Health Exam

After an insurance company examination, the Commissioner or the examiner appointed by the Commissioner must file a written report of the examination within ______

60 days

In life insurance, producers are permitted to share or split commission, provided that

Both are properly licensed for the line of insurance

A waiver of premium provision may be included with which kind of health insurance policy?

Disability income

In which of the following situations is it legal to limit coverage based on marital status?

It is never legal to limit coverage based on marital status

Which of the following statements concerning Medicare Part B is correct?

It pays for physician services, diagnostic tests, and physical therapy

The provision which prevents the insured from bringing any legal action against the company for at least 60 days after proof of loss is known as

Legal actions

What is an actual policy called?

Master Contract

Your client wants to know what the tax implications are for contributions to a Health Savings Account. You should advise her that the contributions are ____

Tax deductible

Twisting is:

misrepresentation, or incomplete or fraudulent comparison of insurance policies that persuades an insured/owner, to his or her detriment, to cancel, lapse, or switch policies from one to another

The equivalent to an insured in a bond is called an _____?

obligee

The party who agrees to perform is the obligor_____ and the party who guarantees the performance is the _____

obligor, surety

Name some characteristics of group disability income insurance

1. The waiting period starts at the onset of the injury or sickness 2. The longer the waiting period, the lower the premium 3. Benefits are usually short term

Which is not a characteristic of a health insurance plan?

A policy is issued to each insured individual

Which of the following is the closest term to authorized Insurer?

Authorized or Admitted

An insurer neglects to pay a legitimate claim that is covered under the terms of the policy. Which of the following insurance principles has the insurer violated?

Consideration

All of the following are true about group disability income insurance except?

Coverage applies both on and off the job

All of the following actions can be described twisting EXCEPT:

Explaining to client the advantages of permanent insurance over term and suggesting changing policies

As it pertains to group health insurance, COBRA stipulates that

Group coverage must be extended for terminated employees up to a certain period of time at the former employee's expense

Most Long Term Care plans have what feature?

Guaranteed Renewability

Which of the following homeowners coverage forms applies to condominium unit owners?

HO-6

Contributions to ___ by individuals are deductible, even if the taxpayer does not itemize.

HSA's

After the insured accept payment from the insurer, they have been _______.

Indeminified

Which type of a hospital policy pays a fixed amount each day that the insured is in a hospital?

Indemnity

An application for a health insurance policy returns a completed application to her agent, along with a check for the first premium. She receives a conditional receipt two weeks later. Which of the following has the insurer done by this point?

Neither approved the application nor issued the policy.

A corporation that contracts for health services for subscribers in exchange for periodic payment by or on behalf of the subscribers, and that does not bill the subscriber directly, but bills the service plan, is classified as a ____

Nonprofit health service plan corporation

In surety bonding, whose performance is being guaranteed?

Obligor

Only _____ type of insurance companies are owned and controlled by stockholders>

Stock

The transfer of an insured to seek damages from a negligent party to the insurer is found in which of the following clauses?

Subrogation

Consideration

The binding force in a contract that requires something of value to be exchanged for the transfer of risk. The consideration on the part of the insured is the representations made in the application and the payment of premium; the consideration on the part of the insurer is the promise to pay in the event of loss.

A man works for company A and his wife works for company B. The spouses are covered by health plans through their respective companies that also cover the other spouse. If the husband files a claim, _______

The insurance through his company is primary

According to the rights of renewability rider for cancellellable policies, all of the following are correct about the cancellation of an individual insurance policy EXCEPT

Unearned premiums are retained by the insurance company

The ____ approach for determining insurance benefits is based upon the fees normally charged for specific procedures in geographic location where the services are provided

Usual, customary and reasonable

Which of the following is NOT a factor in determining qualifications for Social Security disability benefits?

Worker Occupation

Any regularly salaried employee of a licensed insurer, without license or other qualification, may act on behalf of that insurer in the negotiation of insurance for that insurer, provided _______

a licensed producer participates in the sale of insurance

what describes taxation of individual disability income insurance premiums and benefits?

premiums are not tax deductible, and benefits are not taxable

The benefit amount payable under most Long Term Care policies is usually a ____

specific amount per day