Missed Insurance Questions

When a producer is replacing an existing life insurance policy, the producer must take all of the following actions EXCEPT

Obtain the beneficiary's signature

The gatekeeper's role when used by an HMO is

Obtaining referrals to specialists from primary care physicians

The difference between pre-certification and concurrent review is that pre-certification

Occurs before the treatment is provided

A long term care policy typically provides all of the following levels of care EXCEPT

Acute care

A long-term care policy typically provides all of the following levels of care EXCEPT

Acute care

People with higher loss exposure have the tendency to purchase insurance more often than those at average risk. This is called

Adverse selection

How does life insurance create an immediate estate?

After first premium is paid, the face amount may be available to the beneficiary

An insurer formed according to the legal requirements of another country is considered a(n)

Alien insurer

The waiver of premium does NOT include which provision?

All future premiums are waived if the insured recovers from the disability

Which of the following is INELIGIBLE to participate in a Section 125 Plan?

An S-Corp Owner with a greater than 2% share

An individual most likely will have an insurable interest in insuring a person's life if

An economic interest exists for the continuance of the insured's life

The factor used most often when underwriting a disability income policy is

Annual earnings

Which of these is NOT considered to be a purpose of an annuity?

Annuities are intended to create an estate

Which of the following is considered to be the period when the accumulated value in an annuity is paid out?

Annuitization phase

The difference between a Long Term Care Partnership Plan and a Non-Partnership Plan is which of the following?

Asset protection

A type of group that has a constitution and bylaws and has been organized for purposes other than obtaining insurance is called a(n)

Association or labor group

A Renewable Term Life insurance policy can be renewed

At a predetermined date or age, regardless of the insured's health

The purpose of the Coordination of Benefits provision in group accident and health plans is to

Avoid overpayment of claims

An insured has a health plan that pays established amounts in accordance with a list of injuries, surgical procedures, or other losses. This list is called a

Benefit schedule

XYZ Corp pays the tax-deductible insurance premiums for a key employee disability policy. Which of the following would be the appropriate tax consequence?

Benefits are fully taxable

With a scheduled dental policy, how are covered expenses paid?

Benefits are limited to a specific maximum dollar amount per procedure

An accident and health insurer has just received written proof of loss from one of its insureds. The insured must now wait 60 days before

Bringing legal action against the insurer

Which of the following is required for an insurer to conduct business in this state?

Certificate of Authority

Which of the following is NOT part of an insurance contract?

Certificate of authority

The coverage, conditions, and limitations in the master policy of a group contract can be found in which document?

Certificate of coverage and benefits

All of the following are included as part of a contract in the entire contract provision EXCEPT the

Changes made by the producer

All of the following are elements of an insurance policy EXCEPT

Claim forms

Long-term care insurance provides

One or more diagnostic, preventive, therapeutic, rehabilitative, maintenance, or personal care services in a setting other than an acute care unit of a hospital

A clause that allows an insurer the right to terminate coverage at any anniversary date is called a(n)

Optional renewability clause

Pat is insured with a life insurance policy and Karen is his primary beneficiary. They are both involved in an automobile accident where Pat dies instantly and Karen dies 5 days later. Which policy provision will protect the rights of the contingent beneficiary to receive the policy benefits?

Common disaster clause

Richard owns an insurance policy that is renewable only at the option of the insurance company. His policy is considered to be

Optionally renewable

Medicare provides coverage for each of the following EXCEPT

Custodial care

Which of these is NOT subject to income taxation under a Modified Endowment Contract (MEC)?

Death benefit

All of the following are core benefits of Medicare Supplement Plan A EXCEPT

Deductible payments for the first 60 days of hospitalization under Medicare hospitalization insurance

All of the following are examples of a Business Continuation Plan EXCEPT

Deferred compensation

Rob has a benefit at work which enables him to defer his current receipt of income and have it paid at a later date, when he will probably be in a lower tax bracket. Which benefit fits this description?

Deferred compensation option

Which entity is responsible for regulating continuing education requirements in South Carolina?

Department of Insurance

In group health care, what is the purpose of the coordination of benefits provision?

