Which situation accurately describes a reduced paid-up nonforfeiture option? What is involved when a life insurance policy has been backdated? For large samples, describe the sampling distribution of, (p^1p^2)\left( \hat { p } _ { 1 } - \hat { p } _ { 2 } \right) 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. Using derogatory statements about an insurance company's financial condition. 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. A. How long is the Contestable Period for health insurance policies sold in New Jersey? Underthe Maryland health insurance plan, comprehensive health benefits are providedto. 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. An ___________ insurance company is one that was formed under the laws of another country outside of the U.S. Julie has a $100,000 30-year mortgage on her new home. 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. Whichof these is considered to be a document that describes the critical segments ofa life insurance policy? A. As beneficiary, he will pay ____ taxes on any money withdrawn. 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. Whowere Keogh Plans designed to provide pension benefits for? Kurt is an active duty serviceman who was recently killed in an accident while home on leave. 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. 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. A producer may begin to solicit insurance ONLY. Which of the following would have the HIGHEST premium? When is an existing health insurance policy required to provide coverage for a new born child? 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. A medicare supplement plan can be canceled by the insurer, Small employers who are sponsored by an insurer to provide group benefits to its employees are called, Health insurance involves two perils, accident and _____. What happens to interest earned if the annuitant dies before the payout start date? Which of the following would be considered a "dependent child"? B. The applicant's medical history may be analyzed and reported, Which of the following MUST contain a "Statement of Policy Cost and Benefit Information". Who is the individual paid on a fee-for-service basis? When an insured has a major medical plan with first dollar coverage, how does this impact the benefits paid? Which of these riders will pay a death benefit if the insured's spouse dies? How often must an insurance producer's license in Maryland be renewed? You are here: how to remove chicken giblets a producers secretary who solicits prospects on the telephone. Which military service exclusion clause would pay upon his death? Why are dividends from a mutual insurer not subject to taxation? Which of the following is a reinstatement condition? 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. Whichtype of injury would NOT be covered under a health insurance policy? Which of the following is NOT a circumstance to which a temporary producer license can be issued? James is the insured on a life insurance policy where his age was misstated on the application. What does a life insurance policy guarantee to the stated beneficiary upon the death of the insured? Whatis created after policy proceeds are obtained in a lump sum and thenimmediately invested? The two plans are fee-for-service and. Whichscenario would most life insurance policies exclude coverage for? Alimited payment whole life policy provides. What is the purpose of a disability income benefit? 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. 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. Tim's individual life insurance policy has just recently lapsed. & \text{Balance}& \text{Balance} & \\ Which of the following is Medicare Part B also known as? Disability Income plans which require that the insurer can NEVER change or alter premium rates are usually considered. 1. 1. Proceeds payable under a life insurance contract to a policyowner in anticipation of death or upon the occurrence of specified life-threatening conditions as defined by the policy are best described as: A temporary producer license in Maryland is valid for up to. Which of these is NOT considered to be a risk factor in life insurance underwriting? How often must the Commissioner examine each domestic insurance company? 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? How many employees must an employer have for a terminated employee to be eligible for COBRA? Which of the following statements is TRUE about Medicaid? An error was made on Erica's life insurance application. Engaged in a fraudulent insurance practices. With a past due premium of $100, the insurer pays $400. The names of the insurance companies represented by the producer. Which of the following is NOT required in an order from the Commissioner? A whole life policy option where extended term insurance is selected is called a(n). 