Mikehas inherited his fathers traditional IRA. Which situation accurately describes a reduced paid-up nonforfeiture option? Whichof these will have the highest monthly payout upon Annuitization? Eventually, they retire and dissolve the business. They are both involved in an automobile accident where Pat dies instantly and Karen dies 5 days later Key Person Disability Insurance pays benefits to the. Bob dies 12 months later. Maria has committed what crime? How much does Medicare Part B pay for physician fees? Insurance/Healt Agent Exam Flashcards - Cram.com Introducing Cram Folders! All of these are valid options for an Adjustable Life Policy EXCEPT, A nonforfeiture option can be used to increase the death benefit. Find out how you can intelligently organize your Flashcards. 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. A. There is protection of proceeds against the insured's and the beneficiary's creditors, Susan is insured through her Group Health Insurance plan and changed her coverage to an individual plan with the same insurer after her employment was terminated. Elizabethis the beneficiary of a life insurance policy. 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. The IRS allows a taxpayer to deduct medicalexpenses of that exceed 7.5% of their adjusted grossincome. The Right-to-Examine period in Maryland for Long-Term Care policies is ____ days. Which disability policy provision would address any concerns of the value of the benefits decreasing over time? \text{Total liabilities and stockholders' equity} & \underline{\underline{\hspace{3pt}\$244,000}} & \underline{\underline{\hspace{3pt}\$256,000}} \\ The ____ is responsible for determining the appropriateness of a Medicare Supplement policy for an applicant. Maryland requires that a licensee completes ______ hours of continuing education on the subject of ethics every reporting period. \text{Common stock} & \hspace{13pt}70,000 & \hspace{13pt}60,000 \\ A life insurance replacement gives the policyowner the right to return the policy for a 100% refund within _____ days of policy delivery, A producer MUST maintain insurance transaction records for a minimum of ____ years. Which of the following areas do error commonly occur on applications and for which the incontestable clause does NOT apply? D.In the event of employment termination, group health insurance can be kept if the employer pays the premium. This type of agreement is called an. Maria the agent would like to advertise an annuity product on a highway billboard. Which of thesestatements is true? Fundingfor Medicare Part B is Partially provided by. Whichtype of injury would NOT be covered under a health insurance policy? A producer has committed an insurance crime that violates US code 1033 (interstate commerce). Mary ran into John, another employee, who happened to be taking outthe garbage. It is health insurance for the elderly. What happens to the coverage under a children's term rider when that child reaches a certain specified age? 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. The company did not retire any bonds or repurchase any of its own common stock during the year. A producer has recently died and leaves behind a spouse In order for Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. What information would the insurer's underwriters likely use to determine the appropriate coverage and final premium rate given to the group? In the marketplace there are four various tiers of coverage, ranging from, bronze to platinum. Which of the following is NOT a common exclusion for a medical expense policy? Which scenario would most life insurance policies exclude coverage for? What is the required action to be taken by a Maryland licensee before operating under an assumed business name? For large samples, describe the sampling distribution of, (p^1p^2)\left( \hat { p } _ { 1 } - \hat { p } _ { 2 } \right) D. The face amount and premiumwill remain constant over the 10-year period. Which of the following would disqualify a company's retirement plan from receiving favorable tax treatment? 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 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. Upon receiving a producer complaint, the Commissioner may immediately A producer may begin to solicit insurance ONLY when, A.) When an insured changes to a more hazardous occupation, which disability policy provision allows an insurer to adjust policy benefits and rates? Which of these is likely to occur when life or health insurance is being applied for? The right-to-examine period in Maryland for long-Term Care polices is ___ days. Alimited payment whole life policy provides. We weren't able to detect the audio language on your flashcards. Converting a group plan to permanent lifeinsurance requires: D. The conversion being applied for within 31 daysof termination. National Milk Producers Federation 2107 Wilson Blvd., Suite 600 Arlington, VA 22201 Phone: 703-243-6111 E-mail: [email protected] Our Future You series provides a range of topical advice and guidance via webinars and