willa purchases a 5-year 50,000 level term policy with option to renew. Each carrier has . Exclusive agents in the insurance industry, or captive agents, are contracted to sell policies for a single insurance company; independent agents can sell the policies of many different companies. No, they represent the insurer. which of the following provision is optional in an individual health insurance policy? What kind of policy will protect an insurance agent against liability arising out of Acts committed in her professional capacity? which provision must be included in an individual accident and health insurance account? Type of property and liability insurance marketing system, sometimes called the American agency system, in which the agent is an independent business person representing several companies. Insurance Agent and Agency Services 200 East Gaines Street Tallahassee, FL 32399-0318 Public Records Requests. Which of the following statements about Lloyds of London (are) true? Common Use(s) of License: An "independent adjuster" means a person licensed as an all-lines adjuster who is self-appointed or appointed and employed by an independent adjusting firm or other independent adjuster, and who undertakes on behalf of an insurer to ascertain and determine the amount of any claim, loss, or damage payable under an insurance contract or undertakes to effect settlement . TYPE AND CLASS: 21-05 Insurance Agency License . premium will be lower during the next few years and then increased to a higher constant level. Cover specific diseases as named in the policy, such as heart disease or cancer. her benefits increased to 728, which is the most likely reason her benefit amount has gone up? she received payments of 700 as long as she lived and at her death, 2 children received lump sum payments of 125,000, which settlement option did hector have ``, which regarding the grace period is NOT correct. What is the name of the intermediary that Jim can use to place this coverage with an insurer not admitted to his state? he must pay a 10% penatly plus income tax on the amount retained. Commercial insurance is divided into two main categories: property insurance and casualty insurance. company has thousand employees are eligible for a contributory Group Health Plan how many would be required to participate? The nuns of policy in which premium at the Inception of the policy is lower than the continuous premium whole life right and then increases each year for the first five years of the policy. Acclaimed teacher Kristen Bacorn believes real estate should never be boring or overly complex. In this book, she offers a fun, easy way to learn essential real estate concepts. who would NOT be eligable for a 403b plan? U.S. Health in International Perspective presents detailed evidence on the issue, explores the possible explanations for the shorter and less healthy lives of Americans than those of people in comparable countries, and recommends actions by ... Suppose Max wants to arrange the distribution of his life insurance proceeds so that his spouse, as beneficiary of will receive monthly payments for as long as she lives which will meet the need? Contributions to a simplified employee pension are not included in the employee's taxable income for the year as long as the contributions does not exceed? AGC publishing applied for key person's life insurance on its chief executive officer. $20,000 for bodily injury liability for one person in an accident/$40,000 bodily injury liability for all people injured in an accident/$15,000 personal property liability. Pick an agent or company representative that takes the time to answer your questions. Laws & regulations related to operating an insurance agency in Texas. For more information, visit PSI Exams Online, where you can: Purchase books, reference . all individuals become immediately covered after completing the probationary. Disability that is presumed to result from the same or related cause of prior disability is called. modified whole life policy, which is correct? The case was filed by an independent agent who owned an insurance agency that sold Nationwide insurance products. Victoria currently has a Medicare Advantage plan should shoot her agent sell her Medicare supplement policy? Both the at-fault driver's insurance AND your uninsured/underinsured motorist insurance. describes the concept of vesting, with respect to qualified retirement plans? For example, I am the BOC-3 process agent in Oregon for several companies that provide blanket designations. he dies after receiving 275 per month for 6 years. Darlene owned 100,000dollar whole life policy that had a $75,000 cash value when she died at 75 the amount paid by the insurance company as a death benefit was? Be at least eighteen (18) years of age. the policy provides a straight, level 50,000 of coverage for 5 years. She takes a marketing class and learns about segmentation. the cash value will, TSAS are available to employees of certain nonprofit orgs, to reinstate lapsed policy, insured must do all the following except, sign a notice to the applicant regarding replacement, cash value of life insurance policy is converted into an annuity in a non-taxable transaction, event is known as, obligations of the insurance company hinge on certain acts of the policy-owner, the beneficiary, or both the insurance is termed, direct marketing system, insurance can be sold to the public through all except, which type of annuity settlement arrangement stops making payments when the annuitant dies, under a common disaster clause in a life insurance policy, it is assumed that, the insured died last, unless the primary beneficiary lives beyond a stipulated period, david has 300,000 nonrenewable 5 year term policy. Section 1677(b) of the California Insurance Code requires that on and after January 1, 2018 four of the department's licensing exams must be provided in the Spanish language. The rider helps pay the cost of therapy and retraining, all statements made by an applicant in an application for life insurance are considered to be. If you hired an agent, a court is much more likely to find you liable for his or her actions. Since her injuries considered a