The two plans are fee-for-service and. 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). 1. What happens to interest earned if the annuitant dies before the payout start date? Similar to the differen o Term Life insurance: an individual is buying protection for a specific period of time. This rider is called a(n). Which of the following is the likely result? Frank is shopping for a disability income policy. If a subscriberchooses a primary care physician outside of the network, the subscriber willlikely pay, Medicareprovides coverage for each of the following EXCEPT. Whatdoes the word Level in level term describe? A producer is meeting with a client to determine whether an annuity would be suitable for purchase. Which scenario would most life insurance policies exclude coverage for? A producer has committed an insurance crime that violates US Code 1033 (interstate commerce). 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. 1. The company did not retire any bonds or repurchase any of its own common stock during the year. When are group disability benefits considered to be tax-free to the insured? How long is the Contestable period for health insurance policies sold in Maryland? Whatis the purpose of the medical information Bureau (MIB)? D. Willfullycollecting a premium that exceeds the amount of the actual premium. Which of the following life events would allow an uninsured employee to qualify for special enrollment in a small employer health benefit plan? is one of the oldest and best known of all Barbadian funeral establishments. A. Collectinga premium for insurance that is not provided. An agent is required to keep replacement forms on file for at LEAST _____ years, When a Medicare supplement policy is purchased during the open enrollment period, The policy must be issued regardless of health status, Have it's content approved by the Insurance Commissioner. 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. Life insurance policies will. Which settlement option pays a stated amount toan annuitant, but no residual value to a beneficiary? Which of the following is a requirement for ANY change in an insurance application? Bob dies 12 months later. 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. How many months can a life insurance policy normally be backdated from the date of application? 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 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? The New Jersey Life and Health Insurance Guaranty Association is, Funded by assessments on member companies. Insurance producer Kelly offers an insured a $500 shopping card if an insurance product is purchased through her. There are several types of whole life insurance that are as follow:- 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. 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. Mark continues working after the age of 65 and is covered through his employer's group health plan. In Maryland, an insurance producer cannot sell, solicit, or negotiate policies for an insurer unless there is an agreement in place between the producer and insurer. May 2020. Assist in the underwriting of insurance policies. . Theprescription of a drug for treatments other than whats labeled is known as(Blank) use. Former dependent of employee no longer ofdependent status. The IRS allows a taxpayer to deduct medicalexpenses of that exceed 7.5% of their adjusted grossincome. Claims for a Long-Term Care policy MUST be paid for which of the following conditions? Maryland requires that a licensee completes ______ hours of continuing education on the subject of ethics every reporting period. 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. Pre-existing conditions may only be excludes from coverage for a maximum of 6 months, The reinstatement provision in a health insurance policy is, The type of policy where the insurer can send a notice to the insured that the policy has been cancelled in the middle of the term is called, Naming a contingent beneficiary as "all surviving children" is describing by which term, The entire contract includes the actual policy and the. An ___________ insurance company is one that was formed under the laws of another country outside of the U.S. Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. B. Recieve a tax credit to help offset the cost of health insurance. It is health insurance for the elderly. Tim's individual life insurance policy has just recently lapsed. Under this plan a, Adoption of a child (an uninsured, eligible employee who acquires a new dependent through marriage, birth, or adoption may qualify for special enrollment in a small employer's health benefit plan). Add to folder The legal action provision in a health contract is limited to no more than ___ years. EXCEPT for fraud, the time after issuance of a policy during which an insurance company may contest a health insurance claim due to the statements on an application is, All of the following are core benefits of Medicare Supplement Plan A EXCEPT, Deductible payments for the first 60 days of hospitalization under Medicare hospitalization under Medicare hospitalization insurance, Statements made by an insurance applicant on an application are considered to be. Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. 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. June 24, 2022 . Contact; a producers secretary who solicits prospects on the telephonepossum playing dead in the yard. Whena qualified plan starts making payments to its recipient, which portion of thedistributions is taxable? An example of a primary care physician would be an, A fee for service health insurance plan will normally cover. Over the course of a year, which premium payment mode is most expensive? Within how many days must a producerreport to the commissioner any administrative actions made against him/her? At the request of the insurer to assist in the underwriting decision. assure full and truthful disclosures to the public, All of the following are typically included in a life insurance policy illustration EXCEPT. 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. Bob and Tom start a business. 5151\left|\begin{array}{ll}5 & 1 \\ 5 & 1\end{array}\right| An eligible employee can be excluded from group health coverage for up to _______ months is he/she is considered a "late enrollee". 