State XVIII Specific To Life Insurance

What is the minimum number of employees required for a group to qualify for group insurance?

10

What is the number to define a group? A. 20 people B. 15 people C. 10 people D. 2 people

10 people

XYZ inc. has 10,000 employees. If their insurance is noncontributory, how many of the employees must participate in the plan

10,000

Trustee groups require how many members for group coverage? A. 75 B. 10 C. 15 D. 100

100

What is the membership necessary for an association to qualify for group coverage? A. 50 members B. 75 members C. 25 members D. 100 members

100 members

Which of the following is true regarding an association? A. Must wait 15 days for their appointment B. Pay a $ 1,000 surety bond C. 100 members D. Be appointed by at least 2 insurers

100 members

What is the grace period for a Life policy? A. 10 days B. 15 days C. 20 days D. 31 days

31 days

Within how many days must an existing insurer provide a policyowner with a summary of their existing Life Insurance regarding replacement of their policy? A. 5 days B. 10 days C. 15 days D. 20 days

5 days

How long must replacing insurers keep a policy on file? A. 5 years B. 3 years C. 2 years D. always

5 years

Which of the the following provides underwriting information? A. Standards B. Application C. Warranty D. Conversion

Application

The act of trying to discourage a policyholder from dropping his/her existing policy is called

Conservation effort

What is defined as any attempt by an existing producer to dissuade a policyholder from dropping their existing life policy? A. Conservation effort B. Replacement Effort C. Disclosure effort D. Compliance effort

Conservation effort

Guaranteed issue refers to: A. Coverage after the enrollment period B. Coverage without individual examinations C. Coverage with necessary Medical information D. Coverage that is denied

Coverage without individual examinations

A Certificate of Insurance is issued to which of the following? A. Association B. Union C. Employee D. Trust

Employee

What is required if an employee joins a group plan after an Enrollment Period? A. Evidence of payment B. Evidence of incontestability C. Evidence of conversion D. Evidence of insurability

Evidence of insurability

Sleeping would be considered an activity of daily living (ADL) True or False?

False An example of an activity of daily living is bathing

If a producer renews his license before it expires, the term of the license would be extended. True or False

False If a producer renew his license before it expires, a new license would be issued.

Alex died 12 days after his conversion from his employer's plan to his individual plan. who will pay his death benefit?

His group policy

Dan died 12 days after his conversation from his employer's plan to his individual plan. Who will pay his death benefit? A. No one B. His group policy C. His individual policy D. His group policy will pay as long as the premium was received

His group policy

Group insurance underwriting evaluates all of the following except: A. Group participation B. Group size C. Group purpose D. Individuals in the group

Individuals in the group

Which of the following must occur funds for the Life and Health Guaranty Association? A. The premiums must be raised B. Insures must be assessed C. The association must be secure D. Policyholder must be assessed

Insures must be assessed

Which of the following defines the minimum number of a group? A. Commissioner B. Governor C. Executive Officer of the Insurance commissioner's office D. Maryland law

Maryland law

When is it legal for a client to sign an incomplete application? A. Never B. always C. Only under certain circumstances D. Only when approved by the executive officer of an insurer

Never

When is it legal for a client to sign an incomplete to sign an incomplete application>

Never

B&H Company under 200 employees. all of their employees are covered under their group policy. What group plan does this describe? A. Contributory B. Eligible C. Noncontributory D. Qualified

Noncontributory

The MYZ Pizza Company has group insurance and their premium is paid by the sponsor of their company. What type of plan does MYZ provide to their employees? A. Contributory B. Qualified C. Nonqualified D. Noncontributory

Noncontributory

The life and Health insurance Guaranty Association, is what type of corporation? A. Nonprofit B. Public C. Mutual D. Fraternal

Nonprofit

What type of insurer proposes to issue a new policy replace an existing policy? A. Existing Insurance B. Replacing Insurer C. Credit Insurer D. Converted Insurer

Replacing Insurer

The .............. Company notifies the .............. company regarding the replacement of a policy

Replacing Replacement

What will be adjusted if VHM moving company misstated the age of their members on their group policy? A. The death benefit B. Nothing C. The premium D. The enrollment period

The premium

What is the conversion privilege for an insured under a group policy? A. To convert from group coverage to individual coverage within 31 days, without evidence of insurability B. To convert from one group to another group, without evidence of insurability C. to convert from individual to group coverage within 31 days D. To convert to and from any group plan within 31 days

To convert from group coverage to individual coverage within 31 days, without evidence of insurability

Which of the following is the purpose for regulating life insurance policy advertisements and illustrations? A. To compare policies B. To allow visual aid interpretations with graphs and charts C. To provide a manner to commingle information between an insured and insurer D. To help consumers make educated decisions without being misled.

To help consumers make educated decisions without being misled.

The main reason for regulating Life and Annuity contracts is to maintain minimum standards standards in marketing. True or False

True

the life and Health guaranty corporation is a private, non-profit, non-stock corporation. True or False

True

After a policy is issued, any unanswered questions are considered to be: A. Waived by an insurer B. Representations C. Considerations D. Estopped

Waived by an insurer

Which of the following best describes the term replacement? A. When an annuity or policy takes the of one currently inforce B. When an annuity is paid up C. When a policy eliminates some benefits D. When a policy changes its premium

When an annuity or policy takes the of one currently inforce

When may a group provide coverage for their eligible members? A. When the group is approved by the executive officer B. When the group is approved by the commissioner C. When the group has 100 members D. When the group has 100% participation

When the group is approved by the commissioner