years, C. 70 and owned account for a minimum of 10 years, D. 70 and owned account for a minimum of 5 years, A. Cancelingdisability policy to buy a term life policy, B. Cancelinga term life policy to buy a whole life policy, C. Cancelinga long-term care policy to buy a whole life policy, D. Cancelinga whole life policy to buy a major medical policy. 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. B. Collectinga charge for insurance that is less than the charge applicable to thatinsurance, C. Misappropriateor unreasonably withhold premiums or returned premiums. 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. The producer decides not to respond. Which of the following would disqualify a company's retirement plan from receiving favorable tax treatment? Failingto promptly provide a reasonable explanation for the denial of a claim isconsidered to be a (n). A life insurance policy normally contains a provision that restricts coverage in the event of death under all of the following situations EXCEPT, An insurance consultant is BEST defines as a. 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? Whoregulates the quality of care provided by a health maintenance organization(HMO), a. Secretaryof department of health and mental hygiene, b. NationalAssociation of insurance commissioners, A.Secretary of the department of health and mental hygiene. Her agent submitted the information to the insurance company on April 6. In this situation, who will receive Bob's policy proceeds? Which of the following is Medicare Part B also known as? Which of the following is an example of defamation? As of January 1, 2014, small group health insurance can be rated on the basis of. Which of these is likely to occur when life or health insurance is being applied for? She would like to borrow $15,000 against the cash value. Lower than the typical whole life policy duringthe first few years and then higher than typical for the remainder. Inwhich of the following situations would the insurer be liable for a loss? cuanto gana un pintor de autos en estados unidos . 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. a producers secretary who solicits prospects on the telephone. d. A covered employee if terminated for grossmisconduct. 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. The rider is called a(n), All if these are valid options for an adjustable life policy except, A non forfeiture option can be used to increase the death benefit. who would be responsible for the prosecution of this crime? 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? The benefit can be offered as a rider at a specific extra cost or may be at no cost, All of the following are included as part of a contract in the entire contract provision EXCEPT the. Which of these is NOT an Unfair Claims Settlement Practice? 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? What is the primary purpose of a rating service company such as A.M. Best? The funeral of Wayne Emmerson Wilson leaves Downes and Wilson Funeral Home, Eagle Hall, St.Fax: 540-662-2627. 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. Producing an inadequate amount of new premium. AnIndividual can enroll in a part C Medicare Advantage Plan at what time? What is involved when a life insurance policy has been backdated? Which of these gaps in Medicare coverage is addressed with Medicare Supplemental Insurance? 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. Under a life insurance policy, what does the insuring clause state? Which course of action must be taken by the Commissioner? Continued coverage under COBRA would be providedto all of the following EXCEPT: a. Long-term care insurance and Medicare Supplementplan have a free-look period of__ days. What is the purpose of the Medical Information Bureau (MIB)? In what form do disability income policies typically pay benefits? In event of acontroversy between the insured and the company, the producer is considered to representthe. Her health policy most likely contains a(n). 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} If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy? When must a claim on a life insurance policy be paid after proof of loss has been received by the insurer? a producers secretary who solicits prospects on the telephonecapricorn and virgo flirting. The company did not retire any bonds or repurchase any of its own common stock during the year. Re: Acting as insurance producer without a license Questions Presented 1. B. Guaranteedlifetime withdrawal benefit, D. Guaranteedminimum accumulation benefit. Which of the following would be the appropriate tax consequence? 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.) 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. Maria is a Preferred Provider Organization (PPO) subscriber and received care from an out-of-network provider. An applicant's character and personal habits can be obtained for underwriting purposes from which source? D. Assist an insurer in determine an applicantscreditworthiness. What is this an example of? Aninsureds status under social security can be described as, Along-term care policy typically provides all of the following levels of careEXCEPT. Selecting an insurance organization ought to be founded on a few components that can be broken into two general gatherings: What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1985 allow an employee to do ? What does the word "level" in Level Term describe? Eventually, they retire and dissolve the business. ABC Insurance Agency is entering each applicant who purchases insurance through their agency into a drawing to win a free trip. a. Their offer/administration. Whowere Keogh Plans designed to provide pension benefits for? Within how many days must a producer notify the Department of Banking and Insurance of a change in address? Whattype of beneficiary should be named if the insured wants to give explicitdirections on how the policy proceeds should be paid? Which of these is NOT considered to be a nonforfeiture option in a whole life insurance policy? Which of the following is NOT considered to be an actof fraud? Underthe Maryland health insurance plan, comprehensive health benefits are providedto. b. Ahealth care provider claim may be settled using which of the following paymentmethods? 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. D.) Intentionally violated state insurance laws. 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. What information would the insurer's underwriters likely use to determine the appropriate coverage and final premium rate given to the group? 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. 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. Who would make the final determination on whether or not an insurance advertisement is misleading? An individual the means to replace wages. Which of these is NOT considered to be a risk factor in life insurance underwriting? Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. a producers secretary who solicits prospects on the telephone. 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. How is a health provider reimbursed if they do NOT have an agreement in place with the insurance company? In which of the following relationship would there NOT be an insurable interest? Producers must complete a total of ____ continuing education credits for each two-year licensing period. B. \end{array} A. Collectinga premium for insurance that is not provided. 