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. An attending physician's statement would be appropriate for which life insurance purpose? 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. Which of the following actions by a producer would NOT result in a license suspension or revocation? d. Individual disability income insurance premiums. B. 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. Which of these will typically authorize treatment from a specialist? Sonya applied for a health insurance policy on April 1. 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 _____. Erica is 35 years old and owns an IRA. What will the beneficiary receive if an annuitant dies during the accumulation period? Which type of coverage pays an amount per day for hospitalization directly to the insured regardless of the insured's other health insurance? When calculating the amount of life insurance needed for an income earner, what has to be determined when using he Needs Approach? One of. Anindividual covered under a Blue Cross Blue shield is called a(n), Aclosed network plan offers a primary physician copay $25. How to take legal action against an insurance company. juin 5, 2022 . Kathysannuity is currently experiencing tax-deferred growth until she retires. Which of the following situations would be suitable for a temporary work authority? 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. Howare annuities given favorable tax treatment? How often must the Commissioner examine each domestic insurance company? Which of the following would have the HIGHEST premium? 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 individual the means to replace wages. Whichtype of life insurance is normally associated with a payor benefit rider? In which of the following relationship would there NOT be an insurable interest? Both May and John are injured. The law that established insurance transactions regulated by the states is called. A policyowner suffers an injury that renders him incapable of performing one or more important job duties. An insurer is REQUIRED to offer which of the following to each long-term care applicant at the time of purchase? Whichscenario would most life insurance policies exclude coverage for? 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? B.Canceling a term life policy to buy a whole life policy. Long-term care insurance and Medicare Supplementplan have a free-look period of__ days. Which of the following actions is REQUIRED by an agent who is replacing an existing life insurance policy? How soon can the benefit payments begin with a deferred annuity? At minimum, a carrier is required to offer which of the following health benefit plans to small employers? a producers secretary who solicits prospects on the telephone Shirley has a $500,000 10-year non-renewable level term life policy. Which of the following is typically NOT eligible for coverage in a group health policy? What does the amount of these credits represent? \text{Property, plant, and equipment} & \hspace{8pt}150,000 & \hspace{8pt}140,000 \\ AnIndividual can enroll in a part C Medicare Advantage Plan at what time? Determine financial strength of an insurance company, As classified by the Adorable Care Act (ACA), a silver plan offers. \text{Inventory} & \underline{\hspace{13pt}55,000} & \underline{\hspace{13pt}50,000} \\ 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. 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. HIPPA considers which of the following as "individually identifiable health information"? Written notice for a health claim must be given to the insurer ___ days after the occurrence of the loss. In New Jersey, group health insurance may be offered to all of these groups EXCEPT. Cram has partnered with the National Tutoring Association, Comparing Health Insurance Rates And Suppliers. What types of life insurance are normally usedfor key employee indemnification? The concept is simple - the insured buys the policy and names Life insurance pays after a persons death to help family members pay for debt, lost income, or funeral costs (Life Insurance 686). All Medicare Supplement policies MUST contain which provision? When must a claim on a life insurance policy be paid after proof of loss has been received by the insurer? B. Providea risky, yet high return investment, Fixedannuities provide each of the following EXCEPT. The taxable portion of each annuity payment is calculated using which method? Doctor cannot charge more than Medicare's scheduled coverage, Health insurance advertisements that mention statistical information are required by New Jersey law to. visas, binomial trials. The commissioner must examine the financial affairs of each admitted insurer operating in Maryland at least once every how many years? Which of the following unfair trade practices involves a producer who makes public malicious statements about an insurer's financial condition? 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. 1. Commissioner may impose an administrative penalty. Which type of contract may NOT be issued by an insurance company? Which military service exclusion clause would pay upon his death? port clinton high school athletics / roberto bettarini ambassador / roberto bettarini ambassador \quad \text{Less accumulated depreciation} & \underline{\hspace{13pt}50,000} & \underline{\hspace{13pt}35,000} \\ Employee must be able to make unlimited contributions. Which of the following is an example of fraud? a producers secretary who solicits prospects on the telephone how many javan rhinos are left 2022; aquifer tim winton prezi; bloody mary lady gaga roblox id; . Which settlement options pays a stated amount to an annuitant but no residual value to a beneficiary? who would be responsible for the prosecution of this crime? 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. In order for the producer's insurance business to continue, the Department of Banking and Insurance may issue to the producer's spouse a. 