Any decrease in income resulting from this injury would make him eligible for benefits under which provision? An insurance company needs to obtain personal information from a third party concerning an applicant. \text{Accounts receivable} & \hspace{13pt}41,000 & \hspace{13pt}44,000 \\ An example of a primary care physician would be an, A fee for service health insurance plan will normally cover. A Whole life policy option where extended terminsurance is selected is called a(n), A provision in a whole life policy that allows apolicy owner to terminate the policy in return for a reduced paid-up policy ofthe same type is called a(N). After an insured gives notice of loss, what must he/she do if the insurer does not furnish forms? ABC Corporation has a group life insurance policy that covers its employees and their dependent children. The Office of General Counsel issued the following opinion on April 25, 2005, representing the position of the New York State Insurance Department. How often must the Commissioner examine each domestic insurance company? The two plans are fee-for-service and. Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. At what age can she begin to receive distributions without a tax penalty? a producers secretary who solicits prospects on the telephone; episcopal academy ice hockey; atlas copco fault codes 7008. serta idirections hybrid queen. Find out how you can intelligently organize your Flashcards. Under a disability income policy, which provision would be payable if the cause of an injury is unexpected and accidental? A type of group that has a constitution and bylaws andhas been organized for purposes other than obtaining insurance is called awhat? 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. (To help answer this question, create an Accounts Receivable T-account and insert the beginning and ending balances.) In which of the following relationship would there NOT be an insurable interest? The Commissioner must examine the financial affairs of each admitted insurer operating in Maryland at least once every how many years? Within how many days must a producer report to the Commissioner any administrative actions made against him/her? ABC Insurance Agency is entering each applicant who purchases insurance through their agency into a drawing to win a free trip. Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Which situation accurately describes a reduced paid-up nonforfeiture option? cuanto gana un pintor de autos en estados unidos . How often must an insurance producer's license in Maryland be renewed? As beneficiary, he will pay__taxeson any money withdrawn. If a subscriberchooses a primary care physician outside of the network, the subscriber willlikely pay, Medicareprovides coverage for each of the following EXCEPT. 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 _____. b. Pat the client interest on any monies held. All of these are standard exclusions found in a life insurance policy EXCEPT. This illustration MUST disclose that. An applicant's character and personal habits can be obtained for underwriting purposes from which source? Duringthe accumulation period, who can surrender an annuity? Producer commissioners may NOT be paid to: B. Licensedand appointed producers who are sharing commissions. Paul has an, An indemnity plan limitation that will pay the dental bills after a small amount is paid by the insured is called. An insurance company may ONLY pay a sales commission to, Continuous 24-hour care provided by licensed medical professionals under the direct supervision of a physician is called. A producer has recently died and leaves behind a spouse In order for Without a Section 125 Plan in place, what would happen to an employee's payroll contribution to an HSA? 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. C) Unintentionally misrepresented a material fact on the application. This is called a. a producers secretary who solicits prospects on the telephone When does a life insurance policy typically become effective? Which of the following is TRUE regarding the federal income tax? Which of these statements about Medicaid iscorrect? A hospital or medical expense policy will typically cover dental treatment expenses under which circumstance? A whole life policy option where extended term insurance is selected is called a(n). a producers secretary who solicits prospects on the telephone. The power given to an individual producer that is not specifically addressed in his/her contract is considered what type of authority? What amount will be paid under a policy where the insured misstated his/her age? Maria the insurance producer completes a sale by collecting the required signatures on the application and obtaining the initial premium. {"cdnAssetsUrl":"","site_dot_caption":"Cram.com","premium_user":false,"premium_set":false,"payreferer":"clone_set","payreferer_set_title":"Insurance\/Healt Agent Exam","payreferer_url":"\/flashcards\/copy\/insurance-healt-agent-exam--11456962","isGuest":true,"ga_id":"UA-272909-1","facebook":{"clientId":"363499237066029","version":"v12.0","language":"en_US"}}. Engaged in a fraudulent insurance practices. by . What is the maximum fine for a producer violating a New Jersey Insurance law for the first time? Term, Whole, and universal lifeinsurance. Howdo interest earnings accumulate in a deferred annuity? The ____ is