XZY company has applied for group health insurance for its employees. 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 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? How long is the Contestable Period for health insurance policies sold in Maryland? Term, Whole, and universal lifeinsurance. a producers secretary who solicits prospects on the telephone. With a past due premium of $100, the insurer pays $400. 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. c. Travel accidental insurance premiums. She would like to borrow $15,000 against the cash value. Which of the following actions by a producer would NOT result in a license suspension or revocation? Under a life insurance policy, what does the insuring clause state? Which of the following is NOT a federal requirement of a qualified plan? Who would most likely be coveredunder Workers Compensation? Which of the following is NOT part of an insurance contact? Aninsureds status under social security can be described as, Along-term care policy typically provides all of the following levels of careEXCEPT. When must a claim on a life insurance policy be paid after proof of loss has been received by the insurer? If an insured's age on a life insurance policy has been misstated, what is the insurer's liability if the insured dies? Which of the following is NOT considered to be an act of fraud? Which type of rider will waive the premium on a child's life insurance policy if the parent paying the premium dies? \text{Total liabilities and stockholders' equity} & \underline{\underline{\hspace{3pt}\$244,000}} & \underline{\underline{\hspace{3pt}\$256,000}} \\ Which of the following statements is TRUE? Which of the following is required for an insurer to conduct business in this state? 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. 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. Anindividual covered under a Blue Cross Blue shield is called a(n), Aclosed network plan offers a primary physician copay $25. A policy owner may exercise which of these dividend options that uses the dividend to pay all or part of the next premium due? When is an existing health insurance policy required to provide coverage for a newborn child, a producer who shares commissions with a client. ARoth IRA owner must be a least what age in order to make tax-free withdrawals? June 5, 2022 . Whatis the elimination period of an individual disability policy? Which settlement option pays a stated amount toan annuitant, but no residual value to a beneficiary? 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. A Medicare supplement policy can be cancelled by the insurer for: Maria the insurance producer completes a sale by collecting the required signatures on the application and obtaining the initial premium. 14 day waiting period / 10 year benefit period. What is the required action to be taken by a Maryland licensee before operating under an assumed business name? Which of the following is a reinstatement condition? Which of these gaps in Medicare coverage is addressed with Medicare Supplemental Insurance? Hill during her initial calls made to the call center. If she dies 15 years after the policy's inception date, how much will her beneficiary receive? Before conducting an HIV related test, an insurer is REQUIRED to obtain written authorization from the. A master contract and certificate of coverage can be found in which type of policy? Inwhich of the following situations would the insurer be liable for a loss? \text{Net property, plant, and equipment} & \underline{\hspace{8pt}100,000} & \underline{\hspace{8pt}105,000} \\ At minimum, a carrier is required to offer which of the following health benefit plans to small employers? A producer's secretary who solicits prospects on the telephone, When a producer is replacing an existing ordinary life insurance policy, the producer must take all of the following actions EXCEPT, In Maryland, a full-time employee of a small employer MUST work an average of at least _____ per week, A producer may begin to solicit insurance ONLY when. C. Normally graded over a period of 20 years. 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. What information would the insurer's underwriters likely use to determine the appropriate coverage and final premium rate given to the group? 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? We understand that this must have been both very frustrating and disappointing. 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. Whatis created after policy proceeds are obtained in a lump sum and thenimmediately invested? Anapplicants character and personal habits can be obtained for underwritingpurposes from which source? D. Willfullycollecting a premium that exceeds the amount of the actual premium. An applicant's character and personal habits can be obtained for underwriting purposes from which source? 1. Course Hero is not sponsored or endorsed by any college or university. (To help answer this question, create an Accounts Receivable T-account and insert the beginning and ending balances.) 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. In this situation, who will receive Bob's policy proceeds? If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy? Which of these is NOT subject to income taxation under a Modified Endowment Contract (MEC)? Vaginal plastic surgery is made up of two main procedures, external and . How soon can the benefit payments begin with a deferred annuity? 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. \text{Common stock} & \hspace{13pt}70,000 & \hspace{13pt}60,000 \\ Afterwards, she deposits the check into her personal checking account. B.) With a usual, customary, and reasonable fee, Which of these is NOT a qualifying event for Medicare, A. When an insured has a major medical plan with first dollar coverage, how does this impact the benefits paid? Mikehas inherited his fathers traditional IRA. Kathysannuity is currently experiencing tax-deferred growth until she retires. Which type of contract may NOT be issued by an insurance company? Which of the following is CORRECT regarding the death benefit amount. Which of the following areas do error commonly occur on applications and for which the incontestable clause does NOT apply? Disability Income plans which require that the insurer can NEVER change or alter premium rates are usually considered. D. Administered by the federal government. How many days notice must the Commissioner give prior to a hearing? The Healthcare Insurance Exchange offers plans for everyone. As of January 1, 2014, small group health insurance can be rated on the basis of. a producers secretary who solicits prospects on the telephone. To be classified as a small employer in Maryland, and employer must employ, Secretary of the Department of Health and Mental Hygiene. We'll bring you back here when you are done. \end{array} In regards to a life insurance contract, which of the following statements is NOT true regarding the concept of insurable interest? 