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 type of disability would be less than total impairment and equal to permanent impairment? Whichof the following is Medicare Part B also known as? A. Doctormay charge up to a maximum of 15% more than Medicare pays for the service, B. Doctoris not bound by Medicare limitations on charge, C. Doctorcannot charge more than Medicares scheduled coverage, D. Doctor bills the Medicare beneficiary directlyfor services performed, A. Alwaysrequires service in a network, B. Providesa greater choice of providers, C. Alwaysrequires a referral to specialists. A producer may be disciplined by the Commissioner for which of the following actions? Advertising material for a life insurance policy does NOT need to contain which of the following? d. Alump sum payment upon first diagnosis of cancer, heart attack, or stroke. Fundingfor Medicare Part B is Partially provided by. A producer has committed an insurance crime that violates US code 1033 (interstate commerce). Upon receiving a producer complaint, the Commissioner may immediately A producer may begin to solicit insurance ONLY when, A.) Selecting an insurance organization ought to be founded on a few components that can be broken into two general gatherings: The type of annuity she is seeking is called? Percent frequency distribution for key variables. Which of the following areas do error commonly occur on applications and for which the incontestable clause does NOT apply? Shirley has a $500,000 10-year non-renewable level term life policy. audio not yet available for this language. Producers must complete a total of ____ continuing education credits for each two-year licensing period. Which type of life insurance policy is this? What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1985 allow an employee to do ? Without a Section 125 Plan in place, what would happen to an employee's payroll contribution to an HSA? Under a life insurance policy, what does the insuring clause state? 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. C. Normally graded over a period of 20 years. 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? What happens to the total amount of premium paid for an insurance policy when the payment frequency increases? Under a disability income policy, which provision would be payable if the cause of an injury is unexpected and accidental? Over the course of a year, which premium payment mode is most expensive? Which of the following statements is TRUE? To be classified as a small employer, an employer mustNOT have more than__ eligible employees. 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 of the following statements is TRUE? 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. 16381 Chillicothe Rd, Chagrin Falls, OH 44023, USA 440-708-1855. search. a. Making the policy effective on an earlier date than the present. Wherewould policy proceeds be paid if both the insured and primary beneficiary werekilled in the same accident? The policies continue in force with no change. 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? Eventually, they retire and dissolve the business. A policyowner suffers an injury that renders him incapable of performing one or more important job duties. Complete the sentence using each term once. c. Solve the equation f(x)=0, if possible. Which of the following topics needs to be discussed with this client? Maria the insurance producer completes a sale by collecting the required signatures on the application and obtaining the initial premium. How is a health provider reimbursed if they do NOT have an agreement in place with the insurance company? The common disaster provision states the insurer will continue as if, Carmen's individual life insurance policy has recently lapsed. In New Jersey, group health insurance may be offered to all of these groups EXCEPT. Write a sentence explaining its significance to the executive branch. A life policy loan in Maryland cannot charge a fixed rate of interest higher than: A producer's secretary who solicits prospects on the telephone: a) is an example of the illegal act called twisting, d.) Is not required to be licensed as a producer. 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. National Milk Producers Federation 2107 Wilson Blvd., Suite 600 Arlington, VA 22201 Phone: 703-243-6111 E-mail:
[email protected] 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. B. Protects insurers from an applicantsMisrepresentation, C. Protect consumers with guidelines regardingcredit reporting and distribution. Maryland requires that a licensee completes___ hours of continuing education on the subject of ethics every reportingperiod. & \text{Ending}& \text{Beginning} & \\ The Federal Employees Benefit Program consists of two types of health plans for federal civilian employees. 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. Which disability policy provision would address any concerns of the value of the benefits decreasing over time? An insurer must furnish to a claimant forms for filing proof of loss within ___ days upon receiving a notice of claim. The face amount and the premium will remain constant over the 10-year period. Within how many days must a producer report to the Commissioner any administrative actions made against him/her? 