Missed Insurance Questions
When a producer is replacing an existing life insurance policy, the producer must take all of the following actions EXCEPT
Obtain the beneficiary's signature
The gatekeeper's role when used by an HMO is
Obtaining referrals to specialists from primary care physicians
The difference between pre-certification and concurrent review is that pre-certification
Occurs before the treatment is provided
A long term care policy typically provides all of the following levels of care EXCEPT
Acute care
A long-term care policy typically provides all of the following levels of care EXCEPT
Acute care
People with higher loss exposure have the tendency to purchase insurance more often than those at average risk. This is called
Adverse selection
How does life insurance create an immediate estate?
After first premium is paid, the face amount may be available to the beneficiary
An insurer formed according to the legal requirements of another country is considered a(n)
Alien insurer
The waiver of premium does NOT include which provision?
All future premiums are waived if the insured recovers from the disability
Which of the following is INELIGIBLE to participate in a Section 125 Plan?
An S-Corp Owner with a greater than 2% share
An individual most likely will have an insurable interest in insuring a person's life if
An economic interest exists for the continuance of the insured's life
The factor used most often when underwriting a disability income policy is
Annual earnings
Which of these is NOT considered to be a purpose of an annuity?
Annuities are intended to create an estate
Which of the following is considered to be the period when the accumulated value in an annuity is paid out?
Annuitization phase
The difference between a Long Term Care Partnership Plan and a Non-Partnership Plan is which of the following?
Asset protection
A type of group that has a constitution and bylaws and has been organized for purposes other than obtaining insurance is called a(n)
Association or labor group
A Renewable Term Life insurance policy can be renewed
At a predetermined date or age, regardless of the insured's health
The purpose of the Coordination of Benefits provision in group accident and health plans is to
Avoid overpayment of claims
An insured has a health plan that pays established amounts in accordance with a list of injuries, surgical procedures, or other losses. This list is called a
Benefit schedule
XYZ Corp pays the tax-deductible insurance premiums for a key employee disability policy. Which of the following would be the appropriate tax consequence?
Benefits are fully taxable
With a scheduled dental policy, how are covered expenses paid?
Benefits are limited to a specific maximum dollar amount per procedure
An accident and health insurer has just received written proof of loss from one of its insureds. The insured must now wait 60 days before
Bringing legal action against the insurer
Which of the following is required for an insurer to conduct business in this state?
Certificate of Authority
Which of the following is NOT part of an insurance contract?
Certificate of authority
The coverage, conditions, and limitations in the master policy of a group contract can be found in which document?
Certificate of coverage and benefits
All of the following are included as part of a contract in the entire contract provision EXCEPT the
Changes made by the producer
All of the following are elements of an insurance policy EXCEPT
Claim forms
Long-term care insurance provides
One or more diagnostic, preventive, therapeutic, rehabilitative, maintenance, or personal care services in a setting other than an acute care unit of a hospital
A clause that allows an insurer the right to terminate coverage at any anniversary date is called a(n)
Optional renewability clause
Pat is insured with a life insurance policy and Karen is his primary beneficiary. They are both involved in an automobile accident where Pat dies instantly and Karen dies 5 days later. Which policy provision will protect the rights of the contingent beneficiary to receive the policy benefits?
Common disaster clause
Richard owns an insurance policy that is renewable only at the option of the insurance company. His policy is considered to be
Optionally renewable
Medicare provides coverage for each of the following EXCEPT
Custodial care
Which of these is NOT subject to income taxation under a Modified Endowment Contract (MEC)?
Death benefit
All of the following are core benefits of Medicare Supplement Plan A EXCEPT
Deductible payments for the first 60 days of hospitalization under Medicare hospitalization insurance
All of the following are examples of a Business Continuation Plan EXCEPT
Deferred compensation
Rob has a benefit at work which enables him to defer his current receipt of income and have it paid at a later date, when he will probably be in a lower tax bracket. Which benefit fits this description?
Deferred compensation option
Which entity is responsible for regulating continuing education requirements in South Carolina?
Department of Insurance
In group health care, what is the purpose of the coordination of benefits provision?
