Therole of the federal government was expanded when Medicaid was establish byallowing the state to, A. Froma large PPO on a statewide level, B. Purchasehealth insurance from the federal government, C. Receivematching funds to expand public assistance programs, D. Deferall costs to the federal government for public assistance program, Anaccident and Health policy that Provides reimbursement benefits makes them payable to the, Paulis an employee who caught a disease unique to the trade in which he was exposedto. B. \text{Property, plant, and equipment} & \hspace{8pt}150,000 & \hspace{8pt}140,000 \\ Submit to the replacing insurer a list of the policies to be replaced. 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} a producers secretary who solicits prospects on the telephone Final Exam - New Jersey Life and Health Flashcards | Quizlet Which type of disability would be less than total impairment and equal to permanent impairment? A policy owner may exercise which of these dividend options that uses the dividend to pay all or part of the next premium due? & \text{Ending}& \text{Beginning} & \\ The proceeds of this contract could be subject to the claims of. 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. Jim recently sold his whole life insurance policy under a critical settlement contract. When must a claim on a life insurance policy be paid after proof of loss has been received by the insurer? Whichphase is this annuity in? B. Recieve a tax credit to help offset the cost of health insurance. 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. Similar to the differen o Term Life insurance: an individual is buying protection for a specific period of time. An ___________ insurance company is one that was formed under the laws of another country outside of the U.S. Whatis the primary reason for buying an annuity? A prorated death benefit based on the amount of insurance the insured's premiums would have been if purchased at the correct age, A guaranteed issue insurance policy has no, A single premium cash value policy can be described as, A policy that is paid up after only one payment. Which type of coverage pays an amount per day for hospitalization directly to the insured regardless of the insured's other health insurance? This is called a, A minor may receive a life insurance policy's death benefit ONLY, B. C) Unintentionally misrepresented a material fact on the application. What happens to coverage under a children's term rider when that child reaches a certain specified age? Which of the following is NOT considered to be an actof fraud? Which of these is NOT an Unfair Claims Settlement Practice? Without a Section 125 Plan in place, what would happen to an employee's payroll contribution to an HSA? What is the MINIMUM benefit period that must be offered by a Long-Term Care Policy? A. Which of the following is considered a tax-deductible medical expenseunder this rule? Paul has a (n), Failingto Promptly provide a reasonable explanation for the denial of a claim is conservedto be a(n), AnHMO that involves a partnership of physicians and other providers who practiceout of a central facility is called a(n), Smallemployers who are spooned by an insurer to provider group benefits to itsemployees are called. An insurer formed according to the legal requirements of another country is called an. In order for the producer's insurance business to continue, the Commissioner may issue to the producer's spouse a, has a mental or physical handicap and remains dependent on the parent, A dependent child may remain on a parent's health insurance plan beyond age 26 if the child, Under a small group health plan, an insurer is required to provide a newly-married employee at least ____ days to add the new spouse to the plan, replacing an insurance policy from one insurer to another based on misrepresentation, legible and brief description of the policy on the first page, Each delivered life insurance policy in Maryland MUST include a, The _____________ of Coverage describes policy features, benefits, exclusions, and riders in a Long-Term Care policy, A person who, for a fee, gives advice or recommendations on benefits provided by an insurance contract is called, Child over the age of 18 years who attends an educational institution and relies on the insured employee for financial support. The ____of coverage describes policy features, benefits, exclusions and riders in a long-term care policy. Kathysannuity is currently experiencing tax-deferred growth until she retires. Pierre the producer receives a premium for an individual health insurance policy. By . Where would policy proceeds be paid if both the insured and primary beneficiary were killed in the same accident? Mikehas inherited his fathers traditional IRA. Which of the following describes a person who is NOT acceptable by an insurer at standard rates because of health history, occupation, or hobbies? A. Thepolicys elimination period is waived, B. Thetime frame for reinstating a lapsed policy is extended, C. Thepolicys probation period is earlier than the present, D. Thepolicy effective date is earlier than the present, D. The policy