B. Gainsare tax exempt at distribution. A life insurance policy normally contains a provision that restricts coverage in the event of death under all of the following situations EXCEPT, An insurance consultant is BEST defines as a. Barbara's policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of insurability. a producers secretary who solicits prospects on the telephone. All Medicare Supplement policies MUST contain which provision? 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. Whichof these is considered to be a document that describes the critical segments ofa life insurance policy? The entity which issues the certificate of authority is the, A policyowner has _____ days after policy delivery to return a major medical policy for a full refund, make any transactions before being approved for a licence, counsels and advises the Governor on all matters assigned to the Maryland Insurance Administration, A Maryland insurance producer solicits an insurance policy. Who regulates the quality care provided by a health maintenance organization (HMO)? Duringthe accumulation period, who can surrender an annuity? Krissa purchases a 10-year level term lifeinsurance policy that has a death benefit of $200,000. Whichphase is this annuity in? Assist in the underwriting of insurance policies. Whathappens when an insurance policy is backdated? Doctor cannot charge more than Medicare's scheduled coverage, Health insurance advertisements that mention statistical information are required by New Jersey law to. a producers secretary who solicits prospects on the telephone. Duringthe accumulation period, who can surrender an annuity? 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. What is the MINIMUM benefit period that must be offered by a Long-Term Care Policy? How long is the Contestable Period for health insurance policies sold in Maryland? Where would policy proceeds be paid if both the insured and primary beneficiary were killed in the same accident? 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. Please sign in to share these flashcards. 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. A. Timeperiod an insured must wait before coverage begins, B. Timeperiod a disabled person must wait before benefits are paid, C. Timeperiod after the policy issue date in which the provisions are stillcontestable, Inan insurance contract, the element that shows each party is giving something ofvalue is called. Term, Whole, and universal lifeinsurance. In what form do disability income policies typically pay benefits? Which of these statements is true? Determine whether the discriminant is positive, negative, or zero. This is called a, A minor may receive a life insurance policy's death benefit ONLY, B. Which settlement options pays a stated amount to an annuitant but no residual value to a beneficiary? Contact; a producers secretary who solicits prospects on the telephonepossum playing dead in the yard. Tarathe producer is delivering a specified disease insurance policy to a new policyowner. by geriford27, a. A person who is a nonsmoker, of average weight, and in excellent health would most likely be in which risk classification? Whichof these benefit options would he choose? Course Hero is not sponsored or endorsed by any college or university. Fundingfor Medicare Part B is Partially provided by. a producers secretary who solicits prospects on the telephone Which of the following must be included in the advertisement? a producers secretary who solicits prospects on the telephone. \text{Common stock} & \hspace{13pt}70,000 & \hspace{13pt}60,000 \\ The policies continue in force with no change. Tim's individual life insurance policy has just recently lapsed. Which type of long-term care benefit would be most appropriate for a stroke victim who requires speech therapy administered at her home? 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. June 5, 2022 . A. Thepolicys elimination period is waived, B. Thetime frame for reinstating a lapsed policy is extended, C. Thepolicys probation period is earlier than the present, D. Thepolicy effective date is earlier than the present, D. The policy effective date is earlier than thepresent, Premiummode is a term used to describe the. Which of the following is NOT a circumstance to which a temporary producer license can be issued? What happens to the total amount of premium paid for an insurance policy when the payment frequency increases? \text{Cash and cash equivalents} & \$\ \hspace{5pt}48,000 & \$\ \hspace{5pt}57,000 \\ d. Alump sum payment upon first diagnosis of cancer, heart attack, or stroke. Mariais a preferred provider organization (PPO) subscriber and received care from anout-of-network provider. Kurt is an active duty serviceman who was recently killed in an accident while home on leave. Benefits provided by a Medicare Supplement policy must NOT, Funding for Medicare Part B is partially provided by. What will the beneficiary receive if an annuitant dies during the accumulation period? 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. Which of the following is NOT a required provision in an accident and health insurance policy? Tara the producer is delivering a specified disease insurance policy to a new policyowner. How long must a life insurance policy be in effect before the policyowner may use the nonforfeiture provision? Term, Whole, and universal life insurance, C. Joint, credit, and group life insurance. A whole life policy option where extended term insurance is selected is called a(n). Which of the following enables a life policy to be replaced with another life policy and results in the postponement of the tax consequence? c. Solve the equation f(x)=0, if possible. \\ Whichmarket index is normally associated with an indexed annuitys rate of return? Adoctor who accepts Medicare Assignment agree to which of the following ? At what age does the open enrollment period typically begin for Medicare Supplement coverage? Producers must complete a total of ____ continuing education credits for each two-year licensing period. Insurance producer Kelly offers an insured a $500 shopping card if an insurance product is purchased through her. B. 