Study Review
Cost Of Living Adjustment (COLA)
Protects against inflation by automatically increasing monthly payments, generally annually.
The length of time the premiums will be paid
What does 20-pay refer to when describing a whole life insurance policy?
Policy Delivery
What is the most common time for errors & omissions to occur on the part of the insurer when completing an insurance policy application?
36 months
What is the period of coverage for events such as death or divorce under COBRA
Intermediate Care
What type of care is nursing and rehabilitative care provided by medical personal for stable conditions that require assistance on a less frequent basis, and is covered under long-term care insurance?
When the insured reaches age 100
When does a 20-pay whole life policy endow?
On December 31st of the year that contains the 5th anniversary of the owner's death
When must an IRA be completely distributed when a beneficiary is not named?
30 days
Within how many days must a producer respond to an inquiry from the commissioner?
Principle Sum
Under the Accidental Death and Dismemberment coverage, what type of benefit will be paid to the beneficiary in the event of the insured's accidental death?
Rated
What is another name for a substandard risk classification
ratio of men to women
What is the cost of coverage based on in a group life policy?
$2500
What is the maximum penalty for habitual willful noncompliance with the Fair Credit Reporting Act?
Monthly
What is the minimum length of time that disability claims must be paid?
31 days
Adopting parents must inform the insurer within how many days?
Guaranteed Insurability
Allows the insured to increase the benefit level to a predetermined amount at certain times without having to show proof of insurability
within 30 days
How soon after the due date should the insurer pay the agent's appointment fees?
20 days
If a viatical settlement provider transfers ownership of an insurance policy, how long does the insurer have to inform the insured of the change?
10 days
To avoid violations of unfair claims settlement regulations, insurers are required to acknowledge the receipt of a claim within how many days?
