State Laws
At the policyholder's request
A life insurance company may exchange a life policy for another policy
Replacment
A new life policy is being purchased, and the agent knows that an existing contract thru a different insurer will be lapsed. This an example of policy:
90 days
A person who applies for a resident license in Ohio may be exempted from prelicensing eduction requiements and from the licensing exam if they apply for the resident within _____ of establishing residence in Ohio
J can disregard the Superintendent's order to testify without consequences J's license is automatically suspended until J testifies as ordered If J testifies, J is totally immune from any fine or licensure penalty D. J's testimony cannot be used against J for any criminal charge besides perjury
J is an Ohio agent who asks to be excused from testifying in a hearing on the grounds of self-incrimination. Which of the following most accurately describes what will happen if the Superintendent orders J to testify anyway?
30 days
How long does a licensed agent have to file a change of address with the superintendent after making the change?
5 yrs Replacing insurer
How many years must the replacement records be maintained by the replacing and existing insureres. Also who would be required to notify the existing insurer of a policy being replaced
At least once every 3 yrs
How often must the Superintendent examine the books and record of insurnce companies
Permit the custodial parent to submit claims without the approval of the noncustodial parent
If a child is covered under the health insurance of a noncustodial parent, the health insurer is required to:
1,000 or more (A fraudulent claim of less than $1,000 is a misdemeanor.)
In Ohio, a fraudulent claim is considered a felony if the amount of the claim is
Reduce the death benefit
In Ohio, accelerated benefits:
On a prepaid basis
In Ohio, health insuring corporations provide medical services:
21 days
In Ohio, how long do insurers have to accept or reject a claim after receiving proof of loss
200% of the commission paid for policy renewals
In Ohio, the mazimum first year commission for the sale of a Medicare Supplement policy is:
A physician determines that the viator disabled and is unable to maintain full-time employment
In Ohio, under which of the following conditions would a person be able to enter into a viatical settlment contract within 5 yrs of the policy issuance date?
Unless they have had a life insurance license for at least 5 yrs
In Ohio, viatical settlement brokers must be licensed before negotiating settlements:
The agent must notify the superintendent befor using the name
In Ohio, what must agents do when they wish to do business under an assumed name?
Applicants must provide written consent in advance of HIV test being conducted
In Ohio, which of the following statements applies to HIV testing?
Guaranteed dividends can make an insurance policy self-supporting Cash value is a form of money market deposit account Variable universal life is a flexible, tax-deferred investment plan D. Dividends are a tax-free refund of excess premiums, paid out of a divisible surplus
In Ohio, which of the following statements would be permitted in a life insurance advertisement?
The Superintendent of Insurance
In Ohio, who is charged with seeing that the laws relating to insurance are executed and enforced?
15 days
In ohio, an insurer must acknowledge the receipt of a claim within
-A copy of its bylaws or constitution -A copy of the attorney general's approval C. A copy of the rates it plans to use -A copy of its Articles of Incorporation
In order to be issued a certificate of authority, an insurer must file all of the following, EXCEPT:
By the policy renewal date
In the case of a policy renewal, what is the Ohio deadline for providing a notice of information privacy practices to the client?
31 days
Insured covered by a group life plan have ___ days to convert to an individual policy if a group plan is terminated or if they lose their elgibily to participate in an ongoing plan
Insureres, directors, officers, agents, and employees may be examined under oath
Ohio law requires that the Superintendent periodically examine insureres. As part of this requirement
60 days
The claimant has __________ to submit proof of loss to the insurer.
The contract is deemed to have been rescinded, and ownership reverts to the viator's estate
Under Ohio law, what will occur if an insured enters into a viatical settlement contract, but dies 10 days after receiving the proceeds of that contract?
Basic health care service
Under an HIC in Ohio, coverage for emeregency health services would be considered a
-Insurers may not exclude pre-existing medical conditions for children under age 19 B Insurers are required to spend 65% of individual plan premiums and 75% of group plan premiums on claims -Insurers are prohibited from establishing lifetime dollar limits on essential benefits -Flexible spending accounts may not be used to pay for over-the-counter drugs without a prescription
Under the provisions of the Affordable Care Act, all of the following are true, except:
File the change with Superintendent 30 days prior to use
What is an HIC required to do when they make a change to their solicitation document?
A consumer must consent to any fee before any insurance business is conducted
What is required under Ohio law in order for an agent to charge consumer fees?
