PA Insurance regulations
For a beneficiary to receive accidental death benefits, death of the insured generally must occur within how many days following the accident?
90
how long after a policy's issued date can innocent claims be used to void a policy
2 years
one of the first changes in health care due to ACA was providing dependent coverage until the Childs what number birthday
25th
a complaint record must be kept for at least
3 years
if a life insurance policy lapses for non payment, within how many years can the policy be reinstated
3 years
how long is the grace period for life insurance
30 days
the right to free look provision for a long term care policy is how long
30 days
within how many days must licensees notify the Insurance Department of change of address
30 days
how long is the conversion period
31 days
how long is the enrollment period and when is it
31 days, directly after the probationary period
interest earned and distributions made are tax free if a Roth IRA is maintained for at least how many years?
5 years
at what age can people begin making catch up contributions on retirement plans
50
each unmarried child 18 (19 if in high school) receives a benefit to equal what percentage of the disabled workers PIA
50%
at what age is an individual no longer subject to early withdrawal penalties under an IRA
59 1/2
When an employees coverage terminates under a group health policy the employee has the option to elect continuation within how many days
60 days
after a submitted claim and a proof of loss is submitted, how soon must the company pay the claim
immediately
which of the following is subject to to Pennsylvanias replacement regulations
individual life insurance
an insurance producer must be appointed by
insurance company
how many employees is considered a small employer
less than 25
All of the following are annuity premium factors excep
medical history
who is an authorized insurer
a company authorized to sell insurance in Pennsylvania
the deductible amount for a specified disease coverage cannot be more than
$250
A producer who knowingly violates the state's unfair trade practices law may be fined up to
$5,000 for each violation
In Pennsylvania, a producer's term of licensure is
2 years
an individual life insurance policy must become incontestable after being in place for how many years
2 years
What is the maximum period of time within which an insurance producer can reinstate a lapsed license without having to reapply for the license?
1 year
how long is the free look provision
10 days
All the following exclusions are permitted in a long-term care insurance policy, EXCEPT:
Alzthiemers
An insurance company's license to do business in Pennsylvania is called
a certificate of authority
An insured submits a notice of loss to his insurer, with all additional and necessary information, on January 1. As a general rule according to Pennsylvania law, by what date must the insurer complete its claims investigation?
January 31st
regarding the insurance business which, which of the following is an example of self regulatory body
NAIC
the premium for transferring a risk should be
affordable
which insurers must use the uniform health insurance claim form developed by the Pennsylvania Insurance Department
all insurers
who must sign endorsements, modifications, or any other changes to an insurance contract
an executive officer of the company
the entire contract includes everything EXCEPT
buyers guide
a life insurance policy must give the policy owner at least how many days after delivery of policy to cancel the policy
10 days
a life insurance policy must give the policy owner at least how many days after delivery to cancel the policy
10 days
for an insured to be eligible to receive social security benefits and achieve fully insured status she must have paid into social security for
10 years earning 40 credits
if a group insurance policy is non contributory, what percentage of employees must participate
100%
To be qualified for an insurance producer license in Pennsylvania, an individual applicant must have reached the age of
18
under COBRA the maximum period of coverage for termination o employment or a reduction in hours is
18 months
What is the maximum term of a temporary license that is issued as a result of a licensee's death?
180 days
what is the maximum term of a temporary license when given to after a licensees death
180 days
written notice of claim must be submitted within how many days
20 days
To enroll in an employer's qualified retirement plan, employees must be
21 years old and complete one year of service
how many hours of continuing educations must an insurance producer complete
24
Before applying for the insurance producer licensing examination, an individual must complete a minimum of
24 credit hours of approved prelicensing courses, with at least three of those 24 credit hours on ethics
Unless exempt, insurance producers must complete how many hours of approved continuing education courses during each two-year license period?
24 hours
what is the minimum number of outpatient visits a group health policy must provide each year for covered alcohol treatment services
30
Producers must report any criminal charge to the Commissioner within how many days of the charge?
30 days
The law requires that licensed producers advise the Insurance Department of a change in their residential or business address within how many days of such a change?
