Which situation accurately describes a reduced paid-up nonforfeiture option? Maria would like an annuity that provides a guaranteed accumulation or payout. What is the primary purpose of a rating service company such as A.M. Best? Selecting an insurance organization ought to be founded on a few components that can be broken into two general gatherings: An applicant's character and personal habits can be obtained for underwriting purposes from which source? Which of the following describes a person who is NOT acceptable by an insurer at standard rates because of health history, occupation, or hobbies? B. 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). A producer has recently died and leaves behind a spouse. What is the MINIMUM benefit period that must be offered by a Long-Term Care Policy? Krissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. Anindividual covered under a Blue Cross Blue shield is called a(n), Aclosed network plan offers a primary physician copay $25. An insurance company's trademark instead of the company's actual name, Using misrepresentation to induce an insured person to terminate an existing policy and purchase a new policy, Field underwriting performed by the producer involves, Completing the application and collecting initial premium. June 24, 2022 . 2.1.1 6 Whole life Insurance in Malaysia Shirley has a $500,000 10-year non-renewable level term life policy. If he files an application for renewal before the expiration date, his license will, A Medicare Supplement policy can be cancelled by the insurer for, Recording the receipt and distribution of premiums due to an insurer is considered a producer's _________ responsibility. What does the Group Life underwriting risk selection process help protect insurance companies from? A. c. Travel accidental insurance premiums. 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 Office of General Counsel issued the following opinion on April 25, 2005, representing the position of the New York State Insurance Department. Whathappens when an insurance policy is backdated? {"cdnAssetsUrl":"","site_dot_caption":"Cram.com","premium_user":false,"premium_set":false,"payreferer":"clone_set","payreferer_set_title":"Insurance\/Healt Agent Exam","payreferer_url":"\/flashcards\/copy\/insurance-healt-agent-exam--11456962","isGuest":true,"ga_id":"UA-272909-1","facebook":{"clientId":"363499237066029","version":"v12.0","language":"en_US"}}. At minimum, a carrier is required to offer which of the following health benefit plans to small employers? Maria is a Preferred Provider Organization (PPO) subscriber and received care from an out-of-network provider. Which of these statements about Medicaid iscorrect? Whichscenario would most life insurance policies exclude coverage for? Claims for a Long-Term Care policy MUST be paid for which of the following conditions? 1. Frank is shopping for a disability income policy. Arollover from a Traditional IRA to another IRA must be done within __ days toavoid tax consequences. What information would the insurer's underwriters likely use to determine the appropriate coverage and final premium rate given to the group? a producers secretary who solicits prospects on the telephone Under a disability income policy, which provision would be payable if the cause of an injury is unexpected and accidental? How often must an insurance producer's license in Maryland be renewed? 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? \end{array} 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. Their offer/administration. 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. If credit life insurance is terminated before the scheduled maturity date of the debt, any unearned premium held by the insurer will be? Which of the following topics needs to be discussed with this client? Failingto promptly provide a reasonable explanation for the denial of a claim isconsidered to be a (n). 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. Continued coverage under COBRA would be providedto all of the following EXCEPT: a. B. Guaranteedlifetime withdrawal benefit, D. Guaranteedminimum accumulation benefit. 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. Allof these are considered key factor in underwriting life insurance EXCEPT, Anapplicant intentionally lying to an insurance company on an application inorder to obtain a cheaper premium is an example of. 59 and owned account for a minimum of 10 years, B. 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. Which of these riders will pay a death benefit if the insured's spouse dies? Collecting a chargefor insurance that is less than the charge applicable to that insurance. Which of the following would be the appropriate tax consequence? Introducing Cram Folders! Which of the following is the likely result? This is an unlawful practice known as, must be delivered with or prior to policy delivery. How often must an insurance producer's license in New Jersey be renewed? Which military service exclusion clause would pay upon his death? a producers secretary who solicits prospects on the telephonecrumbl cookies franchise applicationcrumbl cookies franchise application Erica is 35 years old and owns an IRA. Which of the following is TRUE regarding the federal income tax? The Right-to-Examine period in Maryland for Long-Term Care policies is ____ days. Howsoon can the benefit payments begin with a deferred annuity? Which of the following is NOT a reason for the Commissioner to deny or refuse a producer license application? a producers secretary who solicits prospects on the telephone port clinton high school athletics / roberto bettarini ambassador / roberto bettarini ambassador Final Exam - New Jersey Life and Health Flashcards | Quizlet When the minor has been approved by the Commissioner, When collection insurance premiums from a client, a producer MUST, A. All of these are valid options for an Adjustable Life Policy EXCEPT, A nonforfeiture option can be used to increase the death benefit. EXECUTIVE SUMMARY. 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 MUST contain a "Statement of Policy Cost and Benefit Information"? 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. a. Theinsured skipped a payment beyond the 31 day grace period, b. Theinsured was injured while participating in an illegal occupation, c. Theinsured was given a notice of cancellation from the insurer, d. Theinsured suffered an injury as an innocent bystander during a bank robbery. The two plans are fee-for-service and. Both May and John are injured. What is the required action to be taken by a Maryland licensee before operating under an assumed business name? Written notice for a health claim must be given to the insurer ___ days after the occurrence of the loss. Disability Income plans which require that the insurer can NEVER change or alter premium rates are usually considered. Annuities are intended to create an estate. She recently replaced the policy with a new one that provides better coverage. ABC Corporation has a group life insurance policy that covers its employees and their dependent children. Former dependent of employee no longer ofdependent status. Financial report from the previous year. (To help answer this question, create an Accounts Receivable T-account and insert the beginning and ending balances.) Whichof the following is a requirement for ANY change in an insurance application? One of. Whatis the elimination period of an individual disability policy? A producer's secretary who solicits prospects on the telephone: a) is an example of the illegal act called twisting . C.) Unintentionally misrepresented a material fact on the application. Paul has a (n), Failingto Promptly provide a reasonable explanation for the denial of a claim is conservedto be a(n), AnHMO that involves a partnership of physicians and other providers who practiceout of a central facility is called a(n), Smallemployers who are spooned by an insurer to provider group benefits to itsemployees are called. Maria the insurance producer completes a sale by collecting the required signatures on the application and obtaining the initial premium. \text{Cash and cash equivalents} & \$\ \hspace{5pt}48,000 & \$\ \hspace{5pt}57,000 \\ Temporarily Deposit the funds in a personal account. Write a sentence explaining its significance to the executive branch. Bob and Tom start a business. Which of the following enables a life policy to be replaced with another life policy and results in the postponement of the tax consequence? Which of the following actions is REQUIRED by an agent who is replacing an existing life insurance policy? Who would most likely be coveredunder Workers Compensation? 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). A. In the advertising of Individual Life Insurance policies, an "introductory" or "special enrollment" may not be made available until any previous enrollment period for the same policy has been closed for at least how long? Life insurance policies will. Within how many days must a producer report to the Commissioner any administrative actions made against him/her? 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. 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.
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