Determines what is paid by the primary and secondary insurers in the event of a claim
All of these are typically sources of underwriting information for life or health insurance EXCEPT
Disclosure authorization response
A pharmacy benefit covers prescription drugs derived from a list called a(n)
Drug formulary
Which of the following is NOT a federal requirement of a qualified plan?
Employee must be able to make unlimited contributions
One role of the director is to
Enforce state insurance laws
All of the following are qualifications for establishing a health savings account (HSA) EXCEPT
Enrolled in a health plan with a prescription drug benefit
What is the name of the provision which states that a copy of the application must be attached to the policy when issued?
Entire contract
Level premium permanent insurance accumulates a reserve that will eventually
Equal the face amount of the policy
Peter has a policy where 80% to 90% of the premium is invested in traditional fixed income securities and the remainder of the premium is invested in contracts tied to a stipulated stock index. What kind of policy is this?
Equity index whole life
Which of the following is NOT a duty of the director?
Establish rates for the insurers
Under a non-qualified annuity, interest is taxed after the
Exclusion ratio has been calculated
One of the most important considerations when replacing health insurance would be the
Exclusions on a new policy
XYZ company has applied for group health insurance for its employees. What information would the insurer's underwriters likely use to determine the appropriate coverage and final premium rate given to the group?
Experience rating
All of these are settlement options for life insurance policies EXCEPT
Extended term
After an insured gives notice of loss, what must he/she do if the insurer does not furnish forms?
File written proof of loss
Elizabeth is the beneficiary of a life insurance policy. She is receiving the death benefit in payments of $10,000 per month until the principal and interest has been paid out. Which option was chosen?
Fixed amount
All of these are characteristics of a universal life insurance policy EXCEPT
Fixed surrender value
Which of these annuities require premium payments that vary from year to year?
Flexible premium deferred annuity
Premium mode is a term used to describe the
Frequency of the premium payment
How is medicare Part B funded?
General tax revenue and user premiums
An HMO that involves a partnership of physicians and other providers who practice out of a central facility is called a(n)
Group HMO
Tom has a rider on his disability income policy that guarantees the right to increase his benefits without a medical exam. What kind of rider is this?
Guaranteed insurability rider
A health insurance policy that allows an insurer to change the policyowner's premiums, but NOT cancel the policy is called a(n)
Guaranteed renewable policy
All of the following plans allow for employee contributions to be taken on a pre-tax basis EXCEPT
Health Reimbursement Arrangement Plan
Which of the following is NOT included under a health benefit plan?
Hospital indemnity plan
Which approach predicts a person's earning potential and determines how much of that amount would be devoted to dependents?
Human life value approach
When does a healthy policy's coverage for a newborn child begin?
Immediately
Simon has purchased a fixed immediate annuity. His payment amount will be dependent upon principal, interest, and the contract's
Income period
Which of these is considered a major tax advantage of life insurance?
Income tax is typically not owed on proceeds paid directly to a beneficiary
Which of the following protects a policyowner from a misrepresentation caused by an innocent mistake?
Incontestable clause
The conversion privilege under a group life plan allows an employee to convert to a(n)
Individual plan upon employment termination
All of the following are characteristics of a Group Life Insurance Plan EXCEPT
Individual underwriting
Who is responsible for assembling the policy forms for insureds?
Insurance carriers
The Do Not Call Registry offers exemptions for calls placed from all of the following EXCEPT
Insurance sales calls
Which settlement option involves having the proceeds remain with the insurer and earnings paid on a monthly basis to the beneficiary?
Interest only
A policyowner is prohibited from making any changes to the policy without the beneficiary's written consent under which beneficiary designation?
Irrevocable beneficiary
Which of the following would disqualify a company's retirement plan from receiving favorable tax treatment?
It is temporary
A Medicare Supplement policy issued in the state of South Carolina is required to provide each of the following EXCEPT
It must include outpatient prescription drug coverage
What kind of life insurance policy covers two or more people with the death benefit payable upon the last person's death?
Last Survivor Life Insurance
The authority granted to a licensed producer is provided via the
Law of Agency
The time limit for filing claim disputes is addressed in which provision of an accident and health policy?
