Insurance/Healt Agent Exam Flashcards - Cram.com Using derogatory statements about an insurance company's financial condition. After 15 years, the cash value has accumulated to $100,000 and the police's face amount has become $600,000. audio not yet available for this language. A provision in a whole life policy that allows a policy owner to terminate the policy in return for a reduced paid-up policy of the same type is called, A type of group that has a constitution and bylaws and has been organized for purposes other than obtaining insurance is called. The commissioner must examine the financial affairs of each admitted insurer operating in Maryland at least once every how many years? B. Protects insurers from an applicantsMisrepresentation, C. Protect consumers with guidelines regardingcredit reporting and distribution. What does the word "level" in Level Term describe? licensed producers not appointed by an insurer. Anapplicants character and personal habits can be obtained for underwritingpurposes from which source? XZY company has applied for group health insurance for its employees. 1. a producers secretary who solicits prospects on the telephone Call us (+254) 722 22 99 44 Email polucon@polucon.com 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 Whichof these benefit options would he choose? B.Canceling a term life policy to buy a whole life policy. 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. As of January 1, 2014, small group health insurance can be rated on the basis of. Which of the following basics is a producer's fiduciary responsibility? Find out how you can intelligently organize your Flashcards. 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. If the company debited Accounts Receivable and credited Sales for $600,000 during the year, what is the total amount of credits recorded in Accounts Receivable during the year? 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). Her health policy most likely contains a(n). Whichmarket index is normally associated with an indexed annuitys rate of return? 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. An insurance producer is issued a _____ as evidence of authority. Term, Whole, and universal life insurance, C. Joint, credit, and group life insurance. Whatis the purpose of the medical information Bureau (MIB)? \text{Ratained earnings} & \underline{\hspace{13pt}57,000} & \underline{\hspace{13pt}61,000} \\ AMaryland insurance producer solicits an insurance policy. An individual who has a hobby racing cars once a month. A producer's secretary who solicits prospects on the telephone, When a producer is replacing an existing ordinary life insurance policy, the producer must take all of the following actions EXCEPT, In Maryland, a full-time employee of a small employer MUST work an average of at least _____ per week, A producer may begin to solicit insurance ONLY when. Who is the individual paid on a fee-for-service basis? Which of the following describes a person who is NOT acceptable by an insurer at standard rates because of health history, occupation, or hobbies? What is the purpose of a disability income benefit? Which of the following is the likely result? Which of the following enables a life policy to be replaced with another life policy and results in the postponement of the tax consequence? What kind of insurance provides coverage for one or more necessary or appropriate diagnostic, preventative, therapeutic, rehabilitative, maintenance, or personal care services in a setting other than an acute care unit of a hospital? Which of the following is Medicare Part B also known as? 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. A policy owner may exercise which of these dividend options that uses the dividend to pay all or part of the next premium due? Maria is a Preferred Provider Organization (PPO) subscriber and received care from an out-of-network provider. Which of the following does Coordination of Benefits allow? 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. Howare annuities given favorable tax treatment? An amount the premium would have purchased at the correct age. The Premium for a Modified whole life policy is: A. Premium mode is term used to describe the: The Fair Credit and Reporting Acts main purposeis to: A. Kathy pays a monthly premium on her health insurance policy. B. Providea risky, yet high return investment, Fixedannuities provide each of the following EXCEPT. Whatwould be an expense factor in an insurance program? Which of the following is TRUE regarding the federal income tax? OGC Opinion No. 05-04-21: Acting as insurance producer without a 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. Craig submits a $500 claim for medical expenses. a producers secretary who solicits prospects on the telephone. June 24, 2022 . port clinton high school athletics / roberto bettarini ambassador / roberto bettarini ambassador Within how many days must a producer notify the Department of Banking and Insurance of a change in address? (To help answer this question, create an Accounts Receivable T-account and insert the beginning and ending balances.) Former dependent of employee no longer ofdependent status. how many javan rhinos are left 2022; aquifer tim winton prezi; bloody mary lady gaga roblox id; . After an insured gives notice of loss, what must he/she do if the insurer does not furnish forms? To be eligible for small employer group coverage, anemployee must work a MINIMUM of __ hoursI a typical week. Maria has committed what crime? Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. How long after its effective date will an individual life insurance policy become incontestable? Whichof these will have the highest monthly payout upon annuitization? Changing from one occupation to another at the same general status is called _____. Afterwards, she deposits the check into her personal account. 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. The standard grace period for a life insurance policy sold in Maryland is. (p^1p^2). \end{array} C. Funded by federal, state, and local taxes. Net death benefit will be reduced if the loan is not repaid. D. The face amount and premiumwill remain constant over the 10-year period. When are group disability benefits considered to be tax-free to the insured? The right-to-examine period in Maryland for long-Term Care polices is ___ days. a producers secretary who solicits prospects on the telephone An individual the means to replace wages. Which rider would pay a monthly amount because of this disability? An individual can enroll in a Part C Medicare Advantage Plan at what time? 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. Mariais a preferred provider organization (PPO) subscriber and received care from anout-of-network provider. June 24, 2022 . Which type of coverage pays an amount per day for hospitalization directly to the insured regardless of the insured's other health insurance? by geriford27, Prospective producer who is waiting to take the state examination. Providing claim payments to insureds under the guidelines of the insurance contract. Add to folder May 2020. Kurt is an active duty serviceman who was recently killed in an accident while home on leave. Mikehas inherited his fathers traditional IRA. a producers secretary who solicits prospects on the telephone What is the primary purpose of a rating service company such as A.M. Best? Julie has a $100,000 30-year mortgage on her new home. 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. On which date would Sonya have coverage? 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. Which of these is NOT an Unfair Claims Settlement Practice? Who regulates the quality care provided by a health maintenance organization (HMO)? What happens to the total amount of premium paid for an insurance policy when the payment frequency increases? The two plans are fee-for-service and. a producers secretary who solicits prospects on the telephone 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? Which of the following is NOT a common exclusion for a medical expense policy? With a past due premium of $100, the insurer pays $400. To be classified as a small employer in Maryland, and employer must employ, Secretary of the Department of Health and Mental Hygiene. 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. A. Toaccept or decline insurance applicants, B. Toset the premium rates for insurers, D. Toperform physical examination on applicants. 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. The names of the insurance companies represented by the producer. A person who is a nonsmoker, of average weight, and in excellent health would most likely be in which risk classification? 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 _____. Normally pay for losses arising from: Which of these would an insurer consider when determining whether to accept a group life plan? who would be responsible for the prosecution of this crime? Jay the producer is giving insurance advice regarding a prospect's existing coverage. 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. 16381 Chillicothe Rd, Chagrin Falls, OH 44023, USA 440-708-1855. search. 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. Alimited payment whole life policy provides.