Determines what is paid by the primary and secondary insurers in the event of a claim

All of these are typically sources of underwriting information for life or health insurance EXCEPT

Disclosure authorization response

A pharmacy benefit covers prescription drugs derived from a list called a(n)

Drug formulary

Which of the following is NOT a federal requirement of a qualified plan?

Employee must be able to make unlimited contributions

One role of the director is to

Enforce state insurance laws

All of the following are qualifications for establishing a health savings account (HSA) EXCEPT

Enrolled in a health plan with a prescription drug benefit

What is the name of the provision which states that a copy of the application must be attached to the policy when issued?

Entire contract

Level premium permanent insurance accumulates a reserve that will eventually

Equal the face amount of the policy

Peter has a policy where 80% to 90% of the premium is invested in traditional fixed income securities and the remainder of the premium is invested in contracts tied to a stipulated stock index. What kind of policy is this?

Equity index whole life

Which of the following is NOT a duty of the director?

Establish rates for the insurers

Under a non-qualified annuity, interest is taxed after the

Exclusion ratio has been calculated

One of the most important considerations when replacing health insurance would be the

Exclusions on a new policy

XYZ company has applied for group health insurance for its employees. What information would the insurer's underwriters likely use to determine the appropriate coverage and final premium rate given to the group?

Experience rating

All of these are settlement options for life insurance policies EXCEPT

Extended term

After an insured gives notice of loss, what must he/she do if the insurer does not furnish forms?

File written proof of loss

Elizabeth is the beneficiary of a life insurance policy. She is receiving the death benefit in payments of $10,000 per month until the principal and interest has been paid out. Which option was chosen?

Fixed amount

All of these are characteristics of a universal life insurance policy EXCEPT

Fixed surrender value

Which of these annuities require premium payments that vary from year to year?

Flexible premium deferred annuity

Premium mode is a term used to describe the

Frequency of the premium payment

How is medicare Part B funded?

General tax revenue and user premiums

An HMO that involves a partnership of physicians and other providers who practice out of a central facility is called a(n)

Group HMO

Tom has a rider on his disability income policy that guarantees the right to increase his benefits without a medical exam. What kind of rider is this?

Guaranteed insurability rider

A health insurance policy that allows an insurer to change the policyowner's premiums, but NOT cancel the policy is called a(n)

Guaranteed renewable policy

All of the following plans allow for employee contributions to be taken on a pre-tax basis EXCEPT

Health Reimbursement Arrangement Plan

Which of the following is NOT included under a health benefit plan?

Hospital indemnity plan

Which approach predicts a person's earning potential and determines how much of that amount would be devoted to dependents?

Human life value approach

When does a healthy policy's coverage for a newborn child begin?

Immediately

Simon has purchased a fixed immediate annuity. His payment amount will be dependent upon principal, interest, and the contract's

Income period

Which of these is considered a major tax advantage of life insurance?

Income tax is typically not owed on proceeds paid directly to a beneficiary

Which of the following protects a policyowner from a misrepresentation caused by an innocent mistake?

Incontestable clause

The conversion privilege under a group life plan allows an employee to convert to a(n)

Individual plan upon employment termination

All of the following are characteristics of a Group Life Insurance Plan EXCEPT

Individual underwriting

Who is responsible for assembling the policy forms for insureds?

Insurance carriers

The Do Not Call Registry offers exemptions for calls placed from all of the following EXCEPT

Insurance sales calls

Which settlement option involves having the proceeds remain with the insurer and earnings paid on a monthly basis to the beneficiary?

Interest only

A policyowner is prohibited from making any changes to the policy without the beneficiary's written consent under which beneficiary designation?

Irrevocable beneficiary

Which of the following would disqualify a company's retirement plan from receiving favorable tax treatment?

It is temporary

A Medicare Supplement policy issued in the state of South Carolina is required to provide each of the following EXCEPT

It must include outpatient prescription drug coverage

What kind of life insurance policy covers two or more people with the death benefit payable upon the last person's death?

Last Survivor Life Insurance

The authority granted to a licensed producer is provided via the

Law of Agency

The time limit for filing claim disputes is addressed in which provision of an accident and health policy?