Legal actions
When a decreasing term policy is purchased, it contains a decreasing death benefit and
Level premiums
Which settlement option pays a stated amount to an annuitant, but no residual value to a beneficiary?
Life income
Which of these is NOT considered to be a common life insurance nonforfeiture option?
Life income annuity
A limited payment whole life policy provides
Lifetime protection
A dread disease policy is considered to be a type of
Limited health insurance policy
Low frequency diseases can be exclusively covered by what kind of health insurance policies?
Limited policies
All ___ policies must be guaranteed renewable
Long-term care
The premium for a modified whole life policy is
Lower than the typical whole life policy during the first few years and then higher than typical for the remainder
Which of the following is considered to be a point of service (POS) plan?
Managed care plan
The reinstatement provision in a health insurance policy is
Mandatory
An employer is issued a group medical insurance policy. This single contract is known as a(n)
Master policy
A Medicare Supplement policy can be rescinded by the insurer for
Material misrepresentation
In contrast to a guaranteed renewable policy, a noncancellable policy
May never raise premiums
The purpose of Medicare Supplement Insurance is to address gaps in medicare coverage, which can include
Medicare in-hospital deductible
Which type of plan would be most appropriate for an individual on Medicare and is concerned that Medicare will NOT pay for changes exceeding the approved amount?
Medicare supplement Plan F
Group health plans may deny participation based upon the
Member's part-time employment status
The suicide clause of a life insurance policy states that if an insured commites suicide within a stated period from the policy's inception, the insurer will only be liable for a return of premiums paid
Minus indebtedness and without interest
What would be an expense factor in an insurance program?
Mortality costs
Which of the following is a legal entity created for the sole purpose of providing affordable group health coverage to its participants?
Multiple Employer Welfare Arrangement (MEWA)
All of the following are typically included in a life insurance policy illustration EXCEPT
Names of the beneficiaries
All of these are considered sources of information that can assist an underwriter in determining whether or not to accept a risk EXCEPT
National Association of Insurance Underwriters
What is the tax liability for employer contributions in Health Savings Account (HSA's)?
No tax payment needed
A provision in a whole life policy that allows a policyowner to terminate the policy in return for a reduced paid-up policy of the same typed is called a(n)
Nonforfeiture provision
A nonparticipating policy will
Not pay dividends
How are premiums paid by the insured for personally owned disability income insurance treated for tax purposes?
Not tax deductible
Which of these statements regarding the annuitant is CORRECT?
The annuitant's life expectancy determines the annuity payments
Which if these is NOT a characteristic of the Accelerated Death Benefit option?
The benefit can be offered as a rider at a specific extra cost or may be at no cost
Converting a group plan to permanent life insurance requires
The conversion being applied for within 31 days of termination
What does the word "level" in Level Term describe?
The face amount
When calculating the amount of life insurance needed for an income earner, what has to be determined when using the Needs Approach?
The family's financial objectives if the income earner were to die or become disabled
What is the corridor in relation to a Universal Life insurance policy?
The gap between the total death benefit and the policy's cash value
If the beneficiary dies from the same accident as the insured individual, the insurer will proceed as if
The insured outlived the beneficiary
Who assumes the investment risk with a fixed annuity contract?
The insurer
Pat owns a 20-pay life policy with a paid-up dividend option. Which if the following statements is true?
The policy may be paid up early by using policy dividends
Which of the following does a life insurance policy summary normally include?
The policy's cash value
If the annuitant dies before the annuity start date,
The premiums paid plus interest earned will be given to the benficiary
Who were Keogh plans designed to provide pension benefits for?
The self-employed
The elimination period under a hospital indemnity plan is
The specified number of days an insured must wait before becoming eligible to receive benefits for each hospitalization
Legal purpose is a term used in contract law meaning
There must be legal reasons for entering into the contract
A disability elimination period is best described as a
Time deductible
What is the elimination period of an individual disability policy?
Time period a disabled person must wait before benefits are paid
A securities license is required for a life insurance producer to sell
Variable life insurance
A policy owner can receive a percentage payment of the death benefits prior to death by using what kind of contract?