continued disability hop and will carry need to provide notice of claim to the insurer? all the following are examples of medical cost management except. AGENTS AND BROKERS A successful sales force is the key to success in the financial services industry. why do most states ban STOLI transactions? D) The agent is an independent business person who represents several insurers. P, depending on the loan amount evidence of insurability may be required. A property and casualty insurer in which the salesperson is an employee of the insurer, not an independent contractor, is called a: Which of the following statements about the sale of property and liability insurance through the direct response system is (are) true? how is the income taxed? right to examine or free look provision in long term care policy allows for insured to return policy within how many days for full refund of premiums paid? corporation or other limited liability association that assumes and spreads the limited exposure for any of its group members is called, following statements about immediate annuities is NOT correct, the income flow must be fixed rather than variable. What type of insurance covers you, your passengers, and your vehicle if you are in an accident that is not your fault? Limited payment life provides protection for only the years during which premiums are paid, frank owns and is insured by a participating whole life insurance policy with a death benefit of $85,000 including $35,000 of paid-up additions to the face amount is basis in the policy is $30,000. Which of the following statements best describes the producers responsibilities? Using more than one marketing system is called employing a, Cathy just started a job with XYZ Manufacturing Company. upon issuance of a conditional receipt to an insurance applicant who has paid the insure an application and initial premium, the insurance company is conditionally assuming the risk. The direct response channel also grew, from 4 percent to 6 percent. this right known as, Norris is primary beneficiary. what is stated in the consideration clause of a life insurance policy? Exclude dental care for disease that could have been prevented with better personal hygiene. her family has a history of cancer and she's concerned that she might contract the disease. To obtain the insurance coverages they need, these . An agent places securities transactions for or sells insurance to consumers. Variable life insurance policies are regulated by? At age 36 she decides to convert the policy to permanent Insurance of the same amount on the original age basis. All the following Provisions are optional in an individual health insurance policy except? Less costly and have more liberal provisions, all are covered benefits provided under part A of medicare except. The universal life policy with a hundred thousand face amount and now total death benefit of $110,000 few months ago she borrowed 15 from the policy, the outstanding loan balance is 15200. his spouse, lucy As his beneficiary will not receive the same monthly income until her payments total? They also do not have access to all the policies from all the insurance vendors. A Managing General agent is an insurance broker who has been granted underwriting privileges by an insurer. Most people differentiate insurance agents by the kind of insurance they specialize in - health insurance agent, auto insurance agent, life insurance agent, and so on. a limited number of situations as described in the policy itself. Upon her 66 birthday she received an inheritance paid and exceptionally large annual premium and in doing so violated the seven pay test. What Federal Law requires employers with more than 20 employees to include their group insurance plan as a continuation of benefits provision for all eligible employees? Found insideFamilies Caring for an Aging America examines the prevalence and nature of family caregiving of older adults and the available evidence on the effectiveness of programs, supports, and other interventions designed to support family ... What coverage would he expect from her spouse's Group Policy? andrei newly licensed insurance agent. b. independent rating agencies evaluate all the following factors and access financial strenghth EXCEPT, The owner of an annuity contract possess all the following rights except, to cancel a deferred annuity at any time and receive its full benefits, protect the interests of participants in employee benefit and health plans, which statement regarding conversion is TRUE, Premiums are based on the attained age at conversion, hectors spouse was primary beneficiary of his 250,000 insurance policy. Dental insurance plans manage costs by using all the following measures except? Found insideDrug overdose, driven largely by overdose related to the use of opioids, is now the leading cause of unintentional injury death in the United States. Jones Day client Nationwide Mutual Insurance Company successfully appealed a $42 million jury verdict finding the company liable for breach of contract, constructive discharge, invasion of privacy, and duress before the Ohio Supreme Court. She receives additional commissions based on the sales generated by the sub-agents. The same income payments until the total amount paid out to both beneficiary equals to the original amount of proceeds. Determining whether a worker is an independent contractor (IC) or an employee is important because it determines whether payroll taxes (income taxes and FICA taxes) are withheld from the person's payment. Archibald surrenders a life insurance policy and receives a lump sum cash payment of $32,000 his premium payments up to the time of surrender amounted to $26,000 how is the surrender treated for tax purposes? This book recommends a mix of approaches to health education improvement, including those related to oversight processes, the training environment, research, public reporting, and leadership. Speak to an independent insurance agent about high-deductible health plan options you can combine with an HSA. interest earned and distributions made are tax free if a roth ira is maintained for at least how many years. Select the license for which you want to take