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.) Continued coverage under COBRA would be providedto all of the following EXCEPT: a. Which option was chosen? Donnaand Mary were racing bicycles in a store parking lot while being cheered on by fellowemployees. An error was made on Erica's life insurance application. 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. Mikehas inherited his fathers traditional IRA. 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. Which of these premium payment frequencies is not typically available to a policy owner? Which of the following is NOT a qualification to be licensed as a producer? Without a Section 125 Plan in place, what would happen to an employee's payroll contribution to an HSA? D. The face amount and premium will remain constantover the 10-year period. visas, binomial trials. Over the course of a year, which premium payment mode is most expensive? Craig submits a $500 claim for medical expenses. At minimum, a carrier is required to offer which of the following health benefit plans to small employers? 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. d. Alump sum payment upon first diagnosis of cancer, heart attack, or stroke. 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. Under a life insurance policy, what does the insuring clause state? Insurance producer Kelly offers an insured a $500 shopping card if an insurance product is purchased through her. Whatis the purpose of the medical information Bureau (MIB)? The proceeds of this contract could be subject to the claims of. At minimum, a carrier is required to offer which of the following health benefit plans to small employers? The coverage, condition, and limitations in the master policy of a group contract can be found in which document? One of. Whichof the following is a requirement for ANY change in an insurance application? When calculating the amount of life insurance needed for an income earner, what has to be determined when using he Needs Approach? Which of the following is Medicare Part B also known as? An eligible employee can be excluded from group health coverage for up to _______ months is he/she is considered a "late enrollee". What is the contract called that is issued to an employer for a Group Medical Insurance plan? 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. She recently replaced the policy with a new one that provides better coverage. Which type of rider will waive the premium on a child's life insurance policy if the parent paying the premium dies? Which of the following must be included in the advertisement? _____ 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. In order for the producer's insurance business to continue, the Department of Banking and Insurance may issue to the producer's spouse a. Because dividends are considered to be a return of premium. This is an unlawful practice known as, must be delivered with or prior to policy delivery. 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. Whichscenario would most life insurance policies exclude coverage for? Which of the following is NOT a requirement for soliciting insurance in Maryland? Which type of disability would be less than total impairment and equal to permanent impairment? Which type of life insurance policy is this? 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. 1. 5151\left|\begin{array}{ll}5 & 1 \\ 5 & 1\end{array}\right| Which of these is NOT considered to be a risk factor in life insurance underwriting? If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy? 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 ____of coverage describes policy features, benefits, exclusions and riders in a long-term care policy. Term, Whole, and universal life insurance, C. Joint, credit, and group life insurance. 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. 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 the following is an example of fraud? Which of these is NOT considered to be a nonforfeiture option in a whole life insurance policy? a. A doctor who accepts Medicare Assignment agrees to which of the following? There are several types of whole life insurance that are as follow:- Producer commissioners may NOT be paid to: B. Licensedand appointed producers who are sharing commissions. What happens to coverage under a children's term rider when that child reaches a certain specified age? How long is the Contestable period for health insurance policies sold in Maryland? port clinton high school athletics / roberto bettarini ambassador / roberto bettarini ambassador 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. Tara the producer is delivering a specified disease insurance policy to a new policyowner. After passing the state Producer licensing exam, application for the license must be made within, How long must an insurance company keep record on life insurance replacement activity, An insurance company that is organized or chartered in a country other than the United States is defined as, Advertisements of insurance in a local newspaper, must be approved by, Which of the following actions may an insurance company NOT do in a health policy that contains a guaranteed renewable premium benefit, Increase the premiums on an individual basis, Continued coverage under COBRA would be provided to a(n), A covered employee is terminated for gross misconduct, In New Jersey, health insurance advertisements are required to contain the, The purpose of a coordination-of-benefits provision in group health accident and health plans is to, If an insured dies during the grace period with no premiums paid, The policy would be payable, minus the premium amount, A 10% excise tax is normally applied to an early withdrawal from an IRA. 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. A life insurance policyowner was injured in an automobile accident which results in a total and permanent disability. Where would policy proceeds be paid if both the insured and primary beneficiary were killed in the same accident? 