Utah laws and rules pertinent to insurance chapter 8 exam
if a producer is found to have violated an utah insurance statute, a find can be given up to ____ for each violation
$2500
the maximum prison sentence given under federal law for unfair and deceptive insurance practices is
15 years
the "notice to buyer" on the first page of each long-term care policy delivered in utah
explains that some long term care costs may not be covered
a life insurance contract may be returned for a full refund during the
free look period
which of these may encourage adverse selection in an indemnity dental plan?
having multiple or periodic open enrollment periods
according to the affordable care act, coverage may be rescinded
if intentionally false statements were offered
a utah resident producer must be qt least
18
what is the minimum benefit period that must be offered by a long term care policy
12 months
in utah, at least ___ employees are needed for a small employer medical expense plan
2
in conjunction with an utah insurance license renewal, which one of the following is the continuing education REQUIREMENT
24 hours every 2 years
dependent children can typically be covered under an individual or group health insurance policy up to age
26
upon meeting company requirements, a lapsed life insurance policy may be reinstated within ____ years
3
a licensee who is required to take continuing education must complete 24 hours of continuing education, which includes ___hours of ethics coursework
3 hours
within _____days after policy delivery, both Medicare supplement and long term care policies can be returned for a 100%refund
30
a life insurance policy that is paid annually must contain a grace prior of at least ___ days
31
greg had recently been terminated from his job that covered him for group life insurance. how long does her have to convert his coverage to an individual policy?
31 days
the financial records of each domestic company must be inspected every ____ years by the commissioner
5
a pre-existing conditions limitation may not exceed ____ month in all Medicare supplement policies sold in utah
6
telemarketing calls may only be received between the hours of
8am and 9pm
a producer may share commission with
another licensed but unappointed agent
long term care policies sold in utahbmay offer coverage in which
benefits are based on an individuals ability to perform activities of daily living
the refusal of doing business with an individual or business is called an
boycott
in utah false advertising is an example of
misrepresentation
what happens if the insurer discovers that the insured's age was accidentally misstated on an application for an individual ife insurance policy?
the bneefits will be calculated according to how much coverage the premium paid would have purchased for the correct age
the utah life and health insurance guaranty fund protects an insured in the event of
the insurer's insolvency
what is the primary reason for the commissioner's examination of a producer's insurance records?
to determine compliance with the state insurance laws and regulations
a life insurance policy can usually be contested by the insurer only during the first ___ years of the contract
two
every ___ years a producers license in utah must be renewed
two
failing to promptly provide a reasonable explanation for the denial of a claim is considered to be
unfair claim settlement practice
mentally or physically handicapped dependent children must be covered under an individual health insurance policy
until they become self-supportive
michelle recently purchased a long term care policy. her policy may exclude health conditions during a stated initial period of coverage that
were treated during a specified period preceding the policy date
according to federal fraud and false statements regulation what is required for a prohibited person to transact insurance business in this state?
Witten consent from the state insurance regulatory agency
which of the following actions by a producer would not result in a license suspension or revocation?
misdemeanor conviction
the affordable care act (aca) established "exchanges" in order to
assist individuals and small businesses when making their health insurance purchases
a utah residential producer has been convicted of a felony. under which circumstance may this producer resume engaging in insurance transactions?
after the commissioner gives written consent
according to the affordable car act (aca) dependent children may remain on their parents plan until
age 26
which of these individuals may NOT obtain a temporary producer license?
an employee of a retired licensed producer
if replacement was involved in the sale of an insurance policy, a producer must provide a replacement notice no later than the
application date
before soliciting insurance applications for an insurer a producer must secure an
appointment
a trade association group is seeking coverage for group medical benefits. the members of this association
are probably in the same industry
an insured has been ordered by the court to provide a child's health insurance. upon this order, the insurer must allow the enrollment of this child
at any time
a domestic insurance company in utah must
be formed under utah insurance laws
which of the following is considered to be a prosthodontic dental procedure?
