As beneficiary, he will pay ____ taxes on any money withdrawn. Advertising material for a life insurance policy does NOT need to contain which of the following? 2.1.1 6 Whole life Insurance in Malaysia Term, Whole, and universal lifeinsurance. What is the MINIMUM benefit period that must be offered by a Long-Term Care Policy? When an insured has a major medical plan with first dollar coverage, how does this impact the benefits paid? A producer is meeting with a client to determine whether an annuity would be suitable for purchase. What happens to interest earned if the annuitant dies before the payout start date? 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? Which settlement option pays a stated amount toan annuitant, but no residual value to a beneficiary? Which of the following is the likely result? How often must an insurance producer's license in New Jersey be renewed? A life insurance policy which contains cash values that vary according to its investment performance of stocks is called. The greater of the accumulated cash value or the total premium paid. A separate converted policy may, at the option of the insurance company, be issued to cover a (n). B.) An insurance producer is issued a _____ as evidence of authority. A. Toaccept or decline insurance applicants, B. Toset the premium rates for insurers, D. Toperform physical examination on applicants. A. Krissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. 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. 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. In Maryland, a Producer may have his/her license revoked for which of the following acts? What information would the insurer's underwriters likely use to determine the appropriate coverage and final premium rate given to the group? 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. D.) By providing consumer credit counseling. The policy's effective date is earlier than the present, A Renewable Term Life insurance policy can be renewed, At a predetermined date or age, regardless of the insured's health, A producer's secretary who solicits prospects on the telephone. 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. HIPPA considers which of the following as "individually identifiable health information"? Whatwould be an expense factor in an insurance program? \text{Bonds payable} & \hspace{13pt}60,000 & \hspace{13pt}50,000 \\ Higher than the typical whole life policy duringthe first few years and then lower than typical for the remainder. 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. 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 Pierre MUST remit the premium to his insurer within ___ business days of receipt. Frank is shopping for a disability income policy. A. In Maryland, a producer may have his/her license revoked for which of the following acts? c. Solve the equation f(x)=0, if possible. 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. If an insured's age on a life insurance policy has been misstated, what is the insurer's liability if the insured dies? \text{Accounts payable} & \$\ \hspace{5pt}32,000 & \$\ \hspace{5pt}57,000 \\ A term life insurance policy is what most people think of when they think about life insurance. Which of these describes the change that will take place?A) Coordination of benefitsB) ConversionC) Extension of benefitsD) Rollover, Under a group life policy, the insurer will issue an individual _____ to the policyowner for delivery to each person insured.A) policyB) certificateC) applicationD) rider. During the year, Ravenna paid a $6,000 cash dividend and it sold a piece of equipment for$3,000 that had originally cost $6,000 and had accumulated depreciation of$4,000. Maria the agent would like to advertise an annuity product on a highway billboard. 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. 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? a producers secretary who solicits prospects on the telephone. One or morediagnostic, preventive, therapeutic, rehabilitative, maintenance or personalcare services in a setting other than an acute care unit of a hospital. Introducing Cram Folders! A Whole life policy option where extended terminsurance is selected is called a(n), A provision in a whole life policy that allows apolicy owner to terminate the policy in return for a reduced paid-up policy ofthe same type is called a(N). You have created 2 folders. What happens when an insurance policy is backdated? Which of the following is NOT information found in a life insurance buyer's guide? She may reinstate her policy within _____ years. 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. Engaged in a fraudulent insurance practices. 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? 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. Which of the following is NOT a federal requirement of a qualified plan? Maria has committed what crime? 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. Maria the insurance producer completes a sale by collecting the required signatures on the application and obtaining the initial premium. Which of these statements is true? Under a disability income policy, which provision would be payable if the cause of an injury is unexpected and accidental? Maryland requires that a licensee completes___ hours of continuing education on the subject of ethics every reportingperiod. Howare annuities given favorable tax treatment? In New Jersey, group health insurance may be offered to all of these groups EXCEPT. 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? In a group health care, what is the purpose of the coordination of benefits provision? Providing claim payments to insureds under the guidelines of the insurance contract. What does the word "level" in Level Term describe? \text{Cash and cash equivalents} & \$\ \hspace{5pt}48,000 & \$\ \hspace{5pt}57,000 \\ 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. Which of the following is required for an insurer to conduct business in this state? 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. Julie has a $100,000 30-year mortgage on her new home. by geriford27, Jay the producer is giving insurance advice regarding a prospect's existing coverage. What does the amount of these credits represent? With a usual, customary, and reasonable fee, Which of these is NOT a qualifying event for Medicare, A. b. Pat the client interest on any monies held. 