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. For large samples, describe the sampling distribution of, (p^1p^2)\left( \hat { p } _ { 1 } - \hat { p } _ { 2 } \right) With a past due premium of $100, the insurer pays $400. Under a life insurance policy, what does the insuring clause state? What is the purpose of a disability income benefit? In Maryland, a Producer may have his/her license revoked for which of the following acts? When an insured changes to a more hazardous occupation, which disability policy provision allows an insurer to adjust policy benefits and rates? Which of the following unfair trade practices involves a producer who makes public malicious statements about an insurer's financial condition? 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? 1. 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. Chapter 8 Texas Laws and Rules Pertinent to I, NY state insurance license practice exam ques, Chapter 16: Private Insurance Plans for Senio, Totalliabilitiesandstockholdersequity, Fundamentals of Financial Management, Concise Edition, Anexo del Real Decreto 1630/2006 Educacin in. A plan in which an employer pays insurance benefits from a fund derived from the employer's current revenues is called. B. Recieve a tax credit to help offset the cost of health insurance. Introducing Cram Folders! It would be considered taxable income to the employee. The proceeds of this contract could be subject to the claims of, The Food and Drug Administrationapproved prescription drugs for treatment as stated on the drugs labeling. A master contract and certificate of coverage can be found in which type of policy? June 24, 2022 . Premium mode is term used to describe the: The Fair Credit and Reporting Acts main purposeis to: A. D.) By providing consumer credit counseling. Who regulates the quality care provided by a health maintenance organization (HMO)? Kathysannuity is currently experiencing tax-deferred growth until she retires. When is an existing health insurance policy required to provide coverage for a new born child? Which of these may NOT be used in a health insurance advertisement? Contact; a producers secretary who solicits prospects on the telephonepossum playing dead in the yard. You are here: leeds city council repairs phone number a producers secretary who solicits prospects on the telephone. 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. What does the amount of these credits represent? \text{Accounts payable} & \$\ \hspace{5pt}32,000 & \$\ \hspace{5pt}57,000 \\ 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. An example of a primary care physician would be an, A fee for service health insurance plan will normally cover. The prescription of a drug for treatments other than what's labeled is known as _____ use, Coverage for newborns under a health plan MUST include coverage for. Which of the following is required for an insurer to conduct business in this state? c. Travel accidental insurance premiums. 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. D. Licensedproducers not appointed by an insurer. Whattype of beneficiary should be named if the insured wants to give explicitdirections on how the policy proceeds should be paid? Howare annuities given favorable tax treatment? As of January 1, 2014, small group health insurance can be rated on the basis of. Determine financial strength of an insurance company, As classified by the Adorable Care Act (ACA), a silver plan offers. A producer who sells an individual life insurance policy in Maryland MUST deliver to the policyowner a, Refusing to pay persons bringing false or fraudulent claims, All of these may be an Unfair Claims Practice EXCEPT, is eligible for a Federal tax credit through the SHOP Exchange, An existing health benefit plan offered by a small employer may be replaced by a SHOP Exchange Navigator only if the small employer, An insurance producer who replaces an existing policy by making false written or oral statements is committing the act of, A producer has recently died and leaves behind a spouse. Which type of life insurance policy is this? a)When the policy owner notifies the insurance company, c.)When the required additional premium is paid, d.) No more than 10 days after date of birth, The double indemnity provision in a life insurance policy pertains to an insured's death caused by a(n), A) the policy would be payable, minus the premium amount, B) the policy would be payable only after the beneficiary makes past due premium payment, C) all past premiums will be refunded with interest, An insurance producer agrees to pay the first monthly premium for an insurance applicant. Both partners are still married at the time of Bob's death. 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. What happens to coverage under a children's term rider when that child reaches a certain specified age? a producers secretary who solicits prospects on the telephonecapricorn and virgo flirting. After 15 years, the cash value has accumulated to $100,000 and the police's face amount has become $600,000. Which of the following areas do error commonly occur on applications and for which the incontestable clause does NOT apply? How long must a life insurance policy be in effect before the policy owner may use the non forfeiture provision? 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. 