No federal income tax is owed on life insurance proceeds, A non-contributory health insurance plan helps the insurer avoid, States that have "no loss no gain" laws require a replacing policy to, Pay for ongoing claims under the policy it replaces. B. Whenthe application is collected and policy is issued, C. Whenthe application is completed and signed, D. Whenthe completed application is signed and initial premium is collected. B. This MANDATORY health policy provision states that the policy, including endorsements and attached papers, constitutes, The entire insurance contract between the parties, All of the following are elements of an insurance policy EXCEPT. Pat is insured with a life insurance policy and Karen is his primary beneficiary. Over the course of a year, which premium payment mode is most expensive? Which military service exclusion clause would pay upon his death? Which of these if NOT considered a form of life insurance advertisement? All of these are valid options for an Adjustable Life Policy EXCEPT, A nonforfeiture option can be used to increase the death benefit. \end{array} We understand that this must have been both very frustrating and disappointing. How often must an insurance producer's license in New Jersey be renewed? D. Level for the first 5 years then decreases forthe remainder of the policy. Which of the following is not a reason for the Commissioner to deny or refuse a producer license application? 1980 camaro z28 for sale in canada; fixer upper homes for sale clarksville, tn; crossroads inn leechburg menu Failing to promptly provide a reasonable explanation for the denial of a claim is considered to be a. What amount will be paid under a policy where the insured misstated his/her age? B. Guaranteedlifetime withdrawal benefit, D. Guaranteedminimum accumulation benefit. An effort by an existing insurer to prevent replacement and continue existing Life Insurance in force is known as which of the following? How much does Medicare Part B pay for physician fees? Life insurance policies will. Please sign in to share these flashcards. 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. D. Willfullycollecting a premium that exceeds the amount of the actual premium. A doctor who accepts Medicare Assignment agrees to which of the following? Under a disability income policy, which provision would be payable if the cause of an injury is unexpected and accidental? Which of these will typically authorize treatment from a specialist? Whichtype of life insurance is normally associated with a payor benefit rider? In which of the following relationship would there NOT be an insurable interest? Temporarily Deposit the funds in a personal account. At the request of the insurer to assist in the underwriting decision. Kathysannuity is currently experiencing tax-deferred growth until she retires. In regards to a life insurance contract, which of the following statements is NOT true regarding the concept of insurable interest? Which settlement options pays a stated amount to an annuitant but no residual value to a beneficiary? Which of the following is the likely result? Who regulates the quality care provided by a health maintenance organization (HMO)? In what part of insurance policy benefits found? B. Collectinga charge for insurance that is less than the charge applicable to thatinsurance, C. Misappropriateor unreasonably withhold premiums or returned premiums. d. Individual disability income insurance premiums. It would be considered taxable income to the employee. Which disability policy provision would address any concerns of the value of the benefits decreasing over time? How often must an insurance producer's license in Maryland be renewed? a. B. Recieve a tax credit to help offset the cost of health insurance. All Medicare Supplement policies MUST contain which provision? A producer has committed an insurance crime that violates US Code 1033 (interstate commerce). The legal action provision in a health contract is limited to no more than ___ years. AnIndividual can enroll in a part C Medicare Advantage Plan at what time? Wherewould policy proceeds be paid if both the insured and primary beneficiary werekilled in the same accident? All of these are responsibilities of the Commissioner EXCEPT, policy must be issued to XYZ, and a certificate must be issued to each employee, XYZ Corp was issued a group health policy for its employees. One of. You have created 2 folders. A whole life policy option where extended term insurance is selected is called a(n). C. Remain of their current coverage for 30 months. Which of thesestatements is true? Mikehas inherited his fathers traditional IRA. Which of these is affected by the frequency of an insurance policy's premium payments? Theprescription of a drug for treatments other than whats labeled is known as(Blank) use. Any decrease in income resulting from this injury would make him eligible for benefits under which provision? Must be bonded through the state. 