MS Health and Life Insurance Exam Chapter 14 Questions and Answers, Exams of Nursing

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MS Health and Life Insurance Exam

Chapter 14

Reply promptly in writing - Answer-If the Commissioner requests information from a producer, the producer is required to: The producer's license will lapse and they will be unlicensed - Answer-In Mississippi, a producer has failed to complete their continuing education requirements by the license renewal date. This means that: 30 - Answer-Producers must notify the Commissioner of Insurance within _____ days of any change of address. A statement signed by the applicant and by the producer - Answer-A producer submits an application to the insurer as part of a replacement transaction. What must the producer include with the application? Require the producer to disclose information, such as in a hearing - Answer-When the Commissioner receives notice of a fraudulent claim, what is the FIRST action the Commissioner is authorized to take regarding the producer?

Administering insurance laws - Answer-The Commissioner of Insurance is responsible for: Fiduciary - Answer-Producers have what kind of duty towards insurers and insureds regarding funds entrusted to the producer's care? $5,000 - Answer-Unless a penalty for a Mississippi Insurance Code violation is specifically provided, the offender shall be guilty of a misdemeanor, punishable by a fine of not more than how much money? The insurer cannot legally challenge any statement the insured made on the application - Answer-All Mississippi policies are required to include a copy of the application. What is the resulting consequence if this is not done? Financially solvent - Answer-The Commissioner conducts examinations of insurers in order to make sure an insurer is: $1,000 - Answer-Anyone who willfully violates a cease and desist order issued by the Commissioner of Insurance will be subject to a fine of up to $______ for each violation. A specific kind of misrepresentation intended to result in the termination or surrender of an existing policy - Answer-What is the definition of twisting in Mississippi? Misrepresentation - Answer-An oral or written statement inaccurately describing a policy's benefits is an example of: The percentage of costs that the plan pays for - Answer-The ACA established 4 tiers of metal plans: Bronze, Silver, Gold and Platinum. What is the main difference between these plans? 30 - Answer-The free look period for a replacement policy is _____ days.

One year - Answer-LTC policies must offer a benefit period of at LEAST: The date the policy is delivered to the insured - Answer-When does the "free look" period begin for any policy of insurance in Mississippi? Alien - Answer-An insurer based in a country outside of the United States is referred to as a(n) ______ insurer. 1 - Answer-In Mississippi, a licensee whose license has been revoked cannot be relicensed for at least how many year(s) from the revocation's effective date. Liquidation - Answer-If an insolvent insurer cannot be rehabilitated, the insurer may be subject to: Appointed - Answer-An insurance producer cannot act as an agent for an insurer unless the producer is ______ as the insurer's agent. Life insurance, accident/health insurance, and annuities - Answer-Replacement regulations apply to which kinds of insurance coverage? Whenever necessary - Answer-How frequently is the Commissioner permitted to examine a producer's business records? Request a hearing - Answer-in Mississippi, a person whose license application or renewal application has been denied may: Renewal requires 24 hours every 2 years, 3 hours of which must be in ethics - Answer-What are the continuing education requirements for license renewal? $1,000 - Answer-The civil penalty for a fraudulent act is:

On the cover of the outline of coverage - Answer-Where should you find cost disclosure information for an LTC policy? When the application is signed - Answer-In a replacement transaction, the Notice Regarding Replacement must be provided: For 5 years after the new policy ends - Answer-For how long must insurers keep records of a producer and applicant's signed notice regarding replacement? 5 - Answer-Within _____ business days of receiving notice of replacement, the existing insurer must send a letter to the policy/contract owner of the right to receive information regarding the existing policy/contract values. Order the producer to cease and desist the prohibited practices - Answer-If the Commissioner determines that a producer is involved in unfair or deceptive practices, the Commissioner will: Persons of the same class, hazard, and life expectancy - Answer-For life and health policies, it is illegal to discriminate between: To determine whether such person has been or is engaged in any unfair method of competition, or in any unfair or deceptive trade practice - Answer-Why does the Commissioner of Insurance have the power to examine and investigate the affairs of every person engaged in insurance transactions in Mississippi? To disclose to the consumer that existing coverage is being replaced - Answer-What is the purpose of a Notice Regarding Replacement? Notice Regarding Replacement - Answer-During a replacement, the replacing insurer must give a copy of the ________________ to the existing insurer.

