Similar to the differen o Term Life insurance: an individual is buying protection for a specific period of time. What is created after policy proceeds areobtained in a lump sum and then immediately invested? Maria is a Preferred Provider Organization (PPO) subscriber and received care from an out-of-network provider. Whatdoes the word Level in level term describe? An individual the means to replace wages. \text{Income taxes payable} & \hspace{13pt}25,000 & \hspace{13pt}28,000 \\ What does the Group Life underwriting risk selection process help protect insurance companies from? Benefits for a Medicare Supplement policy. A Whole life policy option where extended terminsurance is selected is called a(n), A provision in a whole life policy that allows apolicy owner to terminate the policy in return for a reduced paid-up policy ofthe same type is called a(N). Whendoes a life insurance policy typically become effective? Johan the producer charged a fee to a sales prospect for analyzing insurance coverages A written statement describing the elements of a policy is called, All of the following are considered appropriate uses of life insurance for business purposes EXCEPT, Protecting the business by covering entry level employees with life insurance, An insured individual and the policy's beneficiary die from the same accident. A. We weren't able to detect the audio language on your flashcards. Replacement regulation is designed to protect the interests of, A health insurance policy that allows an insurer to change the policyowner's premiums, but NOT cancel the policy is called. After an insured gives notice of loss, what must he/she do if the insurer does not furnish forms? What is this an example of? A. Toaccept or decline insurance applicants, B. Toset the premium rates for insurers, D. Toperform physical examination on applicants. the daily amount paid for nursing home care, All long-term care policies sold in North Dakota are REQUIRED to pay the SAME daily benefit amount for "at home" care as paid for. \text{Cash and cash equivalents} & \$\ \hspace{5pt}48,000 & \$\ \hspace{5pt}57,000 \\ Tim's individual life insurance policy has just recently lapsed. Temporarily Deposit the funds in a personal account. Tarathe producer is delivering a specified disease insurance policy to a new policyowner. Who would be responsible for the prosecution of this crime? What is the MINIMUM benefit period that must be offered by a Long-Term Care policy? To be eligible for small employer group coverage, anemployee must work a MINIMUM of __ hoursI a typical week. Please select the correct language below. If credit life insurance is terminated before the scheduled maturity date of the debt, any unearned premium held by the insurer will be? Engaged in a fraudulent insurance practices. Mary ran into John, another employee, who happened to be taking outthe garbage. 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. ARoth IRA owner must be a least what age in order to make tax-free withdrawals? What is the required action to be taken by a Maryland licensee before operating under an assumed business name? \end{array} At minimum, a carrier is required to offer which of the following health benefit plans to small employers? cuanto gana un pintor de autos en estados unidos . As beneficiary, he will pay__taxeson any money withdrawn. Kurt is an active duty serviceman who was recently killed in an accident while home on leave. An amount the premium would have purchased at the correct age. Which of the following is NOT a qualification to be licensed as a producer? Converting a group plan to permanent lifeinsurance requires: D. The conversion being applied for within 31 daysof termination. Which of these premium payment frequencies is not typically available to a policy owner? D. Assist an insurer in determine an applicantscreditworthiness. Complete the sentence using each term once. A life insurance policyowner is allowed ____ days upon policy delivery to return the policy for a full premium refund, A producer's license MUST be renewed every _______ years, Collecting a charge for insurance that is less than the charge applicable to that insurance. 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. Lower than the typical whole life policy duringthe first few years and then higher than typical for the remainder. What amount will be paid under a policy where the insured misstated his/her age? If the company debited Accounts Receivable and credited Sales for $600,000 during the year, what is the total amount of credits recorded in Accounts Receivable during the year? Which of these riders will pay a death benefit if the insured's spouse dies? If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy? A producer may be disciplined by the Commissioner for which of the following actions? In the marketplace there are four various tiers of coverage, ranging from, bronze to platinum. assure full and truthful disclosures to the public, All of the following are typically included in a life insurance policy illustration EXCEPT. by geriford27, Which of the following is NOT part of an insurance contact? Duringthe accumulation period, who can surrender an annuity? A _______ company is owned by its shareholders, The ___________ has the right to renew a small employer health plan, providing incorrect, misleading, incomplete, or materially untrue information in the license application, A producer who is licensed in Maryland but resident in another state is called a, A minor may receive a life insurance policy's death benefit ONLY, Interest on death benefits are NOT required to be paid by an insurance company as long as proceeds are paid within ______ after the date of the death of the insured, Submit to the replacing insurer a list of the policies to be replaced. In Maryland, a full-time employee of a small employer MUST work an average of at least ___ per week. D. Willfullycollecting a premium that exceeds the amount of the actual premium. Which of the following is NOT considered to be an actof fraud? A _______ negotiates an insurance contract on behalf of an insurer, The Entire Contract provision states that an entire contract consists of the actual policy and the, the last day of the licensee's birth month (every two years), A producer's renewal date for his/her resident insurance license is on or before. Terminally - ill life insurance policy owners may sell their policy at a discount to the third party. Determine financial strength of an insurance company, As classified by the Adorable Care Act (ACA), a silver plan offers. The coverage, condition, and limitations in the master policy of a group contract can be found in which document? During the year, Ravenna paid a $6,000 cash dividend and it sold a piece of equipment for$3,000 that had originally cost $6,000 and had accumulated depreciation of$4,000. Maria would