Numbers of the exam
Agents, subagents, and counselors are required to maintain records of all insurance transactions for what time period?
5 years
How often must the Commissioner of Insurance examine health maintenance organizations (HMOs) authorized to do business in this state?
every 3 years
In this state, what is the maximum fine for transacting insurance without a license?
$1,000
the violation of a cease and desist order may result in a fine of
$10,000
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?
$10,000, no tax consequence
Under the common accident provision, how many deductibles would be paid if five family members covered under the same major medical policy are in an accident?
1
For how long are insurers required to maintain records pertaining to life insurance solicitation?
3 years
To qualify for small group health insurance, an employer must have what maximum number of employess?
50
In order to maintain coverage under COBRA, how soon from termination of employment must an employee exercise extension of benefits?
60 days
Once an individual is licensed as an insurance producer for life or accident and health insurance, how many hours of training must the producer complete initially to sell long-term care insurance partnership policy?
8 years
How often will the Commissioner examine domestic insurers?
at least once every 5 years
An individual life policy purchased a $100,000 Joint life policy on himself & his wife. Eight years later, he died in an automobile accident. How much will his wife receive from the policy?
$100,000
An employee insured under a group health plan has been paying $25 monthly premium for his group health coverage. The employer has been contributing $75, for the total monthly cost of $100. If the employee leaves the company, what would be his maximum monthly premium for COBRA coverage?
$102
What is the maximum penalty for habitual willful noncompliance with the Fair Credit Reporting Act?
$2,500
An insured covered under 2 group health plans - under his own and his spouse's. He had suffered a loss of $2,000. After the insured paid the total of $500 in deductibles and coinsurance, the primary insurer covered $1,500 of medical expenses. What amount, if any, would be paid by the secondary insurer?
$500
What percentage of individually-owned income disability income benefits is taxable?
0%
An insurer must supply claims forms to the insured within how many days of a notice of claim?
10 days
How soon from the reinstatement of a health insurance policy would a loss be covered?
10 days
In replacement, an existing insurer must provide policyowners with a policy summary for existing insurance within how many days of receiving written communication & replacement?
10 days
S is a sole business proprietor who owns a medical expense plan. What percentage of the cost of the plan may he deduct?
100%
How many consecutive months of coverage (other than in an acute care unit of a hospital) must LTC insurance provide in this state?
12
A client has a new individual disability income policy with a 20-day probationary period and a 30-day elimination period. Ten days later, the client breaks their leg and is off work for 45 days. How many days of disability benefits will the policy pay?
15 days
What is the maximum period of time a temporary license can be in force?
15 months
Which of the following disability income policies would have the highest premium?
15-day waiting period / 10-year benefit period
The relation of earnings to insurance provision allows the insurance company to limit the insured's benefits to his/her avg income over the last
24 months
An insured has Medicare Part D coverage. Upon reaching the initial benefit limit, what percentage of the prescription drug cost is the insured responsible for paying?
25%
An insured recently discovered that the interest rate on his policy loan once again increased. Which of the following is the shortest amount of time that could have passed since the last change in the insured's interest rate?
3 months
When a policy is replaced, replacing insurers must maintain a replacement register that policy for
3 years
When a policy is replaced, replacing insurers must maintain replacement register regarding that policy until the conclusion of the next regular examination by the Insurance Department or for
3 years
All accident and health insurance policies issued in this state must include a grace period of at least
30 days
An insurance agent has received a request from the Commissioner. Within how many days must the hearing be?
30 days
How long is the free-look period on a medicare supplement policy?
30 days
How long is the free-look policy on a Medicare supplement policy?
30 days
A group accident and sickness policies in GA have a grace period of
31 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
In the event that 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
In order qualify for conversion from a group life policy that has been terminated to an individual policy of the same coverage, a person must have been insured under the group plan for how many years?
5
In order to qualify for conversion from a group life policy that has been terminated to an individual policy of the same coverage, a person must have been insured under the group plan for how many years?
5
If an insured's cognitive impairment results in the lapse of a long-term care policy, how long from the policy lapse may the insured request reinstatement?
5 months
Once the person meets the stringent requirements for disability benefits, how long is the waiting period under Social Security before any benefits will be paid?
5 months
The inflation protection feature in long-term care policies issued in the state must provide protection for the inflation at percent annually?
5%
The minimum number of credits required for partially insured status for Social Security disability benefit is
6 credits
To attain currently insured status under Social Security, a worker must have earned at least how many credits during the last 13 quarters?
6 credits
How long is an open enrollment period for Medicare supplement policies?
6 months
What is the waiting period on a Waiver of Premium rider in life insurance policies?
6 months
A paid-up nonforfeiture benefit will become effective as specified in the policy, unless the person elects another option within how many days after the due date of the premium in default?
60
A paid-up nonforfeiture benefit will become effective as specified in the policy, unless the person entitled elects another available option within how many days after the due date of the premium in default?
60
How long is the waiting period after the application has been accepted before flood coverage goes into effect?
90 days
Most policies will pay the accidental death benefits as long as the death is caused by the accident and occurs within
90 days