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. A term life insurance policy is what most people think of when they think about life insurance. by . \\ The face amount and the premium will remain constant over the 10-year period. Her health policy most likely contains a(n). Who regulates the quality care provided by a health maintenance organization (HMO)? What may be the result of replacing an existing life insurance policy with a new one? Which of these is NOT subject to income taxation under a Modified Endowment Contract (MEC)? Which type of rider will waive the premium on a child's life insurance policy if the parent paying the premium dies? D. Licensedproducers not appointed by an insurer. A separate converted policy may, at the option of the insurance company, be issued to cover an. \text{Total assets} & \underline{\underline{\hspace{3pt}\$244,000}} & \underline{\underline{\hspace{3pt}\$256,000}} \\ -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 these is NOT an Unfair Claims Settlement Practice? If she dies 15 years after the policy's inception date, how much will her beneficiary receive? Kurt is an active duty serviceman who was recently killed in an accident while home on leave. B. Protects insurers from an applicantsMisrepresentation, C. Protect consumers with guidelines regardingcredit reporting and distribution. A producer's secretary who solicits prospects on the telephone Must be licensed as a producer Which of the following is a requirement for ANY change in an insurance application? Insurance producer Kelly offers an insured a $500 shopping card if an insurance product is purchased through her. In Maryland, a producer may have his/her license revoked for which of the following acts? audio not yet available for this language. Which of these is NOT considered to be a risk factor in life insurance underwriting? \text{Ratained earnings} & \underline{\hspace{13pt}57,000} & \underline{\hspace{13pt}61,000} \\ A whole life policy option where extended term insurance is selected is called a(n). An annuitant is guaranteed to NOT outlive their benefits will a(n). Philsshopping for an annuity that guarantees he CANNOT outlive the benefits. Krissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. Which of the following is NOT a circumstance to which a temporary producer license can be issued? Under a life insurance policy, what does the insuring clause state? a producers secretary who solicits prospects on the telephonecapricorn and virgo flirting. 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. B. Gainsare tax exempt at distribution. Kathy pays a monthly premium on her health insurance policy. 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? 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. 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. June 5, 2022 . To be classified as a small employer in Maryland, and employer must employ, Secretary of the Department of Health and Mental Hygiene. When an applicant passes a licensing examination and answers all background questions negatively. 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. What is the required action to be taken by a Maryland licensee before operating under an assumed business name? It is administrated by the federal government, C. It is funded by federal, state, and local taxes. 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. In event of acontroversy between the insured and the company, the producer is considered to representthe. A licensed producer is required to file notice of any change of address within how many days? Before conducting an HIV related test, an insurer is REQUIRED to obtain written authorization from the. Unintentionally misrepresented a material fact on the application. What is the contract called that is issued to an employer for a Group Medical Insurance plan? D. Coverage includes compulsory hospital andvoluntary supplementary medical insurance. An error was made on Erica's life insurance application. When does a life insurance policy typically become effective? Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. Whichtype of injury would NOT be covered under a health insurance policy? The applicant's medical history may be analyzed and reported, Which of the following MUST contain a "Statement of Policy Cost and Benefit Information". a producers secretary who solicits prospects on the telephone; episcopal academy ice hockey; atlas copco fault codes 7008. serta idirections hybrid queen. 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. B. What is the purpose of a disability income benefit? D. The face amount and premium will remain constantover the 10-year period. 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. Because dividends are considered to be a return of premium. Which of the following is NOT a duty of the Commissioner? ABC Insurance Agency is entering each applicant who purchases insurance through their agency into a drawing to win a free trip. A life insurance policy which contains cash values that vary according to its investment performance of stocks is called. Determine whether the discriminant is positive, negative, or zero. yabombay Flashcards | Quizlet 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. Write a sentence explaining its significance to the executive branch. A. Who would make the final determination on whether or not an insurance advertisement is misleading? What geographic factor makes Antarctica's ice caps drier than deserts in Africa and Asia? Which of the following is the likely result? C. Remain of their current coverage for 30 months. His policy may be reinstated at any time within _____ years. Proof of loss on a health insurance claim must be submitted to an insurer within _____ days after the insure's date of loss. Find out how you can intelligently organize your Flashcards. An individual who has a hobby racing cars once a month. Healthinsurance will typically cover which of the following perils? Which of the following is NOT a common exclusion for a medical expense policy? What does the word "level" in Level Term describe? Tara the producer is delivering a specified disease insurance policy to a new policyowner. What is the maximum fine for a producer violating a New Jersey Insurance law for the first time? When a qualified plan starts making payments to its recipient, which portion of the distributions is taxable? Which of these will typically authorize treatment from a specialist? a producers secretary who solicits prospects on the telephone. 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? Which of the following is present when an applicant stands to lose value if the insured dies? by geriford27, Vaginal plastic surgery is made up of two main procedures, external and . Term, Whole, and universal lifeinsurance. 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.
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