Legal actions

When a decreasing term policy is purchased, it contains a decreasing death benefit and

Level premiums

Which settlement option pays a stated amount to an annuitant, but no residual value to a beneficiary?

Life income

Which of these is NOT considered to be a common life insurance nonforfeiture option?

Life income annuity

A limited payment whole life policy provides

Lifetime protection

A dread disease policy is considered to be a type of

Limited health insurance policy

Low frequency diseases can be exclusively covered by what kind of health insurance policies?

Limited policies

All ___ policies must be guaranteed renewable

Long-term care

The premium for a modified whole life policy is

Lower than the typical whole life policy during the first few years and then higher than typical for the remainder

Which of the following is considered to be a point of service (POS) plan?

Managed care plan

The reinstatement provision in a health insurance policy is

Mandatory

An employer is issued a group medical insurance policy. This single contract is known as a(n)

Master policy

A Medicare Supplement policy can be rescinded by the insurer for

Material misrepresentation

In contrast to a guaranteed renewable policy, a noncancellable policy

May never raise premiums

The purpose of Medicare Supplement Insurance is to address gaps in medicare coverage, which can include

Medicare in-hospital deductible

Which type of plan would be most appropriate for an individual on Medicare and is concerned that Medicare will NOT pay for changes exceeding the approved amount?

Medicare supplement Plan F

Group health plans may deny participation based upon the

Member's part-time employment status

The suicide clause of a life insurance policy states that if an insured commites suicide within a stated period from the policy's inception, the insurer will only be liable for a return of premiums paid

Minus indebtedness and without interest

What would be an expense factor in an insurance program?

Mortality costs

Which of the following is a legal entity created for the sole purpose of providing affordable group health coverage to its participants?

Multiple Employer Welfare Arrangement (MEWA)

All of the following are typically included in a life insurance policy illustration EXCEPT

Names of the beneficiaries

All of these are considered sources of information that can assist an underwriter in determining whether or not to accept a risk EXCEPT

National Association of Insurance Underwriters

What is the tax liability for employer contributions in Health Savings Account (HSA's)?

No tax payment needed

A provision in a whole life policy that allows a policyowner to terminate the policy in return for a reduced paid-up policy of the same typed is called a(n)

Nonforfeiture provision

A nonparticipating policy will

Not pay dividends

How are premiums paid by the insured for personally owned disability income insurance treated for tax purposes?

Not tax deductible

Which of these statements regarding the annuitant is CORRECT?

The annuitant's life expectancy determines the annuity payments

Which if these is NOT a characteristic of the Accelerated Death Benefit option?

The benefit can be offered as a rider at a specific extra cost or may be at no cost

Converting a group plan to permanent life insurance requires

The conversion being applied for within 31 days of termination

What does the word "level" in Level Term describe?

The face amount

When calculating the amount of life insurance needed for an income earner, what has to be determined when using the Needs Approach?

The family's financial objectives if the income earner were to die or become disabled

What is the corridor in relation to a Universal Life insurance policy?

The gap between the total death benefit and the policy's cash value

If the beneficiary dies from the same accident as the insured individual, the insurer will proceed as if

The insured outlived the beneficiary

Who assumes the investment risk with a fixed annuity contract?

The insurer

Pat owns a 20-pay life policy with a paid-up dividend option. Which if the following statements is true?

The policy may be paid up early by using policy dividends

Which of the following does a life insurance policy summary normally include?

The policy's cash value

If the annuitant dies before the annuity start date,

The premiums paid plus interest earned will be given to the benficiary

Who were Keogh plans designed to provide pension benefits for?

The self-employed

The elimination period under a hospital indemnity plan is

The specified number of days an insured must wait before becoming eligible to receive benefits for each hospitalization

Legal purpose is a term used in contract law meaning

There must be legal reasons for entering into the contract

A disability elimination period is best described as a

Time deductible

What is the elimination period of an individual disability policy?

Time period a disabled person must wait before benefits are paid

A securities license is required for a life insurance producer to sell

Variable life insurance

A policy owner can receive a percentage payment of the death benefits prior to death by using what kind of contract?