Viatical settlement agreement
A policyowner can receive an immediate payment before the insured dies by using a(n)
Viatical settlement contract
All of the following riders can increase the death benefit amount EXCEPT
Waiver of premium
All of these statements concerning whole life insurance are false EXCEPT
When a whole life policy is surrendered, income taxes may be owed
When does a life insurance policy typically become effective?
When initial premium is collected and policy is issued
When are group disability benefits considered to be tax-free to the insured?
When the recipient pays the premiums
When must a claim on a life insurance policy be paid after proof of loss has been received by the insurer?
Within 30 days
A producer's license has been suspended for non-renewal. The producer may apply for reinstatement
Within 6 months of the license renewal date
Group dental plans will frequently place a limit on annual benefits in order to minimize
adverse selection
An error was made on Mary's life insurance application. Which of the following areas do errors commonly occur on applications and for which the incontestable clause does NOT apply?
age
An insurer formed according to the legal requirements of another country is considered a(n)
alien insurer
Fixed period settlement options are considered to be a form of a(n)
annuity
The deeds and actions of a producer indicate what kind of authority?
apparent
The type of policy where the insurer can send a notice to the insured that the policy has been canceled in the middle of the terms is called
cancelable
An indemnity plan limitation that will pay the dental bills after a small amount is paid by the insured is called
coinsurance
In what part of an insurance policy are policy benefits found?
declarations
Twisting is best defined as
using misrepresentation to induce an insured person to terminate an existing policy and purchase a new policy
Which of these would limit a company's liability to provide insurance coverage?
exclusion
A Fraternal Benefit Society has each of the following characteristics EXCEPT
exists for profit
Violations of Us Code Title 18 section 1033, may result in
fine and/or imprisonment
Which of these will typically authorize treatment from a specialist?
gatekeeper
Which of these is NOT subject to false advertising regulations?
gifts
A master contract and certificate of coverage can be found in which type of policy?
group
Long-term care insurance applications must contain plain and unambiguous health questions. The exception to this rule would be applications for
guaranteed issue
Which of the following is considered to be an event or condition that increases the probability of an insured's loss?
hazard
The identity of the ___ must be made clear in every health insurance advertisement.
insurer
Who is required to notify the producer in the event of appointment termination?
insurer
Sharon is the policyowner of a $50,000 life insurance policy. Her son, Mike, is the beneficiary. If Sharon MUST obtain Mike's signature in order to change the beneficiary, what kind of beneficiary designation is this?
irrevocable
A Medicare Supplement policy issued in the state of South Carolina is required to provide each of the following EXCEPT
it must include outpatient prescription drug coverage
A life insurance policy written on one contract for two people in which it is payable upon the first death is called
joint
Defamation occurs when a producer makes a false statement intended to
malign another insurer
When must a claim on a life insurance policy be paid after proof of loss has been received by the insurer?
within 30 days
A producer's license has been suspended for non-renewal. The producer may apply for reinstatement
within six months of the license renewal date
A producer who is licensed in South Carolina but resident in another state is called a
non-resident producer
Disability Income plans which require that the insurer can NEVER change or altar premium rates are usually considered
noncancellable
What is the required action to be taken by a South Carolina licensee before operating under an assumed business name?
notify director
Long-term care insurance provides
one or more diagnostic, preventive, therapeutic, rehabilitative, maintenance, or personal care services in a setting other than an acute care unit of a hospital
The___ of Coverage describes a policy features, benefits, exclusions, and riders in a long-term care policy.
outline
During the accumulation period, who can surrender an annuity?
policyowner
In order to conduct insurance transactions in South Carolina, a(n) ___ MUST be appointed.
producer
The branch of dentistry which deals with the replacement of missing parts is called
prosthodontics
What is the purpose of the South Carolina Life and Health Insurance Guaranty Association?
provide policy owner protection if the insurer becomes insolvent
Who is the individual paid on a fee-for-service basis?