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. Assist in the underwriting of insurance policies. Term, Whole, and universal lifeinsurance. Whichof the following is Medicare Part B also known as? Which of the following MUST contain a "Statement of Policy Cost and Benefit Information"? \text{Inventory} & \underline{\hspace{13pt}55,000} & \underline{\hspace{13pt}50,000} \\ 1. D. Administered by the federal government. At minimum, a carrier is required to offer which of the following health benefit plans to small employers? Benefits provided by a Medicare Supplement policy must NOT, Funding for Medicare Part B is partially provided by. Alimited payment whole life policy provides. How long must a life insurance policy be in effect before the policyowner may use the nonforfeiture provision? An ___________ insurance company is one that was formed under the laws of another country outside of the U.S. Higher than the typical whole life policy duringthe first few years and then lower than typical for the remainder. Contact; a producers secretary who solicits prospects on the telephonepossum playing dead in the yard. 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. Which of these riders will pay a death benefit if the insured's spouse dies? How long is the Contestable Period for health insurance policies sold in Maryland? Which of the following would have the HIGHEST premium? When an insured has a major medical plan with first dollar coverage, how does this impact the benefits paid? An accident and health policy that provides reimbursement benefits makes them payable to the, A separate converted policy may, at the option of the insurance company, be issued to cover a, Dental treatment is needed to repair an injury. Annuities are intended to create an estate. Which of the following is Medicare Part B also known as? What is this an example of? How many months can a life insurance policy normally be backdated from the date of application? a producers secretary who solicits prospects on the telephone. How often must the Commissioner examine each domestic insurance company? A disability income policy can prevent an insured from earning a higher income than if he/she were working by utilizing. A separate converted policy may, at the option of the insurance company, be issued to cover an. How to take legal action against an insurance company. What does the amount of these credits represent? Tim's individual life insurance policy has just recently lapsed. She is receiving the deathbenefit in payments of $10,000 per month until the principal and interest hasbeen paid out. Paul has an, An indemnity plan limitation that will pay the dental bills after a small amount is paid by the insured is called. When a qualified plan starts making payments to its recipient, which portion of the distributions is taxable? An insurance company needs to obtain personal information from a third party concerning an applicant. Which of the following is TRUE regarding the federal income tax? MedicarePart A does not pay for medical benefits provided for treatment in a skillednursing facility beyond. Juni 2022. 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. Whichphase is this annuity in? Maria has committed what crime? The Premium for a Modified whole life policy is: A. licensed producers not appointed by an insurer. When calculating the amount of life insurance needed for an income earner, what has to be determined when using he Needs Approach? a producers secretary who solicits prospects on the telephonecapricorn and virgo flirting. ABC Corporation has a group life insurance policy that covers its employees and their dependent children. 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. 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 would disqualify a company's retirement plan from receiving favorable tax treatment? Mary ran into John, another employee, who happened to be taking outthe garbage. A master contract and certificate of coverage can be found in which type of policy? June 24, 2022 . In the event of a controversy between the insured and the company, the producer is considered to represent the, A life policy loan in Maryland cannot charge a fixed rate of interest higher than, The Food and Drug Administration approves prescription drugs for treatment as stated on the drug's labeling. \\ XZY company has applied for group health insurance for its employees. What is the purpose of a disability income benefit? 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. An insurer may pay a commission in which of the following scenarios? Joanne has a $100,000 whole life policy with an accumulated $25,000 of cash value. Which of the following is CORRECT regarding the death benefit amount. Whatdoes the word Level in level term describe? Krissa purchases a 10-year level term lifeinsurance policy that has a death benefit of $200,000. Changing from one occupation to another at the same general status is called _____. A prorated death benefit based on the amount of insurance the insured's premiums would have been if purchased at the correct age, A guaranteed issue insurance policy has no, A single premium cash value policy can be described as, A policy that is paid up after only one payment. Percent frequency distribution for key variables. Ahealth care provider claim may be settled using which of the following paymentmethods? Pay for Medicare charges exceeding the approvedamount.