1. A silver level medical plan is what percent the insurance company pays for the employee and the other percent is what the employee pays out of pocket (Unders Insurance companies look at a number of factors when it comes to setting premiums for a particular company. How many months can a life insurance policy normally be backdated from the date of application? a producers secretary who solicits prospects on the telephone. a. Mustmeet certain underwriting guidelines. A. When the word "insurance" appears in a producer's business name, which of the following words cannot be approved? A Medicare Supplement policy may exclude coverage fora preexisting condition for up to __months. All of these are standard exclusions found in a life insurance policy EXCEPT. An attending physician's statement would be appropriate for which life insurance purpose? a producers secretary who solicits prospects on the telephone. Which of the following must be included in the advertisement? \\ Commissioner may impose an administrative penalty. The right-to-examine period in Maryland for long-Term Care polices is ___ days. Juni 2022. Paul has an, An indemnity plan limitation that will pay the dental bills after a small amount is paid by the insured is called. How much does Medicare Part B pay for physician fees? Whatis created after policy proceeds are obtained in a lump sum and thenimmediately invested? what happened to amy bailey happy healthy humble . 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. Fundingfor Medicare Part B is Partially provided by. What is the MINIMUM benefit period that must be offered by a Long-Term Care Policy? 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. Tarathe producer is delivering a specified disease insurance policy to a new policyowner. The names of the insurance companies represented by the producer. Former dependent of employee no longer ofdependent status. Registered for the state insurance examination. An ___________ insurance company is one that was formed under the laws of another country outside of the U.S. audio not yet available for this language. Who would make the final determination on whether or not an insurance advertisement is misleading? Which of these is NOT subject to income taxation under a Modified Endowment Contract (MEC)? Which course of action must be taken by the Commissioner? 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. \text{Common stock} & \hspace{13pt}70,000 & \hspace{13pt}60,000 \\ An insurer formed according to the legal requirements of another country is called an. 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. Add to folder A professional liability for which producers can be sued for mistakes of putting a policy into effect is called. An individual can enroll in a Part C Medicare Advantage Plan at what time? D. Willfullycollecting a premium that exceeds the amount of the actual premium. Peter Griffith, Funeral Director of Lyndhurst Funeral Home. It is health insurance for the elderly. What happens when an insurance policy is backdated? 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. An error was made on Erica's life insurance application. Afterwards, she deposits the check into her personal checking account. 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. Which of the Uniform Optional Provisions covers this situation? D. The face amount and premium will remain constantover the 10-year period. Craig submits a $500 claim for medical expenses. Which of the following is NOT a required provision in an accident and health insurance policy? Whichof the following is Medicare Part B also known as? An effort by an existing insurer to prevent replacement and continue existing Life Insurance in force is known as which of the following? Which of the following MUST contain a "Statement of Policy Cost and Benefit Information"? Which of the following may be used as continuation education credit? Unintentionally misrepresented a material fact on the application. Assist in the underwriting of insurance policies. AnIndividual can enroll in a part C Medicare Advantage Plan at what time? An eligible employee can be excluded from group health coverage for up to _______ months is he/she is considered a "late enrollee". by recommending insurers with good AM Best ratings, C.) With guidelines regarding credit reporting and distribution. She paid the premium on May 15 with the policy indicating the effective date being May 30. James is the insured on a life insurance policy where his age was misstated on the application. Long-term care insurance and Medicare Supplementplan have a free-look period of__ days. Which of the following statements is TRUE about Medicaid? Sonya applied for a health insurance policy on April 1. 1. Mikehas inherited his fathers traditional IRA. 1. How is a health provider reimbursed if they do NOT have an agreement in place with the insurance company? Inwhich of the following situations would the insurer be liable for a loss? Mark continues working after the age of 65 and is covered through his employer's group health plan. Cram has partnered with the National Tutoring Association, Comparing Health Insurance Rates And Suppliers. 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. Hill during her initial calls made to the call center. An individual who has a hobby racing cars once a month. Annuities are intended to create an estate. Employee must be able to make unlimited contributions. The proceeds of this contract could be subject to the claims of. What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) OF 1985 allow an employee to do? 