Which settlement option pays a stated amount toan annuitant, but no residual value to a beneficiary? An insurance producer who convinces a prospective insured to purchase a policy by exaggerating the benefits of the policy may be found guilty of, An ____ _____ sells, solicits, or negotiates insurance contracts for compensation, All of these activities require an individual to hold a producer's license EXCEPT, Jim recently sold his whole life insurance policy under a viatical settlement contract. What happens when an insurance policy is backdated? Which dividend option would an insurer invest the policyowner's money and add any interest earnings as the dividends accrue? 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. B. Anytimewithin 12 months after date of purchase, C. Aminimum of 6 months after date of purchase, D. Aminimum of 12 months after date of purchase. d. Individual disability income insurance premiums. Which of the following actions is REQUIRED by a producer who is replacing an existing life insurance policy? Please select the correct language below. 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. If Jay were to receive a fee for this advice (in addition to his commission), he MUST, Obtain a signed memorandum from the prospect acknowledging the amount of compensation. A minimum of 12 months after date of purchase. Peter Griffith, Funeral Director of Lyndhurst Funeral Home. c. Travel accidental insurance premiums. 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. She would like to borrow $15,000 against the cash value. How long is the Contestable Period for health insurance policies sold in New Jersey? Which of these is NOT considered to be a nonforfeiture option in a whole life insurance policy? To be eligible for small employer group coverage, anemployee must work a MINIMUM of __ hoursI a typical week. D. Willfullycollecting a premium that exceeds the amount of the actual premium. A life insurance policyowner was injured in an automobile accident which results in a total and permanent disability. Whendoes a life insurance policy typically become effective? 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. Paul has an, An indemnity plan limitation that will pay the dental bills after a small amount is paid by the insured is called. Howdo interest earnings accumulate in a deferred annuity? 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. audio not yet available for this language. Net death benefit will be reduced if the loan is not repaid. As beneficiary, he will pay__taxeson any money withdrawn. Converting a group plan to permanent lifeinsurance requires: D. The conversion being applied for within 31 daysof termination. 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 s is payable MUST disclose, All of the following is considered a form of advertising EXCEPT. Term, Whole, and universal lifeinsurance. It allows for cash advances to be paid against the death benefit if the insured becomes terminally ill. Who assumes the investment risk in a variable insurance contract? A. C. Protects consumers with guidelines regarding creditreporting and distribution. Benefits provided by a Medicare Supplement policy must NOT, Funding for Medicare Part B is partially provided by. An individual the means to replace wages. Whichof the following is Medicare Part B also known as? They are both involved in an automobile accident where Pat dies instantly and Karen dies 5 days later Key Person Disability Insurance pays benefits to the. 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. Failing to promptly provide a reasonable explanation for the denial of a claim is considered to be a. An annuitant is guaranteed to NOT outlive their benefits will a(n). 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. Without a Section 125 Plan in place, what would happen to an employee's payroll contribution to an HSA? An ___________ insurance company is one that was formed under the laws of another country outside of the U.S. 14 day waiting period / 10 year benefit period. Which type of life insurance policy is this? cuanto gana un pintor de autos en estados unidos . 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. The waiting period for a disability insurance policy, Excludes payments for a short term illness or injury. a producers secretary who solicits prospects on the telephone Which of the following is NOT part of an insurance contract? C) Unintentionally misrepresented a material fact on the application. What geographic factor makes Antarctica's ice caps drier than deserts in Africa and Asia? Barbara's policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of insurability. Whichof these will have the highest monthly payout upon annuitization? How long is the Contestable period for health insurance policies sold in Maryland? Which of the following is a reinstatement condition? -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 After an insured gives notice of loss, what must he/she do if the insurer does not furnish forms? Tara the producer is delivering a specified disease insurance policy to a new policyowner. The funeral of Wayne Emmerson Wilson leaves Downes and Wilson Funeral Home, Eagle Hall, St.Fax: 540-662-2627. Which of the following describes a person who is NOT acceptable by an insurer at standard rates because of health history, occupation, or hobbies? The names of the insurance companies represented by the producer. Submit to the replacing insurer a list of the policies to be replaced. What are the levels of coverage as defined by the Affordable Care Act? B.Canceling a term life policy to buy a whole life policy. ARoth IRA owner must be a least what age in order to make tax-free withdrawals? A silver level medical plan is what percent the insurance company pays for the employee and the other percent is what the employee pays out of pocket (Unders Insurance companies look at a number of factors when it comes to setting premiums for a particular company. 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. Adoctor who accepts Medicare Assignment agree to which of the following ? Which of the following actions by a producer would NOT result in a license suspension or revocation? Which of the following situations would be suitable for a temporary work authority? A. Which of the following is true concerning the proceeds of a life insurance policy? Maria the insurance producer completes a sale by collecting the required signatures on the application and obtaining the initial premium. The ________ has the right to renew a small employer health plan. A. Timeperiod an insured must wait before coverage begins, B. Timeperiod a disabled person must wait before benefits are paid, C. Timeperiod after the policy issue date in which the provisions are stillcontestable, Inan insurance contract, the element that shows each party is giving something ofvalue is called. Which rider would pay a monthly amount because of this disability? You have created 2 folders. Whena qualified plan starts making payments to its recipient, which portion of thedistributions is taxable? Producer commissioners may NOT be paid to: B. Licensedand appointed producers who are sharing commissions. It would be considered taxable income to the employee. a producers secretary who solicits prospects on the telephone When does a life insurance policy typically become effective? The IRS allows a taxpayer to deduct medicalexpenses of that exceed 7.5% of their adjusted grossincome. ABC Insurance Agency is entering each applicant who purchases insurance through their agency into a drawing to win a free trip. June 24, 2022 . She paid the premium on May 15 with the policy indicating the effective date being May 30. 