Viatical settlement agreement

A policyowner can receive an immediate payment before the insured dies by using a(n)

Viatical settlement contract

All of the following riders can increase the death benefit amount EXCEPT

Waiver of premium

All of these statements concerning whole life insurance are false EXCEPT

When a whole life policy is surrendered, income taxes may be owed

When does a life insurance policy typically become effective?

When initial premium is collected and policy is issued

When are group disability benefits considered to be tax-free to the insured?

When the recipient pays the premiums

When must a claim on a life insurance policy be paid after proof of loss has been received by the insurer?

Within 30 days

A producer's license has been suspended for non-renewal. The producer may apply for reinstatement

Within 6 months of the license renewal date

Group dental plans will frequently place a limit on annual benefits in order to minimize

adverse selection

An error was made on Mary's life insurance application. Which of the following areas do errors commonly occur on applications and for which the incontestable clause does NOT apply?

age

An insurer formed according to the legal requirements of another country is considered a(n)

alien insurer

Fixed period settlement options are considered to be a form of a(n)

annuity

The deeds and actions of a producer indicate what kind of authority?

apparent

The type of policy where the insurer can send a notice to the insured that the policy has been canceled in the middle of the terms is called

cancelable

An indemnity plan limitation that will pay the dental bills after a small amount is paid by the insured is called

coinsurance

In what part of an insurance policy are policy benefits found?

declarations

Twisting is best defined as

using misrepresentation to induce an insured person to terminate an existing policy and purchase a new policy

Which of these would limit a company's liability to provide insurance coverage?

exclusion

A Fraternal Benefit Society has each of the following characteristics EXCEPT

exists for profit

Violations of Us Code Title 18 section 1033, may result in

fine and/or imprisonment

Which of these will typically authorize treatment from a specialist?

gatekeeper

Which of these is NOT subject to false advertising regulations?

gifts

A master contract and certificate of coverage can be found in which type of policy?

group

Long-term care insurance applications must contain plain and unambiguous health questions. The exception to this rule would be applications for

guaranteed issue

Which of the following is considered to be an event or condition that increases the probability of an insured's loss?

hazard

The identity of the ___ must be made clear in every health insurance advertisement.

insurer

Who is required to notify the producer in the event of appointment termination?

insurer

Sharon is the policyowner of a $50,000 life insurance policy. Her son, Mike, is the beneficiary. If Sharon MUST obtain Mike's signature in order to change the beneficiary, what kind of beneficiary designation is this?

irrevocable

A Medicare Supplement policy issued in the state of South Carolina is required to provide each of the following EXCEPT

it must include outpatient prescription drug coverage

A life insurance policy written on one contract for two people in which it is payable upon the first death is called

joint

Defamation occurs when a producer makes a false statement intended to

malign another insurer

When must a claim on a life insurance policy be paid after proof of loss has been received by the insurer?

within 30 days

A producer's license has been suspended for non-renewal. The producer may apply for reinstatement

within six months of the license renewal date

A producer who is licensed in South Carolina but resident in another state is called a

non-resident producer

Disability Income plans which require that the insurer can NEVER change or altar premium rates are usually considered

noncancellable

What is the required action to be taken by a South Carolina licensee before operating under an assumed business name?

notify director

Long-term care insurance provides

one or more diagnostic, preventive, therapeutic, rehabilitative, maintenance, or personal care services in a setting other than an acute care unit of a hospital

The___ of Coverage describes a policy features, benefits, exclusions, and riders in a long-term care policy.

outline

During the accumulation period, who can surrender an annuity?

policyowner

In order to conduct insurance transactions in South Carolina, a(n) ___ MUST be appointed.

producer

The branch of dentistry which deals with the replacement of missing parts is called

prosthodontics

What is the purpose of the South Carolina Life and Health Insurance Guaranty Association?

provide policy owner protection if the insurer becomes insolvent

Who is the individual paid on a fee-for-service basis?

