Timed Exam Simulator

In Pennsylvania, the Time Limit on Certain Defenses provision provides that no misstatements (EXCEPT fraud) made by the applicant on a health insurance application can be used to void the policy or deny coverage after the expiration of

3 Years

In Pennsylvania, accident and health plans are required to provide mammograms for women starting at age

40

The Medicare Supplement open enrollment period is the

6 month period that begins with the month in which enrollment in Part B Medicare occurred, typically at age 65

An example of rebating would be

A producer who shares commissions with a client

Health insurance advertisements that mention statistical information are required by Pennsylvania law to

Accurately convey all pertinent facts

For Pennsylvania Insurance Code violations, the Commissioner may assess a(n)

Administrative Penalty

What is the difference between a Long-Term Care Partnership Plan and a Non-Partnership Plan?

Asset Protection

A domestic insurance company in Pennsylvania MUST

Be formed under Pennsylvania insurance laws

In Pennsylvania, which of the following is NOT something a licensee must do to renew their insurance license?

Confirm previous exam scores

Proceeds of a viatical settlement contract could be subject to the claims of

Creditors

One role of the Commissioner is to

Enforce state insurance laws

When collecting insurance premiums from a client, a producer MUST

Forward premiums to the insurer on a timely basis

For licensing purposes, if an applicant has a home or office location in the state of Pennsylvania, this would be consistent with which of the following?

Home State

When an applicant for a producer's license has a principal place of residence or business location in Pennsylvania, for licensing purposes the State of Pennsylvania is known as the

Home State

When a producer offers something of value in return for the purchase of an insurance policy, which prohibited sales practice has been committed?

Inducement

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

Insurer

Commissions may be shared by

Licensed and appointed Producers

Viatical settlement brokers are permitted to do all of the following EXCEPT

Make the first transaction up to 30 days before approved for a license

During the first two years a life insurance policy is in force, the insurer may contest a policy for all of the following reasons EXCEPT

Misstatement of age in the application

Carole is a licensed agent who lives in Ohio and transacts insurance in Pennsylvania. In Pennsylvania, Carole is considered to be a(n)

Nonresident Producer

Which of the following is NOT an Unfair Claim Settlement Practice?

Providing claim payments to insureds according to the policy's coverage guidelines

In Pennsylvania, an insurer may backdate policy issue not more than how many months from the date of a life insurance application?

Six months

A life insurance illustration showing future premiums being paid out of nonguaranteed values must disclose that

The policyowner may need to resume premium payments depending on actual results

The act of using misrepresentation to induce an insured person to terminate an existing policy and purchase a new policy is referred to as

Twisting

Pennsylvania law requires that an insurer must notify the Commissioner of a producer appointment termination

Within 30 days of termination

An example of an Unfair Claim Settlement Practice is

failing to provide a reasonable basis for the denial of a claim upon request

A producer's license may only be suspended or revoked if the producer

has been afforded a right to a hearing

Sharing 50% of a producer's commission with the insured is an example of

illegal inducement

A producer's fiduciary duty requires that

premiums are forwarded to the insurer on a timely basis

The Pennsylvania Life and Health Guaranty Association protects life insurance death benefit claims up to

$300,000

In Pennsylvania, a Specified disease accident and health plan must provide a minimum benefit in the amount of

$5,000

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

Once the insurance company receives a notice of claim, they have ___ days to send the claim form.

15

A life insurance policy becomes incontestable after it has been in force for

2 Years