work quiz
in indiana, the maximum fine that the commissioner can impose on a producer of company who violates a cease and desist order is _____ per violation.
$25,000
the free-look period for life insurance policies issued in Indiana is ___ days.
10
what is the minimum grace period for an individual health policy that is paid monthly
10 days
a long-term care policy sold in Indiana must provide benefits for a minimum of
12 months
what is required for a producer to be in compliance with rule 13, life insurance advertising?
a potential applicant must be told that life insurance is he exclusive subject of the sale.
which of these is an example of twisting ?
a producer misrepresents a policy to induce a policy owner to surrender an existing policy.
what is Indiana's definition of life insurance replacement?
a transaction in which a new policy is bought and an old policy is terminated.
an insurer is not required to provide information on fraudulent claims if requested by
an insured
a disabled dependent's continued coverage under a family health plan would be discontinued if
documentation of the disability is not provided to the insurer.
in Indiana, an insurer licensed to conduct business in Indiana, but domiciled in Texas, is called a(n)
foreign company
the life and health insurance guaranty Association is:
funded by admitted insurance companies through assessments
a hearing must be held before a producer's license can be suspended or revoked. prior to the hearing, the insurance commissioner is required to:
give written notice to the producer.
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
the legal action provision in Indiana stipulates that the:
insured must wait 60 days after submitting proof of loss to initiate a lawsuit and has up to 3 years to file.
a producer's license may be denied, suspended, or revoked if he licensee:
is found guilty of misrepresentation in obtaining the license.
Kathy has a family health insurance policy where any dependent children she has are removed from he policy once hey have reached a certain age. this policy is known as:
limiting age
which of the following provides funding for he Indiana life and health insurance guaranty association ?
member company assessments
t is covered by a major medical policy with his employer. he leaves his employer and converts the coverage to an individual policy. all of these statements about the new policy are true except.
new policy pays he same benefit as the group policy.
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.
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.
in indiana, which of the following must be delivered to a policy owner upon the sale of an individual like insurance policy?
policy summary and buyers guide.
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.
in order to terminate a producer's appointment, the insurer must
send notice of the termination of the commissioner
which of the following is not considered rebating?
sharing commissions with a producer licensed in the same line of business.
which of these statements regarding health coverage for a physically handicapped dependents is false?
the dependent must have been over ten years of age when the handicap was occurred.
under the ACA, consumers must have health insurance as of January 1, 2014 ha contains the minimum essential coverage (MEC). individuals who are exempt from this law include:
those who cannot afford or have religious objections.
why would the commissioner examine the records of an insurance company?
to determine the solvency of the company
the insurance commissioner is authorized:
to enforce state laws related to insurance
the insurance commissioner is authorized:
to enforce state laws relating to insurance
a producer who makes misleading statements that lead to the termination of an existing insurance policy so that a new policy with another insurer can be taken out has committed:
twisting
which of the following actions by a producer would no result in a license suspension or revocation?
producer represents more than one insurance company
which of the following is not a valid reason for the insurance commissioner to suspend or revoke a producer's license?
producer represents more than one insurance company
which of the following will happen if a licensed resident insurance producer moves to another state.
producers license shall terminate immediately
how long does an insurance company appointment remain in force?
until terminated
a medicare supplement policy may be returned for 100% premium refund within ___ days after policy delivery
30
under the Indiana long-term care partnership program (ltcp) producers are required to have an additional ____ hours of education after they receive their license in order to sell policies under this program.
15
how many days is a temporary producer's license valid?
180
a newly licensed producer must compel 24 hours of continuing education every ___ years.
2
a person insured under a health policy is required to give the insurance company a notice of claim within ___ days after a covered loss.
20
if a new life insurance policy is replacing an existing one, the insured is given the right to return for a full refund of at least ____ days after policy delivery.
20
a producer must complete ____ hours of continuation education biennially to maintain the license
24
Medicare Supplement policy may be returned for a 100% premium refund within ____ days after policy delivery.
30
a producer must notify the insurance commissioner within ___ days of an address change.
