& \text{Balance}& \text{Balance} & \\ \text{Net property, plant, and equipment} & \underline{\hspace{8pt}100,000} & \underline{\hspace{8pt}105,000} \\ Registered for the state insurance examination. ABC Insurance Agency is entering each applicant who purchases insurance through their agency into a drawing to win a free trip. Focus of Major medical insurance is providingcoverage for: C. Medical and Hospitalization expenses. The Commissioner must examine the financial affairs of each admitted insurer operating in Maryland at least once every how many years? Replacement regulation is designed to protect the interests of, A health insurance policy that allows an insurer to change the policyowner's premiums, but NOT cancel the policy is called. Why are dividends from a mutual insurer not subject to taxation? Which market index is associated with an indexed annuity's rate of return? 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. Which of the following actions by a producer would NOT result in a license suspension or revocation? At what age can she begin to receive distributions without a tax penalty? A. A Medicare supplement policy can be cancelled by the insurer for: Maria the insurance producer completes a sale by collecting the required signatures on the application and obtaining the initial premium. Which of the following is typically NOT eligible for coverage in a group health policy? The death benefit paid will be what the premium would have purchased at the correct age. Which of these statements is true? A producer may be disciplined by the Commissioner for which of the following actions? The promise of a discount in premium as an inducement to purchase insurance is known as, exchanging a new policy for one already in force, with guidelines regarding credit reporting and distribution, The Fair Credit Reporting Act protects consumers, Terminally-ill life insurance policyowners may sell their policy at a discount to a third party. 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. Which of the following is required for an insurer to conduct business in this state? Which of the following is Medicare Part B also known as? Making the policy effective on an earlier date than the present. An insurer must furnish to a claimant forms for filing proof of loss within ___ days upon receiving a notice of claim. They are both involved in an automobile accident where Pat dies instantly and Karen dies 5 days later Key Person Disability Insurance pays benefits to the. 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? a. Mustmeet certain underwriting guidelines. 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. When the minor has been approved by the Commissioner, When collection insurance premiums from a client, a producer MUST, A. -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 Advertising material for a life insurance policy does NOT need to contain which of the following? 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. The coverage, condition, and limitations in the master policy of a group contract can be found in which document? 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. Hill during her initial calls made to the call center. A producer has committed an insurance crime that violates US Code 1033 (interstate commerce). This type of agreement is called a, The act of using misrepresentation to induce an insured person to terminate an existing policy and purchase a new policy is referred to as, An advertisement for an insurance product may contain, Signing a prospect's name without their knowledge or presence. Kathysannuity is currently experiencing tax-deferred growth until she retires. B.) D. Willfullycollecting a premium that exceeds the amount of the actual premium. The right-to-examine period in Maryland for long-Term Care polices is ___ days. Whathappens when an insurance policy is backdated? \text{Income taxes payable} & \hspace{13pt}25,000 & \hspace{13pt}28,000 \\ The family's financial objectives if the income earner were to die or become disabled, Normally at any time during the policy term, Loans obtained by a policyowner against the cash value of a life insurance policy, The solicitation of a non-authorized contact in New Jersey violates. by geriford27, Find out how you can intelligently organize your Flashcards. In the event of employment termination, group insurance can be kept if the employee pays the premiums. What is the maximum fine for a producer violating a New Jersey Insurance law for the first time? 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). a producers secretary who solicits prospects on the telephone. a producers secretary who solicits prospects on the telephone. Which dividend option would an insurer invest the policyowner's money and add any interest earnings as the dividends accrue? B. Collectinga charge for insurance that is less than the charge applicable to thatinsurance, C. Misappropriateor unreasonably withhold premiums or returned premiums. Find out how you can intelligently organize your Flashcards. D.In the event of employment termination, group health insurance can be kept if the employer pays the premium. A Long-Term Care policy may only exclude pre-existing conditions for up to _____ months, The identity of the ____ must be made clear in every health insurance advertisement, _______________ is the authority given to a producer to sell, solicit, or negotiate insurance on behalf of the insurer, Pre-existing conditions may only be excluded from coverage for a maximum of 6 months. Please upgrade to Cram Premium to create hundreds of folders! What is the purpose of the Medical Information Bureau (MIB)? A life insurance policy which contains cash values that vary according to its investment performance of stocks is called. Which settlement options pays a stated amount to an annuitant but no residual value to a beneficiary? Who would most likely be coveredunder Workers Compensation? C) Unintentionally misrepresented a material fact on the application. Failing to promptly provide a reasonable explanation for the denial of a claim is considered to be a. 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. a producers secretary who solicits prospects on the telephone. In which of the following relationship would there NOT be an insurable interest? An example of a primary care physician would be an, A fee for service health insurance plan will normally cover. d. Individual disability income insurance premiums. When must a claim on a life insurance policy be paid after proof of loss has been received by the insurer? HIPPA considers which of the following as "individually identifiable health information"? We'll bring you back here when you are done. Collecting a chargefor insurance that is less than the charge applicable to that insurance. Former dependent of employee no longer ofdependent status. Introducing Cram Folders! One or morediagnostic, preventive, therapeutic, rehabilitative, maintenance or personalcare services in a setting other than an acute care unit of a hospital. How long is the Contestable Period for health insurance policies sold in New Jersey? The Right-to-Examine period in Maryland for Long-Term Care policies is ____ days. 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. A type of group that has a constitution and bylaws andhas been organized for purposes other than obtaining insurance is called awhat? In Maryland, a full-time employee of a small employer MUST work an average of at least ___ per week. \text{Common stock} & \hspace{13pt}70,000 & \hspace{13pt}60,000 \\ 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. How many days notice must the Commissioner give prior to a hearing? How to take legal action against an insurance company. assure full and truthful disclosures to the public, All of the following are typically included in a life insurance policy illustration EXCEPT. 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? In event of acontroversy between the insured and the company, the producer is considered to representthe. Underthe Maryland health insurance plan, comprehensive health benefits are providedto. 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. 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. Upon delivery, she may be expected to collect all of the following EXCEPT a(n), Modified application with a new signature, All of these are valid policy dividend options for a life insurance policyowner EXCEPT. Eventually, they retire and dissolve the business. Which of the following would disqualify a company's retirement plan from receiving favorable tax treatment? A producer may begin to solicit insurance ONLY. The waiting period for a disability insurance policy, Excludes payments for a short term illness or injury. D.In the event of employment termination, group health insurance can be kept if the employer pays the premium. Whowere Keogh Plans designed to provide pension benefits for? AnIndividual can enroll in a part C Medicare Advantage Plan at what time? This type of agreement is called an. 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.

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