provider
An insurance producer agrees to pay the first monthly premium for an insurance applicant. This is called a(n)
rebate
Barry the producer offers Chris his mountain cabin for the weekend to secure his order for his insurance business. This is an example of
rebating
ABC Insurance Company transfers part of their risk to XYZ Insurance Company. This situation is called
reinsurance
What is the automatic continuance of insurance coverage referred to as?
renewal
All of the following actions are considered rebating EXCEPT
sharing commissions with other licensed and appointed producers
Which of the following actions is REQUIRED by a producer who is replacing an existing life insurance policy?
submit to the replacing insurer a list of the policies to be replaced
An individual covered under a Blue Cross Blue Shield plan is called a(n)
subscriber
Long-term care insurance policies sold in South Carolina are NOT required to cover
substance addiction
Distributions from a Health Savings Account (HSA) for a qualified medical expenses are
tax-free
A producer does not have a fiduciary responsibility to
the South Carolina Guaranty Association
Under Affordable Care Act, how would a grandfathered Health Plan lose its grandfathered status?
the insurer significantly raises co-insurance charges, deductibles, or co-payment charges
The monthly benefit for an individual disability income policy is usually limited to a percentage of the insured's income in order to avoid
Over insurance
Chris is an insured bricklayer who severed his left hand in an automobile accident. Although his primary duty cannot be performed, Chris is also a substitute high school teacher. He collects a full disability income check every month. How does his policy define total disability?
Own occupation
Joe is a medicare participant who receives his benefits through a Managed Health Care Plan. Which Medicare Plan does he have?
Part C
Medicare Advantage plans are sometimes called
Part C
A policyowner suffers an injury that renders him incapable of performing one or more important job duties. Any decrease in income resulting from this injury would make him eligible for benefits under which provision?
Partial disability
What kind of life insurance policy issued by a mutual insurer provides a return of divisible surplus?
Participating life insurance policy
According to the Health Insurance Portability and Accountability Act (HIPAA), when can a group health policy renewal be denied?
Participation or contribution rules have been violated
Which type of rider will waive the premium on a child's life insurance policy if the parent paying premium dies?
Payor benefit
Which situation accurately describes a reduced paid-up nonforfeiture option?
Policy has a decreased face amount
Which of these describes the result of a modified endowment contract that failed to meet the seven-pay test?
Pre-death distributions are typically taxable
Under a Modified Endowment COntract, what are the likely tax consequences?
Pre-death distributions will become taxable
Coordination of benefits regulation applies to all of the following plans EXCEPT
Preferred Provider Organization plan
Claims payable to a disability income insured, even when the insured can continue to work, are the result of a
Presumptive disability
In most dental plans, a deductible typically is NOT applied to
Preventative and diagnostic services
All of the following are functions of an insuring clause EXCEPT
Primarily describes the free-look period
Which of the following is NOT a circumstance to which a temporary producer license can be issued?
Prospective agent who is waiting to take the State Licensing examination
What is the primary reason for buying an annuity?
Provide future economic security
An indemnity plan
Provides the insured a specific dollar amount for services
An insurance producer is often responsible for field underwriting during the application process. All of these are possible field underwriting roles EXCEPT
Providing commission information to the applicant
Dana is an employee who deposits a percentage of her income into her individual annuity. Her company also contributes a percentage into a separate company pension plan. What kind of annuity is this considered?
Qualified retirement annuity
What is the primary feature of a viatical settlement?
Reduced death benefit prepayment
A policyowner may exercise which of these dividend options that uses the dividend to pay all or part of the next premium due?
Reduction of premium dividend option
An annuitant dies during the distribution period. What kind of annuity will return to a beneficiary the difference between the annuity value and the income payments already made?
Refund annuity
Kurt is an active duty serviceman who was recently killed in an accident while home on leave. Which military service exclusion clause would pay upon his death?
Results clause
Kiara filled out a life insurance application and was given a policy illustration that showed future premiums being paid out of non-guaranteed values. This illustration must disclose that
She may need to resume premium payments, depending on actual results
Generally speaking, which three levels of care are Long-Term Care policies provided with?
Skilled nursing, intermediate, and custodial care
Generally speaking, which three levels of care are Long-term Care policies provided with?