provider

An insurance producer agrees to pay the first monthly premium for an insurance applicant. This is called a(n)

rebate

Barry the producer offers Chris his mountain cabin for the weekend to secure his order for his insurance business. This is an example of

rebating

ABC Insurance Company transfers part of their risk to XYZ Insurance Company. This situation is called

reinsurance

What is the automatic continuance of insurance coverage referred to as?

renewal

All of the following actions are considered rebating EXCEPT

sharing commissions with other licensed and appointed producers

Which of the following actions is REQUIRED by a producer who is replacing an existing life insurance policy?

submit to the replacing insurer a list of the policies to be replaced

An individual covered under a Blue Cross Blue Shield plan is called a(n)

subscriber

Long-term care insurance policies sold in South Carolina are NOT required to cover

substance addiction

Distributions from a Health Savings Account (HSA) for a qualified medical expenses are

tax-free

A producer does not have a fiduciary responsibility to

the South Carolina Guaranty Association

Under Affordable Care Act, how would a grandfathered Health Plan lose its grandfathered status?

the insurer significantly raises co-insurance charges, deductibles, or co-payment charges

The monthly benefit for an individual disability income policy is usually limited to a percentage of the insured's income in order to avoid

Over insurance

Chris is an insured bricklayer who severed his left hand in an automobile accident. Although his primary duty cannot be performed, Chris is also a substitute high school teacher. He collects a full disability income check every month. How does his policy define total disability?

Own occupation

Joe is a medicare participant who receives his benefits through a Managed Health Care Plan. Which Medicare Plan does he have?

Part C

Medicare Advantage plans are sometimes called

Part C

A policyowner suffers an injury that renders him incapable of performing one or more important job duties. Any decrease in income resulting from this injury would make him eligible for benefits under which provision?

Partial disability

What kind of life insurance policy issued by a mutual insurer provides a return of divisible surplus?

Participating life insurance policy

According to the Health Insurance Portability and Accountability Act (HIPAA), when can a group health policy renewal be denied?

Participation or contribution rules have been violated

Which type of rider will waive the premium on a child's life insurance policy if the parent paying premium dies?

Payor benefit

Which situation accurately describes a reduced paid-up nonforfeiture option?

Policy has a decreased face amount

Which of these describes the result of a modified endowment contract that failed to meet the seven-pay test?

Pre-death distributions are typically taxable

Under a Modified Endowment COntract, what are the likely tax consequences?

Pre-death distributions will become taxable

Coordination of benefits regulation applies to all of the following plans EXCEPT

Preferred Provider Organization plan

Claims payable to a disability income insured, even when the insured can continue to work, are the result of a

Presumptive disability

In most dental plans, a deductible typically is NOT applied to

Preventative and diagnostic services

All of the following are functions of an insuring clause EXCEPT

Primarily describes the free-look period

Which of the following is NOT a circumstance to which a temporary producer license can be issued?

Prospective agent who is waiting to take the State Licensing examination

What is the primary reason for buying an annuity?

Provide future economic security

An indemnity plan

Provides the insured a specific dollar amount for services

An insurance producer is often responsible for field underwriting during the application process. All of these are possible field underwriting roles EXCEPT

Providing commission information to the applicant

Dana is an employee who deposits a percentage of her income into her individual annuity. Her company also contributes a percentage into a separate company pension plan. What kind of annuity is this considered?

Qualified retirement annuity

What is the primary feature of a viatical settlement?

Reduced death benefit prepayment

A policyowner may exercise which of these dividend options that uses the dividend to pay all or part of the next premium due?

Reduction of premium dividend option

An annuitant dies during the distribution period. What kind of annuity will return to a beneficiary the difference between the annuity value and the income payments already made?

Refund annuity

Kurt is an active duty serviceman who was recently killed in an accident while home on leave. Which military service exclusion clause would pay upon his death?

Results clause

Kiara filled out a life insurance application and was given a policy illustration that showed future premiums being paid out of non-guaranteed values. This illustration must disclose that

She may need to resume premium payments, depending on actual results

Generally speaking, which three levels of care are Long-Term Care policies provided with?

Skilled nursing, intermediate, and custodial care

Generally speaking, which three levels of care are Long-term Care policies provided with?

