Indiana laws and Rules

Producers must complete ___ hours of continuing education every two years to keep their license active.

24

The Affordable Care Act (ACA) provides health coverage to dependents up to the age of:

26

A producer must notify the commissioner within ____ days of a felony conviction.

30 days

According to Indiana law, how long is the right of return for a Long term care policy?

30 days

All long-term care policies must include a free-look period of at least

30 days

To continue health coverage for a newborn, the policy owner must notify the insurer of birth and provide the first premium payment within ___ days of birth

31

In the event of employment termination, a person covered by a group policy also has the right to convert such coverage to an individual policy within ____ days without proving insurability.

31 days

A life insurance policy can be backdated before the application date for up to:

6 months

Long-term care policies sold in Indiana may exclude coverage for pre-existing conditions for:

6 months

A life policy loan in Indiana cannot charge a fixed rate of interest higher than

8%

Eligible employees must be added to group health coverage no later than ___ days after their first day of employment

90

What is Indiana's definition of life insurance replacement?

A transaction in which a new policy as bought an old policy is terminated

Which of the following is not a required provision in a group life policy?

Accidental death and dismemberment

At what point make a producer sell insurance for an insurer?

After being properly appointed by the insurer.

According to the affordable care act (ACA), Is the pendant child's eligibility status is determined by

Age

Existing life insurance policy has been replaced by a new one. I notice of replacement must be provided by the _______ to be signed by the applicant.

Producer

Which of the following is NOT a reason for the commissioner to revoke a producer's license?

Producer is insolvent

Which of the following actions by a producer would NOT result in a license suspension or revocation?

Producer represents more than one insurance company

Under the ACA, consumers must have health insurance as of January 1, 2014 that contains Minimum Essential Coverage (MEC). Individuals who are exempt from this law include:

Those who cannot afford or have religious objections

Essential benefits without annual in my time limit are required or any health policy purchased

Through the federal marketplace

Why would the insurance commissioner issue a temporary license?

To allow the personal representative of a deceased producer to provide service to existing policy owners

Group life policies in Indiana are required to contain a conversion privilege that allows for conversion:

To an individual policy for a stated period of time

Why was the commission examine the record of an insurance company?

To determine the solvency of the company

An example of an unfair claims settlement practice is:

Turning down to claim without providing the basis of denial

How long does an insurance company appointment remain in force?

Until terminated

P is a producer who is licensed in Indiana, but a resident of Michigan. In Indiana, P is considered to be a(n) ________ producer.

nonresident

T is an employee covered under a Group Life policy. If T's employment is terminated, the conversion privilege gives T the right to convert

to an individual policy upon employment termination

A person insured under a health policy is required to give the insurance company a Notice of Claim within how many days after a covered loss?

20

Which of the following is a standard provision of the conversion privileges in a group life policy? -group life coverage can only be converted if the employer pays for the individual policy -Group life coverage can normally be converted to an individual policy within six months -Group live coverage can Only be converted by providing evidence of insurability -Group life coverage can be converted to an individual policy at regular rates on an attained age basis

-Group life coverage can be converted to an individual policy at regular rates on an attained-age basis

What is the minimum grace period for an individual health policy that is paid monthly?

10 days

How many days does a temporary producers license valid?

180

An individual life insurance policy sold in Indiana can be contested by the insurance only during the first ____ years of the contract

2

An example of false advertising would be:

An insurer exaggerating its dividends in a magazine advertisement

The coordination of benefits (COB) provision exist in order to:

Avoid duplication of benefit payments

A domestic insurance company in Indiana must:

Be organized under Indiana insurance laws

A domestic insurance company in Indiana MUST:

Be organized under Indiana insurance laws.

A(n) ______ Of authority permission insurance company to transact business in Indiana.

Certificate

Jill is covered under two group health policy, one through her employer and one through her husband's employer. If Jill suffers a loss, which policy provision dictates the primary coverage?

Coordination of benefits

And insured distribute public brochures that contain a false statement regarding a competitors ability to pay claim. This act is considered an example of:

Defamation

A group life insurance policy can be converted to an individual whole life policy under which circumstance?

Employment termination

What is the purpose of the Indiana life and health insurance guaranty association?

Ensures that claims filed against insolvent insurance companies will be paid

How often must an insurance producer's license in in Indiana be renewed?

Every two years

Which of the following is a requirement to be eligible for a group life policy in Indiana?

Group must be formed for a purpose other than obtaining insurance

Which of the following groups may not be insured by a group life insurance policy?

Individuals who are related by blood

Life insurance coverage will frequently contain an accelerated benefits rider attached to the policy. What would be considered a "qualifying event" under these riders?

Medical condition resulting in a significantly-shortened lifespan.

Convincing a prospective insured to buy an insurance policy based on exaggerations is considered to be a form of:

Misrepresentation

T is an insurance license applicant who intends to primarily engage in insurance transactions on himself and his family. If the insurance department is made aware of this, T will most likely

Not be issued a license

If a new Medicare supplement policy involves the replacement of existing cartridge, it must be verified on a question located:

On the application

According to Indiana's mammography coverage statute, which of these benefits are considered mandatory in every medical expense policy?

One mammogram every year for women aged 40 and over

When an existing life insurance policy is terminated so that a new life insurance policy can you purchase, the transaction is referred to as:

Replacement

When a life insurance application is completed, a policy summary must be given to the applicant. The policy summary MUST include

The premium cost for basic coverage applied for.

P's individual health policy is now in the Grace Period. P's coverage will remain in force if:

The premium is paid.

Which of the following would be a valid reason for suspending or revoking and insurance producers license?

The producer has misappropriated money held in a fiduciary capacity

an individual covered under a Group Life insurance policy is considered to be a(n):

certificate holder

If an existing accident and health policy is being replaced with a new policy,, the decision to replace should not be based on:

commissions to be paid

A business entity acting as an insurance producer must:

designate at least one licensed producer to be responsible for the entity's compliance with the insurance laws and rules

The life and health insurance Guaranty association is:

funded by admitted insurance companies through assessments.

XYZ Corp was issued a group health policy for its employees. Under this plan a

policy must be issued to XYZ, and a certificate must be issued to each employee

According to Indiana law, which party is responsible for determining the appropriateness of a Long Term Policy presented to a potential Applicant?

producer

The _____ Must provide an insured with proper disclosure concerning the replacement of a life insurance policy.

producer

According to Indiana law, group life insurance conversion privileges must NOT:

require evidence of insurability

An example of rebating would be

returning a portion of a premium as inducement to purchase insurance