Which of the following is NOT considered to be an act of fraud? 1. She is receiving the deathbenefit in payments of $10,000 per month until the principal and interest hasbeen paid out. D. Assist an insurer in determine an applicantscreditworthiness. 2.1.1 6 Whole life Insurance in Malaysia It is administrated by the federal government, C. It is funded by federal, state, and local taxes. A prorated death benefit based on the amount of insurance the insured's premiums would have been if purchased at the correct age, A guaranteed issue insurance policy has no, A single premium cash value policy can be described as, A policy that is paid up after only one payment. D. Willfullycollecting a premium that exceeds the amount of the actual premium. 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. What happens to coverage under a children's term rider when that child reaches a certain specified age? A doctor who accepts Medicare Assignment agrees to which of the following? 1. Find out how you can intelligently organize your Flashcards. Whatis created after policy proceeds are obtained in a lump sum and thenimmediately invested? Which of the following is not a reason for the Commissioner to deny or refuse a producer license application? Reggie purchased a life insurance policy with a face amount of $500,000. In the event of employment termination, group health insurance can be kept if the employee pays the premiums. audio not yet available for this language. In accordance with New Jersey law, a Producer must remit health insurance premiums to the insurer within what period? Which of the following is true concerning the proceeds of a life insurance policy? By . Why are dividends from a mutual insurer not subject to taxation? Providing claim payments to insureds under the guidelines of the insurance contract. This is called a. B.) Which of the following is present when an applicant stands to lose value if the insured dies? C.) Unintentionally misrepresented a material fact on the application. What does the word "level" in Level Term describe? Which of the following is NOT a common exclusion for a medical expense policy? Joanne has a $100,000 whole life policy with an accumulated $25,000 of cash value. 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. Sonya applied for a health insurance policy on April 1. The time limit for filing claim disputes is addressed in which provision of an accident and health policy? Kathy pays a monthly premium on her health insurance policy. Which of the following statements is TRUE? Twisting is an illegal act which involves, A producer does NOT have a fiduciary responsibility to. Elizabethis the beneficiary of a life insurance policy. 16381 Chillicothe Rd, Chagrin Falls, OH 44023, USA 440-708-1855. search. Financial report from the previous year. Which of the following enables a life policy to be replaced with another life policy and results in the postponement of the tax consequence? Which of the following would disqualify a company's retirement plan from receiving favorable tax treatment? Pierre the producer receives a premium for an individual health insurance policy. A producer may be disciplined by the Commissioner for which of the following actions? The waiting period for a disability insurance policy, Excludes payments for a short term illness or injury. \text{Accounts payable} & \$\ \hspace{5pt}32,000 & \$\ \hspace{5pt}57,000 \\ What is the primary purpose of a rating service company such as A.M. Best? In event of acontroversy between the insured and the company, the producer is considered to representthe. How to take legal action against an insurance company. Premium mode is a term used to describe the, A newborn is required to be covered for _____ days from the moment of birth, A clause that allows an insurer the right to terminate coverage at any anniversary date is called. 1. After an insured gives notice of loss, what must he/she do if the insurer does not furnish forms? Temporarily Deposit the funds in a personal account. 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. port clinton high school athletics / roberto bettarini ambassador / roberto bettarini ambassador A. Atourist traveling abroad on a major airline carrier, B. Anindividual who has a hobby racing cars once a month, C. Anairline pilot who flies for a commercial carrier, B. AnIndividual who has a hobby racing cars once a month. A _______ negotiates an insurance contract on behalf of an insurer, The Entire Contract provision states that an entire contract consists of the actual policy and the, the last day of the licensee's birth month (every two years), A producer's renewal date for his/her resident insurance license is on or before. 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. 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 license is REQUIRED in order to solicit Long Term Care insurance in the State of Maryland? What happens when an insurance policy is backdated? D. The face amount and premiumwill remain constant over the 10-year period. Maria is a Preferred Provider Organization (PPO) subscriber and received care from an out-of-network provider. 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. In a group health care, what is the purpose of the coordination of benefits provision? Advertising material for a life insurance policy does NOT need to contain which of the following? 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. Which of the following would be the appropriate tax consequence? Pierre MUST remit the premium to his insurer within ___ business days of receipt. \text{Net property, plant, and equipment} & \underline{\hspace{8pt}100,000} & \underline{\hspace{8pt}105,000} \\ Please upgrade to Cram Premium to create hundreds of folders! Maria is a Preferred Provider Organization (PPO) subscriber and received care from an out-of-network provider. Whichof the following is Medicare Part B also known as? Maria the agent would like to advertise an annuity product on a highway billboard. A separate converted policy may, at the option of the insurance company, be issued to cover an. What is the contract called that is issued to an employer for a Group Medical Insurance plan? Term, Whole, and universal life insurance, C. Joint, credit, and group life insurance. Which entity is responsible for processing insurance advertising in New Jersey? Please select the correct language below. How long is the Contestable Period for health insurance policies sold in New Jersey? 14 day waiting period / 10 year benefit period. Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. Howdoes one become eligible for part D: Prescription Drug Coverage? 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? An insurance company needs to obtain personal information from a third party concerning an applicant. 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 . A closed network plan offers a primary physician copay of $25. A producer has committed an insurance crime that violates US Code 1033 (interstate commerce). Which of these is NOT subject to income taxation under a Modified Endowment Contract (MEC)? To be eligible for small employer group coverage, anemployee must work a MINIMUM of __ hoursI a typical week. The ____of coverage describes policy features, benefits, exclusions and riders in a long-term care policy. What happens to the coverage under a children's term rider when that child reaches a certain specified age? Please sign in to share these flashcards. . One of. What happens to interest earned if the annuitant dies before the payout start date? All of these are standard exclusions found in a life insurance policy EXCEPT. At minimum, a carrier is required to offer which of the following health benefit plans to small employers? Which of the following may be used as continuation education credit? As beneficiary, he will pay ____ taxes on any money withdrawn. 