Skilled nursing, intermediate, and custodial care

In an insurance contract, the applicant's "consideration" is the

Statements made in the application and the premium

A nonparticipating company is sometimes called a(n)

Stock insurer

If a producer has broken a state insurance statute, the director may issue a cease and desist order. This order demands that the producer

Stop engaging in the act

Which of these will have the highest monthly payout upon annuitization?

Straight life

What is medicare Part B also known as?

Supplementary medical insurance

Justin is receiving disability income benefits from a group policy paid for by his employer. How are these benefits treated for tax purposes?

Taxable income

Under the Affordable Care Act, a large employer that does NOT provide health insurance and owes an employer mandate penalty MUST pay an annual penalty, which is calculated by multiplying $2,000 by

the number of full-time employees minus 30

Jonas has disability insurance through his employer. The employer pays 75% of the premium, and Jonas pays the other 25%. What is Jonas's tax liability for any benefits paid from the disability plan?

Taxes must be paid on 75% of the benefits received

Kristi purchases an annuity that will pay her husband an income for 15 years. If he dies, this income will become payable to their children for the remainder of the period. Kristi has what kind of annuity?

Temporary annuity certain

Kristi purchases an annuity that will pay her husband an income for 15 years.if he dies, this income will become payable to their children for the remainder of the period. Kristi has what kind of annuity?

Temporary annuity certain

Within___days after policy delivery, both Medicare Supplement and Long-Term Care policies can be returned for a 100% premium refund.

30

A newborn is required to be covered for ___ days from the moment of birth

31

A newborn is required to be covered for ___days from the moment of birth

31

In South Carolina the grace period for a life insurance policy is___ days.

31

In South Carolina, the grace period for a life insurance policy is ___ days

31

In order for newborn health coverage to remain in effect, the first premium payment is due ___ days after the date of birth

31

In order for newborn health coverage to remain in effect, the first premium payment is due___ days after the date of birth.

31

Greg had recently been terminated from his job that covered him for group life insurance. How long does he have to convert his coverage to an individual policy?

31 days

The standard grace period for a life insurance policy sold in South Carolina is

31 days

Replacement forms MUST be kept on file by the insurer for a MINIMUM of how many years?

5

What is the maximum number of employees a small employer may employ?

50 employees

As of January 1st, 2014, an employer with up to 25 full-time equivalent (FTE's) with average annual wages of less than $50,000 may be eligible for a tax credit of__of the premiums paid by the employer.

50%

A Medicare Supplement policy may exclude coverage for a preexisting condition for up to ___ months from the effective date of coverage

6

An insurer may exclude preexisting conditions on a Medicare Supplement policy for ___ months

6

An insurer may legally defer payment of a cash surrender value for up to

6 months

Within how many days must a Traditional IRA be rolled over to another IRA in order to avoid tax consequences?

60

Within how many days must a rollover be completed in order to avoid being taxed as current income?

60

If a health insurance claim is not promptly paid, legal action may be taken against the insurer after

60 days from the date proof of loss is furnished

What percentage of a participant's income are group long-term disability benefit amounts typically limited to?

60%

In an employer-sponsored contributory group Disability Income plan, the employer pays 60% of the premium and each employee pays 40% of the premium. Any income benefits paid are taxed to the employee at

60% of the benefit

If a new enrollee to a group health plan has had previous creditable coverage for up to ___ days prior to enrollment, the Pre-existing Condition Provision will apply.

63

In South Carolina, health policies that are paid less frequent than monthly must provide a grace period of at least

7 days

A life policy loan in South Carolina cannot charge a fixed rate of interest higher than

8%

How much does Medicare Part B pay for physician fees?

80%

Proof of loss on a health insurance claim must be submitted to an insurer within ___ days after the insured's date of loss

90

Proof of loss on a health insurance claim must be submitted to an insurer within__days after the insured's date of loss.

90

Which of the following BEST describes a conditional insurance contract?

A contract that requires certain conditions or acts by the insured individual

Which of the following is the BEST example of insurance fraud?

A deliberate lie by an insured to the insurer to obtain a lower premium

Upon policy delivery, which of the following must a producer have an applicant sign if no initial premium was collected with the life insurance application?

