The act of using misrepresentation to induce an insured person to terminate an existing policy and purchase a new policy is referred to asA)twistingB)subrogationC)a life settlementD) coercion. What is this an example of? Which of these statements is true? Whattype of beneficiary should be named if the insured wants to give explicitdirections on how the policy proceeds should be paid? Which of these premium payment frequencies is not typically available to a policy owner? The funeral of Wayne Emmerson Wilson leaves Downes and Wilson Funeral Home, Eagle Hall, St.Fax: 540-662-2627. A provision in a whole life policy that allows a policy owner to terminate the policy in return for a reduced paid-up policy of the same type is called, A type of group that has a constitution and bylaws and has been organized for purposes other than obtaining insurance is called. Unintentionally misrepresented a material fact on the application. Maria the insurance producer completes a sale by collecting the required signatures on the application and obtaining the initial premium. To be eligible for small employer group coverage, anemployee must work a MINIMUM of __ hoursI a typical week. You are here: leeds city council repairs phone number a producers secretary who solicits prospects on the telephone. a producers secretary who solicits prospects on the telephone Which of the following statements is CORRECT regarding an individual applying for life or health insurance? Jay the producer is giving insurance advice regarding a prospect's existing coverage. When are group disability benefits considered to be tax-free to the insured? 5511. What may be the result of replacing an existing life insurance policy with a new one? Which of the following is considered a tax-deductible medical expenseunder this rule? In Maryland, a producer may have his/her license revoked for which of the following acts? Wherewould policy proceeds be paid if both the insured and primary beneficiary werekilled in the same accident? The ____of coverage describes policy features, benefits, exclusions and riders in a long-term care policy. \\ A life insurance policy sold in Maryland can be cancelled for nonfraudulent misstatements for up to, A person who has a contract with an insurance company to represent it, To a licensed producer who is appointed with the insurer. In Maryland, an insurance producer cannot sell, solicit, or negotiate policies for an insurer unless there is an agreement in place between the producer and insurer. A producer's secretary who solicits prospects on the telephone, When a producer is replacing an existing ordinary life insurance policy, the producer must take all of the following actions EXCEPT, In Maryland, a full-time employee of a small employer MUST work an average of at least _____ per week, A producer may begin to solicit insurance ONLY when. Craig submits a $500 claim for medical expenses. An insurance producer who replaces an existing policy by making false written or oral statements is committing the act of, A license MUST notify the Commissioner of an address change with ___ Days of the change. Who is required to notify the producer in the event of appointment termination? A producer has committed an insurance crime that violates US Code 1033 (interstate commerce). What type of life insurance could she purchase that is designed to pay off the loan balance if she dies within the 30-year period? Please select the correct language below. There are several types of whole life insurance that are as follow:- 1. When must a claim on a life insurance policy be paid after proof of loss has been received by the insurer? -is an example of the illegal act called twisting -must be bonded through the state -must be licensed as a producer -is not required to be licensed as a producer must be licensed as a producer Producers selling insurance in New Jersey while having a residence and business address D.) By providing consumer credit counseling. cuanto gana un pintor de autos en estados unidos . The taxable portion of each annuity payment is calculated using which method? When a qualified plan starts making payments to its recipient, which portion of the distributions is taxable? In the event of the employment termination, group health insurance can be kept if the EMPLOYEE pays the premiums, A health insurer must be provided with written proof of loss _____ days after the date of loss, A producer must notify the Commissioner within _____ days of a felony conviction. Which of the following may be used as continuation education credit? d. Individual disability income insurance premiums. (p^1p^2). Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. What is created after policy proceeds areobtained in a lump sum and then immediately invested? Theprescription of a drug for treatments other than whats labeled is known as(Blank) use. She recently replaced the policy with a new one that provides better coverage. In event of acontroversy between the insured and the company, the producer is considered to representthe. Which of these will typically authorize treatment from a specialist? The waiting period for a disability insurance policy, Excludes payments for a short term illness or injury. Which of the following would disqualify a company's retirement plan from receiving favorable tax treatment? juin 5, 2022 . Both partners are still married at the time of Bob's death. Inwhich of the following situations would the insurer be liable for a loss? If an insurer refuses to pay a claim, how many days must the insured wait to take legal action against a health insurer after submitting written proof of loss? Sonya applied for a health insurance policy on April 1. Prospective producer who is waiting to take the state examination. She paid the premium on May 15 with the policy indicating the effective date being May 30. The face amount and the premium will remain constant over the 10-year period. A licensed producer is required to file notice of any change of address within how many days? When initial premium is collected and policy is issued. If he files an application for renewal before the expiration date, his license will, A Medicare Supplement policy can be cancelled by the insurer for, Recording the receipt and distribution of premiums due to an insurer is considered a producer's _________ responsibility. Which of the following would be considered a "dependent child"? 1. Howsoon can the benefit payments begin with a deferred annuity? Which rider would pay a monthly amount because of this disability? Claims for a Long-Term Care policy MUST be paid for which of the following conditions? she may need to resume premium payments, depending on actual results, Kiara filled out a life insurance application and was given a policy illustration that showed future premiums being paid out of non guaranteed values. The replacing policy may only impose a ____ month time exclusion for pre-existing conditions, forward premiums to the insurer on a timely basis, When collecting insurance premiums from a client, a producer MUST, Once a health insurance policy has been in force for _______ years, the policy may NOT be contested by the insurer, cancelling a term life policy to buy a whole life policy, All of these types of benefits may be covered by a nonprofit health service plan EXCEPT, have it's content approved by the commissioner. This illustration MUST disclose that. Juni 2022. Twisting is an illegal act which involves, A producer does NOT have a fiduciary responsibility to. Which of the following statements is TRUE? The applicant's medical history may be analyzed and reported, Which of the following MUST contain a "Statement of Policy Cost and Benefit Information". OGC Opinion No. 05-04-21: Acting as insurance producer without a Which of the following is the likely result? Which of these gaps in Medicare coverage is addressed with Medicare Supplemental Insurance? This agreement is called an, Upon receiving a producer complaint, the Commissioner may immediatley, ABC Insurance Company transfers part of their risk to XYZ Insurance Company. Pat is insured with a life insurance policy and Karen is his primary beneficiary. A disability income policy can prevent an insured from earning a higher income than if he/she were working by utilizing. Pierre the producer receives a premium for an individual health insurance policy. A life policy loan in Maryland cannot charge a fixed rate of interest higher than: A producer's secretary who solicits prospects on the telephone: a) is an example of the illegal act called twisting, d.) Is not required to be licensed as a producer. Which of the following life events would allow an uninsured employee to qualify for special enrollment in a small employer health benefit plan? In the event of a controversy between the insured and the company, the producer is considered to represent the, A life policy loan in Maryland cannot charge a fixed rate of interest higher than, The Food and Drug Administration approves prescription drugs for treatment as stated on the drug's labeling. Producer commissioners may NOT be paid to: B. Licensedand appointed producers who are sharing commissions. An insurer must furnish to a claimant forms for filing proof of loss within ___ days upon receiving a notice of claim. A type of group that has a constitution and bylaws andhas been organized for purposes other than obtaining insurance is called awhat? What happens when an insurance policy is backdated? Because dividends are considered to be a return of premium. Premium mode is a term used to describe the, A newborn is required to be covered for _____ days from the moment of birth, A clause that allows an insurer the right to terminate coverage at any anniversary date is called. On Social Security disability for over two years, D.Falling below the federal poverty level, D. Falling below the federal poverty level, Field underwriting performed by the producer involves, Completing the application and collecting initial premium, A provision that allows a policy owner to withdraw a policy's cash value interest free is a(n). Add to folder _____ is NOT an element of valid contract, The automatic premium loan provision authorizes an insurer to withdraw from a policy's cash value at the amount of, Past due premiums that have not been paid by the end of the grace period. a producers secretary who solicits