effective date is earlier than thepresent, Premiummode is a term used to describe the. D.In the event of employment termination, group health insurance can be kept if the employer pays the premium. This change is called a(n). An eligible employee can be excluded from group health coverage for up to _______ months is he/she is considered a "late enrollee". In the event of employment termination, group health insurance can be kept if the employee pays the premiums. licensed producers not appointed by an insurer. A person who is a nonsmoker, of average weight, and in excellent health would most likely be in which risk classification? What does the consolidated Omnibus Budget Reconciliation ACT (COBRA) of 1985 allow an employee to do? A Medicare Supplement policy may be cancelled by an insurer for which of the following reasons? Which type of life insurance policy is this? What information would the insurer's underwriters likely use to determine the appropriate coverage and final premium rate given to the group? In the event of employment termination, group insurance can be kept if the employee pays the premiums. How to take legal action against an insurance company. c. Send receipt of payment to the commissioner, d. Forward Premiums to the insurer on a timely basics. When an insured has a major medical plan with first dollar coverage, how does this impact the benefits paid? When initial premium is collected and policy is issued. Assist in the underwriting of insurance policies. Which of the following is required for an insurer to conduct business in this state? Whichof these is considered to be a document that describes the critical segments ofa life insurance policy? B. Whenthe application is collected and policy is issued, C. Whenthe application is completed and signed, D. Whenthe completed application is signed and initial premium is collected. a producers secretary who solicits prospects on the telephone You have created 2 folders. EXECUTIVE SUMMARY. a producers secretary who solicits prospects on the telephone; episcopal academy ice hockey; atlas copco fault codes 7008. serta idirections hybrid queen. When a qualified plan starts making payments to its recipient, which portion of the distributions is taxable? What is this an example of? When the minor has been approved by the Commissioner, When collection insurance premiums from a client, a producer MUST, A. June 24, 2022 . In a group health care, what is the purpose of the coordination of benefits provision? How many employees must an employer have for a terminated employee to be eligible for COBRA? An individual life insurance policy can be contested by the insurer only during the first _________ years of the contract, An order issued by the commissioner that prohibits a specific practice listed in the order is called a. 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. When an applicant passes a licensing examination and answers all background questions negatively. All Medicare Supplement policies MUST contain which provision? Philsshopping for an annuity that guarantees he CANNOT outlive the benefits. The IRS allows a taxpayer to deduct medicalexpenses of that exceed 7.5% of their adjusted grossincome. 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. Mariais a preferred provider organization (PPO) subscriber and received care from anout-of-network provider. a. Oneor more diagnostic, preventive, therapeutic, rehabilitative, maintenance orpersonal care services in a setting other than an acute care unit of ahospital. After passing the state Producer licensing exam, application for the license must be made within, How long must an insurance company keep record on life insurance replacement activity, An insurance company that is organized or chartered in a country other than the United States is defined as, Advertisements of insurance in a local newspaper, must be approved by, Which of the following actions may an insurance company NOT do in a health policy that contains a guaranteed renewable premium benefit, Increase the premiums on an individual basis, Continued coverage under COBRA would be provided to a(n), A covered employee is terminated for gross misconduct, In New Jersey, health insurance advertisements are required to contain the, The purpose of a coordination-of-benefits provision in group health accident and health plans is to, If an insured dies during the grace period with no premiums paid, The policy would be payable, minus the premium amount, A 10% excise tax is normally applied to an early withdrawal from an IRA. 1. Which type of rider will waive the premium on a child's life insurance policy if the parent paying the premium dies? An applicant's character and personal habits can be obtained for underwriting purposes from which source? The common disaster provision states the insurer will continue as if, Carmen's individual life insurance policy has recently lapsed. Anapplicants character and personal habits can be obtained for underwritingpurposes from which source? Introducing Cram Folders! B. Protects insurers from an applicantsMisrepresentation, C. Protect consumers with guidelines regardingcredit reporting and distribution. 