2.1.1 6 Whole life Insurance in Malaysia c. Travel accidental insurance premiums. It is health insurance for the elderly. Introducing Cram Folders! When the minor has been approved by the Commissioner, When collection insurance premiums from a client, a producer MUST, A. A licensed producer is required to file notice of any change of address within how many days? The death benefit paid will be what the premium would have purchased at the correct age. A beneficiary has just received a claim payment for a life insurance policy. National Milk Producers Federation 2107 Wilson Blvd., Suite 600 Arlington, VA 22201 Phone: 703-243-6111 E-mail: info@nmpf.org In some cases, NDRC also solicits the opinions of relevant Chinese industrial regulators and consulting agencies, which may include industry associations that represent Chinese domestic firms. a producers secretary who solicits prospects on the telephone. 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. What happens to interest earned if the annuitant dies before the payout start date? D. Adjustable, permanent, and limited-pay lifeinsurance. What may be the result of replacing an existing life insurance policy with a new one? 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 part of an insurance contact? Arollover from a Traditional IRA to another IRA must be done within __ days toavoid tax consequences. Eventually, they retire and dissolve the business. Tim's individual life insurance policy has just recently lapsed. Her agent submitted the information to the insurance company on April 6. As beneficiary, he will pay ____ taxes on any money withdrawn. What information would the insurer's underwriters likely use to determine the appropriate coverage and final premium rate given to the group? Please sign in to share these flashcards. Selecting an insurance organization ought to be founded on a few components that can be broken into two general gatherings: D.In the event of employment termination, group health insurance can be kept if the employer pays the premium. How often must the Commissioner examine each domestic insurance company? Determine whether there are 0,1 , or 2 real solutions to f(x)=0. The face amount and the premium will remain constant over the 10-year period. What is the required action to be taken by a Maryland licensee before operating under an assumed business name? Elizabethis the beneficiary of a life insurance policy. & \text{Ending}& \text{Beginning} & \\ The two plans are fee-for-service and. \quad \text{Less accumulated depreciation} & \underline{\hspace{13pt}50,000} & \underline{\hspace{13pt}35,000} \\ Pierre MUST remit the premium to his insurer within ___ business days of receipt. 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. The law that established insurance transactions regulated by the states is called. This situation is called, Written notice of a health insurance claim should be given to the insurer within _____ days after the occurrence of any loss covered by the policy, To conduct insurance business in this State, an insurer must be issued a certificate of authority. What geographic factor makes Antarctica's ice caps drier than deserts in Africa and Asia? What is the required action to be taken by a Maryland licensee before operating under an assumed business name? Which of the following topics needs to be discussed with this client? One or morediagnostic, preventive, therapeutic, rehabilitative, maintenance or personalcare services in a setting other than an acute care unit of a hospital. 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 if NOT considered to be a purpose of an annuity? Pierre the producer receives a premium for an individual health insurance policy. The ____ is responsible for determining the appropriateness of a Medicare Supplement policy for an applicant. June 24, 2022 . 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. 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? d. Individual disability income insurance premiums. Which of the following would disqualify a company's retirement plan from receiving favorable tax treatment? Which situation accurately describes a reduced paid-up nonforfeiture option? B.Change must be initialed by the applicant. 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. audio not yet available for this language. . XZY company has applied for group health insurance for its employees. Long-term care insurance and Medicare Supplementplan have a free-look period of__ days. How often must an insurance producer's license in Maryland be renewed? On which date would Sonya have coverage? Whattype of beneficiary should be named if the insured wants to give explicitdirections on how the policy proceeds should be paid? Their offer/administration. How long is her grace period? Afterwards, she deposits the check into her personal account. A person who is a nonsmoker, of average weight, and in excellent health would most likely be in which risk classification? \text{Income taxes payable} & \hspace{13pt}25,000 & \hspace{13pt}28,000 \\ A master contract and certificate of coverage can be found in which type of policy? 1. Bob dies 12 months later. A whole life policy option where extended term insurance is selected is called a(n). c. Solve the equation f(x)=0, if possible. Financial report from the previous year. She would like to borrow $15,000 against the cash value. What happens to the coverage under a children's term rider when that child reaches a certain specified age? Introducing Cram Folders! Whatis created after policy proceeds are obtained in a lump sum and thenimmediately invested? Maria has committed what crime? What will the beneficiary receive if an annuitant dies during the accumulation period? Contact; a producers secretary who solicits prospects on the telephonepossum playing dead in the yard. By . Mike has inherited his fathers traditional IRA.As beneficiary, he will pay __Taxes on any money withdrawn. Which of the following enables a life policy to be replaced with another life policy and results in the postponement of the tax consequence? An individual the means to replace wages. Former dependent of employee no longer ofdependent status. 