A good health statement

How soon can the benefit payments begin with a deferred annuity?

A minimum of 12 months after date of purchase

All of these are valid options for an Adjustable Life Policy EXCEPT

A nonforfeiture option can be used to increase the death benefit

Pierre is covered by his employer's group major medical plan. His employer pays for 75% of the premium and he pays for 25%. How much would a $10,000 benefit be taxable as income under this plan?

$0

Ken is a producer who has obtained Consumer Information Reports under false pretenses. Under the Fair Credit Reporting Act, what is the maximum penalty that may be imposed on Ken?

$5,000

Kim has health insurance with a deductible of $500 and an 80/20 coinsurance. How much will she pay if she incurs a loss of $1,500?

$700

If a Medicare Supplement policy replaces another that had been in effect for at least 6 months, the replacing policy May impose which of the following time exclusions for pre-existing conditions?

0 months

The typical long-term care insurance policy is designed to provide a minimum of ___ year(s) of coverage

1

An immediate annuity has been purchased with a single premium. When does the annuitant typically begin receiving benefit payments?

1 month

A policyowner has ___ days after policy delivery to return a major medical policy for a full refund

10

If a health policy is reinstated after it had lapsed for nonpayment, there is a waiting period of ___ days before a claim covering sickness will be covered

10

Within___ days after policy delivery, an individual life insurance policy can be returned for a 100% premium refund.

10

Kathy pays a monthly premium on her health insurance policy. How long is her grace period?

10 days

Medicare Part A does not pay for medical benefits provided for treatment in a skilled nursing facility beyond

100 days

Sole proprietors are permitted tax deductions for health costs paid from their earnings in the amount of

100% of costs

Lorenzo is self employed with an S corporation. He is unmarried and had a net profit for the tax year. What are the tax ramifications of his health insurance premiums paid for the year?

100% of his health insurance costs can be deducted from his gross income

Lorenzo is self-employed with an S corporation. He is unmarried and had a net profit for the tax year. What are the tax ramifications of his health insurance premiums paid for the year?

100% of his health insurance costs can be deducted from his gross income

An insurer must furnish to a claimant forms for filing proof of loss within ___ days upon leaving notice of claim

15

A plan in which an employer pays insurance benefits from a fund derived from the employer's current revenues is called

A self-funded plan

An insurer must send a notice of appointment for a producer within __ days from the date of an executed agency contract or after submitting the first application to the insurer.

15

An eligible employee can be excluded from group health coverage for up to___months if he / she is considered a "late enrollee".

18

A temporary license is valid for a maximum of__days

180

A temporary producer license issued in South Carolina is valid for up to

180 days

How many employees must an employer have for a terminated employee to be eligible for COBRA?

20

Written notice for a health claim must be given to the insurer ___ days after the occurrence of the loss

20

Written notice of a health insurance claim should be given to the insurer within __ days after the occurrence of any loss by the policy

20

An employer may qualify for health care tax credits through SHOP Marketplace if that employer has fewer than how many employees?

25

Which of these is considered to be a Living Benefit option in a life insurance policy?

Accelerated death benefit

South Carolina requires that a licensee completes__hours of continuing education on the subject of ethics every reporting period.

3

Tim's individual life insurance policy has just recently lapsed. His policy may be reinstated at any time within__year(s)

3

Under a disability income policy, which provision would be payable if the cause of an injury is unexpected and accidental?

Accidental bodily injury provision

A life insurance REPLACEMENT transaction gives the policyowner the right to return the policy for a 100% refund within ___ days of policy delivery

30

A producer must report to the director any administrative action or criminal charges taken against the producer within__days.

30

Before holding any hearing, the director must give written notice to the person cited to appear at least __ days before the hearing date.

30

Every producer licensed in South Carolina must notify the Director within ___ days of any change of address

30

Every producer licensed in South Carolina must notify the director within ___ days of any change of address

30

Every producer licensed in South Carolina must notify the director within__days of any change of address.

30

Long-term care insurance and Medicare Supplement plans have a free look of__days.

30

Long-term care insurance and Medicare Supplement plans have a free-look period of ___ days

30