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. A doctor who accepts Medicare Assignment agrees to which of the following? According to HIPPA, this tax will not be applied if the withdrawal is used for medical expenses that exceed _____ of the individual's adjusted gross income. Who is required to notify the producer in the event of appointment termination? D.) Intentionally violated state insurance laws. c. Send receipt of payment to the commissioner, d. Forward Premiums to the insurer on a timely basics. 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 _____. She paid the premium on May 15 with the policy indicating the effective date being May 30. Under a Traditional IRA, Interest earned istaxed. The prescription of a drug for treatments other than what's labeled is known as _____ use, Coverage for newborns under a health plan MUST include coverage for. Who is eligible for insurance under a group policy issued to a labor union? belmont funeral home obituaries barbados 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. What does the word "level" in Level Term describe? Which market index is associated with an indexed annuity's rate of return? & \text{Balance}& \text{Balance} & \\ What is the required action to be taken by a Maryland licensee before operating under an assumed business name? Afterwards, she deposits the check into her personal account. 59 and owned account for a minimum of 5 years, C. 70 and owned account for a minimum of 10 years, D. 70 and owned account for a minimum of 5 years, A. Cancelingdisability policy to buy a term life policy, B. Cancelinga term life policy to buy a whole life policy, C. Cancelinga long-term care policy to buy a whole life policy, D. Cancelinga whole life policy to buy a major medical policy. 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 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. C) Unintentionally misrepresented a material fact on the application. A. Changemust be initialed by the agent, B. Changemust be initialed by the applicant, C. Changemust be approved by the insurer. Which of the following is required for an insurer to conduct business in this state? Which type of disability would be less than total impairment and equal to permanent impairment? a producers secretary who solicits prospects on the telephone What is issued to each employee of an employerhealth plan? Which of the following would be considered a "dependent child"? We understand that this must have been both very frustrating and disappointing. 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? a producers secretary who solicits prospects on the telephone A master contract and certificate of coverage can be found in which type of policy? Insurance producer Kelly offers an insured a $500 shopping card if an insurance product is purchased through her. What amount will be paid under a policy where the insured misstated his/her age? D. Coverage includes compulsory hospital andvoluntary supplementary medical insurance. visas, binomial trials. 1. National Milk Producers Federation 2107 Wilson Blvd., Suite 600 Arlington, VA 22201 Phone: 703-243-6111 E-mail: info@nmpf.org In some cases, NDRC also solicits the opinions of relevant Chinese industrial regulators and consulting agencies, which may include industry associations that represent Chinese domestic firms. Maria the insurance producer completes a sale by collecting the required signatures on the application and obtaining the initial premium. When is an existing health insurance policy required to provide coverage for a newborn child, a producer who shares commissions with a client. An error was made on Erica's life insurance application. a producers secretary who solicits prospects on the telephone Which license is REQUIRED in order to solicit Long Term Care insurance in the State of Maryland? 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. Maryland requires that a licensee completes___ hours of continuing education on the subject of ethics every reportingperiod. by . An effort by an existing insurer to prevent replacement and continue existing Life Insurance in force is known as which of the following? 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. A. What is this an example of? What is this an example of? AMaryland insurance producer solicits an insurance policy. As of January 1, 2014, small group health insurance can be rated on the basis of. All of these are valid options for an Adjustable Life Policy EXCEPT, A nonforfeiture option can be used to increase the death benefit. Whatis the purpose of the medical information Bureau (MIB)? juin 5, 2022 . What does the amount of these credits represent? D. The face amount and premiumwill remain constant over the 10-year period. The waiting period for a disability insurance policy, Excludes payments for a short term illness or injury. An insurer formed according to the legal requirements of another country is called an. Jay the producer is giving insurance advice regarding a prospect's existing coverage. 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. One or morediagnostic, preventive, therapeutic, rehabilitative, maintenance or personalcare services in a setting other than an acute care unit of a hospital. The Office of General Counsel issued the following opinion on April 25, 2005, representing the position of the New York State Insurance Department. She may reinstate her policy within _____ years. Which of the following is NOT a common exclusion for a medical expense policy? What are the levels of coverage as defined by the Affordable Care Act? What is the purpose of having an accelerated death benefit on a life insurance policy? Find out how you can intelligently organize your Flashcards. A. The ____ is responsible for determining the appropriateness of a Medicare Supplement policy for an applicant. The standard grace period for a life insurance policy sold in Maryland is. We'll bring you back here when you are done. Whatis the elimination period of an individual disability policy? \text{Bonds payable} & \hspace{13pt}60,000 & \hspace{13pt}50,000 \\ . The Commissioner must examine the financial affairs of each admitted insurer operating in Maryland at least once every how many years? Who would make the final determination on whether or not an insurance advertisement