The death benefit paid will be what the premium would have purchased at the correct age. Focus of Major medical insurance is providingcoverage for: C. Medical and Hospitalization expenses. Which of the following actions is REQUIRED by an agent who is replacing an existing life insurance policy? Under a Traditional IRA, Interest earned istaxed. Its balance sheet for this year is as follows: EndingBeginningBalanceBalanceCashandcashequivalents$48,000$57,000Accountsreceivable41,00044,000Inventory55,00050,000Totalcurrentassets144,000151,000Property,plant,andequipment150,000140,000Lessaccumulateddepreciation50,00035,000Netproperty,plant,andequipment100,000105,000Totalassets$244,000$256,000Accountspayable$32,000$57,000Incometaxespayable25,00028,000Bondspayable60,00050,000Commonstock70,00060,000Ratainedearnings57,00061,000Totalliabilitiesandstockholdersequity$244,000$256,000\begin{array}{l c c} What does the Group Life underwriting risk selection process help protect insurance companies from? Which of these is NOT an Unfair Claims Settlement Practice? is one of the oldest and best known of all Barbadian funeral establishments. Written notice for a health claim must be given to the insurer ___ days after the occurrence of the loss. She recently replaced the policy with a new one that provides better coverage. The Federal Employees Benefit Program consists of two types of health plans for federal civilian employees. Assist in the underwriting of insurance policies. Which market index is associated with an indexed annuity's rate of return? A. a producers secretary who solicits prospects on the telephone; episcopal academy ice hockey; atlas copco fault codes 7008. serta idirections hybrid queen. The benefit can be offered as a rider at a specific extra cost or may be at no cost, All of the following are included as part of a contract in the entire contract provision EXCEPT the. When are group disability benefits considered to be tax-free to the insured? Tim's individual life insurance policy has just recently lapsed. The Healthcare Insurance Exchange offers plans for everyone. Whichtype of life insurance is normally associated with a payor benefit rider? You are here: leeds city council repairs phone number a producers secretary who solicits prospects on the telephone. A licensee MUST notify the Commissioner of an address change within _______ days of the change, Violations of US Code Title 18 section 1033 may result in, In the state of Maryland, a licensed producer, sharing commissions with other licensed and appointed agents, All of the following actions are considered rebating EXCEPT, Under the Maryland Health Insurance Plan, comprehensive health benefits are provided to, A producer who knowingly submits a false statement in support of a claim. If a subscriberchooses a primary care physician outside of the network, the subscriber willlikely pay, Medicareprovides coverage for each of the following EXCEPT. 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. In the event of employment termination, group health insurance can be kept if the employee pays the premiums, B. Recieve a tax credit to help offset the cost of health insurance, C. Remain of their current coverage for 30 months. A. A. Introducing Cram Folders! June 5, 2022 . A. Doctormay charge up to a maximum of 15% more than Medicare pays for the service, B. Doctoris not bound by Medicare limitations on charge, C. Doctorcannot charge more than Medicares scheduled coverage, D. Doctor bills the Medicare beneficiary directlyfor services performed, A. Alwaysrequires service in a network, B. Providesa greater choice of providers, C. Alwaysrequires a referral to specialists. What types of life insurance are normally usedfor key employee indemnification? Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. Net death benefit will be reduced if the loan is not repaid. 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. 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. by . Whichphase is this annuity in? The policies continue in force with no change. Afterwards, she deposits the check into her personal account. \text{Net property, plant, and equipment} & \underline{\hspace{8pt}100,000} & \underline{\hspace{8pt}105,000} \\ As beneficiary, he will pay__taxeson any money withdrawn. When an applicant passes a licensing examination and answers all background questions negatively. A minimum of 12 months after date of purchase. The common disaster provision states the insurer will continue as if, Carmen's individual life insurance policy has recently lapsed. Eventually, they retire and dissolve the business. In a group health care, what is the purpose of the coordination of benefits provision? Which of the following areas do error commonly occur on applications and for which the incontestable clause does NOT apply? 