Health & Life Insurance - Part 7
All life insurance policies must contain a provision that settlement must be paid __ days of receiving due proof of death
10
An individual life insurance policy may be reinstated within __ years if lapsed due to default in premium payments
3
Open enrollment is the period no less favorable that a __ period beginning on the employee's date of initial eligibility
31
How long is the commissioners term?
4 years
All ads must be maintained in a file for a period of __ years after discontinuing its use.
5
An individual life insurance policy may be backdated by up to __ months of coverage.
6
The time frame to pursue legal actions in KS begins __ after written proof of loss and can not exceed __.
60 days, 5 years
In regards to coverage for a newly born child, routine and necessary immunizations are covered from birth up to __ without being subject to any deductibles or co-payments.
72 months
The producer has __ days to end suspension by furnishing proof of completed CE and paying all fines.
90
What is an annuity?
A long term investment issued by an insurance company and is designed to protect you from outliving your income
Who benefits in Investor-Originated Life Insurance (IOLI) when the insured dies?
Policyowner
What is the Life and Health Insurance Guaranty Association?
Provides protection to policyowners and beneficiaries in the event of an insurer impairment or insolvency
If the commissioner determines that any person has violated regulations for viatical settlements, the person may be subjected to..
A penalty of up to $1,000 per violation A penalty of up to $2,000 per violation if they knew it was a violation Suspension of revocation of license A cease and desist order
If the commissioner has reason to believe a person is engaging in an unfair method of competition or an unfair or deceptive act of practice, what will the commission issue?
A statement of charges and notice of hearing
Claims paid by the Kansas Life and Health Guaranty Association when an insurer is insolvent come from..
Assessments from member companies
When a policyowner cash surrenders a Universal Life insurance policy in it's early years, this may be considered a red flag for a(n)
Federal Fair Credit Act Violation
Who makes the legally enforceable promises in a unilateral contract?
Insurance company
A typical short term medical expense is best describes as
nonrenewable
How often does the commissioner conduct an examination?
once every 5 years
Post-tax dollar contributions are found in
Roth IRA investments
An individual life insurance policy must have a free look period of..
10 days
A viator has the right to rescind the contract for __ calendar days following the receipt of proceeds.
15
What are the qualification of obtaining a license in KS?
18 years of age Pay the application fee Must not have committed an act that is ground for dismissal Pass the licensing exam
The commissioner may issue a temporary license for up to __ days
180
For group life insurance, the validity of the policy may not be contested after __ years.
2
The time limit of certain defenses under individual health insurance policies in KS states that no misstatements, except fraudulent misstatements, made by an applicant may be used to void the policy or deny a claim after __ years.
2
A viatical provider must give written notice to the insurer within __ days.
20
In a viatical settlement, fund will be sent to a viator within __ business days after viatical provider has received insurers acknowledgement that ownership is being transferred.
3
The replacing producer and replacing insurer must maintain a copy of the replacement forms for a period of __ years.
3
Each producer must notify the Department of Insurance within __ days regarding to change of information
30
Every insurer that issues individual or group policy, must provide reimbursement or indemnity under such policy that will not be limited to __ days per year when that person is confined to treatment for alcoholism, drug abuse, or substance use disorders
30
If a group policy makes coverage available to a dependent of an eligible employee, the policy provides a __ special enrollment period
30
An individual life insurance policy must have a grace period of...
30 days
For group life insurance, a __ day grace period must be given for later payment of premiums except the first.
31
Every insurer that issues individual or group policy, must provide reimbursement or indemnity under such policy that will not be limited to __ days per year for inpatient treatment of medical illness in a medical care facility
45
In regards to annuities, insurers must maintain records of the information used in making the recommendations for __ years after the insurance transaction is completed.
5
If the applicant fails to pass the exam, they may retake the exam after a waiting period of __ days.
7
When must a disclosure be given?
At or before delivery of the policy
For group life insurance, what happens if a group member dies within the grace period?
The group policy shall pay the amount the member would've been entitled to
The situation in which a group of physicians are salaried employees and conduct business in an HMO facility is called a..
closed panel
What is a viatical settlement?
An arrangement where a person with terminal illness sells their life insurance to a third party for less than its mature value in order to benefit from proceeds while still alive
What is a fraternal?
Any incorporated society conducted for the benefit of its members and beneficiaries rather than for profit
Medicare Part A & B do not cover
Dental work
How can a producer cancel their licenses or certificates?
By sending a written request to the Department of Insurance
P loses an arm in a farm accident and is paid $10,000 from his AD&D policy. This benefit is know as..
Capital Sum
How are surrender charges deducted in a life policy with a rear-end loaded provision?
Deducted when the policy is discounted
How often must producers renew their license?
Every 2 years
What happens when the commissioner does not receive a report of CE?
License will be suspended along with $100 fine per license
What are accelerated benefits?
Life insurance policy proceeds paid to policyowner before he or she dies
When a Medicare supplement policy is delivered, disclosure standard require that an __ of coverage be provided to the insured.
Outline
All insurers authorized to transact life and health insurance in Kansas are required to be members of..
The Kansas Life and Health Insurance Guaranty Association
When are CE requirements due?
The last day of the producers birth month
Producers may not transact insurance business in Kansas, unless:
There is a certification from at least 1 insurer
For group life insurance, if a group member ceases to be eligible or if coverage ceases because the group policy is terminated, what can the members do?
They have the right to apply for individual policy providing similar coverage within 31 days
If a commissioner issues an emergency cease and desist order, what can the person to whom the order is issued to do?
They make make a written request for a hearing within 15 days
If any person fails to file any report/information or fails to respond to any inquiry of the commissioner, what may be the penalty?
Up to $1000 per penalty and $500 per week thereafter the report is not provided
At what point does an informal contract becomes binding?
When one party makes an offer and the other party accepts
What does the ownership clause in a life insurance policy state?
Who the policyowner is and what rights the policyowner is entitled to
Any insurer who violates an advertising regulation is subject to
a fine of $1,000 each violation A fine of $5,000 each violation if the person knew it was a violation Suspension or revocation of their license