Life and health insurance

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How ling is the right to examine period for new individual annuities issues in this state?

10 days

How long is the right to examine period for new individual annuities issued in this state?

10 days

an insured pays a month premium of $100 for her health insurance. What would be the duration of the grace period under her policy

10 days

The most the insurance guaranty association will pay for net cash surrender values as

100,000

The Medicare Supplement renewal commissions paid in the third year must be as high as the commission of which year?

2nd

How long is the open-enrollment period under an employer group health insurance plan?

30 days

Employer health plans must provide primary coverage for individuals with end-stage renal disease before medicare becomes primary for how many months?

30 months

In the event a policy lapses due to nonpayment of premium, within how many days would the policy be automatically reinstated once the outstanding premium is paid?

45 days

How many eligible employees must be included in a contributory plan?

48

how much inpatient care must be provided, following a vaginal delivery, by health insurance policies that provide maternity benefits?

48 hours

In order to qualify for conversion from a group life policy that has been terminated to an individual policy of the same coverage, a person must have been insured under the group plan for how many years?

5

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

5 days

What is the civil penalty for the first violation of the PA insurance fraud prevention act

5,000

One of the differences between group underwriting and individual underwriting is that there is little or no medical information required regarding plan participants in groups of

50 or more

Ray has an individual major medical policy that requires a coinsurance payment. Ray very rarely visits his physician and would prefer to pay the lowest premium possible. Which coinsurance arrangement would be best for Ray?

50/50

Once it has been reasonably proven that a person has knowingly violated the insurance code regarding unfair methods of competition, the department may impose a civil penalty of

5000

At times, it is possible for a life insurance agent to affect a savings of premium rates by backdating an application for life insurance. What is the maximum amount of time that an application may be backdated?

6 months

How long is an open enrollment period for Medicare Supplement policies?

6 months

How many eligible employees must be included in a contributory plan?

75

How many eligible employees must be included in a contributory plan

75 percent

a licensed producer moving to PA may become licensed as a resident if the producer submits a completed application within how many days of establishing residence in PA with proof of licensing from their prior home state

90

A hospital indemnity policy will pay

A benefit for each day the insured is in the hospital

Which statements best defines a multiple employer welfare arrangement MEWA

A joining together by employers to provide health benefits for employee

A Straight Life policy has what type of premium?

A level annual premium for the life of the insured

A provision in a life insurance policy that provides for the early payment of some portion of the policy face amount should the insured suffer from a terminal illness or injury is called

Accelerated Benefit Provision

What is the amount a physician or supplier bills for a particular service or supply?

Actual Charge

Which of the following is a short-term annuity that limits the amounts paid to a specific fixed period or until a specific fixed amount is liquidated?

Annuity Certain

Which of the following types of agent authority is also called "perceived authority"

Apparent

In a replacement situation all of the following must be considered except

Assests

Which of the following is a feature of a variable annuity

Benefit payment amounts are not guaranteed

Which of the following would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount?

Buy sell agreement

Which of the following requires certain qualifying factors be met in order for an insured to receive accelerated death benefits?

Conditions for payment form

An individual has just borrowed 10,000 from his bank on a 5-year installment loan requiring monthly payments. What type of life insurance policy would be best suited to this situation?

Decreasing Term

What is an important feature of a dental expense insurance plan that is not typically found in a medical expense insurance plan

Diagnostic and preventative care

When the insured selects the extended term nonforfeiture option, the cash value will be used to purchase term insurance with what face amount?

Equal to the original policy for as long as the cash values will purchase

What is the difference between the medicare approved amount for a service or supply and the actual charge?

Excess charge

Most LTC plans have which of the following features?

Guaranteed renewability

Which of the following statements is correct concerning the relationship between medicare and HMOs

HMOs may pay for services not covered by medicare

Under which of the following circumstances can financial institutions share insurance coverage information with third parties, for the purpose of soliciting the purchase of insurance?

If a consumer does not sign and return the notice of disclosure within 30 days

After a hearing, if the commissioner finds that a licensee in violation of the state insurance laws, the commissioner can do any of the following except

Imprison the licensee

Which statement regarding insurable risks is NOT correct?

