Life and Health 8
What is the civil penalty for violating a cease and desist order of the commissioner?
$10,000
An insured pays a monthly premium of $100 for her health insurance. What would be the duration of the grace period under her policy?
10 days
How long is the right to examine period of new individual annuities issued in this state?
10 days
In the event a policy lapses due to nonpayment of premium, within how many days would the policy be automatically reinstated once the outstanding premium is paid?
45 days
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
A licensed producer moving to Pennsylvania may become licensed as a resident if the producer submits a completed application within how many days of establishing residence in Pennsylvania with proof of licensing from their prior home state?
90 days
In long term care policies the term "chronically ill" means an individual who is unable to perform at least 2 activities of daily living for at least
90 days
Which of the following is not true of Disability Buy-Sell Coverage?
Benefits are considered taxable income of the business
Which of the following provisions must be included on the first page of a Medicare supplement policy, which states the insurer's rights to change premium amounts?
Continuation provision
Which benefits would a disability plan most likely pay?
Income lost by the insured's inability to work
During partial withdrawal from a universal life policy, which portion will be taxed?
Interest
All of the following are true regarding a decreasing term policy EXCEPT
The payable premium amount steadily declines throughout the duration of the contract
Which of the following is NOT a goal of risk retention?
To minimize the insured's level of liability in the event of loss
A health insurance policy may cover all of the following risks EXCEPT
War-related injuries
A policy will pay the death benefit if the insured dies during the 20 year premium paying period, and nothing if the death occurs after the 20 year period. What type of policy is this?
level term
To be eligible under HIPPA regulations, for how long should an individual converting to an individual health plan have been covered under the previous group plan?
18 months
HIPPA applies to groups of
2 or more
A policyowner has sold his life insurance policy to a viatical settlement provider, how long does the provider have to inform the policy owner's insurer that his life policy has been vindicated?
20 days
Licensees must make a report of any action taken against them in another jurisdiction or by another government agency in Pennsylvania within how many days of the final disposition of the matter?
30
All of the following are characteristics of group life insurance EXCEPT
Premiums are determined by age, sex, and occupation of each individual certificate holder.
The Federal Fair Credit Reporting Act
Regulates consumer reports
An individual was just caught acting as an exclusive general agent-even though he is not properly licensed. Assuming that this occurred in a single day, what is the maximum penalty he faces?
A third degree misdemeanor and a $1000
The Omnibus Budget Reconciliation Act of 1990 requires that large group health plans must provide primary coverage for disabled induvials under
Age of 65 and still working
