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