1980 camaro z28 for sale in canada; fixer upper homes for sale clarksville, tn; crossroads inn leechburg menu Which license is REQUIRED in order to solicit Long Term Care insurance in the State of Maryland? Similar to the differen o Term Life insurance: an individual is buying protection for a specific period of time. 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 Which of the following is TRUE regarding the federal income tax? The taxable portion of each annuity payment is calculated using which method? D.In the event of employment termination, group health insurance can be kept if the employer pays the premium. An effort by an existing insurer to prevent replacement and continue existing Life Insurance in force is known as which of the following? Insurance producer Kelly offers an insured a $500 shopping card if an insurance product is purchased through her. B.Canceling a term life policy to buy a whole life policy. Which of the following areas do error commonly occur on applications and for which the incontestable clause does NOT apply? What would be an expense factor in a insurance program? An insurance producer who convinces a prospective insured to purchase a policy by exaggerating the benefits of the policy may be found guilty of, An ____ _____ sells, solicits, or negotiates insurance contracts for compensation, All of these activities require an individual to hold a producer's license EXCEPT, Jim recently sold his whole life insurance policy under a viatical settlement contract. An error was made on Erica's life insurance application. Whatdoes the word Level in level term describe? Which of the following must be included in the advertisement? {"cdnAssetsUrl":"","site_dot_caption":"Cram.com","premium_user":false,"premium_set":false,"payreferer":"clone_set","payreferer_set_title":"Insurance\/Healt Agent Exam","payreferer_url":"\/flashcards\/copy\/insurance-healt-agent-exam--11456962","isGuest":true,"ga_id":"UA-272909-1","facebook":{"clientId":"363499237066029","version":"v12.0","language":"en_US"}}. The time limit for filing claim disputes is addressed in which provision of an accident and health policy? May an insurance producer licensed in New Jersey but not in New York sell a life insurance policy to a New York resident while in New Jersey? How often must an insurance producer's license in Maryland be renewed? Upon receiving a producer complaint, the Commissioner may immediately A producer may begin to solicit insurance ONLY when, A.) A doctor who accepts Medicare Assignment agrees to which of the following? This is called a, A minor may receive a life insurance policy's death benefit ONLY, B. Net death benefit will be reduced if the loan is not repaid. When initial premium is collected and policy is issued. When calculating the amount of life insurance needed for an income earner, what has to be determined when using he Needs Approach? 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. A. Changemust be initialed by the agent, B. Changemust be initialed by the applicant, C. Changemust be approved by the insurer. In the marketplace there are four various tiers of coverage, ranging from, bronze to platinum. Write a sentence explaining its significance to the executive branch. Which of the following is NOT a duty of the Commissioner? Kathysannuity is currently experiencing tax-deferred growth until she retires. 1. 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. Which disability policy provision would address any concerns of the value of the benefits decreasing over time? A. 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. How often must an insurance producer's license in Maryland be renewed? Cram has partnered with the National Tutoring Association, Comparing Health Insurance Rates And Suppliers. \text{Accounts payable} & \$\ \hspace{5pt}32,000 & \$\ \hspace{5pt}57,000 \\ Which of these if NOT considered a form of life insurance advertisement? Benefits for a Medicare Supplement policy. June 24, 2022 . D.In the event of employment termination, group health insurance can be kept if the employer pays the premium. A plan in which an employer pays insurance benefits from a fund derived from the employer's current revenues is called. When are group disability benefits considered to be tax-free to the insured? 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. An individual who has a hobby racing cars once a month. What types of life insurance are normally usedfor key employee indemnification? An accident and health policy that provides reimbursement benefits makes them payable to the, A separate converted policy may, at the option of the insurance company, be issued to cover a, Dental treatment is needed to repair an injury. A. Paul has an, An indemnity plan limitation that will pay the dental bills after a small amount is paid by the insured is called. 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. All of these are valid options for an Adjustable Life Policy EXCEPT, A nonforfeiture option can be used to increase the death benefit. 16381 Chillicothe Rd, Chagrin Falls, OH 44023, USA 440-708-1855. search. Which of the following is NOT a qualification to be licensed as a producer? How long is the Contestable Period for health insurance policies sold in New Jersey? It is health insurance for the elderly. Vaginal plastic surgery is made up of two main procedures, external and . 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. Pierre the producer receives a premium for an individual health insurance policy. A term life insurance policy is what most people think of when they think about life insurance. To be eligible for small employer group coverage, anemployee must work a MINIMUM of __ hoursI a typical week. An insurer must furnish to a claimant forms for filing proof of loss within ___ days upon receiving a notice of claim. The waiting period for a disability insurance policy, Excludes payments for a short term illness or injury. Who is the individual paid on a fee-for-service basis? 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. One or morediagnostic, preventive, therapeutic, rehabilitative, maintenance or personalcare services in a setting other than an acute care unit of a hospital. 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. Collecting a chargefor insurance that is less than the charge applicable to that insurance. You have created 2 folders. Which of these statements is true? \text{Property, plant, and equipment} & \hspace{8pt}150,000 & \hspace{8pt}140,000 \\ Which of thesestatements is true? Adoctor who accepts Medicare Assignment agree to which of the following ? Within how many days must a producer report to the Commissioner any administrative actions made against him/her? 1. Which of the following MUST contain a "Statement of Policy Cost and Benefit Information"? Insurance producer Kelly offers an insured a $500 shopping card if an insurance product is purchased through her. Introducing Cram Folders! 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). How long is the Contestable Period for health insurance policies sold in Maryland? Erica is 35 years old and owns an IRA. Which of the following may be used as continuation education credit? MedicarePart A does not pay for medical benefits provided for treatment in a skillednursing facility beyond. As beneficiary, he will pay__taxeson any money withdrawn. What is issued to each employee of an employerhealth plan? B.) When an applicant passes a licensing examination and answers all background questions negatively. 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. An insurance producer is issued a _____ as evidence of authority. Kurt is an active duty serviceman who was recently killed in an accident while home on leave.
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