prospects on the telephone Call us (+254) 722 22 99 44 Email polucon@polucon.com Our Laboratories Nairobi & Mombasa fort worth murders 1990s Home Services a producers secretary who solicits prospects on the telephone Micro-Biology Services Agri - Services Instrumentation Division Environment Division The Office of General Counsel issued the following opinion on April 25, 2005, representing the position of the New York State Insurance Department. The policyholder for a group health benefit plan is considered to be the, A Medicare Supplement policy can be cancelled by the insurer for, As of January 1, 2007, producer's license expires, Every two years on the last day of the producer's birth month, An insurer has the right to recover payment made to the insured from the negligent party. In the event of employment termination, group health insurance can be kept if the employee pays the premiums, B. Recieve a tax credit to help offset the cost of health insurance, C. Remain of their current coverage for 30 months. Final Exam - New Jersey Life and Health Flashcards | Quizlet Submit to the replacing insurer a list of the policies to be replaced. The time limit for filing claim disputes is addressed in which provision of an accident and health policy? What happens to the total amount of premium paid for an insurance policy when the payment frequency increases? Terminally - ill life insurance policy owners may sell their policy at a discount to the third party. A producer's secretary who solicits prospects on the telephone: a) is an example of the illegal act called twisting . (To help answer this question, create an Accounts Receivable T-account and insert the beginning and ending balances.) How long is her grace period? D. Administered by the federal government. a producers secretary who solicits prospects on the telephone Which of these is NOT subject to income taxation under a Modified Endowment Contract (MEC)? The ____ is responsible for determining the appropriateness of a Medicare Supplement policy for an applicant. Producing an inadequate amount of new premium. Her health policy most likely contains a(n). In this situation, who will receive Bob's policy proceeds? B. Protects insurers from an applicantsMisrepresentation, C. Protect consumers with guidelines regardingcredit reporting and distribution. b. Incomeif an insured is unable to work for a period of over six months, c. Coveragefor excess charges not paid for under Medicare. Whendoes a life insurance policy typically become effective? Which license is REQUIRED in order to solicit Long Term Care insurance in the State of Maryland? Which of the following unfair trade practices involves a producer who makes public malicious statements about an insurer's financial condition? C. Funded by federal, state, and local taxes. Which of the following is NOT considered to be an act of fraud? Which of the following areas do error commonly occur on applications and for which the incontestable clause does NOT apply? There is protection of proceeds against the insured's and the beneficiary's creditors, Susan is insured through her Group Health Insurance plan and changed her coverage to an individual plan with the same insurer after her employment was terminated. Which of the following does Medicare Part D cover? Which of the following is NOT a common exclusion for a medical expense policy? Paul has an, An indemnity plan limitation that will pay the dental bills after a small amount is paid by the insured is called. C) Unintentionally misrepresented a material fact on the application. A life insurance policy which contains cash values that vary according to its investment performance of stocks is called. CashandcashequivalentsAccountsreceivableInventoryTotalcurrentassetsProperty,plant,andequipmentLessaccumulateddepreciationNetproperty,plant,andequipmentTotalassetsAccountspayableIncometaxespayableBondspayableCommonstockRatainedearningsTotalliabilitiesandstockholdersequityEndingBalance$48,00041,00055,000144,000150,00050,000100,000$244,000$32,00025,00060,00070,00057,000$244,000BeginningBalance$57,00044,00050,000151,000140,00035,000105,000$256,000$57,00028,00050,00060,00061,000$256,000. An example of a primary care physician would be an, A fee for service health insurance plan will normally cover. Which of the following is an example of defamation? A. Doctormay charge up to a maximum of 15% more than Medicare pays for the service, B. Doctoris not bound by Medicare limitations on charge, C. Doctorcannot charge more than Medicares scheduled coverage, D. Doctor bills the Medicare beneficiary directlyfor services performed, A. Alwaysrequires service in a network, B. Providesa greater choice of providers, C. Alwaysrequires a referral to specialists. Upon delivery, she may be expected to collected all of the followingEXCEPT a(n), B. Signedimpairment rider acknowledgement, C. Modifiedapplication with a new signature, Oneof the most important considerations when replacing health insurance would bethe. A Long-Term Care policy may only exclude pre-existing conditions for up to _____ months, The identity of the ____ must be made clear in every health insurance advertisement, _______________ is the