Skilled nursing, intermediate, and custodial care
In an insurance contract, the applicant's "consideration" is the
Statements made in the application and the premium
A nonparticipating company is sometimes called a(n)
Stock insurer
If a producer has broken a state insurance statute, the director may issue a cease and desist order. This order demands that the producer
Stop engaging in the act
Which of these will have the highest monthly payout upon annuitization?
Straight life
What is medicare Part B also known as?
Supplementary medical insurance
Justin is receiving disability income benefits from a group policy paid for by his employer. How are these benefits treated for tax purposes?
Taxable income
Under the Affordable Care Act, a large employer that does NOT provide health insurance and owes an employer mandate penalty MUST pay an annual penalty, which is calculated by multiplying $2,000 by
the number of full-time employees minus 30
Jonas has disability insurance through his employer. The employer pays 75% of the premium, and Jonas pays the other 25%. What is Jonas's tax liability for any benefits paid from the disability plan?
Taxes must be paid on 75% of the benefits received
Kristi purchases an annuity that will pay her husband an income for 15 years. If he dies, this income will become payable to their children for the remainder of the period. Kristi has what kind of annuity?
Temporary annuity certain
Kristi purchases an annuity that will pay her husband an income for 15 years.if he dies, this income will become payable to their children for the remainder of the period. Kristi has what kind of annuity?
Temporary annuity certain
Within___days after policy delivery, both Medicare Supplement and Long-Term Care policies can be returned for a 100% premium refund.
30
A newborn is required to be covered for ___ days from the moment of birth
31
A newborn is required to be covered for ___days from the moment of birth
31
In South Carolina the grace period for a life insurance policy is___ days.
31
In South Carolina, the grace period for a life insurance policy is ___ days
31
In order for newborn health coverage to remain in effect, the first premium payment is due ___ days after the date of birth
31
In order for newborn health coverage to remain in effect, the first premium payment is due___ days after the date of birth.
31
Greg had recently been terminated from his job that covered him for group life insurance. How long does he have to convert his coverage to an individual policy?
31 days
The standard grace period for a life insurance policy sold in South Carolina is
31 days
Replacement forms MUST be kept on file by the insurer for a MINIMUM of how many years?
5
What is the maximum number of employees a small employer may employ?
50 employees
As of January 1st, 2014, an employer with up to 25 full-time equivalent (FTE's) with average annual wages of less than $50,000 may be eligible for a tax credit of__of the premiums paid by the employer.
50%
A Medicare Supplement policy may exclude coverage for a preexisting condition for up to ___ months from the effective date of coverage
6
An insurer may exclude preexisting conditions on a Medicare Supplement policy for ___ months
6
An insurer may legally defer payment of a cash surrender value for up to
6 months
Within how many days must a Traditional IRA be rolled over to another IRA in order to avoid tax consequences?
60
Within how many days must a rollover be completed in order to avoid being taxed as current income?
60
If a health insurance claim is not promptly paid, legal action may be taken against the insurer after
60 days from the date proof of loss is furnished
What percentage of a participant's income are group long-term disability benefit amounts typically limited to?
60%
In an employer-sponsored contributory group Disability Income plan, the employer pays 60% of the premium and each employee pays 40% of the premium. Any income benefits paid are taxed to the employee at
60% of the benefit
If a new enrollee to a group health plan has had previous creditable coverage for up to ___ days prior to enrollment, the Pre-existing Condition Provision will apply.
63
In South Carolina, health policies that are paid less frequent than monthly must provide a grace period of at least
7 days
A life policy loan in South Carolina cannot charge a fixed rate of interest higher than
8%
How much does Medicare Part B pay for physician fees?
80%
Proof of loss on a health insurance claim must be submitted to an insurer within ___ days after the insured's date of loss
90
Proof of loss on a health insurance claim must be submitted to an insurer within__days after the insured's date of loss.
90
Which of the following BEST describes a conditional insurance contract?
A contract that requires certain conditions or acts by the insured individual
Which of the following is the BEST example of insurance fraud?
