This change is called a(n). Which of these is NOT subject to income taxation under a Modified Endowment Contract (MEC)? A. Timeperiod an insured must wait before coverage begins, B. Timeperiod a disabled person must wait before benefits are paid, C. Timeperiod after the policy issue date in which the provisions are stillcontestable, Inan insurance contract, the element that shows each party is giving something ofvalue is called. Under a Traditional IRA, Interest earned istaxed. Engaged in a fraudulent insurance practices. How long must a life insurance policy be in effect before the policyowner may use the nonforfeiture provision? Within how many days must a producer notify the Department of Banking and Insurance of a change in address? An ___________ insurance company is one that was formed under the laws of another country outside of the U.S. An insurer may pay a commission in which of the following scenarios? An insurance producer is issued a _____ as evidence of authority. 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. CashandcashequivalentsAccountsreceivableInventoryTotalcurrentassetsProperty,plant,andequipmentLessaccumulateddepreciationNetproperty,plant,andequipmentTotalassetsAccountspayableIncometaxespayableBondspayableCommonstockRatainedearningsTotalliabilitiesandstockholdersequityEndingBalance$48,00041,00055,000144,000150,00050,000100,000$244,000$32,00025,00060,00070,00057,000$244,000BeginningBalance$57,00044,00050,000151,000140,00035,000105,000$256,000$57,00028,00050,00060,00061,000$256,000. 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. a. Mustmeet certain underwriting guidelines. In regards to a life insurance contract, which of the following statements is NOT true regarding the concept of insurable interest? Which of the following is required for an insurer to conduct business in this state? 1. Which of these premium payment frequencies is not typically available to a policy owner? a producers secretary who solicits prospects on the telephone Whichphase is this annuity in? Which of the following is Medicare Part B also known as? This is called a. To be classified as a small employer, an employer mustNOT have more than__ eligible employees. A. Tim's individual life insurance policy has just recently lapsed. Craig submits a $500 claim for medical expenses. When an insured changes to a more hazardous occupation, which disability policy provision allows an insurer to adjust policy benefits and rates? a producers secretary who solicits prospects on the telephone. 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. \text{Inventory} & \underline{\hspace{13pt}55,000} & \underline{\hspace{13pt}50,000} \\ 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. (p^1p^2). As of January 1, 2014, small group health insurance can be rated on the basis of. visas, binomial trials. Who would be responsible for the prosecution of this crime? a producers secretary who solicits prospects on the telephone. Whowere Keogh Plans designed to provide pension benefits for? c. Send receipt of payment to the commissioner, d. Forward Premiums to the insurer on a timely basics. This MANDATORY health policy provision states that the policy, including endorsements and attached papers, constitutes, The entire insurance contract between the parties, All of the following are elements of an insurance policy EXCEPT. 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. How much does Medicare Part B pay for physician fees? Upon delivery, she may be expected to collect all of the following EXCEPT a(n), Modified application with a new signature, All of these are valid policy dividend options for a life insurance policyowner EXCEPT. \text{Accounts receivable} & \hspace{13pt}41,000 & \hspace{13pt}44,000 \\ Normally pay for losses arising from: Which of these would an insurer consider when determining whether to accept a group life plan? Determine financial strength of an insurance company, As classified by the Adorable Care Act (ACA), a silver plan offers. B.) A producer has committed an insurance crime that violates US Code 1033 (interstate commerce). 1. One or morediagnostic, preventive, therapeutic, rehabilitative, maintenance or personalcare services in a setting other than an acute care unit of a hospital. Which of the following is NOT a required provision in an accident and health insurance policy? b. Which of the following is an example of defamation? She may reinstate her policy within _____ years. Which of the following is TRUE regarding the federal income tax? Maria would like an annuity that provides a guaranteed accumulation or payout. {"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"}}. Using derogatory statements about an insurance company's financial condition. Allof these are considered key factor in underwriting life insurance EXCEPT, Anapplicant intentionally lying to an insurance company on an application inorder to obtain a cheaper premium is an example of. Cram has partnered with the National Tutoring Association, Comparing Health Insurance Rates And Suppliers. Which of the following is NOT a requirement for soliciting insurance in Maryland? C. Funded by federal, state, and local taxes. 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. What does the consolidated Omnibus Budget Reconciliation ACT (COBRA) of 1985 allow an employee to do? Which of the following is Medicare Part B also known as? belmont funeral home obituaries barbados Which disability policy provision would address any concerns of the value of the benefits decreasing over time? \text{Accounts payable} & \$\ \hspace{5pt}32,000 & \$\ \hspace{5pt}57,000 \\ This agreement is called an, Upon receiving a producer complaint, the Commissioner may immediatley, ABC Insurance Company transfers part of their risk to XYZ Insurance Company. Who would most likely be coveredunder Workers Compensation? Arollover from a Traditional IRA to another IRA must be done within __ days toavoid tax consequences. Both May and John are injured. Disability Income plans which require that the insurer can NEVER change or alter premium rates are usually considered. 