30 days
Eligible employees of a contributory or non contributory plan have how many days after the probationary period to sign up for their group insurance
31 day enrollment period
the commissioner of insurance is appointed by the governor for a term of how may years
4 years
you must deny reinstatement claims within how many days
45 days
an insurer can cancel a policy with providing written notice within at least how many days of effective date of cancellation
5 days
to be eligible for social security benefits an individual must be totally disabled for at least how many months
5 months
an insurer can cancel a health insurance policy by delivering written notice to the insured at least how many days before effective date of cancellation
59 days
how long until employees are 100% vested
6 years
A rollover from one IRA to another or from a qualified plan to an IRA must be accomplished within how many days if the owner is to avoid an income tax liability on the amount rolled over?
60 days
within how many days must a rollover IRA be completed to avoid paying taxes
60 days
Prior to the Affordable Care Act, according to HIPPA, a newly hired worker was not subject to a waiting period if she how many days between jobs with no health insurance
63 days
what is the minimum grace period that an individual accident and health insurance policy must include if the premiums are due weekly
7 days
how many days are there in the grace period of weekly, monthly, and annually periods
7, 10, 30
for a beneficiary to receive accidental death benefits, the death of insured must generally occur within how many days following the accident
90 days
All of the following are considered unfair claim practices EXCEPT
A. misrepresenting the amount of coverage payable under the policy B. insisting on investigating a claim based on an uncertain cause of loss C. attempting to settle a claim for less than the contract provides D. failing to act promptly on communications regarding claims
Which of the following could be paid an insurance commission or fee? A. Lenny, a retired insurance producer who no longer maintains a license but whose book of business generates policy renewals B. Patricia, an employee benefits attorney who refers a business client to a producer specializing in group insurance C. Both of these D. Neitherofthese
B
a producer must do which of the following when selling a new insurance policy
Send the insurer a statement, signed by the applicant, disclosing whether or not the new insurance will replace existing insurance.
Keogh
a qualified retirement plan specifically designed for self employed people and their employees.
what is the name of the fixed monthly fee paid by the HMO to the provider
capitation
By examining an insurer's records, the Insurance Commissioner assesses the company's
compliance with state laws
all of the following are essential health benefits EXCEPT
dental care
The Insurance Commissioner is responsible for all of the following duties EXCEPT
enacting insurance laws
a root canal is considered as what type of treatment
endodontics
the purpose of Pennsylvanias replacement regulations is to :
ensure that policyholders are given the information that they need to make informed decisions regarding such transactions
Licensed insurance companies are subject to examination by the Department of Insurance at least
every 5 years
how often must a health insurer cover costs associated with mammograms for a 60 year old woman
every year
who needs to sign the application
everyone but the beneficiary
in Pennsylvania , insurers must maintain all of their insurance advertisements on file for how many years
four years
which section of the application should contain a record of any injuries the applicant may have suffered
medical section
In the sale of life insurance, all references to policy dividends:
must include a statement that dividends are not guaranteed
what is not a characteristic of insurable risk
premeditated
if the insured cancels a policy, the premiums will be returned in what way
pro rata basis
All of the following are allowable activities for an individual who holds a temporary license EXCEPT
producing new business from existing clients
Prohibition against which of the following insurance practices extends to consumers as well as producers? A. TwistingB. RebatingC. Misrepresentation D. Defamation
rebating
To motivate a buyer to sign an application for insurance, a producer promises a gift of 50% of the commission. This is an example of
rebating
The Commissioner may deny, revoke, or suspend a producer license for any of the following EXCEPT
representing more than one insurance company
related costs associated with surgical expense policy do not include
room and board
another name for an entity plan is
stock redemption plan
The out of pocket limit is also known as
stop-loss limit
what parties must sign a key person insurance application
the CEO an officer from the company and the agent handling the application
All of the following people must be licensed to transact insurance business in Pennsylvania EXCEPT
the chief financial officer of an insurer who does not solicit or negotiate risks
In Pennsylvania, producer appointments are made by
the insurance company
executing the insurance laws of Pennsylvania is whose responsibility
the insurance department
a complaint record must be kept for at least
three years
The practice of using misrepresentation to induce any person to lapse, forfeit, surrender, exchange, or convert an insurance policy is also known as
twisting
which of the following types of life insurance riders is not based on term life insurance
waiver of premium