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. Craig submits a $500 claim for medical expenses. What may be the result of replacing an existing life insurance policy with a new one? Pre-existing conditions may only be excludes from coverage for a maximum of 6 months, The reinstatement provision in a health insurance policy is, The type of policy where the insurer can send a notice to the insured that the policy has been cancelled in the middle of the term is called, Naming a contingent beneficiary as "all surviving children" is describing by which term, The entire contract includes the actual policy and the. Tara the producer is delivering a specified disease insurance policy to a new policyowner. When the word "insurance" appears in a producer's business name, which of the following words cannot be approved? 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. C) Unintentionally misrepresented a material fact on the application. Which of the following statements is CORRECT regarding an individual applying for life or health insurance? To be eligible for small employer group coverage, an employee must work a MINIMUM of ____ hours in a typical week. Erica is 35 years old and owns an IRA. What is the purpose of having an accelerated death benefit on a life insurance policy? What information would the insurer's underwriters likely use to determine the appropriate coverage and final premium rate given to the group? 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 Whichtype of injury would NOT be covered under a health insurance policy? What is the maximum fine for a producer violating a New Jersey Insurance law for the first time? 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. Must be bonded through the state. 1. How long after its effective date will an individual life insurance policy become incontestable? What is the purpose of a disability income benefit? Terminally - ill life insurance policy owners may sell their policy at a discount to the third party. When an applicant passes a licensing examination and answers all background questions negatively. Whoassumes the investment risk with a fixed annuity contract? 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. Medical history from the insured may be reviewed and reported, If an insurer receives a notice of claim under an individual health policy, and fails to provide proof of loss forms within 15 days, the insured must, File a written proof of loss, detailing the occurrence, character and extent of loss. A policy owner may exercise which of these dividend options that uses the dividend to pay all or part of the next premium due? Add to folder The proceeds of this contract could be subject to the claims of. When an insured changes to a more hazardous occupation, which disability policy provision allows an insurer to adjust policy benefits and rates? Within how many days must a producer notify the Department of Banking and Insurance of a change in address? 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. She recently replaced the policy with a new one that provides better coverage. who would be responsible for the prosecution of this crime? The company did not retire any bonds or repurchase any of its own common stock during the year. Converting a group plan to permanent lifeinsurance requires: D. The conversion being applied for within 31 daysof termination. At what age does the open enrollment period typically begin for Medicare Supplement coverage? Registered for the state insurance examination. Which settlement options pays a stated amount to an annuitant but no residual value to a beneficiary? We weren't able to detect the audio language on your flashcards. & \text{Balance}& \text{Balance} & \\ visas, binomial trials. 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). The face amount and the premium will remain constant over the 10-year period. 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. 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). Whichmarket index is normally associated with an indexed annuitys rate of return? What is the purpose of the Medical Information Bureau (MIB)? An amount the premium would have purchased at the correct age. d. A covered employee if terminated for grossmisconduct. Which of these statements is true? If a subscriberchooses a primary care physician outside of the network, the subscriber willlikely pay, Medicareprovides coverage for each of the following EXCEPT. Medicare Part A does not pay for medical benefits provided for treatment in a skilled nursing facility beyond. A producer has recently died and leaves behind a spouse. Which of the following is Medicare Part B also known as? What will the beneficiary receive if an annuitant dies during the accumulation period? 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 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. Percent frequency distribution for key variables. How many employees must an employer have for a terminated employee to be eligible for COBRA? Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. Which of the following areas do error commonly occur on applications and for which the incontestable clause does NOT apply? Tarathe producer is delivering a specified disease insurance policy to a new policyowner. Upon receiving a producer complaint, the Commissioner may immediately A producer may begin to solicit insurance ONLY when, A.) In Maryland, a Producer may have his/her license revoked for which of the following acts? Inwhich of the following situations would the insurer be liable for a loss? One or morediagnostic, preventive, therapeutic, rehabilitative, maintenance or personalcare services in a setting other than an acute care unit of a hospital. A separate converted policy may, at the option of the insurance company, be issued to cover a (n). Which of the following is NOT a circumstance to which a temporary producer license can be issued? Frank is shopping for a disability income policy. \text{Bonds payable} & \hspace{13pt}60,000 & \hspace{13pt}50,000 \\ B. Gainsare tax exempt at distribution. c. Solve the equation f(x)=0, if possible. How many days notice must the Commissioner give prior to a hearing? The producer decides not to respond. ABC Insurance Agency is entering each applicant who purchases insurance through their agency into a drawing to win a free trip. You have created 2 folders. Which of these gaps in Medicare coverage is addressed with Medicare Supplemental Insurance? Normally pay for losses arising from: Which of these would an insurer consider when determining whether to accept a group life plan? D. Level for the first 5 years then decreases forthe remainder of the policy. EXECUTIVE SUMMARY. How often must an insurance producer's license in Maryland be renewed? 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. 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. What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1985 allow an employee to do ? d. Alump sum payment upon first diagnosis of cancer, heart attack, or stroke. When does a life insurance policy typically become effective? XZY company has applied for group health insurance for its employees. Whichof these is considered to be a document that describes the critical segments ofa life insurance policy? a producers secretary who solicits prospects on the telephonecapricorn and virgo flirting. B. Guaranteedlifetime withdrawal benefit, D. Guaranteedminimum accumulation benefit. Eventually, they retire and dissolve the business. 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. 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. Which situation accurately describes a reduced paid-up nonforfeiture option?