Xcel-Ch.19
In California, an insurer organized under the state laws of Oregon is called a
foreign insurer
When an insurer has met the qualifications necessary to transact business in California, it is said to be
Admitted
Medi-Cal
A health entitlement program jointly financed by the Federal and state gov't
According to the PPACA, the medical enrollment tier that has 80% actuarial value is called
Gold
What effect did the pregnancy Discrimination Act have on the health industry
Pregnancy must be treated as any other medical condition
Pete is a life agent who has misappropriated fiduciary funds to his own use. What is Pete guilty of?
Theft
An insurer that has been found using higher rates based on race, religion, or ehtnicity is said to be engaging in...
Unfair discrimination
According to the California Insurance Code, what is the maximum penalty per violation for anyone who unwillfully commits an unfair method of competition?
$5,000
When selling a long term care insurance rider to an applicant, a life agent must take into consideration all of these factors
-Ability to pay -Needs of the client -Goals of the client
Who is protected under the California Life and Health Guarantee Association?
-Policyowners -Insureds -Primary beneficiaries
How long must a policy be in force before an insurer is prohibited from denying claims based on misstatements on the health policy application?
2 yrs
What is the free-look period for life insurance policyowners age 60 or older
30 days
According to the California Insurance Code, what is "insurance"
A contract
Insurance Solicitor
A person authorized to assist a broker or agent in transacting insurance
What is an "insurance broker" according to California Insurance Code?
A person compensated for transacting on behalf of another person with an insurer
Conservation
An agents attempt to stop the replacement of an existing life insurance policy
According to PPCA, what is a health benefit exchange?
An entity to which individuals and small businesses can have access to affordable health coverage
What frequency can life insurance suplus be distributed to policyowners
Annually
How many days does an individual have to cancel a life policy for a full refund
Between 10 and 30 days
Where must you specifically reside to qualify for MRMIP
California
Which entity has juristiction over health care coverage providers?
Department of Insurance
When handling premiums for an insured, an agent is acting in which capacity?
Fiduciary
Who does a life settlement broker represent?
Individual wanting to sell their life policy to a third party
An insurance policy in California may be called a comprehensive long-term insurance policy if benefits are provided for
Institutional and home care
According to the California Insurance Code, who is responsible for submitting a life agent's appointment
Insurer
The California Insurance Code requires than an insurer must have enough assets to conver its liabilities and for reinsurance of all outstanding risks. To remain solvent, it must also posses additional assets equal to what amount?
Its paid-in capital
The cost of services by the Health Insurance Counseling Advocacy Program (HiCap)
No cost
What is required after a life agent sells an insurance policy to an applicant withough being appointed by the insurer?
Notice of appointment must be submitted to the Commisioner
What is the purpose of the Pre-Existing Condition Insurance Plan (PCIP)
PCIP was created by the PPACA for people rejected by private health insurers due to pre-existing conditions
Accoriding to the California Insurance Code, how is the word "may" interpreted?
Permissive
What does the term "illustration" mean when used in the phrase "life insurance policy illustration", according to the California Insurance Code?
Presentation of policy features that includes non-guaranteed elements
Why is a life insurance policy's delivery date important?
The free-look period begins on the policy delivery date
Under the California Insurance Code, a licensee's license number myst be printed at what size on all price quotes, business cards, and printed material?
The same size prints as the lincensee's photo number, fax, or address