authority given to a producer to sell, solicit, or negotiate insurance on behalf of the insurer, Pre-existing conditions may only be excluded from coverage for a maximum of 6 months. The death benefit paid will be what the premium would have purchased at the correct age. Duringthe accumulation period, who can surrender an annuity? \text{Bonds payable} & \hspace{13pt}60,000 & \hspace{13pt}50,000 \\ The face amount will remain constant and thepremium will increase over the 10-year period, C. The Premium will remain constant and the faceamount will increase over the 10-year period. The entity which issues the certificate of authority is the, A policyowner has _____ days after policy delivery to return a major medical policy for a full refund, make any transactions before being approved for a licence, counsels and advises the Governor on all matters assigned to the Maryland Insurance Administration, A Maryland insurance producer solicits an insurance policy. An ___________ insurance company is one that was formed under the laws of another country outside of the U.S. a producers secretary who solicits prospects on the telephone. Over the course of a year, which premium payment mode is most expensive? \text{Total assets} & \underline{\underline{\hspace{3pt}\$244,000}} & \underline{\underline{\hspace{3pt}\$256,000}} \\ National Milk Producers Federation 2107 Wilson Blvd., Suite 600 Arlington, VA 22201 Phone: 703-243-6111 E-mail: info@nmpf.org In some cases, NDRC also solicits the opinions of relevant Chinese industrial regulators and consulting agencies, which may include industry associations that represent Chinese domestic firms. When calculating the amount of life insurance needed for an income earner, what has to be determined when using he Needs Approach? A non-contributory health insurance plan helps the insurer avoid, An employee under a group insurance policy has the right to name a beneficiary and the right to, A) remain on the group in the event of employment termination, D) Convert to an individual policy in the event of employment termination, D) Convert to an individual policy in the event of employment termination, All of the following are Characteristics of a group life insurance plan EXCEPT, Tim is covered under a group plan and would like to change his group coverage to an individual policy with the same insurer because of employment termination. . by recommending insurers with good AM Best ratings, C.) With guidelines regarding credit reporting and distribution. Bob dies 12 months later. & \text{Balance}& \text{Balance} & \\ Lower than the typical whole life policy duringthe first few years and then higher than typical for the remainder. If she dies 15 years after the policy's inception date, how much will her beneficiary receive? A medicare supplement plan can be canceled by the insurer, Small employers who are sponsored by an insurer to provide group benefits to its employees are called, Health insurance involves two perils, accident and _____. Employee must be able to make unlimited contributions. ARoth IRA owner must be a least what age in order to make tax-free withdrawals? Peter Griffith, Funeral Director of Lyndhurst Funeral Home. In New Jersey, group health insurance may be offered to all of these groups EXCEPT. Ifan insurer refuses to pay a claim, how many days must the insured wait to takelegal action against a health insurer after submitting written proof of loss? Which of the following statements is TRUE? The IRS allows a taxpayer to deduct medicalexpenses of that exceed 7.5% of their adjusted grossincome. Producers must complete a total of ____ continuing education credits for each two-year licensing period. Which dividend option would an insurer invest the policyowner's money and add any interest earnings as the dividends accrue? a. An insurer may pay a commission in which of the following scenarios? What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) OF 1985 allow an employee to do? Under a Traditional IRA, Interest earned istaxed. According to HIPPA, this tax will not be applied if the withdrawal is used for medical expenses that exceed _____ of the individual's adjusted gross income. Medicare Part A does not pay for medical benefits provided for treatment in a skilled nursing facility beyond. The family's financial objectives if the income earner were to die or become disabled, Normally at any time during the policy term, Loans obtained by a policyowner against the cash value of a life insurance policy, The solicitation of a non-authorized contact in New Jersey violates. Benefits for a Medicare Supplement policy. A. A. Changemust be initialed by the agent, B. Changemust be initialed by the applicant, C. Changemust be approved by the insurer. Whoassumes the investment risk with a fixed annuity contract? If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy? For large samples, describe the sampling distribution of, (p^1p^2)\left( \hat { p } _ { 1 } - \hat { p } _ { 2 } \right) visas, binomial trials. This rider is called a(n). The Right-to-Examine period in Maryland for Long-Term Care policies is ____ days. Determines what is paid by the primary and secondary insurers in the event of