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. Which of the following would be the appropriate tax consequence? 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. Making the policy effective on an earlier date than the present. An annuitant is guaranteed to NOT outlive their benefits will a(n). Which dividend option would an insurer invest the policyowner's money and add any interest earnings as the dividends accrue? 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). Commissioner may impose an administrative penalty. A producer may be disciplined by the Commissioner for which of the following actions? 1980 camaro z28 for sale in canada; fixer upper homes for sale clarksville, tn; crossroads inn leechburg menu We weren't able to detect the audio language on your flashcards. What would be an expense factor in a insurance program? Collecting a chargefor insurance that is less than the charge applicable to that insurance. June 24, 2022 . 5511. To be eligible for small employer group coverage, an employee must work a MINIMUM of ____ hours in a typical week. You are here: how to remove chicken giblets a producers secretary who solicits prospects on the telephone. c. Send receipt of payment to the commissioner, d. Forward Premiums to the insurer on a timely basics. 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. 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). The face amount will remain constant and thepremium will increase over the 10-year period, C. The Premium will remain constant and the faceamount will increase over the 10-year period. 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. Pay for Medicare charges exceeding the approvedamount. 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. Which of the following is considered a tax-deductible medical expenseunder this rule? \text{Property, plant, and equipment} & \hspace{8pt}150,000 & \hspace{8pt}140,000 \\ Find out how you can intelligently organize your Flashcards. assure full and truthful disclosures to the public, All of the following are typically included in a life insurance policy illustration EXCEPT. The Commissioner issues a subpoena to a producer. A whole life policy option where extended term insurance is selected is called a(n). What does the Group Life underwriting risk selection process help protect insurance companies from? Unintentionally misrepresented a material fact on the application. 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. 1. \text{Common stock} & \hspace{13pt}70,000 & \hspace{13pt}60,000 \\ A licensed producer is required to file notice of any change of address within how many days? In advertisements of life insurance and annuities, all of the following are true EXCEPT, Advertisements must include training materials provided to the producer. Kathy pays a monthly premium on her health insurance policy. 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. 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. audio not yet available for this language. Changing from one occupation to another at the same general status is called _____. This change is called a(n). 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. d. Alump sum payment upon first diagnosis of cancer, heart attack, or stroke. 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. Adoctor who accepts Medicare Assignment agree to which of the following ? a producers secretary who solicits prospects on the telephone. c. Travel accidental insurance premiums. Which law do all insurers and their producers need to comply with? Determines what is paid by the primary and secondary insurers in the event of a claim, A producer has recently died and leaves behind a spouse. An insurer may pay a commission in which of the following scenarios? Wherewould policy proceeds be paid if both the insured and primary beneficiary werekilled in the same accident? A. Collectinga premium for insurance that is not provided. When calculating the amount of life insurance needed for an income earner, what has to be determined when using he Needs Approach? Upon receiving a producer complaint, the Commissioner may immediately A producer may begin to solicit insurance ONLY when, A.) Afterwards, she deposits the check into her personal account. . . 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. What is the required action to be taken by a Maryland licensee before operating under an assumed business name? How often must an insurance producer's license in Maryland be renewed? This is called a. Premium mode is a term used to describe the, A newborn is required to be covered for _____ days from the moment of birth, A clause that allows an insurer the right to terminate coverage at any anniversary date is called. 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? Which of these gaps in Medicare coverage is addressed with Medicare Supplemental Insurance? This is an unlawful practice known as, must be delivered with or prior to policy delivery. 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. Whena qualified plan starts making payments to its recipient, which portion of thedistributions is taxable? Which option was chosen? 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. Who is the individual paid on a fee-for-service basis? Kurt is an active duty serviceman who was recently killed in an accident while home on leave. His policy may be reinstated at any time within _____ years. Financial report from the previous year. A master contract and certificate of coverage can be found in which type of policy? B.Change must be initialed by the applicant. When is an existing health insurance policy required to provide coverage for a new born child? How much does Medicare Part B pay forphysician fees? The names of the insurance companies represented by the producer. Focus of Major medical insurance is providingcoverage for: C. Medical and Hospitalization expenses. The Office of General Counsel issued the following opinion on April 25, 2005, representing the position of the New York State Insurance Department. If a subscriberchooses a primary care physician outside of the network, the subscriber willlikely pay, Medicareprovides coverage for each of the following EXCEPT.