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. Which of the following may be used as continuation education credit? National Milk Producers Federation 2107 Wilson Blvd., Suite 600 Arlington, VA 22201 Phone: 703-243-6111 E-mail: [email protected] Our Future You series provides a range of topical advice and guidance via webinars and podcasts. What are the levels of coverage as defined by the Affordable Care Act? Fundingfor Medicare Part B is Partially provided by. Doctor cannot charge more than Medicare's scheduled coverage, Health insurance advertisements that mention statistical information are required by New Jersey law to. The type of annuity she is seeking is called? Benefits for a Medicare Supplement policy. Anapplicants character and personal habits can be obtained for underwritingpurposes from which source? A closed network plan offers a primary physician copay of $25. Kurt is an active duty serviceman who was recently killed in an accident while home on leave. Which of the following is the likely result? B. Protects insurers from an applicantsMisrepresentation, C. Protect consumers with guidelines regardingcredit reporting and distribution. D. Licensedproducers not appointed by an insurer. Which of the following is Medicare Part B also known as? Maria is a Preferred Provider Organization (PPO) subscriber and received care from an out-of-network provider. Maximizes productivity through use of appropriate tools; planned training and Columbia Care LLC . She is receiving the deathbenefit in payments of $10,000 per month until the principal and interest hasbeen paid out. D. Willfullycollecting a premium that exceeds the amount of the actual premium. 1. Maria has committed what crime? 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. 14 day waiting period / 10 year benefit period. Which of these riders will pay a death benefit if the insured's spouse dies? Hill during her initial calls made to the call center. Determine financial strength of an insurance company, As classified by the Adorable Care Act (ACA), a silver plan offers. Find out how you can intelligently organize your Flashcards. Which of the following unfair trade practices involves a producer who makes public malicious statements about an insurer's financial condition? Philsshopping for an annuity that guarantees he CANNOT outlive the benefits. Howdoes one become eligible for part D: Prescription Drug Coverage? Which of the following statements is TRUE? Advertising material for a life insurance policy does NOT need to contain which of the following? \text{Property, plant, and equipment} & \hspace{8pt}150,000 & \hspace{8pt}140,000 \\ 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. Alimited payment whole life policy provides. Premium mode is term used to describe the: The Fair Credit and Reporting Acts main purposeis to: A. Premium mode is a term used to describe the, A newborn is required to be covered for _____ days from the moment of birth, A clause that allows an insurer the right to terminate coverage at any anniversary date is called. Which of the following is NOT part of an insurance contact? A master contract and certificate of coverage can be found in which type of policy? Whichof the following is Medicare Part B also known as? Pay for Medicare charges exceeding the approvedamount. C) Unintentionally misrepresented a material fact on the application. Which of the following is required for an insurer to conduct business in this state? D. The face amount and premium will remain constantover the 10-year period. 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. After 15 years, the cash value has accumulated to $100,000 and the police's face amount has become $600,000. Actively solicits increases in limits and/or coverages or rounding out accounts through sales to clients at every service contact. 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. How long after its effective date will an individual life insurance policy become incontestable? Jay the producer is giving insurance advice regarding a prospect's existing coverage. The producer decides not to respond. What would be an expense factor in a insurance program? Who would make the final determination on whether or not an insurance advertisement is misleading? b. Incomeif an insured is unable to work for a period of over six months, c. Coveragefor excess charges not paid for under Medicare. 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. d. Alump sum payment upon first diagnosis of cancer, heart attack, or stroke. An attending physician's statement would be appropriate for which life insurance purpose? When does a life insurance policy typically become effective? In the marketplace there are four various tiers of coverage, ranging from, bronze to platinum. A policyowner suffers an injury that renders him incapable of performing one or more important job duties. Whichof the following is a requirement for ANY change in an insurance application? If she dies 15 years after the policy's inception date, how much will her beneficiary receive? Engaged in a fraudulent insurance practices. 16381 Chillicothe Rd, Chagrin Falls, OH 44023, USA 440-708-1855. search.