podcasts. audio not yet available for this language. Making the policy effective on an earlier date than the present. How long must a life insurance policy be in effect before the policy owner may use the non forfeiture provision? Joanne has a $100,000 whole life policy with an accumulated $25,000 of cash value. The common disaster provision states the insurer will continue as if, Carmen's individual life insurance policy has recently lapsed. assure full and truthful disclosures to the public, All of the following are typically included in a life insurance policy illustration EXCEPT. If Jay were to receive a fee for this advice (in addition to his commission), he MUST, Obtain a signed memorandum from the prospect acknowledging the amount of compensation. d. A covered employee if terminated for grossmisconduct. Determine financial strength of an insurance company, As classified by the Adorable Care Act (ACA), a silver plan offers. The funeral of Wayne Emmerson Wilson leaves Downes and Wilson Funeral Home, Eagle Hall, St.Fax: 540-662-2627. 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. At minimum, a carrier is required to offer which of the following health benefit plans to small employers? Who regulates the quality care provided by a health maintenance organization (HMO)? Allows the secondary payor to reduce their benefit payments so no more than 100% of the claim is paid, A producer who shares commissions with a client. When a qualified plan starts making payments to its recipient, which portion of the distributions is taxable? Higher than the typical whole life policy duringthe first few years and then lower than typical for the remainder. The type of annuity she is seeking is called? yabombay Flashcards | Quizlet A. Changemust be initialed by the agent, B. Changemust be initialed by the applicant, C. Changemust be approved by the insurer. A professional liability for which producers can be sued for mistakes of putting a policy into effect is called. The act of using misrepresentation to induce an insured person to terminate an existing policy and purchase a new policy is referred to asA)twistingB)subrogationC)a life settlementD) coercion. Because dividends are considered to be a return of premium. 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. What is the MINIMUM benefit period that must be offered by a Long-Term Care policy? Please sign in to share these flashcards. Failingto promptly provide a reasonable explanation for the denial of a claim isconsidered to be a (n). \text{Property, plant, and equipment} & \hspace{8pt}150,000 & \hspace{8pt}140,000 \\ a producers secretary who solicits prospects on the telephone old restaurants in lawrence, ma . \text{Bonds payable} & \hspace{13pt}60,000 & \hspace{13pt}50,000 \\ Inwhich of the following situations would the insurer be liable for a loss? C. Funded by federal, state, and local taxes. Which military service exclusion clause would pay upon his death? Which of the following is present when an applicant stands to lose value if the insured dies? Using derogatory statements about an insurance company's financial condition. D. Adjustable, permanent, and limited-pay lifeinsurance. 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. If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy? The New Jersey Life and Health Insurance Guaranty Association is, Funded by assessments on member companies. 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. Contact; a producers secretary who solicits prospects on the telephonepossum playing dead in the yard. 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. She would like to borrow $15,000 against the cash value. The individual is paying premiums that are priced for each year or Use LEFT and RIGHT arrow keys to navigate between flashcards; Use UP and DOWN arrow keys to flip the card; Barbara's policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of instability. She recently replaced the policy with a new one that provides better coverage. In Maryland, a Producer may have his/her license revoked for which of the following acts? a producers secretary who solicits prospects on the telephone. After an insured gives notice of loss, what must he/she do if the insurer does not furnish forms? a producers secretary who solicits prospects on the telephone Call us (+254) 722 22 99 44 Email [email protected] Our Laboratories Nairobi & Mombasa fort worth murders 1990s Home Services a producers secretary who solicits prospects on the telephone Micro-Biology Services Agri - Services Instrumentation Division Environment Division belmont funeral home obituaries barbados Percent frequency distribution for key variables. A life insurance policyowner was injured in an automobile accident which results in a total and permanent disability. Unintentionally misrepresented a material fact on the application. You have created 2 folders. No federal income tax is owed on life insurance proceeds, A non-contributory health insurance plan helps the insurer avoid, States that have "no loss no gain" laws require a replacing