Georgia Life and Health

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Dividend Options

1. Cash 2. reduction of premiums 3. Accumulation at interest 4. One Year term

The corridor deductible applies between

Basic and major medical coverage

The "conservation effort" deals with

Discouraging policyholders from dropping existing policies

What does "level" refer to in level term insurance?

Face Amount

Which type of care is NOT covered by Medicare?

Long Term

Peril

The cause of loss

Once an individual is licensed as an insurance producer for life or accident and health insurance, how many hours of training must the producer complete initially to sell long-term care insurance partnership policy?

8 hours

How often must the Commissioner of insurance examine health maintenance organizations (HMOs) authorized to do business in this state

Every 3 Years

How long is a free look period on a Medicare supplement supply

30 days

When a whole life policy is surrendered for its nonforfeiture value, what is the automatic option?

Extended term

When may HIV-related test results be provided to the MIB?

Only if the individual is not identified

The family term rider incorporates

Spouse term and children's term

Which of the following definitions would make it easier to qualify for total disability benefits?

The more liberal "own occupation"

Insurable interest

financial interest in the life of another person or in a piece of property

indemnity

restoring the insured to the condition that existed before loss

Law of large numbers

the larger the number of people with the same exposure to loss, the more predictable the actual loss will be

Under the mandatory uniform provision Notice of Claim, written notice of a claim must be submitted to the insurer within what time parameters?

within 20 days

Nonforfeiture Options

1. Cash surrender 2. Extended Term 3. Reduced Paid-up insurance

Key features of whole life insurance

1. protection until the insureds age 100 2. level premium 3. Cash values and living benefits

An insured recently discovered that the interest rate on his policy loan once again increased. Which of the following is the shortest amount of time that could have passed since the last change in the insured's interest rate?

3 months

A life insurance policy qualifies as a Modified Endowment Contract if the amount of premium paid exceeds the amount that would have provided paid-up insurance in how many years?

7 years

What is the maximum allowed rate of interest on policy loans from life insurance?

8%

Workers Compensation types of benefits

medical income death rehabilitation

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

10 Days

In replacement, an existing insurer must provide policy owners with a policy summary for existing life insurance within how many days of receiving the written communication and replacement?

10 days

For how many days of skilled nursing facility care will Medicare pay benefits?

100

When a policy is replaced, replacing insurers must maintain a replacement register regarding the policy for

3 Years

if an insureds cognitive impairment results in the lapse of a long-term care policy, how long from the policy lapse may the insured request reinstatement?

5 months

Authorized insurance companies are examined by the commissioner at least once every?

5 years

The inflation protection feature in long-term care policies issued in this state must provide protection for inflation at what percent annually?

5%

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

6 Months

How long is open enrollment period for Medicare supplement policies?

6 months

On an Accidental Death and Dismemberment (AD&D) policy, the death benefit payable is known as the

Principle Sum

How long is the waiting period for benefits to be paid in a long-term care policy or rider?

90 Days

A policy form is deemed to be approved by the commissioner if it has been on file for at least how many days?

90 days

In an individual long-term care insurance plan, the insured is able to deduct the premiums from taxes. What income taxation will be imposed on the benefits received?

No tax

When the owner of a participating whole life policy uses the dividend to provide more life insurance coverage, which of the following dividend options is being used?

Paid-up additions

Variable Life Insurance

Permanent Insurance Premium- fixed(whole life) flexible(if universal) Cash Value-not guaranteed/invested in separate accounts Regulated by- SEC, FINRA, Department of insurance

All of the following are true of the key person disability income policy except?

Premiums are not deductible to the business

Annutization period

income is paid to the annuitant

An insurer must supply claims forms to the insured within how many days of a notice of claim?

15 days

When a hearing regarding an insurance matter is requested, all parties must receive

15 days notice

Universal life insurance

2 death benefit options: Option A- Level benefit and Option B- Increasing Benefit

Following hospitalization because of an accident, Bill was confined in a skilled nursing facility. Medicare will pay full benefits in this facility for how many days?

20

If an insured submits a written proof of loss, What is the maximum amount of time after submittal that the insured has to initiate legal action?

3 Years

When a policy is replaced, replacing insurers must maintain a replacement register regarding that policy until the conclusion of the next regular examination by the insurance department or for

3 years

If an agent changes his residence address, within how many days must the agent notify the Commissioner of the change?

30

A policy form is deemed to be approved by the commissioner if it has been on file for at least how many days?

30 Days

An insurance agent has received a request for a hearing from the commissioner, within how many days must the hearing be held?

30 days

Insurers must keep files of all advertisements used in Georgia for the minimum of how many years?

4 Years

Agents, subagents, and counselors are required to maintain records of all insurance transactions for what time period?

5 Years

What is the waiting period on a Waiver of Premium rider in life insurance policies?

6 Months

An agent must be a resident of the state and be present in the state for at least how many months each year?

6 months

A paid-up nonforfeiture benefit will become effective as specified in the policy, unless the person entitled elects another available option within how many days after the premium in default?

60

Which of the following is a correct statement about annuities?

Fixed annuities do not provide protection against inflation

All of the following would be classified as "limited insurance coverage" except

Supplemental Social Security Coverage

Adjustable Life Insurance

can either be term or permanent; the policy owner can increase or decrease the premium, the face amount and the period of protection

An insurance producer just sold an insurance policy to his sister. What kind of business is this?

Controlled

Decreasing term insurance is often used to

Cover a mortgage

If an agent advises a policy holder to replace an insurance policy but only does so for the purpose of making commissions, the agent has committed an act of?

Churning

Which policy component decreases in decreasing term insurance?

Face amount

Levels of Care

Skilled Intermediate Custodial

The violation of a cease and desist order may result in a fine of

$10,000


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