XCEL
How long may an insurer exclude coverage for a preexisting condition on a Medicare Supplement policy?
6 months
As classified by the Affordable Care Act (ACA), a Silver Plan offers
70% actuarial level of coverage provided
A ______ license may be issued in cases where a producer has become disabled or dies, requiring a replacement to service the producer's business
Temporary
Which federal government agency enforces the security laws enacted by Congress?
The Securities Exchange Commission
An insurer must send a notice of appointment for a producer within __ days from the date of an executed agency contract or after submitting the first application to the insurer.
15 days
A temporary license is valid for a maximum of __ days
180
A health or disability policy is incontestable after it has been in force for a period of
2 years
Notice of a claim must be given within how many days after a covered loss?
20 days
How many total hours of continuing education must insurance producers complete biannually?
24
Lapsed individual life insurance may be reinstated at any time within
3 years
In a Long-Term Care policy, the Right-to-Examine period is
30 days
No legal action can be initiated within ___ after proof of loss has been submitted to the insurance company
60 days
A person cannot sell long-term care insurance unless that person is licensed as an insurance producer and has successfully completed a one-time education course of
8 hours
An agent who sells an individual life insurance policy in MUST deliver to the policyowner
A Policy Summary and Buyer's Guide
Which of these procedures do insurers have the right to perform where it is not forbidden by law?
Autopsy
What happens if the insurer discovers that the insured's age was accidentally misstated on an application for an individual life insurance policy?
Benefits will be calculated according to how much coverage the premium paid would have purchased for the correct age
Which of the following basics is a producer's fiduciary responsibility?
Collecting premiums and paying them to the insurance company
Which of the following coverages is a mandatory provision of Medicare Supplement policies?
Coverage for pre-existing conditions after six months from the effective date of coverage
An individual's waiting period for pre-existing conditions is reduced when he or she has
Creditable coverage
A Fraternal Benefit Society has each of the following characteristics EXCEPT
Exists For profit
When determining whether an annuity is suitable for a client, the producer should ask about which of the following?
Financial objectives
Violations of US Code Title 18 section 1033, may result in
Fine and/or imprisonment
Which of the following is CORRECT regarding disclosure regulation?
It requires the delivery of a buyer's guide and a disclosure document to applicants
A licensee who informs an insured of inaccurate terms, benefits, or advantages of any policy is committing which of the following violations?
Misrepresentation
When replacing a life insurance policy, a producer must provide the applicant with a
Notice Regarding Replacement
Which one of the following is a domestic insurer?
One formed under the laws of Washington
Any inducement offered to the insured in the sale of insurance products that is not specified in the policy is called
Rebating
A producer's fiduciary responsibility includes which of the following activities?
Recording the receipt and distribution of premiums due to an insurer
Any transaction in which new life insurance is purchased and, as a result, the existing life insurance will be surrendered is called
Replacement
The insurer has the right to examine the insured during the claim process and to an autopsy when death is involved and where it is not forbidden by ____
State law
What is a certificate of authority?
The license required for an insurer to conduct business in the state
No existing producer's license will be revoked until
The producer has been afforded a right to a hearing on the charges
An insurance company that has been denied or not yet applied for a Certificate of Authority is called
Unauthorized
The Commissioner of Insurance is empowered to
enforce state laws relating to insurance
A policy illustration given at time of sale does NOT typically include the
names of the beneficiary
A producer who is licensed in Washington but a resident in another state is called a
nonresident producer
Annuity suitability information specifically includes all of the following EXCEPT
number of dependents
The Commissioner is REQUIRED to examine admitted insurers AT LEAST every
5 years
The required grace period for life insurance policies in Washington is
30 days
Group life insurance policies must include a provision entitling policyholders to a grace period of
31 days
A life insurance agent is required to give a disclosure notice about information practices to an applicant or proposed insured
Prior to or at the time of signing the application
All of the following statements regarding the reinstatement of a life insurance policy are correct EXCEPT
a policy may be reinstated without proof of insurability
The Commissioner of Insurance along with the Department of Insurance are responsible for
administering Washington's insurance laws
A group policy may be issued to a labor union. The members eligible for insurance under the policy shall be
all of the members of the union
Before a licensed producer is eligible to transact insurance sales, they must be
appointed by an insurance company
Funding for the Washington Life and Disability Guaranty Association is derived from
assessments on member companies
Newborn coverage for an accident and health (disability) family policy begins
at the moment of birth
Making a statement that is false or maliciously critical of the financial condition of an insurer is known as
defamation
According to the Fair Credit Reporting Act, an insurer does NOT need to
discuss any credit history inconsistencies with the applicant
A Medicare Supplement policy must NOT contain benefits which
duplicate Medicare benefits
Long-term care insurance
is designed to provide coverage for at least 12 consecutive months