Rebating - Answer-Giving or offering, as an inducement to buy insurance, anything of value not specified in the policy is known as: 5 business days - Answer-During a replacement, if a policyholder requests information about existing policy values, the existing insurer must provide this information within: Fraternal benefit society - Answer-What type of insurer is organized as a lodge system? Insurance companies authorized to do business in Mississippi - Answer-What kind of insurers is the Commissioner required to examine? 5 days' notice - Answer-An insurer must provide _______ notice when cancelling a health policy. A copy of the insured's application - Answer-All policies delivered or issued in Mississippi are required to include what document? A Certificate of Authority - Answer-An insurer cannot do business in Mississippi without first obtaining: Does not meet underwriting guidelines - Answer-An insurer can refuse to issue an LTC policy to an applicant who: No later than time of application - Answer-During a replacement transaction, at what point in time must the producer give the applicant the Notice Regarding Replacement? 30 days of the occurence or commencement of loss - Answer-Wherever reasonably possible, written notice of claim must be provided to the insurer within:

The insurance company can terminate a producer's appointment at any time - Answer-Under what circumstances may a producer appointment be terminated in Mississippi? Individual life insurance and annuities - Answer-Life insurance and annuity replacement regulations apply to: Commingling - Answer-In Mississippi, a producer who deposits a client's premium payment into the producer's own personal account is called: The consumer - Answer-A Notice Regarding Replacement is intended to protect: Fraud - Answer-A producer knowingly tells a consumer that a certain risk is covered by a policy, when in fact the producer knows the risk is not actually covered. This producer has committed: There is no limit - Answer-With proper notice to the Commissioner, a producer may be appointment by a maximum of how many insurers? License lapse or suspension - Answer-Failing to complete CE requirements in Mississippi results in: 5 - Answer-All insurers must be able to furnish the producer's and applicant's signed statements with respect to financing and replacement for at least ______ years after the termination or expiration of the proposed policy or contract. Holding appointments with multiple insurers - Answer-A Mississippi producer license cannot be revoked for: Domestic - Answer-A(n) _________ insurer is one that has been incorporated or formed in Mississippi under the laws of Mississippi.

The producer has 12 months to reinstate the license without having to retake the exam - Answer-If a resident producer allows their license to expire in Mississippi, what are their options? A false and maliciously critical statement about the financial condition of the insurer intended to injure. - Answer-What is the definition of defamation in MS? Member insurers - Answer-The MS life and health insurance guaranty association is financed by assessing: Schedule a hearing before imposing any penalties - Answer-If a producer allegedly committed an unfair marketing practice in MS, the commissioner must: 30 - Answer-An insurer that terminates a producer's appointment, within how many days following the effective date of the termination? Has a resident producer license in good standing in their home state - Answer-A non resident producer license may only be issued if the the applicant: Appointed as the insurers agent - Answer-A producer cannon act as an agent for an insurer unless the producer is: 30 Days - Answer-The succeeding carrier will credit the time the person was covered under the prior plan for a preexisting condition in MS, if the previous coverage was continued for how many days prior to the effective date of the new coverage? Twisting - Answer-Making an unfair comparison of two policies in order to induce a policy holder to lapse, forfeit, or surrender a policy and purchase a new one in MS is an example of: Life insurance, accident, health insurance, and annuities - Answer-Replacement regulations in MS apply to which kinds of insurance coverage?

An insured - Answer-The commissioner is authorized to examine records except who? A cease and desist order - Answer-The commissioner may issue what to a person who is in violation of an insurance law? The applicant or insured - Answer-Who has the authority to decide to replace a policy in MS? 30 days - Answer-In MS , producers must notify the commissioner withing how many days of any change of address? 180 - Answer-In MS, temporary license are valid for a period not to exceed how many days? policyowners interest - Answer-The primary purpose of the life insurance replacement regulation in MS is to protect the: Controlled - Answer-What business occurs when during any 24-month period more than 35% of a producers total commissions is acquired form policies sold to family, relatives, employers, employees, or business associates?