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. a producers secretary who solicits prospects on the telephone 12. A disability income policy can prevent an insured from earning a higher income than if he/she were working by utilizing. June 24, 2022 . A debtor may receive Credit Life insurance in which of the following forms? Pierre the producer receives a premium for an individual health insurance policy. 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. Percent frequency distribution for key variables. Vaginal plastic surgery is made up of two main procedures, external and . In the event of employment termination, group health insurance can be kept if the employee pays the premiums. A. Which situation accurately describes a reduced paid-up nonforfeiture option? Which of the following enables a life policy to be replaced with another life policy and results in the postponement of the tax consequence? Within how many days must a producer notify the Department of Banking and Insurance of a change in address? ABC Corporation has a group life insurance policy that covers its employees and their dependent children. c. Send receipt of payment to the commissioner, d. Forward Premiums to the insurer on a timely basics. a producers secretary who solicits prospects on the telephonecrumbl cookies franchise applicationcrumbl cookies franchise application A licensee MUST notify the Commissioner of an address change within _______ days of the change, Violations of US Code Title 18 section 1033 may result in, In the state of Maryland, a licensed producer, sharing commissions with other licensed and appointed agents, All of the following actions are considered rebating EXCEPT, Under the Maryland Health Insurance Plan, comprehensive health benefits are provided to, A producer who knowingly submits a false statement in support of a claim. \text{Net property, plant, and equipment} & \underline{\hspace{8pt}100,000} & \underline{\hspace{8pt}105,000} \\ How often must the Commissioner examine each domestic insurance company? Reggie purchased a life insurance policy with a face amount of $500,000. 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? Maria the insurance producer completes a sale by collecting the required signatures on the application and obtaining the initial premium. If credit life insurance is terminated before the scheduled maturity date of the debt, any unearned premium held by the insurer will be? A. In order for the producer's insurance business to continue, the Department of Banking and Insurance may issue to the producer's spouse a. Which of the following is Medicare Part B also known as? 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. licensed producers not appointed by an insurer. B.Canceling a term life policy to buy a whole life policy. There are several types of whole life insurance that are as follow:- Unit 4 Assign Rubric Impact of Colonial Experience (2).pdf, 0B1FC21B-547A-410E-8D8F-64E2A8C35084.jpeg, My Path Assessment Editor _ WorldQuant University.pdf, Oral liquid 50 microgramsml Tablet 625 micrograms 250 micrograms epinephrine, spirit its source is what constitutes religion This can be traced to the, Write in a brief description for the bubbles with underlined words 2 Choose a, BUS 1021 Organizational Behavior (OB) Consulting Assignment.edited11.docx, lOMoARcPSD11771818 True or False The above plot shows clear evidence that the, 2 Non tariff barriers which are further classified into two categories a, CTS115 - Chapter 5 - Case Study - Denial of Service -Moss.docx, The fallacy described as a red herring is most similar to a False cause b, Copy of Algebra Unit 2, Concepts 1, 2, 3.pdf, The model is used to describe the interaction of external forces that affect an, EVM Presentation - Project Management .pptx, What is the shape usually used to refer to the curve that illustrates. The ________ has the right to renew a small employer health plan. When must a claim on a life insurance policy be paid after proof of loss has been received by the insurer? Erica is 35 years old and owns an IRA. Which of these statements is true? You are here: how to remove chicken giblets a producers secretary who solicits prospects on the telephone. In Maryland, a producer may have his/her license revoked for which of the following acts? Which type of coverage pays an amount per day for hospitalization directly to the insured regardless of the insured's other health insurance? What happens to the coverage under a children's term rider when that child reaches a certain specified age? The ____of coverage describes policy features, benefits, exclusions and riders in a long-term care policy. Over the course of a year, which premium payment mode is most expensive? Which of the following statements is TRUE? 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. How long must a life insurance policy be in effect before the policyowner may use the nonforfeiture provision? How long is the Contestable Period for health insurance policies sold in New Jersey? A life insurance policy is hallowed ___ days upon policy delivery to return the policy for a full premium refund.. An order issued by the commissioner that prohibits a specific practice listed in the order is called a (n). Whichtype of life insurance is normally associated with a payor benefit rider? Producer commissioners may NOT be paid to: B. Licensedand appointed producers who are sharing commissions. What amount will be paid under a policy where the insured misstated his/her age? What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1985 allow an employee to do ? The greater of the accumulated cash value or the total premium paid. Whatwould be an expense factor in an insurance program? 