Pennsylvania State Health and Life Insurance Exam 2024-2025. Questions & Answers.Grade A+, Exams of Insurance law

Download Pennsylvania State Health and Life Insurance Exam 2024-2025. Questions & Answers.Grade A+ and more Exams Insurance law in PDF only on Docsity! Pennsylvania State Health and Life Insurance Exam 2024-2025. Questions and Correct, Verified Answers. Graded A+ 15 Calendar days - ANSOnce a viatical contract has been established, how long does the Viator have to rescind the contract? 180 days - ANSWhen a producer died, his surviving spouse needed to maintain the insurance agency until it could be sold, without testing she could qualify for a temporary license for a max period of 2 years - ANSThe relation of earnings to insurance provision allows the insurance company to limit the insured's benefits to his/her average income over what period of time? 20 days - ANSFollowing hospitalization because of an accident, Bill was confined in a skilled nursing facility. Medicare will pay full benefits in this facility for how many days? 20% - ANSWhich of the following must the patient pay under Medicare Part B 24 Credit Hours - ANSPrior to license renewal, all insurance producers must successfully complete a minimum of 24 hours this reporting period. 24 the period following. 4 hours lost - ANSA producer has successfully completed 52 hours of CE. How many CE will go towards this upcoming reporting period? 30 Days - ANSIf an insurer terminates a producer, the insurer must notify the commissioner within how many days? 30 months - ANSEmployer health plans must provide primary coverage for individuals with end-stage renal disease before medicade becomes primary for how many months? 5 days - ANSIf a consumer requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply? 5 years - ANSIn order to qualify for conversation from a group life policy that has been terminated to an individual policy of the same coverage, a person must have been insured under the group plan for how many years? 6 credits - ANSTo attain currently insured status under social security, a worker must have earned at least how many credits during the last 13 quarters? 8am until 9pm - ANSAccording to the telemarketing sales rules, what are the permissible calling hours for telemarketing calls? 90 Days - ANSMost policies will pay the accident death benefits as long as the death is caused by the accident and occurs within A Contributory Plan - ANSJason is insured under his employers group health insurance. He splits the cost of the premiums with his employer. This is an example of A level annual premium for the life of the insured - ANSA straight Life policy has what type of premium? A licensee is barred from charging a fee in addition to a commission to a person for the sale, solicitation or negotiation of a contract of insurance for commercial business - ANSWhich of the following statements is incorrect? A mutual insurer - ANSInsurance companies may be classified according to the legal form of their ownership. The type of company organized to return any surplus money to their policyholders is A person who negotiates insurance contracts - ANSWhich of the following persons is required to hold a producer license? a summer camp - ANSA group blanket health policy is best suited for which of the following? Age 65 who are not retired - ANSThe Omnibus Budget Reconciliation Act of 1990 requires that large group health plans must provide primary coverage for disabled individuals under... All providers will have the same coverage - ANSIn reference to the standard medicare supplement benefits plans, what does the term standard mean? an individual who was previously covered by group health insurance for 6 months is eligible - ANSUnder HIPAA, which of the following is incorrect regarding eligibility requirements for conversion to an individual policy? Annuity a consumer reports... For 20 years or until death, whichever occurs first. - ANSUnder a 20-pay whole life policy, in order for the policy to pay the death benefit to the beneficiary, the premiums must be paid Forwarding premiums to the insurer - ANSWhich of the following is an example of an agent's fiduciary responsibilities? Having all employees complete continuing education courses once every 2 years - ANSAll of the following are licensing requirements for a business entity, EXCEPT Hazards - ANSEvents or conditions that increase the chances of an insured loss occurring are referred to as Immediately - ANSA health Insurance policy lapses but is reinstated within an acceptable time frame. How soon from the reinstatement date will coverage for accidents become effective? Implied - ANSWhich authority is not stated in an agents contract but is required for the agent to conduct business? income - ANSA typical accidental death & dismemberment policy covers all of the following losses except Indemnity - ANSWhich insurance principle states that if a policy allows for greater compensation than the financial loss incurred, the insured may only receive benefits for the amount lost? Insuring Clause - ANSThe section of the health policy that states the causes of eligible loss under which an insured is assumed to be disabled is the Iron - ANSWhich of the following is not a metal level of coverage offered under the patient protection and affordable care act? Issuing sales material that are exaggerated - ANSWhich of the following best describes a misrepresentations? it can be owned by individual employees - ANSWhich of the following is not true about a group annuity? it can protect the policy proceeds from creditors of the beneficiary - ANSWhich of the following is true regarding the spendthrift clause in life insurance policies? It is used to lower premiums - ANSAn insurer invests the money it receives from premiums paid by the insureds. Which of the following is true regarding the interest