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? In the marketplace there are four various tiers of coverage, ranging from, bronze to platinum. By Posted browning 725 pro sporting canada What is the required action to be taken by a Maryland licensee before operating under an assumed business name? 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). Atax-free 1035 Exchange of a life insurance policy to a different policy ispermitted if it occurs, A. Inthe same state as the original transaction, C. Frominsurer to insurer and no cash is received by the policy owner, D. Fromagent to agent as long as the agents are licensed in the same line. Pierre MUST remit the premium to his insurer within ___ business days of receipt. Which of the following actions is REQUIRED by a producer who is replacing an existing life insurance policy? 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. A producer who sells an individuallife insurance policy in Maryland MUST deliver to the policy owner a(n), b. Net death benefit will be reduced if the loan is not repaid. A producer has committed an insurance crime that violates US code 1033 (interstate commerce). When are group disability benefits considered to be tax-free to the insured? Which of the following is NOT a requirement for soliciting insurance in Maryland? What is the purpose of a disability income benefit? A producer's secretary who solicits prospects on the telephone: a) is an example of the illegal act called twisting . A term life insurance policy is what most people think of when they think about life insurance. Which of the following is an example of defamation? How long must a life insurance policy be in effect before the policyowner may use the nonforfeiture provision? Which of the following is considered a tax-deductible medical expenseunder this rule? The death benefit paid will be what the premium would have purchased at the correct age. As beneficiary, he will pay__taxeson any money withdrawn. An example of a primary care physician would be an, A fee for service health insurance plan will normally cover. Engaged in a fraudulent insurance practices. 16381 Chillicothe Rd, Chagrin Falls, OH 44023, USA 440-708-1855. search. 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? 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. What is the MINIMUM benefit period that must be offered by a Long-Term Care Policy? 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. 2.1.1 6 Whole life Insurance in Malaysia 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. 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. In what part of insurance policy benefits found? Howdoes one become eligible for part D: Prescription Drug Coverage? What types of life insurance are normally usedfor key employee indemnification? The standard grace period for a life insurance policy sold in Maryland is. juin 5, 2022 . James is the insured on a life insurance policy where his age was misstated on the application. A debtor may receive Credit Life insurance in which of the following forms? D. Assist an insurer in determine an applicantscreditworthiness. Selecting an insurance organization ought to be founded on a few components that can be broken into two general gatherings: Medicare Part A does not pay for medical benefits provided for treatment in a skilled nursing facility beyond. D.) By providing consumer credit counseling. When an applicant passes a licensing examination and answers all background questions negatively. Which entity is responsible for processing insurance advertising in New Jersey? Maria has committed what crime? A life insurance policyowner does NOT have the right to, A Guaranteed issue insurance policy has no. A. Toaccept or decline insurance applicants, B. Toset the premium rates for insurers, D. Toperform physical examination on applicants. The time limit for filing claim disputes is addressed in which provision of an accident and health policy? Howsoon can the benefit payments begin with a deferred annuity? 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. Barbara's policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of insurability. Whichtype of injury would NOT be covered under a health insurance policy? cuanto gana un pintor de autos en estados unidos . What is created after policy proceeds areobtained in a lump sum and then immediately invested? 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. Which of these is NOT a characteristic of the Accelerated Death Benefit option? by . 1. Which of the following is the likely result? B. Providea risky, yet high return investment, Fixedannuities provide each of the following EXCEPT. 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. Maria has committed what crime? One of. Eventually, they retire and dissolve the business. What would be an expense factor in a insurance program? Similar to the differen o Term Life insurance: an individual is buying protection for a specific period of time. 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. Mike has inherited his fathers traditional IRA.As beneficiary, he will pay __Taxes on any money withdrawn. The insurer's obligation to pay a death benefit upon an approved death claim, Jennifer is required to pay a specific sum out of pocket before any benefits are paid in a year. What is issued to each employee of an employerhealth plan? Which military service exclusion clause would pay upon his death? A life insurance policy which contains cash values that vary according to its investment performance of stocks is called. Within how many days must a producerreport to the commissioner any administrative actions made against him/her? The Right-to-Examine period in Maryland for Long-Term Care policies is ____ days. Which of the following is Medicare Part B also known as? Cram has partnered with the National Tutoring Association, Comparing Health Insurance Rates And Suppliers. A domestic insurance company in Maryland MUST, Collecting premiums and paying them to the insurance company. The IRS allows a taxpayer to deduct medicalexpenses of that exceed 7.5% of their adjusted grossincome. 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. What geographic factor makes Antarctica's ice caps drier than deserts in Africa and Asia? HIPPA considers which of the following as "individually identifiable health information"? Normally pay for losses arising from: Which of these would an insurer consider when determining whether to accept a group life plan? How often must an insurance producer's license in Maryland be renewed? 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. Howdo interest earnings accumulate in a deferred annuity? by geriford27, The commissioner must examine the financial affairs of each admitted insurer operating in Maryland at least once every how many years? Using derogatory statements about an insurance company's financial condition. 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.
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