like an annuity that provides a guaranteed accumulation or payout. Change must be initialed by the applicant, A producer who sells an individual life insurance policy in New Jersey MUST deliver to the policyowner. A long-term care policy typically provides all of the following levels of care EXCEPT, A life insurance policy that has premiums fully paid up within a stated time period is called, A securities license is required for a life insurance producer to sell, In contrast to a guaranteed renewable policy, a noncancellable policy. A master contract and certificate of coverage can be found in which type of policy? A producer who sells an individuallife insurance policy in Maryland MUST deliver to the policy owner a(n), b. Whathappens when an insurance policy is backdated? Net death benefit will be reduced if the loan is not repaid. a producers secretary who solicits prospects on the telephone. What happens to the coverage under a children's term rider when that child reaches a certain specified age? a producers secretary who solicits prospects on the telephonecapricorn and virgo flirting. D. Coverage includes compulsory hospital andvoluntary supplementary medical insurance. Who regulates the quality care provided by a health maintenance organization (HMO)? Under a life insurance policy, what does the insuring clause state? \\ When does a life insurance policy typically become effective? Its balance sheet for this year is as follows: EndingBeginningBalanceBalanceCashandcashequivalents$48,000$57,000Accountsreceivable41,00044,000Inventory55,00050,000Totalcurrentassets144,000151,000Property,plant,andequipment150,000140,000Lessaccumulateddepreciation50,00035,000Netproperty,plant,andequipment100,000105,000Totalassets$244,000$256,000Accountspayable$32,000$57,000Incometaxespayable25,00028,000Bondspayable60,00050,000Commonstock70,00060,000Ratainedearnings57,00061,000Totalliabilitiesandstockholdersequity$244,000$256,000\begin{array}{l c c} In advertisements of life insurance and annuities, all of the following are true EXCEPT, Advertisements must include training materials provided to the producer. 2.1.1 6 Whole life Insurance in Malaysia Jay the producer is giving insurance advice regarding a prospect's existing coverage. A. A Medicare Supplement policy may exclude coverage fora preexisting condition for up to __months. What information would the insurer's underwriters likely use to determine the appropriate coverage and final premium rate given to the group? Whatwould be an expense factor in an insurance program? {"cdnAssetsUrl":"","site_dot_caption":"Cram.com","premium_user":false,"premium_set":false,"payreferer":"clone_set","payreferer_set_title":"Insurance\/Healt Agent Exam","payreferer_url":"\/flashcards\/copy\/insurance-healt-agent-exam--11456962","isGuest":true,"ga_id":"UA-272909-1","facebook":{"clientId":"363499237066029","version":"v12.0","language":"en_US"}}. A debtor may receive Credit Life insurance in which of the following forms? 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. 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. Mike has inherited his fathers traditional IRA.As beneficiary, he will pay __Taxes on any money withdrawn. A producer's secretary who solicits prospects on the telephone: a) is an example of the illegal act called twisting . An insurer formed according to the legal requirements of another country is called an. Which type of life insurance policy is this? Both partners are still married at the time of Bob's death. Proceeds payable under a life insurance contract to a policyowner in anticipation of death or upon the occurrence of specified life-threatening conditions as defined by the policy are best described as: A temporary producer license in Maryland is valid for up to. B.) 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. b. Incomeif an insured is unable to work for a period of over six months, c. Coveragefor excess charges not paid for under Medicare. Which of the following is the likely result? Which of the following topics needs to be discussed with this client? The power given to an individual producer that is not specifically addressed in his/her contract is considered what type of authority? Financial report from the previous year. A producer may begin to solicit insurance ONLY. Pierre MUST remit the premium to his insurer within ___ business days of receipt. Which of the following would have the HIGHEST premium? Because dividends are considered to be a return of premium. In what form do disability income policies typically pay benefits? Which of the following basics is a producer's fiduciary responsibility? Craig submits a $500 claim for medical expenses. The policy automatically converts to whole lifeafter the 10-year period, B. An insurer is REQUIRED to offer which of the following to each long-term care applicant at the time of purchase? There are several types of whole life insurance that are as follow:- The ____ is responsible for determining the appropriateness of a Medicare Supplement policy for an applicant. The promise of a discount in premium as an inducement to purchase insurance is known as, exchanging a new policy for one already in force, with guidelines regarding credit reporting and distribution, The Fair Credit Reporting Act protects consumers, Terminally-ill life insurance policyowners may sell their policy at a discount to a third party. Paul has an, An indemnity plan limitation that will pay the dental bills after a small amount is paid by the insured is called. Which situation accurately describes a reduced paid-up nonforfeiture option? Sonya applied for a health insurance policy on April 1. Which of these statements about Medicaid iscorrect? The common disaster provision states the insurer will continue as if, Carmen's individual life insurance policy has recently lapsed. The statement which best describes the relationship between the relationship between the premiums of a whole life policy and the premium payment period is, The shorter the payment period, the higher the premium. Arollover from a Traditional IRA to another IRA must be done within __ days toavoid tax consequences. 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. Term, Whole, and universal lifeinsurance. Which of the following is TRUE regarding the federal income tax? Which market index is associated with an indexed annuity's rate of return? A. How long after its effective date will an individual life insurance policy become incontestable? Which type of long-term care benefit would be most appropriate for a stroke victim who requires speech therapy administered at her home? The ____of coverage describes policy features, benefits, exclusions and riders in a long-term care policy. An attending physician's statement would be appropriate for which life insurance purpose?
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