review

If the department contacts an Agent regarding a claim, the agent must respond completely within how many days

21 days

What is the maximum age for qualifying for a catastrophic plan

30

What is the elimination period for Social Security benefits

5 months

When is it illegal for an insurer to disclose privileged information about an insured

A research for marketing purposes

What insured has a right to cancel a individual life policy within 30 days

And shirts 60 years old or older

how is premium in an insurance Policy determined

By multiplying the rate by the number of units of insurance purchased

When applying for an individual life insurance policy, and applicant states that he went to the doctor for nausea, but fails to mention that he was also having severe chest pains. This is an example of

Concealment

What is not covered by health maintenance organization's

Elective services

The death benefit under the universal life option B

Gradually increases each year by the amount that the cash value increases

What allows the insured to purchase specific amounts of additional insurance at specific times without proving insurability

Guaranteed insurability option

The key factor of representation that allows the injured party to rescind the contract is

If the representation is false in a material point

What would be an advantage to naming a contingent or secondary beneficiary in a life insurance policy

It determines who receives policy benefits if the primary beneficiary is deceased.

Decreasing Term

Premiums remain level with a decreasing term policy; only the face amount decreases

What is consideration?

Something of value that is transferred between the two parties to form a legal contract

The Act

The act does not offer tax deductions for health insurance premiums but the act does offer a tax credit which is different from a tax deduction.

What is true regarding variable annuities

The annuitant assumes the risk on investment

If an insured Converts his $50,000 whole life policy into a term life policy which is currently $20,000 what would be the face amount of the new term policy

The face of the term policy would be the same as a face amount provided under the whole life policy. So $50,000

Joint life and survivor life. What premium is lower

The major difference is that survivorship life pays on the last death rather than upon the first death. Since the death benefit is not paid until the last death, the joint life expectancy in a sense is extended, resulting in a lower premium than that which is typically charged for joint life

What does a non-forfeiture law stipulate

The non-forfeiture law stipulates that a deferred annuity must have a guaranteed surrender value that is available if the owner decides to surrender the annuity prior to annuitization

What is the annuity period?

The period of time during which accumulated money is converted into income payments

When will benefits be coordinated

benefits will be coordinated when individuals are covered under two or more health plans

Who must sign the "Notice Regarding Replacement"?

both the agent and the applicant must sign

The violation of a material warranty or other material provisions of a policy allows

both the insured and the insured to rescind

When a policy owner designates a group of individuals as the beneficiary of a life insurance death benefit without specifically naming the individuals, this is called

class designation

What is not true regarding basic surgical expense coverage

coverage is unlimited

Factual statements about the insured or the risk in an insurance policy are considered

express warranty

If an insured is not required to pay a deductible, what kind of coverage does he/she have

first dollar

What does not fall under the definition of durable medical equipment

hospital blankets

What is an Own occupational plan

if the insured cannot perform his/hers current job for a period of up to two years, disability benefits will be issued, even if the insured would be capable of performing a similar job during that two-year period. After that, if the insured is capable of performing another job utilizing similar skills, benefits will not be paid

What does a Period of time Term provision mean

it means that the policy will only last a certain period of time and cannot be renewed. It will be canceled at the time of the term for which it was purchased

Medicare

medicare has four parts: part A, hospital insurance is financed through a portion of the payroll tax (FICA). part B, medical insurance is financed from monthly premiums paid by insureds and from the general revenues of the federal government. part C allows people to receive all of their care services through available provider organizations. and part D is for description drug coverage.

Policy loans can be repaid at any time, including surrender and death. And insure can charge Interest on outstanding policy loans, what is not true regarding policy loans

money borrowed from the cash value is taxable

And independent agent may have contracts with

more than one insurer

Sexual preference is

not a legal classification

The underwriting unit, when considering risk factors for individual and group disability insurance, will review the "carrier history" of the group. Which factors might the underwriters consider?

stability, longevity and price shopping

If a nonmember physician is utilized under the point of service plan,

then the attending physician will be paid fee for service, but the member patient will have to pay a higher coinsurance amount or percentage of the privilege