is misleading? a producers secretary who solicits prospects on the telephone. PartA Hospital expense coverage provided under Medicare is automatically madeavailable to each of the following EXCEPT, A. A50-year-old individual who has qualified for SSDI in the last 24 months, B. A70-year-old NOT Eligible for Social Security, C. A55-year-old suffering from kidney failure. What happens to coverage under a children's term rider when that child reaches a certain specified age? A life insurance policyowner was injured in an automobile accident which results in a total and permanent disability. Which of the following does Medicare Part D cover? Final Exam - New Jersey Life and Health Flashcards | Quizlet The greater of the accumulated cash value or the total premium paid. A producer who sells an individuallife insurance policy in Maryland MUST deliver to the policy owner a(n), b. On which date would Sonya have coverage? what happened to amy bailey happy healthy humble . At the request of the insurer to assist in the underwriting decision. 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? Maryland requires that a licensee completes ______ hours of continuing education on the subject of ethics every reporting period. The insurer's obligation to pay a death benefit upon an approved death claim, Jennifer is required to pay a specific sum out of pocket before any benefits are paid in a year. Medicare Part A does not pay for medical benefits provided for treatment in a skilled nursing facility beyond. A. Failing to renew license on timely basics, C.) Sharing Commissioners with another licensed Producer, D.) Signing a prospect's name without thier knowledge or presence, The Fair Credit Reporting Act Protects consumers, B.) -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 Submit to the replacing insurer a list of the policies to be replaced. 5511. 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. A debtor may receive Credit Life insurance in which of the following forms? B.Change must be initialed by the applicant. Which of these is affected by the frequency of an insurance policy's premium payments? If she dies 15 years after the policy's inception date, how much will her beneficiary receive? The death benefit paid will be what the premium would have purchased at the correct age. 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. 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. After 15 years, the cash value has accumulated to $100,000 and the police's face amount has become $600,000. a. social stratification b. feminization of poverty c. social class d. social mobility e. bourgeoisie f. vertical mobility g. proletariat h. intergenerational mobility i. wealth j. horizontal mobility k. income l. open-class system m. prestige n. absolute poverty o. relative poverty p. caste system. On Social Security disability for over two years, D.Falling below the federal poverty level, D. Falling below the federal poverty level, Field underwriting performed by the producer involves, Completing the application and collecting initial premium, A provision that allows a policy owner to withdraw a policy's cash value interest free is a(n). Upon receiving a producer complaint, the Commissioner may immediately A producer may begin to solicit insurance ONLY when, A.) ABC Corporation has a group life insurance policy that covers its employees and their dependent children. a producers secretary who solicits prospects on the telephone Welcome To Be Falcon Solutions Website Hotline & WhatsApp : +971556212280 | Landline : +97143873596 , +97167499398 james reynolds obituary popeyes vs chicken express do venmo requests expire yorba linda football maxpreps primary care physicians in cleveland ohio 2.1.1 6 Whole life Insurance in Malaysia 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? 1. 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. It is health insurance for the elderly. When must a claim on a life insurance policy be paid after proof of loss has been received by the insurer? Philsshopping for an annuity that guarantees he CANNOT outlive the benefits. What happens to interest earned if the annuitant dies before the payout start date? a producers secretary who solicits prospects on the telephone Over the course of a year, which premium payment mode is most expensive? (To help answer this question, create an Accounts Receivable T-account and insert the beginning and ending balances.) 5151\left|\begin{array}{ll}5 & 1 \\ 5 & 1\end{array}\right| 16381 Chillicothe Rd, Chagrin Falls, OH 44023, USA 440-708-1855. search. Write a sentence explaining its significance to the executive branch. Which of the following is considered a tax-deductible medical expenseunder this rule? Which of the following would disqualify a company's retirement plan from receiving favorable tax treatment? 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 TRUE regarding the federal income tax? 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). When an insured has a major medical plan with first dollar coverage, how does this impact the benefits paid? C. Remain of their current coverage for 30 months. A newborn is required to be covered for ______ days from the moment of birth. B. Recieve a tax credit to help offset the cost of health insurance. 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? Bob and Tom start a business. 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. If an insured dies during the grace period with no premiums paid. We weren't able to detect the audio language on your flashcards. Whichtype of life insurance is normally associated with a payor benefit rider? All of these are standard exclusions found in a life insurance policy EXCEPT. Policyowners from misrepresentations and loss of benefits, Replacement regulation is designed to protect, A producer must notify the Commissioner within _____ days of a felony conviction, Dependent children under a health insurance plan must be provided coverage up to age, written authorization from the proposed insured, Prior to conducting an HIV-related test, the insurer must obtain, An insurance producer agrees to pay the first monthly premium for an insurance applicant.
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