30
an insurer that terminates a producer's appointment must notify the commissioner within ___ days of the date of termination
30
at the very least, an admitted insurance company shall be examined once every ___ years
5
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
An insurance company that has qualified and received a certificate of authority from the department of insurance to sell insurance in this state is considered to be a(n) ________ insurer
admitted
in a viatical settlement, how much does the policy owner receive for a life insurance policy?
amount less than the death benefit.
a business entity acting as an insurance producer must:
designate at least one licensed producer to be responsible for he entity's compliance with the insurance laws and rules.
how often must the commissioner examine each domestic insurance company?
every 5 years
how often must an insurance producer's license in Indiana be renewed?
every two years
life insurance coverage will frequently contain an accelerated benefit rider attached to the policy. wha would be considered a "qualifying event" under these riders.
medical condition resulting in a significantly shortened lifespan.
which unfair competition practice involves a producer suggesting that an insurance policy is like a share of stock?
misrepresentation
an example of an unfair claims settlement practice would be:
misrepresenting insurance policy provisions affecting a loss
all of these statements are true regarding a child qualifying for coverage under he Indiana children's health insurance program, except:
must have been born in he United States to qualify.
a licensed business entity acting as an insurance producer must:
notify the department of insurance of any fictitious name used
An example of rebating would be
offering a client something of value not stated in the contract in exchange for their business
if a new medicare supplement policy involves the replacement of existing coverage, 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 older
Upon reaching the limiting age, a handicapped child can extend their health insurance coverage as a dependent
only if the child is incapable of employment and chiefly depended on he policy owner.
health policies sold in Indiana are required to begin medical coverage of a newborn beginning a:
the moment of birth
life insurance replacement regulation protects the interests of
the policyowner
when a life insurance policy 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 is a requirement to obtain a nonresident producer license on indiana?
the producer's state of residence must have reciprocity with indiana.
if an insurer offers health coverage to an employee, the insurer must inform the employer of all of the following except
the terms of the insurer's provider agreements
in an insurer offers health coverage to an employee, the insurer must inform the employer of all of the following information except:
the terms of the insurer's provider agreements.
B the producer sold an insurance contract to a client. B has engaged in:
transacting insurance.
a producer inducing an insured a producer inducing lapse, forfeit or surrender insurance through misrepresentation is committing the illegal act of:
twisting
insureds in the same risk classifications are being charges differentiations premiums by an insurance company. his insurer is committing he illegal act of:
unfair discrimination
which of the following plans is not required to meet minimum essential coverage (mec) standards under the affordable care act (ACA)?
Workers' compensation
which of the following actions does the insurance commissioner not have the power to conduct?
activate insurance companies
the coordination of benefits (COB) provision exists in order to:
avoid duplication of benefit payments
a domestic insurance company in Indiana must
be incorporated and formed in Indiana
a(n) _______ of authority permits an insurance company to transact business in Indiana.
certificate
As a condition for a loan, a bank requires the borrower to purchase credit insurance from a specific company. What is the bank guilty of?
coercion
in indiana, what is the maximum percentage of controlled business a producer may write in a twelve-month period?
25%
the Indiana children's health insurance program (CHIP) provides children of need with health benefits until he child reaches age ____ or become financially ineligible, whichever is earlier.
19
indiana's 10 day free-look period for life insurance policies begins on the
date of delivery
an insurer distribute public brochures that contain a false statement regarding a competitor's ability to pay claims. this act is considered an example of:
defamation
a group life insurance policy can be covered 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 insurance companies will be paid.
S takes out a health insurance policy which contains a provision that states that the producers does not have the authority to change the policy or waive any of its provisions. which health policy provision is this?
entire contract
during the course of an insurance business transaction. who does the producer legally represent?
insurance company
an individual who in any manner sells, solicits, or negotiates insurance on behalf of insurance for compensation is an insurance:
producer
the _____ must provide an insured with he proper disclosure concerning the replacement of a life insurance policy.
producer
Which of the following is not required in the outline of coverage for a health insurance policy?
projection of the policy's future costs
Which of these correctly describes the purpose of the Indiana comprehensive health insurance plan?
provides high-risk insurance coverage for people who are uninsurable.
who is responsible for determining if long term care coverage is appropriate to meeting an applicant's needs?
producer
ABC insurance company fails to pay yeah proceeds after satisfactory proof of loss was submitted. ABC must then begin paying interest on he death proceeds after ___ days of receiving proof of loss.
30
The producer must notify the Commissioner within ____ days of any felony conviction.
30
according to indiana law, how long is the free look period for a medicare supplement policy?
30 days.
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
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
marketing procedures for long-term care and medicare supplement polices should ensure that
policy comparisons are fair and accurate
S is a life insurance policy owner who enters into a written agreement to receive immediate cash in exchange for the sale and transfer of her life insurance policy. the agreement is referred to as a(n)
viatical settlement