policy to, Pay for ongoing claims under the policy it replaces. port clinton high school athletics / roberto bettarini ambassador / roberto bettarini ambassador b. Pat the client interest on any monies held. What is the purpose of the Medical Information Bureau (MIB)? If an insurer refuses to pay a claim, how many days must the insured wait to take legal action against a health insurer after submitting written proof of loss? The death benefit paid will be what the premium would have purchased at the correct age. \text{Accounts receivable} & \hspace{13pt}41,000 & \hspace{13pt}44,000 \\ To be eligible for small employer group coverage, an employee must work a MINIMUM of ____ hours in a typical week. Adoctor who accepts Medicare Assignment agree to which of the following ? How often must an insurance producer's license in New Jersey be renewed? 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? A Long-Term Care policy may only exclude pre-existing conditions for up to _____ months, The identity of the ____ must be made clear in every health insurance advertisement, _______________ is the authority given to a producer to sell, solicit, or negotiate insurance on behalf of the insurer, Pre-existing conditions may only be excluded from coverage for a maximum of 6 months. Krissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. Assist in the underwriting of insurance policies. How long is the Contestable Period for health insurance policies sold in New Jersey? A domestic insurance company in Maryland MUST, Collecting premiums and paying them to the insurance company. 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. Former dependent of employee no longer ofdependent status. A minimum of 12 months after date of purchase. An error was made on Erica's life insurance application. When the word "insurance" appears in a producer's business name, which of the following words cannot be approved? What type of life insurance could she purchase that is designed to pay off the loan balance if she dies within the 30-year period? ABC Corporation has a group life insurance policy that covers its employees and their dependent children. An insurer is REQUIRED to offer which of the following to each long-term care applicant at the time of purchase? Which of the following 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. Craig submits a $500 claim for medical expenses. The names of the insurance companies represented by the producer. Normally pay for losses arising from: Which of these would an insurer consider when determining whether to accept a group life plan? Which of these if NOT considered to be a purpose of an annuity? What is the maximum fine for a producer violating a New Jersey Insurance law for the first time? Which of the following must be included in the advertisement? What happens when an insurance policy is backdated? Long-term care insurance and Medicare Supplementplan have a free-look period of__ days. 1. The face amount and the premium will remain constant over the 10-year period. As of January 1, 2014, small group health insurance can be rated on the basis of. the daily amount paid for nursing home care, All long-term care policies sold in North Dakota are REQUIRED to pay the SAME daily benefit amount for "at home" care as paid for. ashlyn 72" ladder bookcase / la montagne jean ferrat partition piano pdf / a producers secretary who solicits prospects on the telephone. 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). She is receiving the deathbenefit in payments of $10,000 per month until the principal and interest hasbeen paid out. The two plans are fee-for-service and. Duringthe accumulation period, who can surrender an annuity? When an insured has a major medical plan with first dollar coverage, how does this impact the benefits paid? In a group health care, what is the purpose of the coordination of benefits provision? A type of group that has a constitution and bylaws andhas been organized for purposes other than obtaining insurance is called awhat? AMaryland insurance producer solicits an insurance policy. Which of the following would be the appropriate tax consequence? 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 MUST contain a "Statement of Policy Cost and Benefit Information"? Her health policy most likely contains a(n). Change must be initialed by the applicant, A producer who sells an individual life insurance policy in New Jersey MUST deliver to the policyowner. Final Exam - New Jersey Life and Health Flashcards | Quizlet As beneficiary, he will pay ____ taxes on any money withdrawn. A producer may begin to solicit insurance ONLY. by recommending insurers with good AM Best ratings, C.) With guidelines regarding credit reporting and distribution. A producer who sells an individuallife insurance policy in Maryland MUST deliver to the policy owner a(n), b. The rider is called a(n), All if these are valid options for an adjustable life policy except, A non forfeiture option can be used to increase the death benefit.

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