bridgework
all of these are considered to be a violation of the federal fraud and false statements act except
claims reimbursement
a consultant derives their income from which source?
clients
a group health plan covers employees in utah Nevada, and Arizona. the state regulatory jurisdiction established for this plan does not affect which plan aspect
cobra continuation of coverage
a prospective client was intimidated by a producer to purchase an insurance contract. the producer could be found guilty of
coercion
a producer must notify the commissioner of
conducting business under an assumed name
in regards to the affordable care act which of these is not a role of a health insurance exchange?
contact the employer if an employee stops coverage under a plan offered in the exchange
if dividend option choices are offered on a whole life insurance policy the policy must
contain a statement that dividends are not guaranteed
an insurer markets its products by soliciting customers by mass media advertising and mail WITHOUT using the services of a producers. Which of these marketing systems does the insurer utilize?
direct response
a consumer who has been recently denied insurance, credit, or employment based on an unfavorable consumer report MUST be advised as such. Which of the following does this statute originate from?
fair credit reporting act
john has a criminal record in which he was convicted of a felony that involved dishonesty. under federal law, how would john be ble to engage in insurance transations?
given written consent by the state insurance regulatory agency
which renewal provision must all Medicare supplement policies contain?
guaranteed renewable
a producers license may only be suspended or revoked if the producer
has been afforded a right to a hearing
which of the following is not classified as an "employee" under a group employer insurance plan
independent contractors
under the pregnancy discrimination act of 1978, employers must treat pregnancy
in the same manner as any other covered disability
under which circumstance may an insurer discontinue a small employer group medical plan?
insurer discontinues offering the plan to all employers
a producer must hold which of the following licenses to sell variable life insurance policies?
life, variable, and securties licenses
how can a group dental insurer discourage adverse selection?
limit the duration of coverage
the commissioner is empowered to perform each of the following acts except
make rules that are consistent with those of neighboring states
a producer is proposing that a policy owner replace an existing individual health insurance policy with a new one. under the new contract pre existing conditions exclusion
may reduce the insureds benefits
which of these actions is considered to be an unfair claims settlement practice
misrepresenting pertinent policy provisions relations to coverage after a loss.
James the producer has sold a life insurance contract to a client without using an illustration, even though his insurer offers one. for this particular transaction the applicant
must sign a statement that no illustration was provided
if a producer is advertising a life insurance policy, the producer must disclose the
name of the actual insurer
what is the minimum age required for open enrollment in medicare supplement insurance?
no minimum age required
a ____ producer lives in another state and transaction insurance in utah
nonresident
which of the following is a requirement for an individual to receive an insurance license in utah?
passing the appropriate examination
whose interests are being protected under replacement rules
policyowner
at what point must a producer give notification to the commissioner about using an assumed name?
prior to using the assumed name
a statement must be signed by the ____ for any illustrations used in the sale of a life insurance policy
producer
a producer has indicated to a potential client that the proposed life insurance policy is covered by the utah life and health insurance guaranty association. this action taken by the producer is
prohibited by law
replacement regulations exist in order to
protect policy owners from misrepresentations and loss of benefits
a life insurance policyowner sells her policy to a third party in a life settlement. under this transaction the policyowner
received an amount less than the policys death benefit
which of these is not an unfair claims settlement practice?
refusing to pay persons bringing false or fraudulent claims
which of the following would prevent a person from obtaining a utah resident producer license
residing in a state outside of Utah
chuck and shaquille are both licensed producers in the same line of insurance. chuck provides shaquille with a referral that results in a sale. commissions on this sale will likely be
shared by both producers
what is a life insurance producer authorized to do?
solicit receive and forward applications to the insurer
which of the following entities does not establish regulations for variable insurance products
state attorney General
illustrations used in the sale of life insurance policy must
state both guaranteed and non-guaranteed elements