Exam questions

What is the maximum penalty for habitual willful noncompliance with the Fair Credit Reporting Act?

$2,500

According to OBRA, what is the minimum number of employees required to constitute a large group?

100

When a producer died, his surviving spouse needed to maintain the insurance agency until it could be sold. WIthout passing an examination, she could qualify for a temporary license for a maximum period of

180 days

HIPAA applies to groups of

2 or more

If an annuitant dies before annuitization occurs, what will the beneficiary receive?

Either the amount paid into the plan or the cash value of the plan, whichever is the greater amount

When an individual is covered under two health insurance policies that have duplicate benefits which could make a claim for benefits because of an injury or illness profitable it is called

Fraternal coverage

Shorty after a replacement transaction on a Medicare supplement policy, the insured decided to cancel the policy, but is unsure whether the free look provision applies. The insured could find that information in the?

Notice Regarding Replacement

Which option for Universal life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured?

Option B

The Gramm-Leach-Bliley Act was passed to

Protect private customer information filed with a financial institution

Any inducement offered to the insured in the sale of an insurance policy that is not specified in the policy is an unlawful practice known as

Rebating

An applicant has a history of heart disease in the family, so he would like to but a health insurance policy that strictly covers heart disease. What type of policy is this?

Specified coverage

If another governmental agency takes action against a licensee, whose responsibility is it to report the action

The licensee