Exammm

Which of the following is not required to be stated in the outline of coverage provided with a long-term care policy

Basic information about supplementary policies

An insurance contract must contain all of the following to be considered legally binding except

Beneficiary's consent

All of the following are true of the key person, disability income policy, except

Benefits are considered taxable income to the business.

Which of the following is not the purpose of HIPAA?

To provide immediate coverage to new employees who had been previously covered for 18 months

Under a credit disability policy, until what point will payments to the creditor be made for the insured?

Until the disability ends or the debt is satisfied, whichever is sooner

An insured buys an individual long-term care policy and is not satisfied with the provisions. How many days will the insured be able to return the policy for a full premium refund

10 days

Health benefits plans are prohibited from including waiting periods that exclude coverage for more than

4 months

What is the number of credits required for fully insured status for Social Security disability benefits

40

If a consumer request additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply?

5 days

If an insured's cognitive impairment results in the lapse of a long-term care policy, how long from the policy lapse may be insured request reinstatement

5 months

Which of the following best describes the concept that the insured pays a small amount of premium for a large amount of risk on the part of the insurance company

Aleatory

If an insurance company makes a statement that its policies are guaranteed by the existence of the insurance guaranty association that would be considered

An unfair trade practice

Under which of the following employer provided, plans are the benefits taxable to an employee, in proportion to the amount of premium paid by the employer

Disability Income

Which of the following best describes the aleatory nature of an insurance contract

Exchange of unequal values

An applicant is denied insurance because of information found on a consumer report. Which of the following requires that the insurance company supply the applicant with the name and address of the consumer reporting company?

Fair Credit Reporting Act

Untrue statements on the application unintentionally made by insured that if discovered would alter the underwriting decision of the insurance company are called

Material misrepresentations

What type of healthcare plan allows insureds to select a physician or hospital from a list of providers without being required to submit claim forms

PPO

Adverse selection is a concept best described as

Risks with higher probability of loss seeking insurance more often than other risks.

Which of the following may not be included in an insurance companies advertisement?

That its policies are covered by a state Guaranty Association

Which of the following does not have to be disclosed in a long-term care policy

The aggregate amount of premiums due

What type of information is not included in a certificate of insurance?

The cost the company is paying for monthly premiums

How do employer contributions to a health savings account affect the insurance taxes

The employer contributions are not included in the individual insured, taxable income

Which of the following is correct regarding selecting a primary care physician in a PPO plan

The insured may choose medical providers not found on the preferred list.

Which of the following will vary the length of the grace period in health insurance policies

The mode of the premium payment

When may an insured deduct unreimbursed medical expenses paid under a long-term care policy?

When the expenses exceed a certain percentage of the insured's adjusted gross income

If a producer has administrative action taken against his license, the producer must report such action

Within 30 days of the final disposition on such action

When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is

conditional

On a major medical insurance policy, the amount that an insured must pay on a claim before the insurer will pay, is known as

deductible

Under an individual disability policy, the MINIMUM schedule of time in which claim payments must be made to an insured is

monthly

The commissioner may issue a temporary insurance producer license without requiring an examination for a period

not to exceed 180 days

An insured has been injured in an accident. Although he is still receiving benefits from his disability income policy, he does not have to pay premiums. This means that the policy includes.

waiver of premium feature