Pre-Licensing Insurance

for what period of time is an insurance license issued in Minnesota

24 months

for what period of time is an insurance license issued in Minnesota?

24 months

how long must insurers keep recorders related to advertisement of insurance policies

3 years

once an individual has successfully passed a licensing exam, for how many year(s) are the results valid?

3 years

Should the Commissioner request information from a certificate holder, licensee, or other person under the jurisdiction of the Commissioner...If no time specified, they must comply within

30 days

What is the period of coverage for events such as death or divorce under COBRA?

36 months

if a health insurance carrier withdraws from the small employer market, how soon may they reenter that market if they later choose to do so?

5 years

most policies will pay the accident death benefits as long as the death is caused by the accident and occurs within

90 days

which of the following long-term care benefits would provide coverage for care for functionally impaired adults on a less than 24-hour basis?

Adult day care

Occasional visits by which of the following medical professionals will NOT be covered under LTC's home health care?

Attending physician

which of the following statements is TRUE about business owners policies (BOPs)

BOPs may be customized by adding optional coverages

what is an important feature of a dental expense insurance plan that is NOT typically found in a medical expense insurance plan

Diagnostic and Preventive care

An insured is hospitalized with a back injury. Upon checking his disability income policy, he learns that he will not be eligible for benefits for at least 30 days. This indicates that his policy is written with a 30-day

Elimination period

An insured is involved in an accident that renders him permanently deaf, although he does not sustain any other major injuries. The insured is still able to perform his current job. To what extent will he receive Presumptive Disability benefits?

Full benefits

most LTC plans have which of the following features?

Guaranteed Renewability

which of the following homeowners coverage forms applies to condominium unit owners

HO-6

to sign up for a Medicare prescription drug plan, individuals must first be enrolled in

Medicare Part A

the primary eligibility requirement for Medicaid is based upon

Need (specifically financial need)

a corporation that contracts for health services for subscribers in exchange for the periodic payment by or on behalf of subscribers, and that does not bill the subscriber directly, but bills the service plan, is classified as a

Nonprofit health service plan corporation

in a commercial general liability policy, which of the following forms covers losses that occur, start or are discovered during the policy period, regardless of when the date is actually reported by the insured?

Occurence

Under which of the following organizations are the practicing providers compensated on a fee-for-service basis?

PPO

to what organization must all admitted insurers belong?

The Insurance Guaranty Association

which provision states the the insurance company must pay Medical Expense claims immediately

Time of Payment of Claims

what is the purpose of coinsurance provisions?

To help the insurance company to prevent overutilization of the policy

a hospital indemnity will pay

a benefit for each day the insured is in a hospital

any regularly salaried employee of a licensed insurer, without license or other qualification, may act on behalf of that insurer in the negotiation of insurance for that insurer, provided

a licensed produced participates in the sale of insurance

all of the following are correct about the required provisions of a health insurance policy except

a reinstated policy provides immediate coverage for an illness

a deductible is

a specified dollar amount that the insured must pay before the insurance company will pay the policy benefits

Under the Mandatory Uniform provision notice of claim, the first notice of injury or sickness covered under an accident and health policy must contain

a statement that is sufficiently clear to identify the insured and the nature of the claim

all of the following statements concerning workers compensation are correct except

a worker receives benefits only in the work related injury was not his/her fault

the insured's health policy only pays for medical costs related to accidents. Which of the following types of policies does the insured have?

accident-only

which of the following is the closest term to an authorized insurer

admitted

While a claim is pending, an insurance company may require

an independent examination as often as reasonable required

when a group medicare supplement policy is terminated by the policyholder and not replaced, the insurer must offer each certifaceholder

an individual policy

which statement accurately describes the Change of Beneficiary provision?

any policy that has a death benefit must also have a change of beneficiary provision

how is the Minnesota Comprehensive Health Association funded?

by its members - authorized insurers

which of the following defines a peril?

cause of loss

all of the following are types of perils covered by a casualty/liability policy except

chronic illness

when delivering a policy, which of the following is an agent's responsibility?

collect payment at time of delivery

what type of property insurance is available to businesses?

commerical lines

an applicant for an individual health policy failed to complete the application properly. before being able to complete the application and pay the initial premium, she is confined to a hospital. this will not be covered by insurance she has not met the conditions specified in the

consideration clause

What is the main difference between coinsurance and copayments?

copayment is a set dollar amount

what kind of deductible is applied between basic coverage and major medical coverage

corridor deductible

two individuals are in the same risk and age class; yet, they are charged different rates for their insurance policies due to an insignificant factor. what is this called?

discrimination

an insured has medicare Part D coverage. He has reached his initial benefit limit and must now pay 50% of his prescription drug costs. what is the term for this gap in coverage?

donut hole

in disability income insurance, a deductible stated in days instead of dollars is known as

elimination period

long-term care coverage may be available as any of the following options EXCEPT

endorsement to a health policy

which of the following provisions states what must be included for an insurance contract to be considered complete

entire contract

Once an agent has met the requirements to sell long term care insurance, how often must he or she complete the 4 hours of training?

every 2 years

coverage under a group accident and health cannot contain any provisions regarding pre-existing conditions for

handicapped dependents of the insured

an insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. Which of the following best describe this act?

illegal under any circumstance

which of the following riders would NOT increase the premium for a policyowner?