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? No federal income tax is owed on life insurance proceeds, A non-contributory health insurance plan helps the insurer avoid, States that have "no loss no gain" laws require a replacing policy to, Pay for ongoing claims under the policy it replaces. Which of these statements is true? 59 and owned account for a minimum of 5 years, C. 70 and owned account for a minimum of 10 years, D. 70 and owned account for a minimum of 5 years, A. Cancelingdisability policy to buy a term life policy, B. Cancelinga term life policy to buy a whole life policy, C. Cancelinga long-term care policy to buy a whole life policy, D. Cancelinga whole life policy to buy a major medical policy. Which of the following is NOT part of an insurance contract? You are here: how to remove chicken giblets a producers secretary who solicits prospects on the telephone. Which of the following is TRUE regarding the federal income tax? We'll bring you back here when you are done. Which of the following is an example of fraud? The coverage, condition, and limitations in the master policy of a group contract can be found in which document? Jay the producer is giving insurance advice regarding a prospect's existing coverage. HIPPA considers which of the following as "individually identifiable health information"? Who is the individual paid on a fee-for-service basis? Write a sentence explaining its significance to the executive branch. Tarathe producer is delivering a specified disease insurance policy to a new policyowner. Whichtype of injury would NOT be covered under a health insurance policy? 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. Under a Traditional IRA, Interest earned istaxed. An accident and health policy that provides reimbursement benefits makes them payable to the, A separate converted policy may, at the option of the insurance company, be issued to cover a, Dental treatment is needed to repair an injury. A closed network plan offers a primary physician copay of $25. Maryland requires that a licensee completes___ hours of continuing education on the subject of ethics every reportingperiod. who would be responsible for the prosecution of this crime? Bob dies 12 months later. In order for the producer's insurance business to continue, the Commissioner may issue to the producer's spouse a has a mental or physical handicap and remains dependent on the parent A dependent child may remain on a parent's health insurance plan beyond age 26 if the child 60 The policy automatically converts to whole lifeafter the 10-year period, B. Which of the following is a reinstatement condition? In the marketplace there are four various tiers of coverage, ranging from, bronze to platinum. Which type of long-term care benefit would be most appropriate for a stroke victim who requires speech therapy administered at her home? Changing from one occupation to another at the same general status is called _____. In advertisements of life insurance and annuities, all of the following are true EXCEPT, Advertisements must include training materials provided to the producer. a producers secretary who solicits prospects on the telephone Which of the following unfair trade practices involves a producer who makes public malicious statements about an insurer's financial condition? a producers secretary who solicits prospects on the telephone Providing claim payments to insureds under the guidelines of the insurance contract. 1. Which of the following is NOT a federal requirement of a qualified plan? Which of the following is NOT a reason for the Commissioner to deny or refuse a producer license application? All of these are valid options for an Adjustable Life Policy EXCEPT, A nonforfeiture option can be used to increase the death benefit. What does the Group Life underwriting risk selection process help protect insurance companies from? In event of acontroversy between the insured and the company, the producer is considered to representthe. If credit life insurance is terminated before the scheduled maturity date of the debt, any unearned premium held by the insurer will be? Which of these will typically authorize treatment from a specialist? Introducing Cram Folders! National Milk Producers Federation 2107 Wilson Blvd., Suite 600 Arlington, VA 22201 Phone: 703-243-6111 E-mail: info@nmpf.org Our Future You series provides a range of topical advice and guidance via webinars and podcasts. The rider is called a(n), All if these are valid options for an adjustable life policy except, A non forfeiture option can be used to increase the death benefit. 