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. licensed producers not appointed by an insurer. 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). One or morediagnostic, preventive, therapeutic, rehabilitative, maintenance or personalcare services in a setting other than an acute care unit of a hospital. Alimited payment whole life policy provides. a producers secretary who solicits prospects on the telephone Duringthe accumulation period, who can surrender an annuity? A producer's secretary who solicits prospects on the telephone: a) is an example of the illegal act called twisting . Krissa purchases a 10-year level term lifeinsurance policy that has a death benefit of $200,000. 1. visas, binomial trials. a producers secretary who solicits prospects on the telephone who would be responsible for the prosecution of this crime? a. Theinsured skipped a payment beyond the 31 day grace period, b. Theinsured was injured while participating in an illegal occupation, c. Theinsured was given a notice of cancellation from the insurer, d. Theinsured suffered an injury as an innocent bystander during a bank robbery. Which option was chosen? \text{Common stock} & \hspace{13pt}70,000 & \hspace{13pt}60,000 \\ How often must an insurance producer's license in New Jersey be renewed? 1. In the event of employment termination, group insurance can be kept if the employee pays the premiums. Which of the following is CORRECT regarding the death benefit amount. The Commissioner must examine the financial affairs of each admitted insurer operating in Maryland at least once every how many years? a producers secretary who solicits prospects on the telephone Welcome To Be Falcon Solutions Website Hotline & WhatsApp : +971556212280 | Landline : +97143873596 , +97167499398 james reynolds obituary popeyes vs chicken express do venmo requests expire yorba linda football maxpreps primary care physicians in cleveland ohio a producers secretary who solicits prospects on the telephone. This situation is called, Written notice of a health insurance claim should be given to the insurer within _____ days after the occurrence of any loss covered by the policy, To conduct insurance business in this State, an insurer must be issued a certificate of authority. The Premium for a Modified whole life policy is: A. 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. An insurance company may ONLY pay a sales commission to, Continuous 24-hour care provided by licensed medical professionals under the direct supervision of a physician is called. Pierre the producer receives a premium for an individual health insurance policy. The proceeds of this contract could be subject to the claims of, The Food and Drug Administrationapproved prescription drugs for treatment as stated on the drugs labeling. A. Changemust be initialed by the agent, B. Changemust be initialed by the applicant, C. Changemust be approved by the insurer. 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. 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. Which of these statements is true? assure full and truthful disclosures to the public, All of the following are typically included in a life insurance policy illustration EXCEPT. Using derogatory statements about an insurance company's financial condition. This is called a, A minor may receive a life insurance policy's death benefit ONLY, B. 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. Wherewould policy proceeds be paid if both the insured and primary beneficiary werekilled in the same accident? a producers secretary who solicits prospects on the telephone How long must an individual be unable to engage in any gainful activity due physical or mental disability in order to qualify for Social Security Total Disability? 59 and owned account for a minimum of 10 years, B. A disability income policy can prevent an insured from earning a higher income than if he/she were working by utilizing. d. A covered employee if terminated for grossmisconduct. What is the maximum fine for a producer violating a New Jersey Insurance law for the first time? Lower than the typical whole life policy duringthe first few years and then higher than typical for the remainder. Which of the following is NOT a duty of the Commissioner? Which of these is likely to occur when life or health insurance is being applied for? Both partners are still married at the time of Bob's death. The policy automatically converts to whole lifeafter the 10-year period, B. There are several types of whole life insurance that are as follow:- To be classified as a small employer, an employer mustNOT have more than__ eligible employees. C. Normally graded over a period of 20 years. Who would most likely be coveredunder Workers Compensation? A. Allows the secondary payor to reduce their benefit payments so no more than 100% of the claim is paid, A producer who shares commissions with a client. Jim recently sold his whole life insurance policy under a critical settlement contract. Advertising material for a life insurance policy does NOT need to contain which of the following? Their offer/administration. Normally pay for losses arising from: Which of these would an insurer consider when determining whether to accept a group life plan? What is involved when a life insurance policy has been backdated? An insurance company needs to obtain personal information from a third party concerning an applicant. \text{Total liabilities and stockholders' equity} & \underline{\underline{\hspace{3pt}\$244,000}} & \underline{\underline{\hspace{3pt}\$256,000}} \\ 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? Producing an inadequate amount of new premium. Whatis created after policy proceeds are obtained in a lump sum and thenimmediately invested? A master contract and certificate of coverage can be found in which type of policy? Which of these will typically authorize treatment from a specialist? How to take legal action against an insurance company. Insurance producer Kelly offers an insured a $500 shopping card if an insurance product is purchased through her. a producers secretary who solicits prospects on the telephone Healthinsurance will typically cover which of the following perils? 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. HIPPA considers which of the following as "individually identifiable health information"? 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. 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. \text{Accounts receivable} & \hspace{13pt}41,000 & \hspace{13pt}44,000 \\ The coverage, condition, and limitations in the master policy of a group contract can be found in which document? What amount will be paid under a policy where the insured misstated his/her age? Temporarily Deposit the funds in a personal account. The face amount and the premium will remain constant over the 10-year period.