Insureds cannot be randomly selected

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

Insurer executive office

If a deferred annuity is surrendered prematurely, a surrender charge is imposed. How is the surrender charge determined?

It is a percentage of the cash value and decreases over time

When a reduced paid-up nonforfeiture option is chosen, what happens to the face amount of the policy?

It is reduced to the amount of what the cash value would buy as a single premium

Which of the following is not true regarding the accumulation period of an annuity?

It would not occur in a deferred annuity

Your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. What would be the right policy of this client?

Limited pay whole life

. All of the following are true regarding the Medical Information Bureau (MIB) EXCEPT

MIB reports are based upon information supplied by doctors and hospitals

Under the affordable care act, which classification applies to health plans based on the amount of covered costs?

Metal level classification

How often may a viatical settlement provider contact an insured regarding the insured's health status if the insured's life expectancy is more than one year?

Once every 3 months

What is the initial period of the time specified in a disability income policy that must pass, after the policy is in force, before a loss can be covered

Probationary Period

Which of the following insurance options would be considered a risk-sharing arrangement?

Reciprocal

When benefits are paid directly to the insured under a health insurance policy, the policy provides benefits on what type of basis?

Reimbursement

When the insured initiates the cancellation of a policy, the unearned premium will be refunded

Short rate basis

Which two terms are associated directly with the way an annuity is funded?

Single payment or periodic payments

Which of the following best describes a "vatical settlement purchaser"?

Someone who gives money as a consideration for a life insurance policy

Which of the following policies would be classified as a traditional level premium contract?

Straight Life

Children's riders attached to whole life policies are usually issued as what type of insurance

Term

Children's riders attached to whole life policies are usually issued as what type of insurance?

Term

Which of the following best describes what the annuity period is?

The Period of time during which accumulated money is converted into income payments

The annuity owner dies during the accumulation period without naming a beneficiary. Annuity's cash value exceeds premiums paid. Which of the following is TRUE?

The cash value will be paid to the annuitant estate

Which of the following is true regarding a waiver of a surrender charge on an annuity contract?

The charge may be waived if the annuitant is confined to a long-term care facility for at least 30 days

The Policyowner of an adjustable life policy wants to increase the death benefit. Which of the following statements is correct regarding this change?

The death benefit can be increased only by providing evidence of insurability

Which of the following protects consumer against the circulation of inaccurate or obsolete personal or financial information?

The fair credit reporting act

Which of the following protects consumer against the circulation of inaccurate or obsolete personal or financial information?

The fait credit reporting act

When a fixed annuity owner pays a monthly annuity premium to the insurance company, where is this money placed?

The insurance company general account.

All of the following are true regarding a decreasing term policy except

The payable premium amount steadily declines throughout the duration of the contract

An insured stops making payments on a loan taken from his cash value policy. What will most likely happen?

The policy will terminate when the loan amount with interest equals or exceeds the cash value

Regarding Medicare SELECT policies, what are restricted network provisions?

They condition the payment

Which of the following is true regarding Medicare supplement policies?

They must be guaranteed renewable

What do long-term care policies offer to policyholders to account for inflation?

They offer the option of purchasing coverage that raises benefit levels accoordingly

Which provisions states that the insurance company must pay medical expense claims immediately?

Time of payment of claims

The paid up addition option uses the dividend

To purchase a smaller amount of the same type of insurance as the original policy

The insurer must be able to rely on the statements in the application and the insured must be able to rely on the insurer to pay valid claims. In the forming of an insurance contract, this is referred to as

Utmost good faith

How soon following the occurrence of a covered loss must an insured submit written proof of such loss to the insurance company?

Within 90 days or as soon as reasonably possibly, but not to exceed 1 year

A provision in a life insurance policy that provides for the early payment of some portion of the policy face amount should the insured suffer from a terminal illness or injury is called

accelerated benefit provision

All of the following statements are true regarding installments for a fixed period annuity settlement option except

it is a life contingency option

Which of the following best describes annually renewable term insurance?

it is level term insurance

A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. This is a personal use of life insurance known as

survivor protection

When would a 20 pay whole life policy endow

when the insured reaches age 100


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