a claim, A producer has recently died and leaves behind a spouse. Collecting a chargefor insurance that is less than the charge applicable to that insurance. What does the Group Life underwriting risk selection process help protect insurance companies from? Which of the following is NOT part of an insurance contract? Krissa purchases a 10-year level term lifeinsurance policy that has a death benefit of $200,000. The premium for a Modified whole life policy is, How long is the Contestable Period for health insurance policies sold in New Jersey, An applicant intentionally lying to an insurance company on an application in order to obtain a cheaper premium is an example of. A life insurance policyowner does NOT have the right to, A Guaranteed issue insurance policy has no. Whichof these will have the highest monthly payout upon Annuitization? b. Pat the client interest on any monies held. All Medicare Supplement policies MUST contain which provision? Upon delivery, she may be expected to collect all of the following EXCEPT a(n), Modified application with a new signature, All of these are valid policy dividend options for a life insurance policyowner EXCEPT. Level premium permanent insurance accumulates a reserve that will eventually, Ambiguities in an insurance policy are always resolved in favor of the, Chapter 11 Exam - New Jersey Laws and Rules, Life Insurance Policies - Provisions, Options, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Daniel F Viele, David H Marshall, Wayne W McManus. What is the maximum fine for a producer violating a New Jersey Insurance law for the first time? Please upgrade to Cram Premium to create hundreds of folders! What is the required action to be taken by a Maryland licensee before operating under an assumed business name? A domestic insurance company in Maryland MUST, Collecting premiums and paying them to the insurance company. A producer may be disciplined by the Commissioner for which of the following actions? This is called a. Reggie purchased a life insurance policy with a face amount of $500,000. With a past due premium of $100, the insurer pays $400. who would be responsible for the prosecution of this crime? \text{Accounts payable} & \$\ \hspace{5pt}32,000 & \$\ \hspace{5pt}57,000 \\ In Maryland, a full-time employee of a small employer MUST work an average of at least ___ per week. Upon receiving a producer complaint, the Commissioner may immediately A producer may begin to solicit insurance ONLY when, A.) \\ What would be an expense factor in a insurance program? How long is the Contestable period for health insurance policies sold in Maryland? Which of the following is the likely result? Whichof these benefit options would he choose? Write a sentence explaining its significance to the executive branch. This MANDATORY health policy provision states that the policy, including endorsements and attached papers, constitutes, The entire insurance contract between the parties, All of the following are elements of an insurance policy EXCEPT. Pay for Medicare charges exceeding the approvedamount. Whatdoes the word Level in level term describe? Mike has inherited his fathers traditional IRA.As beneficiary, he will pay __Taxes on any money withdrawn. How long after its effective date will an individual life insurance policy become incontestable? How often must an insurance producer's license in Maryland be renewed? Focus of Major medical insurance is providingcoverage for: C. Medical and Hospitalization expenses. Annuities are intended to create an estate. EXECUTIVE SUMMARY. His policy may be reinstated at any time within _____ years. Which of these describes the change that will take place?A) Coordination of benefitsB) ConversionC) Extension of benefitsD) Rollover, Under a group life policy, the insurer will issue an individual _____ to the policyowner for delivery to each person insured.A) policyB) certificateC) applicationD) rider. HIPPA considers which of the following as "individually identifiable health information"? A Medicare Supplement policy may be cancelled by an insurer for which of the following reasons? Maximizes productivity through use of appropriate tools; planned training and Columbia Care LLC . Providing claim payments to insureds under the guidelines of the insurance contract. Policyowners from misrepresentations and loss of benefits, Replacement regulation is designed to protect, A producer must notify the Commissioner within _____ days of a felony conviction, Dependent children under a health insurance plan must be provided coverage up to age, written authorization from the proposed insured, Prior to conducting an HIV-related test, the insurer must obtain, An insurance producer agrees to pay the first monthly premium for an insurance applicant. B.Canceling a term life policy to buy a whole life policy. How long is the Contestable Period for health insurance policies sold in Maryland? a producers secretary who solicits prospects on the telephone June 24, 2022 . The New Jersey Life and Health Insurance Guaranty Association is, Funded by assessments on member companies. Financial report from the previous year.

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