impairment rider

in which of the following locations would skilled care most likely be provided?

in an institutional setting

which of the following entities can legally bind coverage

insurer

which of the following entities has the authority to make changes to an insurance policy?

insurer's executive officer

the type of dental plan which is incorporated into a major medical expense plan is a/an

integrated dental plan

a guaranteed renewable disability insurance policy

is renewable at the insured's option to a specific age

which of the following best describes a misrepresentation?

issuing sales material with exaggerated statements about policy benefits

which of the following is NOT true regarding coverage for chemical dependency in health policies in this state?

it is only available in individual policies

the provision which prevents the insured from bringing any legal action against the company for at least 60 days after the proof of loss is known as

legal actions

An insured stated on her application for life insurance that she had never had a heart attack, when in fact she had a series of minor heart attacks last year for which she sought medical attention. Which of the following will explain the reason a death benefit claim is denied?

material misrepresentation

an insured stated on her application for life insurance that she had never had a heart attack, when in fact she had a series of minor heart attacks last year for which she sought medical attention. which of the following will explain the reason a death benefit claim is denied

material misrepresentation

an agent is evaluating the needs of a client who is considering Business owners Property coverage. The client's business is dependent on the use of an air conditioning unit. which of the following optional coverages should the agent recommend?

mechanical breakdown

if a plan provides coverage for mental health and chemical dependency, the coverage

must be at least the same as for any other hospital and medical services

an insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a check from her insurer. From what type of insurer did the insured purchase the policy?

mutual

an insured purchases an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a check from the insurer. from what type of insurer did the the insured purchase the policy?

mutual

an applicant for a health insurance policy returns a completed application to her agent, along with a check for the first premium. She received a conditional receipt two weeks later. which of the following has the insurer done by this point?

neither approved the application nor issued the policy

how soon after a notice of hearing is made may the hearing be conducted?

no less than 20 days

Bethany studies in England for a semester. While she is there, she is involved in a train accident that leaves her disabled. If Bethany owns a general disability policy, what will be the extent of benefits that she receives?

none

on a participating insurance policy issued by a mutual insurance company, dividends paid to policyholders are

not taxable since the IRS treats them as a return of a portion of the premium paid

which of the following provisions states that it is the insured's responsibility to notify the insurer of a loss within a specified number of days?

notice of claim

in property and casaulty insurance, assignment of policies are valid

only if the insurer has given prior written consent

what is the major difference between a stock company and a mutual company?

ownership

A participating insurance policy may do which of the following

pay dividends to the policyowner

which of the following provisions would prevent an insurance company from paying a reimbursement claim to someone other than the policyowner?

payment of claims

with the respect to the Consideration Clause, which of the following would be considered consideration on the part of the applicant for insurance

payment of premium

All individual or group accident and health policies that provide coverage to a Minnesota resident must cover the insured's adopted children on the same basis as other dependents. coverage begins on the adopted child's date of

placement

according to the PPACA meta levels classification, if a health plan is expected to cover 90% of the cost for an average population, and the participants would cover the remaining 10%, what type of plan is that?

platinum

a guaranteed renewable health insurance policy allows the

policyholder to renew the policy to a stated age, with the company having the right to increase premiums on the entire class

all of the following are true regarding key person disability income insurance EXCEPT

premiums are tax deductible as a business expense

in group insurance policies, certificates of insurance are provided to

qualifying group members

insurers may change which of the following on a guaranteed renewable health insurance policy

rate by class

all of the following are true regarding rebates EXCEPT

rebates are allowed if it's in the best interest of the client

which type of insurance is based on mutual agreement among subscribers

reciprocal insurance

in the event of a loss, business overhead insurance will pay for

rent

insurance is the transfer of

risk

which of the following is an example of a producer being involved in an unfair trade practice of rebating?

telling a client that his first premium will be waived if he purchased the insurance policy today

If an applicant does not receive a new insurance policy, who would be held responsible?

the agent

which of the following is a characteristic of a Reciprocal Insurance exchange?

the chief administrator of the insurer is called an "attorney-in-fact"

which statement is NOT true regarding underwriting group health insurance?

the group is assessed individually for insurability

in which of the following situations would social security disability benefits NOT cease

the individual's son gets a part-time job to help support the family

Insured Z's health insurance policy year begins in january. His policy contains a carry-over provision. In November, he has a small claim which is less than his deductible. Which of the following is true?

the insured may carry over the amount of this year's expenses to next year, which will help satisfy next years deductible

an insured submitted a notice of claim to the insurer, but never receives claims forms. He later submits proof of loss, and explains the nature and extent of loss in a hand-written letter to the insurer. Which of the following would be true/

the insured was in compliance with the policy requirements regarding claims

which of the following is NOT a feature of a guaranteed renewable provision?

the insurer can increase the policy premium on an individual basis

which of the following would provide an underwriter with information concerning an applicant's health history

the medical information bureau

what is the purpose of the Claims Made form?

to allow insurers to determine adequate rates for unknown losses claimed in the future

when an insurer issues an individual health insurance policy that is guaranteed renewable, the insurer agrees

to renew the policy until the insured has reached age 65.

which type of misrepresentation persuades an insured, to his or her detriment, to cancel, lapse or switch policies from one to another

twistin

agents who persuade insureds to cancel a policy in favor of another one when it might not be in the insured's best interest are guilty of

twisting