earned on these investments? It provides income the beneficiary can't outlive - ANSWhich of the following is true regarding a single life settlement option? It remains the same no matter how many children are added to the policy - ANSWhich of the following is true about the premium on the children's rider in a life insurance policy? It will pay double or triple the face amount. - ANSWhich of the following statements is TRUE concerning the accidental death rider? It would not occur in a deferred annuity - ANSWhich of the following is not true regarding the accumulation period of an annuity Its nonrenewable - ANSWhich of the following is true regarding a term health policy? Joint Life - ANSA couple receives a set amount of income from their annuity. When the wife dies the husband no longer receives annuity payments. What type of annuity did the couple buy? Jumping Juvenile Policy - ANSIf a life insurance policy increases significantly in face amount when the insured reaches a specified age, what type of policy is this? Life Paid-up at age 65 - ANSWhich of the following is an example of a limited-pay life policy? Making derogatory oral statements about another's financial conditions - ANSWhich of the following best describes the unfair trade practice of defamation? Medicare - ANSWhich of the following programs is made up of 4 parts, where the first part is paid for by FICA, and the second part is financed by premiums and payroll taxes? MIB reports are based upon information supplied by doctors and hospitals - ANSAll of the following are true regarding the medical Information Bureau (MIB) Except Monthly - ANSUnder an individual disability policy, the MINIMUM schedule of time in which claim payments must me made to an insured is Must appear as a separate paragraph and be clearly labeled - ANSIn a long-term care policy, pre- existing condition limitations Must be informed of the source of the report - ANSUnder the Fair Credit Reporting Act, individuals rejected for insurance due to information contained in a consumer report National Do not call registry - ANSWhat was created to keep telemarketers from calling consumers who do not wish to be contacted? One-year term option - ANSThe dividend option in which the policy- owner uses dividends to purchase a term policy for one year is referred to as the Ownership - ANSWhat is the major difference between a stock company and mutual company Payor benefits - ANSWhich of the following allows the insurer to relieve a minor insured from premium payments if the minors parents have died or become disabled Per capita - ANSWhich of the following methods to designate a beneficiary literally mean " By the Head" Perils - ANSThe clause of loss insured against in an insurance policy are known as Plan A - ANSWhich of the following must be present in all medicare supplement plans? Policy Owner - ANSWhich of the following individuals must have insurable interest in the insured? Predicted needs of the family after the insured's death - ANSBased on Human Life Value Approach, which of the following is not used to calculate an individual's value of life? Premiums are not tax deductible as business expenses - ANSWhich of the following is correct concerning the taxation of premiums in a key-person life insurance policy? Prior to the time of application - ANSA long-term care shoppers guide must be presented at what point Producer - ANSWhich of the following licensees is classified as a representative of the insurance company and not allowed to represent and insured or claimant? Producers report - ANSThe insurance company underwriter could find information concerning the personal activities and character of an applicant from which of the following reports? Reciprocity - ANSPaul is a producer in OH and wants to become a producer in PA. The commissioner will waive certain certain examination they are on active duty, and for 6 months afterwards - ANSA licensee serving in the military is unable to fulfill her continuing education requirement. What would the licensee have to do to renew the license? They are tax deductible - ANSHow are employer contributions to health reimbursement accounts treated in regards to taxation? To cover the expenses of retraining the insured to return to work. - ANSWhat is the purpose of the rehabilitation benefit in disability insurance? To guard against adverse selection and reduce cost - ANSWhy do group health providers usually require a certain amount of participation in the plan by eligible employees Unfair claims methods and practices regulation - ANSShould an insurance company deny a claim submitted by and insured without providing to that insured a prompt reason... Variable - ANSAn insured receives a monthly summary for his life insurance policy. He notices that the cash value of the policy is significantly lower this month than it was last month. What type of policy does the insured have? Viatical settlement purchaser - ANSA person who gives money as consideration for a life insurance policy or intrest in the death benefits of a life insurance policy is called a When the benefits received are equal or less than the employees percentage of the contribution - ANSUnder what condition are group disability income benefits received by an employee NOT taxable as income When the premium is paid at the time of application. - ANSWhen is the insurability conditional receipt given? Whether and insurable interest exists between the individuals. - ANSIf an applicant for a life insurance policy and person to be insured by the policy are two different people, the underwriter would be concerned about Within 30 days - ANSHow soon after the due date should the insurer pay the agent appointment fees? Yes and they may use any preferred physician, even if not part of the HMO - ANSCan an individual who belongs to a POS plan use an out-of-network physician?