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. \text{Total liabilities and stockholders' equity} & \underline{\underline{\hspace{3pt}\$244,000}} & \underline{\underline{\hspace{3pt}\$256,000}} \\ a producers secretary who solicits prospects on the telephone. What would be an expense factor in a insurance program? His policy may be reinstated at any time within _____ years. Which of these is affected by the frequency of an insurance policy's premium payments? c. Travel accidental insurance premiums. The ____of coverage describes policy features, benefits, exclusions and riders in a long-term care policy. You have created 2 folders. If credit life insurance is terminated before the scheduled maturity date of the debt, any unearned premium held by the insurer will be? What happens to the coverage under a children's term rider when that child reaches a certain specified age? 59 and owned account for a minimum of 10 years, B. Which of the following describes a person who is NOT acceptable by an insurer at standard rates because of health history, occupation, or hobbies? Anapplicants character and personal habits can be obtained for underwritingpurposes from which source? \text{Total current assets} & \underline{\hspace{8pt}144,000} & \underline{\hspace{8pt}151,000} \\ Which of the following actions is REQUIRED by an agent who is replacing an existing life insurance policy? Which of the following is NOT a requirement for soliciting insurance in Maryland? A domestic insurance company in Maryland MUST, Collecting premiums and paying them to the insurance company. Terminally - ill life insurance policy owners may sell their policy at a discount to the third party. 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. The time limit for filing claim disputes is addressed in which provision of an accident and health policy? C.) Unintentionally misrepresented a material fact on the application. Howdo interest earnings accumulate in a deferred annuity? Which of the Uniform Optional Provisions covers this situation? Whichof these will have the highest monthly payout upon Annuitization? In what form do disability income policies typically pay benefits? Which of the following is Medicare Part B also known as? a producer's secretary who solicits prospects on the telephone. Both May and John are injured. B. Collectinga charge for insurance that is less than the charge applicable to thatinsurance, C. Misappropriateor unreasonably withhold premiums or returned premiums. An individual can enroll in a Part C Medicare Advantage Plan at what time? Unintentionally misrepresented a material fact on the application. Healthinsurance will typically cover which of the following perils? assure full and truthful disclosures to the public, All of the following are typically included in a life insurance policy illustration EXCEPT. Which of the following enables a life policy to be replaced with another life policy and results in the postponement of the tax consequence? 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 basics is a producer's fiduciary responsibility? (p^1p^2). B. Gainsare tax exempt at distribution. 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. Whatis the primary reason for buying an annuity? 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. If a subscriberchooses a primary care physician outside of the network, the subscriber willlikely pay, Medicareprovides coverage for each of the following EXCEPT. pain between 4th and 5th metatarsal. How long is the Contestable period for health insurance policies sold in Maryland? Which of the following is the likely result? . 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. \text{Income taxes payable} & \hspace{13pt}25,000 & \hspace{13pt}28,000 \\ Which of these may NOT be used in a health insurance advertisement? Change must be initialed by the applicant, A producer who sells an individual life insurance policy in New Jersey MUST deliver to the policyowner. juin 5, 2022 . -is an example of the illegal act called twisting -must be bonded through the state -must be licensed as a producer -is not required to be licensed as a producer must be licensed as a producer Producers selling insurance in New Jersey while having a residence and business address Which of the following is typically NOT eligible for coverage in a group health policy? Whichof the following is a requirement for ANY change in an insurance application? B.Change must be initialed by the applicant. The standard grace period for a life insurance policy sold in Maryland is. A. 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. \quad \text{Less accumulated depreciation} & \underline{\hspace{13pt}50,000} & \underline{\hspace{13pt}35,000} \\ Which of the following is true concerning the proceeds of a life insurance policy? 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. Howdoes one become eligible for part D: Prescription Drug Coverage? \end{array} d. Individual disability income insurance premiums. 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. Hill during her initial calls made to the call center. Failing to promptly provide a reasonable explanation for the denial of a claim is considered to be a. Mariais a preferred provider organization (PPO) subscriber and received care from anout-of-network provider. 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. \\ Before conducting an HIV related test, an insurer is REQUIRED to obtain written authorization from the. Please select the correct language below. D. Level for the first 5 years then decreases forthe remainder of the policy. 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. Introducing Cram Folders! Which of the following is required for an insurer to conduct business in this state? Whathappens when an insurance policy is backdated? When an insured changes to a more hazardous occupation, which disability policy provision allows an insurer to adjust policy benefits and rates? 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.