MN LIFE AND HEALTH LATEST
INSURANCE EXAM
The premium charged may not exceed ____% of the plan cost -
ANSWERS-102%
The employee has ___ days to elect to continue coverage. - ANSWERS-
60 days
In the insurer determines within the first _____ years of a policy that a
transfer of ownership has been made to a person with no insurable
interest, the policy may be considered to be a STOLI and is a violations -
ANSWERS-4 years
period of time within receiving an application that the replacing insurer
must notify any existing insurer - ANSWERS-5 days
Length of time replacing insurer must keep copies of the above
replacement notice records - ANSWERS-6 years
Newborn children are covered from - ANSWERS-birth
END OF
PAGE
1
, MN LIFE AND HEALTH LATEST
INSURANCE EXAM
To continue coverage for a child with disabilities, proof of the incapacity
and dependency must be furnished to the insurer within ____ days of the
child reaching the policies limiting age. - ANSWERS-31 days.
Medicare: The policy must cover a preexisting condition during the first
_____ months of coverage if the insured was not diagnosed or treated
for the particular condition during the ______ days immediately
preceding the effective date of coverage. - ANSWERS-6 months, 90
days
Free-look for Medicare supplements - ANSWERS-30 days
Medicare: Renewal provision must be _________ or better (non-
cancelable) - ANSWERS-guaranteed renewable
"Guide to health insurance for people with medicare" must be given at
time of _____ - ANSWERS-Application
"Open enrollment" within _______ of enrolling in Medicare part B, and
aging of 65 or older - ANSWERS-6 months
END OF
PAGE
2
, MN LIFE AND HEALTH LATEST
INSURANCE EXAM
Penalty for violating medicare supplement laws - ANSWERS-$5,000
LTC: Policy holder must cover preexisting conditions during the first
______ months of coverage if the insured was not diagnosed or treated
for the particular condition during the _______ days immediately
preceding the effective date of coverage. - ANSWERS-6 months, 90
days
LTC: Renewal provision must be _______ or better (Non-cancelable) -
ANSWERS-Guaranteed renewable
"Shoppers guide to LTC" must be given BEFORE taking the _______ -
ANSWERS-Application
LTC: coverage may include a waiting (elimination period) of up to
_____ days - ANSWERS-180 days
Free-look long term care insurance - ANSWERS-30 days
END OF
PAGE
3
, MN LIFE AND HEALTH LATEST
INSURANCE EXAM
If a long-term insurance policy has been in force for ______, an insurer
may rescind the policy or deny a claim due to material
misrepresentation. - ANSWERS-Less than 6 months
If the policy has been in force for __________ insurer may rescind the
policy or deny a claim if it can show that it issued the policy upon a
material misrepresentation that relates to the claim. - ANSWERS-6
months to less than 2 years
If the policy has been in force for __________ an insurer may contest a
policy only if the insured knowingly and intentionally misrepresented
relevant pacts concerning his health. (fraud) - ANSWERS-two or more
years
Insurer must offer inflation protection with _____ compounded
annually. - ANSWERS-5%
Penalty for violating long-term care insurance laws. - ANSWERS-
$10,000
An HMO evidence of coverage myst be issued within _____ days of the
effective date - ANSWERS-15 days
END OF
PAGE
4
INSURANCE EXAM
The premium charged may not exceed ____% of the plan cost -
ANSWERS-102%
The employee has ___ days to elect to continue coverage. - ANSWERS-
60 days
In the insurer determines within the first _____ years of a policy that a
transfer of ownership has been made to a person with no insurable
interest, the policy may be considered to be a STOLI and is a violations -
ANSWERS-4 years
period of time within receiving an application that the replacing insurer
must notify any existing insurer - ANSWERS-5 days
Length of time replacing insurer must keep copies of the above
replacement notice records - ANSWERS-6 years
Newborn children are covered from - ANSWERS-birth
END OF
PAGE
1
, MN LIFE AND HEALTH LATEST
INSURANCE EXAM
To continue coverage for a child with disabilities, proof of the incapacity
and dependency must be furnished to the insurer within ____ days of the
child reaching the policies limiting age. - ANSWERS-31 days.
Medicare: The policy must cover a preexisting condition during the first
_____ months of coverage if the insured was not diagnosed or treated
for the particular condition during the ______ days immediately
preceding the effective date of coverage. - ANSWERS-6 months, 90
days
Free-look for Medicare supplements - ANSWERS-30 days
Medicare: Renewal provision must be _________ or better (non-
cancelable) - ANSWERS-guaranteed renewable
"Guide to health insurance for people with medicare" must be given at
time of _____ - ANSWERS-Application
"Open enrollment" within _______ of enrolling in Medicare part B, and
aging of 65 or older - ANSWERS-6 months
END OF
PAGE
2
, MN LIFE AND HEALTH LATEST
INSURANCE EXAM
Penalty for violating medicare supplement laws - ANSWERS-$5,000
LTC: Policy holder must cover preexisting conditions during the first
______ months of coverage if the insured was not diagnosed or treated
for the particular condition during the _______ days immediately
preceding the effective date of coverage. - ANSWERS-6 months, 90
days
LTC: Renewal provision must be _______ or better (Non-cancelable) -
ANSWERS-Guaranteed renewable
"Shoppers guide to LTC" must be given BEFORE taking the _______ -
ANSWERS-Application
LTC: coverage may include a waiting (elimination period) of up to
_____ days - ANSWERS-180 days
Free-look long term care insurance - ANSWERS-30 days
END OF
PAGE
3
, MN LIFE AND HEALTH LATEST
INSURANCE EXAM
If a long-term insurance policy has been in force for ______, an insurer
may rescind the policy or deny a claim due to material
misrepresentation. - ANSWERS-Less than 6 months
If the policy has been in force for __________ insurer may rescind the
policy or deny a claim if it can show that it issued the policy upon a
material misrepresentation that relates to the claim. - ANSWERS-6
months to less than 2 years
If the policy has been in force for __________ an insurer may contest a
policy only if the insured knowingly and intentionally misrepresented
relevant pacts concerning his health. (fraud) - ANSWERS-two or more
years
Insurer must offer inflation protection with _____ compounded
annually. - ANSWERS-5%
Penalty for violating long-term care insurance laws. - ANSWERS-
$10,000
An HMO evidence of coverage myst be issued within _____ days of the
effective date - ANSWERS-15 days
END OF
PAGE
4
