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Within how many days must a producerreport to the commissioner any administrative actions made against him/her? \text{Bonds payable} & \hspace{13pt}60,000 & \hspace{13pt}50,000 \\ How long is the Contestable Period for health insurance policies sold in New Jersey? by recommending insurers with good AM Best ratings, C.) With guidelines regarding credit reporting and distribution. Mariais a preferred provider organization (PPO) subscriber and received care from anout-of-network provider. Howdoes one become eligible for part D: Prescription Drug Coverage? Who is the individual paid on a fee-for-service basis? How many days notice must the Commissioner give prior to a hearing? Must be bonded through the state. D.In the event of employment termination, group health insurance can be kept if the employer pays the premium. 1. Over the course of a year, which premium payment mode is most expensive? Their offer/administration. 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. 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. 1. Whichof these will have the highest monthly payout upon annuitization? A producer has recently died and leaves behind a spouse. What is the purpose of a disability income benefit? Which of these riders will pay a death benefit if the insured's spouse dies? Her agent submitted the information to the insurance company on April 6. Normally pay for losses arising from: Which of these would an insurer consider when determining whether to accept a group life plan? Terminally - ill life insurance policy owners may sell their policy at a discount to the third party. Which of the following describes a person who is NOT acceptable by an insurer at standard rates because of health history, occupation, or hobbies? Wherewould policy proceeds be paid if both the insured and primary beneficiary werekilled in the same accident? A newborn is required to be covered for ______ days from the moment of birth. 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? (To help answer this question, create an Accounts Receivable T-account and insert the beginning and ending balances.) 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. C. Protects consumers with guidelines regarding creditreporting 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? Maria has committed what crime? What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) OF 1985 allow an employee to do? 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 policy may exclude coverage fora preexisting condition for up to __months. \text{Common stock} & \hspace{13pt}70,000 & \hspace{13pt}60,000 \\ D. Coverage includes compulsory hospital andvoluntary supplementary medical insurance. \text{Accounts payable} & \$\ \hspace{5pt}32,000 & \$\ \hspace{5pt}57,000 \\ Financial report from the previous year. An attending physician's statement would be appropriate for which life insurance purpose? How much does Medicare Part B pay forphysician fees? The premium for a Modified whole life policy is, How long is the Contestable Period for health insurance policies sold in New Jersey, An applicant intentionally lying to an insurance company on an application in order to obtain a cheaper premium is an example of. 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. A. Atourist traveling abroad on a major airline carrier, B. Anindividual who has a hobby racing cars once a month, C. Anairline pilot who flies for a commercial carrier, B. AnIndividual who has a hobby racing cars once a month. a producers secretary who solicits prospects on the telephone What does the word "level" in Level Term describe? Kurt is an active duty serviceman who was recently killed in an accident while home on leave. The law that established insurance transactions regulated by the states is called. belmont funeral home obituaries barbados Which of the followingunfair trade practices involves an agent who makes malicious statements aboutanother person's financial condition? 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). 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. Which of the following statements is TRUE about Medicaid? Which of the following may be used as continuation education credit? Which of the following actions is REQUIRED by a producer who is replacing an existing life insurance policy? Pay for Medicare charges exceeding the approvedamount. 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. a producers secretary who solicits prospects on the telephone. An insurer may pay a commission in which of the following scenarios? What is the purpose of having an accelerated death benefit on a life insurance policy? Unintentionally misrepresented a material fact on the application. Erica is 35 years old and owns an IRA. 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? The Commissioner must examine the financial affairs of each admitted insurer operating in Maryland at least once every how many years? This is called a. Which of the following is CORRECT regarding the death benefit amount. D. The face amount and premiumwill remain constant over the 10-year period. Which of the following is an example of defamation? A. a. Mustmeet certain underwriting guidelines. In order for the producer's insurance business to continue, the Commissioner may issue to the producer's spouse a, has a mental or physical handicap and remains dependent on the parent, A dependent child may remain on a parent's health insurance plan beyond age 26 if the child, Under a small group health plan, an insurer is required to provide a newly-married employee at least ____ days to add the new spouse to the plan, replacing an insurance policy from one insurer to another based on misrepresentation, legible and brief description of the policy on the first page, Each delivered life insurance policy in Maryland MUST include a, The _____________ of Coverage describes policy features, benefits, exclusions, and riders in a Long-Term Care policy, A person who, for a fee, gives advice or recommendations on benefits provided by an insurance contract is called, Child over the age of 18 years who attends an educational institution and relies on the insured employee for financial support. ABC Insurance Agency is entering each applicant who purchases insurance through their agency into a drawing to win a free trip. 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. Which of the following is NOT considered to be an actof fraud? Annuities are intended to create an estate. Which of these premium payment frequencies is not typically available to a policy owner? C. Normally graded over a period of 20 years. 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. To be classified as a small employer, an employer mustNOT have more than__ eligible employees. A master contract and certificate of coverage can be found in which type of policy? What is involved when a life insurance policy has been backdated? B.) B. Protects insurers from an applicantsMisrepresentation, C. Protect consumers with guidelines regardingcredit reporting and distribution. The IRS allows a taxpayer to deduct medicalexpenses of that exceed 7.5% of their adjusted grossincome. 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. An effort by an existing insurer to prevent replacement and continue existing Life Insurance in force is known as which of the following? How many employees must an employer have for a terminated employee to be eligible for COBRA? C. Careis only covered in a government facility, D. Careis only covered if primary care physician gives a referral, Theopen enrollment period for Medicare part B is, D. Generaltax revenue and user premiums. 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. Employee must be able to make unlimited contributions. Which of the following is NOT part of an insurance contract? 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 term life insurance policy is what most people think of when they think about life insurance. 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? a producers secretary who solicits prospects on the telephone Producing an inadequate amount of new premium. Which of the following unfair trade practices involves a producer who makes public malicious statements about an insurer's financial condition? To be classified as a small employer, an employer must NOT have more than _________ eligible employees, The _______ is responsible for determining the appropriateness of a Medicare Supplement policy for an applicant, During the examination of an insurer's books and records by the Commissioner, the insurer, remain in effect until a new one is issued, John the insurance producer has an insurance license that expires in 6 months. All of these are standard exclusions found in a life insurance policy EXCEPT. An annuitant is guaranteed to NOT outlive their benefits will a(n). A doctor who accepts Medicare Assignment agrees to which of the following? 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. B. Anindividual covered under a Blue Cross Blue shield is called a(n), Aclosed network plan offers a primary physician copay $25. What types of life insurance are normally usedfor key employee indemnification? Under a life insurance policy, what does the insuring clause state? The common disaster provision states the insurer will continue as if, Carmen's individual life insurance policy has recently lapsed. The proceeds of this contract could be subject to the claims of. 5511. b. Incomeif an insured is unable to work for a period of over six months, c. Coveragefor excess charges not paid for under Medicare. Lower than the typical whole life policy duringthe first few years and then higher than typical for the remainder. If a producer has been engaged in an administrative action by any governmental agency, within how many days following the final deposition must the producer report the action to the Commissioner?