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. Whowere Keogh Plans designed to provide pension benefits for? The policies continue in force with no change. Which of the following is TRUE regarding the federal income tax? a producers secretary who solicits prospects on the telephone 12. Lower than the typical whole life policy duringthe first few years and then higher than typical for the remainder. A. Collectinga premium for insurance that is not provided. Which of the following does Coordination of Benefits allow? The IRS allows a taxpayer to deduct medicalexpenses of that exceed 7.5% of their adjusted grossincome. Which of these is affected by the frequency of an insurance policy's premium payments? 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. Which of these is NOT an Unfair Claims Settlement Practice? b. Afterwards, she deposits the check into her personal checking account. Maria would like an annuity that provides a guaranteed accumulation or payout. An insurance producer is issued a _____ as evidence of authority. A. 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. B. 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). a producers secretary who solicits prospects on the telephone. 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. Which course of action must be taken by the Commissioner? Which of these gaps in Medicare coverage is addressed with Medicare Supplemental Insurance? A policyowner suffers an injury that renders him incapable of performing one or more important job duties. A producer has committed an insurance crime that violates US Code 1033 (interstate commerce). What amount will be paid under a policy where the insured misstated his/her age? A Medicare Supplement policy may exclude coverage fora preexisting condition for up to __months. Which license is REQUIRED in order to solicit Long Term Care insurance in the State of Maryland? Which of the following is NOT a required provision in an accident and health insurance policy? An annuitant is guaranteed to NOT outlive their benefits will a(n). Which of the following areas do error commonly occur on applications and for which the incontestable clause does NOT apply? An individual life insurance policy can be contested by the insurer only during the first _________ years of the contract, An order issued by the commissioner that prohibits a specific practice listed in the order is called a. Which type of long-term care benefit would be most appropriate for a stroke victim who requires speech therapy administered at her home? A separate converted policy may, at the option of the insurance company, be issued to cover an. 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. Johan the producer charged a fee to a sales prospect for analyzing insurance coverages A written statement describing the elements of a policy is called, All of the following are considered appropriate uses of life insurance for business purposes EXCEPT, Protecting the business by covering entry level employees with life insurance, An insured individual and the policy's beneficiary die from the same accident. Registered for the state insurance examination. With a usual, customary, and reasonable fee, Which of these is NOT a qualifying event for Medicare, A. Anindividual covered under a Blue Cross Blue shield is called a(n), Aclosed network plan offers a primary physician copay $25. Insurable interest can be established sufficiently by sentimental attachment alone, A life insurance policy written on one contract for two people in which it is payable upon the first death is called. After 15 years, the cash value has accumulated to $100,000 and the police's face amount has become $600,000. licensed producers not appointed by an insurer. A debtor may receive Credit Life insurance in which of the following forms? 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? 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. B. Recieve a tax credit to help offset the cost of health insurance. 59 and owned account for a minimum of 10 years, B. Erica is 35 years old and owns an IRA. B. Sonya applied for a health insurance policy on April 1. Commissioner may impose an administrative penalty. Theprescription of a drug for treatments other than whats labeled is known as(Blank) use. Temporarily Deposit the funds in a personal account. In accordance with New Jersey law, a Producer must remit health insurance premiums to the insurer within what period? After an insured gives notice of loss, what must he/she do if the insurer does not furnish forms? a. social stratification b. feminization of poverty c. social class d. social mobility e. bourgeoisie f. vertical mobility g. proletariat h. intergenerational mobility i. wealth j. horizontal mobility k. income l. open-class system m. prestige n. absolute poverty o. relative poverty p. caste system. Re: Acting as insurance producer without a license Questions Presented 1. D.) By providing consumer credit counseling. Which of these may NOT be used in a health insurance advertisement? At the request of the insurer to assist in the underwriting decision. 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. What is the maximum fine for a producer violating a New Jersey Insurance law for the first time? You have created 2 folders. ABC Insurance Agency is entering each applicant who purchases insurance through their agency into a drawing to win a free trip. New Jersey insurance law requires eligible individuals to make an election to continue health insurance benefits within a MAXIMUM of _____ days after coverage termination, A _____ insurance company is one that was formed under the laws of a state other than New Jersey, All of the following are typically included in a life insurance policy illustration EXCEPT, Claims payable to a Disability Income insured, even when the insured can continue to work, are the result of a. XYZ Corp pays the tax-deductible insurance premiums for a key employee disability policy.