Insurance number content
Provided that it is a first offense, what is the maximum penalty for failing to respond to a subpoena? $100 $10,000 $5,000 $500
5000
What is the fine for violating the Commissioner's cease and desist order? $20,000 $1,000 $5,000 $10,000
5000
An employee quits her job where she has a balance of $10,000 in her qualified plan. If she decides to do a direct transfer from her plan to a Traditional IRA, how much will be transferred from one plan administrator to another and what is the tax consequence of a direct transfer? $8,000, no tax consequence $8,000, tax on growth only $10,000, tax on growth only $10,000, no tax consequence
$10,000, no tax consequence
An insurance producer refused to comply with a subpoena. What would be the producer's penalty for this violation? A fine up to $5,000 A fine and an imprisonment A fine up to $10,000 Imprisonment up to 6 months
a fine of up to 5000
In all health care plans under the Affordable Care Act (ACA), how many essential benefit categories are there? 5 10 12 15
10
Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? 3 days 5 days 10 days 14 days
3 days
If a person is disabled at age 27 and meets Social Security's definition of total disability, how many work credits must he/she have earned to receive benefits? 20 credits 6 credits 40 credits 12 credits
12 credits
Ray has an individual major medical policy that requires a coinsurance payment. Ray very rarely visits his physician and would prefer to pay the lowest premium possible. Which coinsurance arrangement would be best for Ray? 50/50 75/25 80/20 90/10
50/50
A licensee violates an insurance regulation. A hearing is held, and the person is found guilty. If this is the person's first offense, the penalty is no more than $3,000. $5,000. $1,000. $1,500.
5000
A licensee violates an insurance regulation. A hearing is held, and the person is found guilty. If this is the person's first offense, the penalty is no more than $5,000. $1,000. $1,500. $3,000.
5000
What is the waiting period on a Waiver of Premium rider in life insurance policies? 30 days 3 months 5 months 6 months
6 months
A producer was found guilty of a 3rd violation of the Insurance Code. What would be the monetary penalty he will have to pay? $15,000 $25,000 $5,000 $10,000
10,000
An individual purchased a $100,000 Joint Life policy on himself and his wife. Eight years later, he died in an automobile accident. How much will his wife receive from the policy? Nothing $50,000 $100,000 $200,000
100,000
If an applicant's license has lapsed within the past year, the applicant may apply for late renewal of the license within the maximum of how many months of expiration? 3 months 6 months 9 months 12 months
12 months
Under SIMPLE plans, participating employees may defer up to a specified amount each year, and the employer then makes a matching contribution up to an amount equal to what percent of the employee's annual wages? 10 3 5 7
3
A producer received a group master policy and certificates for delivery to the insured. Within how many days must the policy and certificates be delivered? 5 calendar days 10 business days 10 calendar days 5 business days
10 calendar days
The Commissioner believes that a licensee has violated an insurance regulation and decides to conduct a hearing. How long of a notice must the Commissioner provide the licensee? 14 days 20 days 31 days 10 days
10 days
Individuals who itemize deductions can claim deductions for medical expenses not covered by health insurance that exceed what percent of their adjusted gross income? 5% 7% 10% 15%
10%
Within how many days must a producer report claims to the insurer? 3 business days 5 calendar days 5 business days 3 calendar days
5 business days
If a consumer requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply? 5 days 7 days 10 days 3 days
5 days
In cases where a producer's license has been revoked, the producer must wait for how long before applying for reinstatement? 3 years 5 years 10 years Once a license has been revoked, it cannot be reinstated in this state.
5 years
What is a penalty tax for nonqualified distributions from a medical savings account? 8% 10% 16% 20%
20%
How soon following the occurrence of a covered loss must an insured submit written proof of such loss to the insurance company? As soon as possible Within 20 days Within 60 days Within 90 days or as soon as reasonably possible, but not to exceed 1 year
90 days
Under the uniform required provisions, proof of loss under a health insurance policy normally should be filed within 60 days of a loss. 90 days of a loss. 20 days of a loss. 30 days of a loss.
90 days of a loss.
If an insurer cancels an agency contract, it must notify the Commissioner in writing within how many days? 10 15 20 30
15
A producer or insurer who violates the solicitation regulations can be ordered to pay a fine for each violation of up to $5,000. $1,000. $2,000. $3,000.
2000
Licensees must file with the Department a branch office registration form within how many days before business is first conducted there? 10 15 20 30
30
How long is the free-look period with a Medicare supplement policy? 10 days 15 days 20 days 30 days
30 days
An insured has a primary group health plan and an excess plan, each covering losses up to $10,000. The insured suffered a loss of $15,000. Disregarding any copayments or deductibles, how much will the excess plan pay? $10,000 $7,500 $5,000 $0
5000
A Medicare supplement contract cannot define a "pre-existing condition" more restrictively than a condition for which medical advice was given or treatment recommended within how many months of the effective date of coverage? 6 9 12 24
6
In a 12-month period, how many home health care visits must a health insurance policy provide for? 60 90 120 30
60
After its issuance, the temporary work authority expires after how many days? 10 days 30 days 45 days 60 days
60 days
According to the PPACA rules, what percentage of health care costs will be covered under a bronze plan? 10% 30% 40% 60%
60%
Most policies will pay the accidental death benefits as long as the death is caused by the accident and occurs within 30 days. 60 days. 90 days. 120 days.
90 days
