PA Life, Accident, and Health Insurance Law Study Guide with Questions and Correct Answers

A ________ is paid a fee from his/her client to examine life insurance policies and provide advice. Life Insurance Councilor An insurance producer must be appointed by the: Insurer In the case of a Medicare supplement insurance policy, the policyholder can return the policy for a full refund of the premium within how many days after the policy is purchased? 30 days Life insurance policies must include a provision entitling policyholders to a grace period for payment of premium. How long must it last? 31 days or 1 month What type of insurer is formed under the laws of a country outside of the United States? Alien Insurers can guard against the prohibited practice of post claims underwriting in long-term care coverage by: Using unambiguous questions on long-term care applications, which will correctly reflect the applicant's health condition Which insurers must use the uniform health insurance claim form developed by the PA Insurance Department? ALL insurers When is "totally disabled" defined as the insured's inability to perform substantial and material duties of his regular occupation? Previously during the first 24 months (2 years) after the loss begins A complaint record must be kept for at least ____ years 4 years Which of the following is subject to PA's replacement regulations? Individual life insurance In PA, the free-look provision for all individual life or endowment insurance policies is ____ days 10 days The deductible amount for specified disease coverage cannot be more than $250 Which of the following statements regarding the establishment of premium rates in PA is NOT correct A.) An insurer whose rates were rejected by the Commissioner may not appeal the decision B.) All rate fillings are subject to a 30 day waiting period C.) PA insurers are required to file their rate schedules with the Commissioner D.) An insurer's rates may not discriminate against policy owners because of race, creed, or national origin. A.) An insurer whose rates were rejected by the Commissioner may not appeal the decision.