5151\left|\begin{array}{ll}5 & 1 \\ 5 & 1\end{array}\right| At what age can she begin to receive distributions without a tax penalty? If she dies 15 years after the policy's inception date, how much will her beneficiary receive? Term, Whole, and universal lifeinsurance. A. Changemust be initialed by the agent, B. Changemust be initialed by the applicant, C. Changemust be approved by the insurer. An insurance company needs to obtain personal information from a third party concerning an applicant. Maximizes productivity through use of appropriate tools; planned training and Columbia Care LLC . Which of the following statements is TRUE? \text{Bonds payable} & \hspace{13pt}60,000 & \hspace{13pt}50,000 \\ To be classified as a small employer, an employer must NOT have more than _________ eligible employees, The _______ is responsible for determining the appropriateness of a Medicare Supplement policy for an applicant, During the examination of an insurer's books and records by the Commissioner, the insurer, remain in effect until a new one is issued, John the insurance producer has an insurance license that expires in 6 months. At the request of the insurer to assist in the underwriting decision. What is the MINIMUM benefit period that must be offered by a Long-Term Care policy? Maria the agent would like to advertise an annuity product on a highway billboard. A policyowner suffers an injury that renders him incapable of performing one or more important job duties. Whichof these benefit options would he choose? a. social stratification b. feminization of poverty c. social class d. social mobility e. bourgeoisie f. vertical mobility g. proletariat h. intergenerational mobility i. wealth j. horizontal mobility k. income l. open-class system m. prestige n. absolute poverty o. relative poverty p. caste system. Which of the following is a reinstatement condition? Who is eligible for insurance under a group policy issued to a labor union? 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. 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. 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. Krissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. June 5, 2022 . Barbara's policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of insurability. An individual who has a hobby racing cars once a month. His policy may be reinstated at any time within _____ years. 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. In Maryland, a producer may have his/her license revoked for which of the following acts? . Duringthe accumulation period, who can surrender an annuity? Whatdoes the word Level in level term describe? What is the required action to be taken by a Maryland licensee before operating under an assumed business name? This type of agreement is called an. D. Coverage includes compulsory hospital andvoluntary supplementary medical insurance. A. Temporarily Deposit the funds in a personal account. When calculating the amount of life insurance needed for an income earner, what has to be determined when using he Needs Approach? 1. Net death benefit will be reduced if the loan is not repaid. The policies continue in force with no change. What does a life insurance policy guarantee to the stated beneficiary upon the death of the insured? D. Level for the first 5 years then decreases forthe remainder of the policy. At minimum, a carrier is required to offer which of the following health benefit plans to small employers? Financial report from the previous year. Under a disability income policy, which provision would be payable if the cause of an injury is unexpected and accidental? A life insurance replacement gives the policyowner the right to return the policy for a 100% refund within _____ days of policy delivery, A producer MUST maintain insurance transaction records for a minimum of ____ years. Which of the following is NOT required in an order from the Commissioner? Which of the following is NOT a circumstance to which a temporary producer license can be issued? A life insurance policyowner does NOT have the right to, A Guaranteed issue insurance policy has no. Which of these is NOT considered to be a nonforfeiture option in a whole life insurance policy? The exceptions, reductions, and limitations affecting the basic provisions of the policy, Any advertisement that mentions a dollar amount, period of time for which any benefit is payable, cost of policy, policy benefit, or the loss for which the benefit is payable MUST disclose. 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. The legal action provision in a health contract is limited to no more than ___ years. Eventually, they retire and dissolve the business. A producer who sells an individual life insurance policy in Maryland MUST deliver to the policyowner a, Refusing to pay persons bringing false or fraudulent claims, All of these may be an Unfair Claims Practice EXCEPT, is eligible for a Federal tax credit through the SHOP Exchange, An existing health benefit plan offered by a small employer may be replaced by a SHOP Exchange Navigator only if the small employer, An insurance producer who replaces an existing policy by making false written or oral statements is committing the act of, A producer has recently died and leaves behind a spouse. Allof these are considered key factor in underwriting life insurance EXCEPT, Anapplicant intentionally lying to an insurance company on an application inorder to obtain a cheaper premium is an example of. Whowere Keogh Plans designed to provide pension benefits for? A debtor may receive Credit Life insurance in which of the following forms?
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