Inability to pay any bill within 30 days of the due date
What is the standard for determining insolvency in insurance companies issuing only assessable fire insurance policies?
- An outline of coverage must be provided to the applicant at the time of application - Applications must include questions to determine whether the Medicare supplement policy being sold will replace existing Medicare supplement coverage - A Buyer's Guide must be provided to the applicant at the time of application D. Insurers must notify policyholders of benefit changes within 5 days of the date they take effect
Which of the following does not accurately describe an Ohio regulation for Medicare Supplement policies?
A The grace period is always 31 days -Once an insured has provided a proof of loss, they cannot take any legal action against the insurer before 60 days, or after 3 years -The time limit on certain defenses is 2 years -Proof of loss must be provided within 90 days after the date of the loss
Which of the following individual health insurance provisions is NOT accurately described?
-The producer is licensed in multiple states -The producer takes an application and a premium check, but does not submit the application until 5 days later C. The producer pleads "no contest" to a felony charge -The producer is charged with a misdemeanor traffic violation in another state
Which of the following is suffiecient grounds for the revocation, suspension, or nonrenewal of an Ohio insurance license?
Casualty Surety Bail Bonds Personal Lines D. Travel
Which of the following lines of authority does NOT have a prelicensing education requirement?
A licensed agent from a different company
According to Ohio law, a licensed agent may pay commissions to
Notice must include a description of the insured's rights Notice must be provided to all applicants/policyholders Notice is not required if information is collected from public records D. Abbreviated notices are prohibited
According to Ohio law, which of the following statements about the notice of information privacy practices is not correct?
Must be treated as having the same rating period
According to Ohio regulations of small employer medical plans, all health benefit plans issued in the same month:
3 years
According to state regulation, a nonforfeiture benefit must be available to life insurance policyowners in the event of default in premium payments after premiums have been paid for:
The policy may be contested on the grounds of fraud
After a life policy issued in Ohio has been in force for 2 years:
The act of twisting is prohibited B Cold lead advertising may be used if the producer successfully secures an application -The first page of each policy must display a notice that all medical expenses may not be covered by the policy - Insurers and producers must make every reasonable effort to identify whether a prospective applicant already has sickness and accident insurance
All of the following are Ohio standards for marketing Medicare Supplement policies, except:
Annuity contracts Variable life policies Credit life policies D. Group life policies
All of the following are excluded from Ohio rules regarding illustrations, except:
-A Medicare Select insurer must have procedures for hearing complaints and resolving written grievances -Prior to the sale of a Medicare Select policy, the applicant must sign and date a statement that they received the required disclosure information C. Medicare Select does not pay for covered services that are not available through network providers -Benefit payments cannot be restricted for non-network providers if the services are needed for emergency care
Which of the following statements does not accurately describe Medicare Select insurance?
A. A viatical settlement broker represents the viatical settlement provider A viatical settlement disclosure to a viator may not be used unless it is filed with and approved by the Superintendent A viatical settlement contract may not be used unless it is filed with and approved by the Superintendent A business entity that is licensed as a viatical settlement broker must maintain at least one individual who is individually licensed as a viatical settlement broker to be responsible for compliance with the Insurance Code
Which of the following statements is NOT correct concerning viatical settlement brokers?
Adjustable interest rates are prohibited The maximum fixed loan rate is 10% per year C. An adjustable interest rate must be determined at least once every 12 months, but not more frequently than once in any 3-month period An adjustable interest rate must be determined at least once every 3 months, but not more frequently than once in any 12-month period
Which of the following statements regarding policy rates and forms is correct?
A. A Medicare supplement policy may not exclude pre-existing conditions for more than 6 months from the effective date of coverage - Medicare supplement policies must be guaranteed renewable - An insurer may not cancel or nonrenew a Medicare supplement policy solely based on the insured's health status - If a Medicare supplement policy is terminated by a group policyholder and is not replaced, the insurer must offer certificate holders an individual Medicare supplement policy
Which of the following statements regarding required provisions for Medicare Supplement policies is not correct?
The duration of a temporary license may not exceed 30 days - A temporary license may not be issued to an employee of a business entity -A temporary license requires successful completion of the licensing exam D. A temporary license may be issued to the surviving spouse of a disabled or deceased producer
Which statement regarding temporary licenses in Ohio is correct?
OPERS participants enrolled in Medicare Parts A and B
Who is the OPERS Medicare Connector offered to?