Chapter 8: Laws and Rules

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in dc the monthly premium health insurance policies must provide a grace period of at least

10 days

what is the minimum benefit period tht must b offered by long term care policy

12 months

how many days is a temporary producers license valid

180

a producer must complete 24 Horus of continuing education every

2 years

DC requires tht an insurance producer must complete ____ hours of continuing education every 24 months

24 hours

dc requires that an insurance producer must complete _____ hours of continuing education on the subject of law and ethics every reporting period

3

if a producer is guilty of a felon he is required to notify the commissioner within hm days

30

if a producer cadges his/her resident the commissioner must be informed with in

30 days

the grace period of individual life insurance policies is ____

30 days

which of the following is not considered rebating

Sharing commission with an agent licensed in the same line of business

which is a misrepresentation

a producer guaranteeing a policy dividends

which of following is considered to be misrepresentation

a producer tells an applicant that an insurance policy is like a share of stock

a _____ insurance company is defined as one formed in a. country outside the united states

alien

an example of false advertising would be

an insurance company publishing misleading information about insurance coverage

with whom may a producer legally share commissions

another producer who is licensed int he same line of insurance

an insurer may pay commissions directly to any person for services as a producer provided the producer is licensed and ____-

appointed

______ is the authority given o a producer to transact business on behalf of the insurer

appointment

which of the following is a requirement to attain a nonresident producer license

be a licensed as a producers state of domicile

in dc a domestic insurance company must

be organized under dc insurance laws

a group life insurance policy can be converted to an indicvidual wholesaled life policy under which circumstance

employment termination

how often must an insurance producers licensed be renewed

every 2 years

how often must the commissioner examine each domestic insurance company

every 5 years

an example of an unfair claims practice would be

failing to effectuate prompt fair and equitable settlements of a claim

_____ can be defined as "making an unfair comparison of two insurance policies"

misrepresentation

convincing a prospective insured to buy an insurance policy based on exaggerations is called

misrepresentation

which unfair trade practice involves a producer suggesting that an insurance policy is like a share of stock

misrepresentation

which type of insurance company allows their policy owners to elect a governing body

mutual

a medicare supplement policy can be cancelled by the insurer for

non paymnt

during the course of a medicare supplement sale, t the agent determines there is an existing policy being replaced. which these actions is T not required o perform

notify replaced insurance companu

who is a mutual insurance company owned by

policyholders

all of these are considered to be a breach of a producer ficiary duty except

submitting premiums electronically

a producer selling medicare supplement policies must provide every applicant

suitability form

during an insurance transaction who does the producer represent

the insurance company

W gave W's age as 50 when W purchased a Life policy. At the time of W's death seven years later, the company discovered W's true age at issue had been 59. What would the normal procedure be under the misstatement of age provision in regard to the payment of the death claim?

the policy proceeds would be reduced based on whatever the premium would have been purchased at 59

an example of an unfair claims settlement practice is

turning down a claim without proving the basis of denial

the waiting period for a pre-existing condition under a medicare supplement policy may not go beyond

6 months

the max time period tht pre-existing conditions can be exluded in a long term care policy is

6 motnhs

coverage for inpatient drug and alcohol treament must be included with each health insurance policy for at least ______ days per year

60

a life policy loan in dc cannot charge a fixed rate of interest higher than

8

When is a Group Health policy required to provide coverage for a newborn child?