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. Kathysannuity is currently experiencing tax-deferred growth until she retires. a producers secretary who solicits prospects on the telephone A type of group that has a constitution and bylaws andhas been organized for purposes other than obtaining insurance is called awhat? D.) By providing consumer credit counseling. Which of the following is present when an applicant stands to lose value if the insured dies? 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). Which type of rider will waive the premium on a child's life insurance policy if the parent paying the premium dies? Failing to promptly provide a reasonable explanation for the denial of a claim is considered to be a. 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. how many javan rhinos are left 2022; aquifer tim winton prezi; bloody mary lady gaga roblox id; . If a subscriberchooses a primary care physician outside of the network, the subscriber willlikely pay, Medicareprovides coverage for each of the following EXCEPT. The waiting period for a disability insurance policy, Excludes payments for a short term illness or injury. Making the policy effective on an earlier date than the present. XZY company has applied for group health insurance for its employees. Premium mode is term used to describe the: The Fair Credit and Reporting Acts main purposeis to: A. What would be an expense factor in a insurance program? All of these are standard exclusions found in a life insurance policy EXCEPT. In what form do disability income policies typically pay benefits? According to HIPPA, this tax will not be applied if the withdrawal is used for medical expenses that exceed _____ of the individual's adjusted gross income. What does the amount of these credits represent? ABC Insurance Agency is entering each applicant who purchases insurance through their agency into a drawing to win a free trip. A producer is meeting with a client to determine whether an annuity would be suitable for purchase. If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy? Life insurance policies will. Bob dies 12 months later. A producer who sells an individuallife insurance policy in Maryland MUST deliver to the policy owner a(n), b. When an applicant passes a licensing examination and answers all background questions negatively. Which of these will typically authorize treatment from a specialist? . In advertisements of life insurance and annuities, all of the following are true EXCEPT, Advertisements must include training materials provided to the producer. Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. When initial premium is collected and policy is issued. Which of the following is NOT a qualification to be licensed as a producer? Advertising material for a life insurance policy does NOT need to contain which of the following? 16381 Chillicothe Rd, Chagrin Falls, OH 44023, USA 440-708-1855. search. D. Assist an insurer in determine an applicantscreditworthiness. What geographic factor makes Antarctica's ice caps drier than deserts in Africa and Asia? Failingto promptly provide a reasonable explanation for the denial of a claim isconsidered to be a (n). 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. Producers must complete a total of ____ continuing education credits for each two-year licensing period. 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. How long is the Contestable Period for health insurance policies sold in Maryland? A doctor who accepts Medicare Assignment agrees to which of the following? a producers secretary who solicits prospects on the telephone. The policyholder for a group health benefit plan is considered to be the, A Medicare Supplement policy can be cancelled by the insurer for, As of January 1, 2007, producer's license expires, Every two years on the last day of the producer's birth month, An insurer has the right to recover payment made to the insured from the negligent party. she may need to resume premium payments, depending on actual results, Kiara filled out a life insurance application and was given a policy illustration that showed future premiums being paid out of non guaranteed values. 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. Therole of the federal government was expanded when Medicaid was establish byallowing the state to, A. Froma large PPO on a statewide level, B. Purchasehealth insurance from the federal government, C. Receivematching funds to expand public assistance programs, D. Deferall costs to the federal government for public assistance program, Anaccident and Health policy that Provides reimbursement benefits makes them payable to the, Paulis an employee who caught a disease unique to the trade in which he was exposedto. Whoassumes the investment risk with a fixed annuity contract? Which of thesestatements is true? You have created 2 folders. 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. A licensed producer is required to file notice of any change of address within how many days? A life insurance policyowner is allowed ____ days upon policy delivery to return the policy for a full premium refund, A producer's license MUST be renewed every _______ years, Collecting a charge for insurance that is less than the charge applicable to that insurance. Jim recently sold his whole life insurance policy under a critical settlement contract. Which of the following is NOT a duty of the Commissioner? When an insured has a major medical plan with first dollar coverage, how does this impact the benefits paid? A hospital or medical expense policy will typically cover dental treatment expenses under which circumstance? a producers secretary who solicits prospects on the telephone