responsible for determining the appropriateness of a Medicare Supplement policy for an applicant. The New Jersey Life and Health Insurance Guaranty Association is, Funded by assessments on member companies. One or morediagnostic, preventive, therapeutic, rehabilitative, maintenance or personalcare services in a setting other than an acute care unit of a hospital. A producer has committed an insurance crime that violates US code 1033 (interstate commerce). Producers must complete a total of ____ continuing education credits for each two-year licensing period. The renewability provision for an individual long-term care insurance policy must be located on the policy form's, The ______________________ must be notified of a licensee's address change within 30 days of such change, Producers must complete a total of _______ Continuing Education hours for each two-year licensing period, A Medicare Supplement policy may exclude coverage for a preexisting condition for up to ____ months. Final Exam - New Jersey Life and Health Flashcards | Quizlet When an applicant passes a licensing examination and answers all background questions negatively. a producers secretary who solicits prospects on the telephone Which of the following is NOT a qualification to be licensed as a producer? port clinton high school athletics / roberto bettarini ambassador / roberto bettarini ambassador How long must a life insurance policy be in effect before the policy owner may use the non forfeiture provision? Mary ran into John, another employee, who happened to be taking outthe garbage. b. Incomeif an insured is unable to work for a period of over six months, c. Coveragefor excess charges not paid for under Medicare. Bob dies 12 months later. A producer's secretary who solicits prospects on the telephone, When a producer is replacing an existing ordinary life insurance policy, the producer must take all of the following actions EXCEPT, In Maryland, a full-time employee of a small employer MUST work an average of at least _____ per week, A producer may begin to solicit insurance ONLY when. As beneficiary, he will pay ____ taxes on any money withdrawn. This change is called a(n). If he files an application for renewal before the expiration date, his license will, A Medicare Supplement policy can be cancelled by the insurer for, Recording the receipt and distribution of premiums due to an insurer is considered a producer's _________ responsibility. Maria is a Preferred Provider Organization (PPO) subscriber and received care from an out-of-network provider. Which of the followingunfair trade practices involves an agent who makes malicious statements aboutanother person's financial condition? Maria the agent would like to advertise an annuity product on a highway billboard. The individual is paying premiums that are priced for each year or Use LEFT and RIGHT arrow keys to navigate between flashcards; Use UP and DOWN arrow keys to flip the card; Barbara's policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of instability. 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. 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. Who would make the final determination on whether or not an insurance advertisement is misleading? Producing an inadequate amount of new premium. A Medicare Supplement policy may exclude coverage fora preexisting condition for up to __months. 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. 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. What does the consolidated Omnibus Budget Reconciliation ACT (COBRA) of 1985 allow an employee to do? When the word "insurance" appears in a producer's business name, which of the following words cannot be approved? The right-to-examine period in Maryland for long-Term Care polices is ___ days. Anapplicants character and personal habits can be obtained for underwritingpurposes from which source? 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. Which of the following is considered a tax-deductible medical expenseunder this rule? d. A covered employee if terminated for grossmisconduct. . A. Donnaand Mary were racing bicycles in a store parking lot while being cheered on by fellowemployees. Whichphase is this annuity in? How much does Medicare Part B pay forphysician fees? On which date would Sonya have coverage? Why are dividends from a mutual insurer not subject to taxation? Which of the following MUST contain a "Statement of Policy Cost and Benefit Information"? How often must an insurance producer's license in Maryland be renewed? 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. Net death benefit will be reduced if the loan is not repaid. Maria is a Preferred Provider Organization (PPO) subscriber and received care from an out-of-network provider. What is the required action to be taken by a Maryland licensee before operating under an assumed business name? An effort by an existing insurer to prevent replacement and continue existing Life Insurance in force is known as which of the following? 5511. 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. Which of the following is Medicare Part B also known as? 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. What does the amount of these credits represent? 