Maryland Life and Health Law Exam Simulator Questions with Verified Solutions

Maryland Life and Health Law Exam Simulator Questions with Verified Solutions Security laws passed by Congress are enforced by which Federal agency? Security and Exchange Commission Which renewal provision must ALL Medicare Supplement policies contain? Guaranteed renewable Replacement regulation is designed to protect policyowners from misrepresentation and loss of benefits Under the Maryland Health Insurance Plan, comprehensive health benefits are provided to medically uninsurable residents Kiara filled out a life insurance application and was given a policy illustration that showed future premiums being paid out of non guaranteed values. This illustration MUST disclose that she may need to resume premium payments, depending on actual results Which of the following is NOT a prohibited sales practice for marketing long-term care coverage? replacing existing coverage with a new policy Advertising regulations exist to assure full and truthful disclosures to the public Any administrative action taken against a producer MUST be reported to the Commissioner within ___ days after the final disposition 30 Group life plans sold in Maryland typically contain a conversion option. If the insured elects this option, the new policy does NOT require evidence of insurability Once a child is born and covered under a health insurance plan, any reduction in benefits on the newborn is strictly prohibited An insurance producer is BEST defined as a person who has a contract with an insurance company to represent it Beginning January 1, 2014, the restricted annual limit for plans under the Affordable Care Act will be No Limit All of these activities require an individual to hold a producer's license EXCEPT providing referrals The Right-to-Examine period in Maryland for Long-Term Care policies is ___ days 30 If replacement was involved in the sale of an insurance policy, a producer must provide a replacement notice no later than the application date A licensee who is required to take continuing education must complete 24 hours of continuing education, which includes ___ hour(s) of ethics coursework 3 Actuarial Value Plans bronze = 60% silver = 70% gold = 80% platinum = 90% The standard grace period for a life insurance policy sold in maryland is 30 days John the insurance producer has an insurance license that expires in 6 months. If he files an application for renewal before the expiration date, his license will remain in effect until a new one is issued 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. 60 Under which circumstance would inflation protection NOT be included in a long-term policy? policyowner declines the coverage in writing Chuck and Shaquille are both licensed producers in the same line of insurance. Chuck provides Shaquille with a referral that results in a sale. Commissions on this sale will likely be shared by both producers (sharing of commission is allowed between producers licensed in the same line of insurance) all of these are responsibilities of the Commissioner EXCEPT endorsing insurers How many days notice must the Commissioner give prior to a hearing? 10 days According to the Affordable Care Act, new Health Insurance Marketplaces are established by the CCIIO (The Center for Consumer Information and Insurance Oversight) A producer has committed an insurance crime that violates US Code 1033 (interstate commerce). Who would be responsible for the prosecution of this crime? US Attorney General The outline of coverage for a Medicare Supplement policy provides information about services, benefits, copayments, deductibles, exclusions, premiums, and the insurer the life and health guaranty corporation provide funds to carry out its powers and duties by assessing member insurers 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. 30 days A separate converted policy may, at the option of the insurance company, be issued to cover a(n) dependent What is the MINIMUM benefit period that must be offered by a Long-Term Care policy? 12 months All of the following are typically included in a life insurance policy illustration EXCEPT names of the beneficiaries Which