@ moment of birth

why would the commissioner examine the records of an insurance company

determine the company's solvency

The act of an insurance company publishing misleading information about its policy's provisions is called

false advertising

which of the following is not a valid reason for the suspension of a producer license

filing bankruptcy

who issues medicare supplement polcies

insurance companies

during the course of an insurance transaction the producer represents

insurer

Who pays for expenses incurred by the board subsequent to suspicion of finding a misbranded or adulterated drug?

insurer being examined

A license may be denied, suspended, or revoked if the licensee

is found guilty of misrepresentation

a hearing must be held before. producers license can be suspended or revoked. prior to hearing the commissioner is required to

give written notice to the producer

a stock insurance company

is owned exclusively by its SH

conniving a prospective insured to buy an insurance policy based on exaggerations is called

isrepresentaton

within ____ days after policy delivery, a medicare supplement policy can be returned for 100% premium refudn

30 days

a ___ ___ is the signed document that starts the free-look period

delivery reciept

in dc an insurer licensed to conduct business in dc but domiciled in New Jersey is called an

foreign company

Which requirement must be met by a group that seeks group health insurance

formed for a different purpose than getting insurnace

Life and Health Insurance Guaranty Association

funded by admitted insurance companies through assessments

in order to terminate a producers appoint the insurer must

send notice of the termination to the commisioner

In dc quartile paid premium health insurance policies have a ___ grace period

31 days

how long must all health plans initially provide coverage on a newborn children

31 days

when an employee is terminated, how long does this employee have to convert to group life coverage to an individual plan

31 days

the life and health insurance guaranty association is

funded by insurance companies through asssements

defamation occurs when a producer makes a false statement intended to

malign another insurer

defamation occurs when a producer makes false statement intended to

malign another insurer

which of the following permits an insurance company to transact business in dc

certificate of authority

an example of unfair discrimination is

charging different premiums for insured in same risk class

what does DC guaranty association provide

claim payments of admitted insolvent insurance comapnies

Michel the insurance producer act in fiduciary capacity when conducting business with all of these principles except

commisioner

a foreign insurance company doing business in DC

company formed under laws of another state

an example of rebating would be

offering a client something of value not stated in the contract in exchange for their business

an example of unfair discrimination would be

offering different terms of coverage for different policyowners having the same risk classification

if a medicare supplement policy involves replacement , it must be verified on a question located

on the application

When a Medicare supplement policy is delivered, disclosure standards require that a ____ of coverage be provided to the insured

outline

XYZ corp was issued group health policy for its employees. under this plan a

policy is issued to company certificate to employyee

a person who places insurance on behalf of anyone seeking insurance is required to be licensed as a

producer

group life policies in dc are required to contain a conversion privilege that allows for conversion

to an individual policy for a stated period of time

t is an employee covered under a group life policy. if T's employment is terminated , the conversion privilege gives T the right to convert to

to an individual policy upon employment termination

a producer is engaging in ____ if he misrepresents a policy to induce ta policy owner to surrenderr and existing policy

twisitnf

J is a producer who has induced an insured through misrepresentation to surrender an existing insurance policy- what is J guilty of

twisting

________ is act of replacing existing life insurance with a. new life policy based upon misrepresenttion

twisting

j is a producer who has induced an insured through misrepresentation to surrender an existing insurance policy. what is J guilty of

twisting

what is one of the roles of the commisioner

what is one of the roles of the commissioner

coverage for credit insurance begins

when the debtor becomes obligated to the creditor

which of these is a requirement for obtaining a resident insurance producer license in this state

complete a relicensing examination

an insurance company must use its true ______ name in its advertising

corporate

which of these statements is NOT true regarding health coverage for a newborn

coverage is limited to only congenital defects

insurance issued on a debtor to cover outstanding balances on installment loans is called

credit life

a brochure including an untrue statement regarding a competitors ability to pay claims is an example of

defamation

a brochure including an untrue statement regarding a competitors ability to pay class is an example of

defamtion

an example of rebating would be

returning a portion of premium as inducement to purchase insurance

an individual who has a contract with an insurance company to represent it is called a

producer

which of the following is a requirement to attain a nonresident producer license

producers state of residence must have reciprocity with the DC

An example of false advertising would be *Paid testimonials from celebrity endorsements *An insurer exaggerating its dividends in a magazine advertisement *An agent spending more than $25 on marketing gifts for a client *An insurer advertising in an insurance trade journal

exaggerating dividends on a magazine

in dc a longterm care policy must be ____ renewable

guaranteed


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