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. What is the primary purpose of a rating service company such as A.M. Best? It allows for cash advances to be paid against the death benefit if the insured becomes terminally ill. Who assumes the investment risk in a variable insurance contract? D. Coverage includes compulsory hospital andvoluntary supplementary medical insurance. This type of agreement is called an. The death benefit paid will be what the premium would have purchased at the correct age. a producers secretary who solicits prospects on the telephone. 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. Life insurance policies will. How long is the Contestable Period for health insurance policies sold in New Jersey? She paid the premium on May 15 with the policy indicating the effective date being May 30. Which of these is NOT considered to be a nonforfeiture option in a whole life insurance policy? What happens to the total amount of premium paid for an insurance policy when the payment frequency increases? Which of the following is required for an insurer to conduct business in this state? What is the purpose of a disability income benefit? D.) Intentionally violated state insurance laws. Which type of contract may NOT be issued by an insurance company? A. Joanne has a $100,000 whole life policy with an accumulated $25,000 of cash value. 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? 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. Tarathe producer is delivering a specified disease insurance policy to a new policyowner. Which of these premium payment frequencies is not typically available to a policy owner? C. Remain of their current coverage for 30 months. EXECUTIVE SUMMARY. 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. 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. Determine whether there are 0,1 , or 2 real solutions to f(x)=0. A beneficiary has just received a claim payment for a life insurance policy. Howare annuities given favorable tax treatment? 16381 Chillicothe Rd, Chagrin Falls, OH 44023, USA 440-708-1855. search. \text{Property, plant, and equipment} & \hspace{8pt}150,000 & \hspace{8pt}140,000 \\ Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. Craig submits a $500 claim for medical expenses. MedicarePart A does not pay for medical benefits provided for treatment in a skillednursing facility beyond. By Posted browning 725 pro sporting canada 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. The ____of coverage describes policy features, benefits, exclusions and riders in a long-term care policy. Which of these describes the change that will take place?A) Coordination of benefitsB) ConversionC) Extension of benefitsD) Rollover, Under a group life policy, the insurer will issue an individual _____ to the policyowner for delivery to each person insured.A) policyB) certificateC) applicationD) rider. 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. C.) Unintentionally misrepresented a material fact on the application. What does a life insurance policy guarantee to the stated beneficiary upon the death of the insured? Insurance producer Kelly offers an insured a $500 shopping card if an insurance product is purchased through her. At minimum, a carrier is required to offer which of the following health benefit plans to small employers? 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. Tara the producer is delivering a specified disease insurance policy to a new policyowner. a. Oneor more diagnostic, preventive, therapeutic, rehabilitative, maintenance orpersonal care services in a setting other than an acute care unit of ahospital. When is an existing health insurance policy required to provide coverage for a newborn child, a producer who shares commissions with a client. c. Solve the equation f(x)=0, if possible. b. 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. 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. Insurance/Healt Agent Exam Flashcards - Cram.com We'll bring you back here when you are done. Which of thesestatements is true? Kathy pays a monthly premium on her health insurance policy. A. C. Protects consumers with guidelines regarding creditreporting and distribution. belmont funeral home obituaries barbados Erica is 35 years old and owns an IRA. The standard grace period for a life insurance policy sold in Maryland is. Which of the following life events would allow an uninsured employee to qualify for special enrollment in a small employer health benefit plan? It is administrated by the federal government, C. It is funded by federal, state, and local taxes. Which option was chosen? Please select the correct language below. A life insurance policyowner was injured in an automobile accident which results in a total and permanent disability. Whoassumes the investment risk with a fixed annuity contract? She would like to borrow $15,000 against the cash value. A _______ company is owned by its shareholders, The ___________ has the right to renew a small employer health plan, providing incorrect, misleading, incomplete, or materially untrue information in the license application, A producer who is licensed in Maryland but resident in another state is called a, A minor may receive a life insurance policy's death benefit ONLY, Interest on death benefits are NOT required to be paid by an insurance company as long as proceeds are paid within ______ after the date of the death of the insured, Submit to the replacing insurer a list of the policies to be replaced. After 15 years, the cash value has accumulated to $100,000 and the police's face amount has become $600,000. Which disability policy provision would address any concerns of the value of the benefits decreasing over time? 