A deliberate lie by an insured to the insurer to obtain a lower premium
Upon policy delivery, which of the following must a producer have an applicant sign if no initial premium was collected with the life insurance application?
A good health statement
How soon can the benefit payments begin with a deferred annuity?
A minimum of 12 months after date of purchase
All of these are valid options for an Adjustable Life Policy EXCEPT
A nonforfeiture option can be used to increase the death benefit
Pierre is covered by his employer's group major medical plan. His employer pays for 75% of the premium and he pays for 25%. How much would a $10,000 benefit be taxable as income under this plan?
$0
Ken is a producer who has obtained Consumer Information Reports under false pretenses. Under the Fair Credit Reporting Act, what is the maximum penalty that may be imposed on Ken?
$5,000
Kim has health insurance with a deductible of $500 and an 80/20 coinsurance. How much will she pay if she incurs a loss of $1,500?
$700
If a Medicare Supplement policy replaces another that had been in effect for at least 6 months, the replacing policy May impose which of the following time exclusions for pre-existing conditions?
0 months
The typical long-term care insurance policy is designed to provide a minimum of ___ year(s) of coverage
1
An immediate annuity has been purchased with a single premium. When does the annuitant typically begin receiving benefit payments?
1 month
A policyowner has ___ days after policy delivery to return a major medical policy for a full refund
10
If a health policy is reinstated after it had lapsed for nonpayment, there is a waiting period of ___ days before a claim covering sickness will be covered
10
Within___ days after policy delivery, an individual life insurance policy can be returned for a 100% premium refund.
10
Kathy pays a monthly premium on her health insurance policy. How long is her grace period?
10 days
Medicare Part A does not pay for medical benefits provided for treatment in a skilled nursing facility beyond
100 days
Sole proprietors are permitted tax deductions for health costs paid from their earnings in the amount of
100% of costs
Lorenzo is self employed with an S corporation. He is unmarried and had a net profit for the tax year. What are the tax ramifications of his health insurance premiums paid for the year?
100% of his health insurance costs can be deducted from his gross income
Lorenzo is self-employed with an S corporation. He is unmarried and had a net profit for the tax year. What are the tax ramifications of his health insurance premiums paid for the year?
100% of his health insurance costs can be deducted from his gross income
An insurer must furnish to a claimant forms for filing proof of loss within ___ days upon leaving notice of claim
15
A plan in which an employer pays insurance benefits from a fund derived from the employer's current revenues is called
A self-funded plan
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
An eligible employee can be excluded from group health coverage for up to___months if he / she is considered a "late enrollee".
18
A temporary license is valid for a maximum of__days
180
A temporary producer license issued in South Carolina is valid for up to
180 days
How many employees must an employer have for a terminated employee to be eligible for COBRA?
20
Written notice for a health claim must be given to the insurer ___ days after the occurrence of the loss
20
Written notice of a health insurance claim should be given to the insurer within __ days after the occurrence of any loss by the policy
20
An employer may qualify for health care tax credits through SHOP Marketplace if that employer has fewer than how many employees?
25
Which of these is considered to be a Living Benefit option in a life insurance policy?
Accelerated death benefit
South Carolina requires that a licensee completes__hours of continuing education on the subject of ethics every reporting period.
3
Tim's individual life insurance policy has just recently lapsed. His policy may be reinstated at any time within__year(s)
3
Under a disability income policy, which provision would be payable if the cause of an injury is unexpected and accidental?
Accidental bodily injury provision
A life insurance REPLACEMENT transaction gives the policyowner the right to return the policy for a 100% refund within ___ days of policy delivery
30
A producer must report to the director any administrative action or criminal charges taken against the producer within__days.
30
Before holding any hearing, the director must give written notice to the person cited to appear at least __ days before the hearing date.
30
Every producer licensed in South Carolina must notify the Director within ___ days of any change of address
30
Every producer licensed in South Carolina must notify the director within ___ days of any change of address
30
Every producer licensed in South Carolina must notify the director within__days of any change of address.
30
Long-term care insurance and Medicare Supplement plans have a free look of__days.
30
Long-term care insurance and Medicare Supplement plans have a free-look period of ___ days
30