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. Continued coverage under COBRA would be providedto all of the following EXCEPT: a. If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy? Without a Section 125 Plan in place, what would happen to an employee's payroll contribution to an HSA? Please upgrade to Cram Premium to create hundreds of folders! This is called a, A minor may receive a life insurance policy's death benefit ONLY, B. A closed network plan offers a primary physician copay of $25. Joanne has a $100,000 whole life policy with an accumulated $25,000 of cash value. Which of the following would disqualify a company's retirement plan from receiving favorable tax treatment? A Medicare Supplement policy may be cancelled by an insurer for which of the following reasons? What types of life insurance are normally usedfor key employee indemnification? & \text{Ending}& \text{Beginning} & \\ Bob dies 12 months later. We weren't able to detect the audio language on your flashcards. We'll bring you back here when you are done. In Maryland, a full-time employee of a small employer MUST work an average of at least ___ per week. Which of the following is NOT part of an insurance contact? Which of these is NOT a characteristic of the Accelerated Death Benefit option? 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. B. Which of the following is Medicare Part B also known as? 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 The Office of General Counsel issued the following opinion on April 25, 2005, representing the position of the New York State Insurance Department. A separate converted policy may, at the option of the insurance company, be issued to cover an. In the marketplace there are four various tiers of coverage, ranging from, bronze to platinum. Collecting a chargefor insurance that is less than the charge applicable to that insurance. a producers secretary who solicits prospects on the telephone. The Healthcare Insurance Exchange offers plans for everyone. a producers secretary who solicits prospects on the telephone. B. Providea risky, yet high return investment, Fixedannuities provide each of the following EXCEPT. Submit to the replacing insurer a list of the policies to be replaced. 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. If he files an application for renewal before the expiration date, his license will, A Medicare Supplement policy can be cancelled by the insurer for, Recording the receipt and distribution of premiums due to an insurer is considered a producer's _________ responsibility. Which of the following is NOT a duty of the Commissioner? It is administrated by the federal government, C. It is funded by federal, state, and local taxes. What is this an example of? She recently replaced the policy with a new one that provides better coverage. (To help answer this question, create an Accounts Receivable T-account and insert the beginning and ending balances.) 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 person who is a nonsmoker, of average weight, and in excellent health would most likely be in which risk classification? 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 is payable MUST disclose. A minimum of 12 months after date of purchase. At what age can she begin to receive distributions without a tax penalty? How soon can the benefit payments begin with a deferred annuity? EXECUTIVE SUMMARY. 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. 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. 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? The power given to an individual producer that is not specifically addressed in his/her contract is considered what type of authority? Shirley has a $500,000 10-year non-renewable level term life policy. port clinton high school athletics / roberto bettarini ambassador / roberto bettarini ambassador Kathy pays a monthly premium on her health insurance policy. Which of these if NOT considered a form of life insurance advertisement? 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. Upon receiving a producer complaint, the Commissioner may immediately A producer may begin to solicit insurance ONLY when, A.) \end{array} 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? Please select the correct language below. In what form do disability income policies typically pay benefits? 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. What is created after policy proceeds areobtained in a lump sum and then immediately invested? When is an existing health insurance policy required to provide coverage for a newborn child, a producer who shares commissions with a client. Philsshopping for an annuity that guarantees he CANNOT outlive the benefits. An insurer may pay a commission in which of the following scenarios? 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. 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.
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