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. A term life insurance policy is what most people think of when they think about life insurance. Which of the following is a requirement for ANY change in an insurance application? If an insured dies during the grace period with no premiums paid. Which of the following is NOT a required provision in an accident and health insurance policy? What happens to the coverage under a children's term rider when that child reaches a certain specified age? What is this an example of? B. Gainsare tax exempt at distribution. Which of the following is the likely result? In this situation, who will receive Bob's policy proceeds? Which of the following would disqualify a company's retirement plan from receiving favorable tax treatment? Higher than the typical whole life policy duringthe first few years and then lower than typical for the remainder. Who is eligible for insurance under a group policy issued to a labor union? Ahealth care provider claim may be settled using which of the following paymentmethods? Contact; a producers secretary who solicits prospects on the telephonepossum playing dead in the yard. Which of the following is a reinstatement condition? Frank is shopping for a disability income policy. \text{Total liabilities and stockholders' equity} & \underline{\underline{\hspace{3pt}\$244,000}} & \underline{\underline{\hspace{3pt}\$256,000}} \\ Which entity is responsible for processing insurance advertising in New Jersey? who would be responsible for the prosecution of this crime? a producers secretary who solicits prospects on the telephone. A. What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1985 allow an employee to do ? D.In the event of employment termination, group health insurance can be kept if the employer pays the premium. . Please upgrade to Cram Premium to create hundreds of folders! Which of the following would be the appropriate tax consequence? Krissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. Mike has inherited his fathers traditional IRA.As beneficiary, he will pay __Taxes on any money withdrawn. The face amount will remain constant and thepremium will increase over the 10-year period, C. The Premium will remain constant and the faceamount will increase over the 10-year period. Which of the following actions is REQUIRED by an agent who is replacing an existing life insurance policy? The taxable portion of each annuity payment is calculated using which method? Determine financial strength of an insurance company, As classified by the Adorable Care Act (ACA), a silver plan offers. The time limit for filing claim disputes is addressed in which provision of an accident and health policy? Who is the individual paid on a fee-for-service basis? When the minor has been approved by the Commissioner, When collection insurance premiums from a client, a producer MUST, A. Lower than the typical whole life policy duringthe first few years and then higher than typical for the remainder. A. Which of the following is CORRECT regarding the death benefit amount. Who is required to notify the producer in the event of appointment termination? D.) By providing consumer credit counseling. B.) A life insurance replacement gives the policyowner the right to return the policy for a 100% refund within _____ days of policy delivery, A producer MUST maintain insurance transaction records for a minimum of ____ years. Maryland requires that a licensee completes ______ hours of continuing education on the subject of ethics every reporting period. \text{Cash and cash equivalents} & \$\ \hspace{5pt}48,000 & \$\ \hspace{5pt}57,000 \\ A debtor may receive Credit Life insurance in which of the following forms? \text{Common stock} & \hspace{13pt}70,000 & \hspace{13pt}60,000 \\ What is the purpose of the Medical Information Bureau (MIB)? In what form do disability income policies typically pay benefits? Mariais a preferred provider organization (PPO) subscriber and received care from anout-of-network provider. A producer may begin to solicit insurance ONLY. The policyholder for a group health benefit plan is considered to be the, A Medicare Supplement policy can be cancelled by the insurer for, As of January 1, 2007, producer's license expires, Every two years on the last day of the producer's birth month, An insurer has the right to recover payment made to the insured from the negligent party. When a qualified plan starts making payments to its recipient, which portion of the distributions is taxable? The applicant's medical history may be analyzed and reported, Which of the following MUST contain a "Statement of Policy Cost and Benefit Information". Who would most likely be coveredunder Workers Compensation? The rider is called a(n), All if these are valid options for an adjustable life policy except, A non forfeiture option can be used to increase the death benefit. a producers secretary who solicits prospects on the telephone 12. How long is the Contestable Period for health insurance policies sold in Maryland? Write a sentence explaining its significance to the executive branch.
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