the practice test. To address this need, the Agency for Healthcare Research and Quality (AHRQ), with additional funding from the Robert Wood Johnson Foundation, has prepared this comprehensive, 1,400-page, handbook for nurses on patient safety and quality -- ... The current cash value is 125000. Independent insurance agents represent more than one insurance company and can sell insurance from a wide range of insurance companies, The amount you have to pay if you make an insurance claim. Which of the following types of health insurance policies prevent the insurer from changing the premium rate or modifying the coverage in any way? Maureen age 62 owns a whole life insurance policy with a death benefit of $200,000 and a cash value of $40,000 is $25,000. The type of healthcare provider that provides both healthcare services and HealthCare coverage is? under health policy reinstatement terms, insured losses from accidental injuries and sicknesses are covered immediately after reinstatement. Independent Agents. Angie purchases a round-trip travel accident policy at the airport because leaving on a business trip. An insurance company that holds a certificate of authority in the state may be known as any of the following except? Obtaining insurance on the horses is a key concern, and he was dismayed to learn that none of the insurers authorized to operate in his state offer this specialty insurance. What are the tax consequences? if both older and younger person had annuity funds of the same amount and simultaneously began to receive monthly life income payments, which would receive larger payments? Which part of medicare required premium payment by most eligible participants? $932. Impairment and guaranteed insurability rider. exchange of value to form a valid contract. which regarding deferred compensation plans is NOT correct? N/A. Current Issue. Requiring new employees to wait a certain time before they can ruin the plan how long is a typical range for these probationary.? of the following, which describes a 10 year renewable term life insurance policy? Claire had back surgery in May and it's September her doctor informs her that she will need to undergo several more surgeries within the next two years. Who Grants a License: Licenses are granted by the Pennsylvania Insurance Department. Simplified. Coverage may be continued up to 36 months for a qualified beneficiary and 18 months for a terminated employee. The premium cost for Group Insurance is generally based on? RESIDENT AND NON-RESIDENT INSURANCE AGENCY LICENSE . This. The total medical expenses or loss of wages. provision sets forth the insurers basic promise to pay benefits upon the insureds death? A premium payment has not been given with the application, the policy becomes effective only when the producer delivers the policy and? Eliminating all coverage for a specified time periods. is issued to each individual covered by the group life insurance, equal value is not given by both parties to the contract. Which of the following statements regarding Medicare Part B is not true? be an independent contractor and not a servant, employee, joint adventurer or partner of BROKER for tax purposes, liability purposes, or any other purposes. This course is part of a National Designation program called the Certified Insurance Service Representative (CISR) program. You can shop for insurance by going online, using the telephone or working directly with insurance agents. The policy pay benefits on which basis? healther wants her 85,000 life insurance policy arranged to pay her spouse on monthly income if she dies first, but most are all of her proceeds go to their two children after her spouse death. How do independent agents differ from company insurance agents? Some major medical policies begin with basic first dollar coverage that pays up to its limits Amazon the insured must pay a certain dollar amount of expenses before the major medical portion steps in. Some businesses have characteristics, such as a poor loss history or risky operations, that make them unattractive to standard insurers. Independent Contractors. Work in much the same way as comprehensive medical expense coverage. Which statement regarding business life insurance policies is not correct? life insurance that is owned by the insured will avoid estate tax inclusion as long as ownership is transferred to another party at least 1 year before the insureds death. If the distribution is the result of the annuity contract owners death, the cash value payable to the beneficiary is income tax free. which reason would a domestic insurer set up separate accounts? Which of the following $50,000 limited pay Life policies of the highest premium for an applicant who is age 30? Which of the following statements about stock insurers is true? reimburse the insured for expenses incurred for medical care, hospital care and related services. While "captive agents" sell policies from only one insurance company (think of an agent working in a State Farm office), "independent agents" represent several insurance carriers. excludes payment for small claims. All the following statements regarding executive bonus plans is not correct? What is the coverage of a 20/40/15 policy? the abbreviation PDP refers to which part of medicare. jorge would like to purchase life insurance policy that offers level premiums from the time policy is issued until death. If a group insurance plan is non-contributory? Make sure you understand your business' requirements for covering workers, including independent contractors. the MIB is organized and supported by private hospitals. This can include functions such as binding policies, pricing, underwriting, and settling claims. If the beneficiary is in the insureds estate. Cobra protects dependents of employees by mandating for them the same extension and conversion privileges available to employees covered by group plans. Exclusive agents represent the insured. A distribution of $10,000 used to buy first house. which regarding 1035 exchange is nOT correct, annuity to life insurance transfers are tax free. life insurance transaction where investor persuade seniors to take out new life insurance policies, naming the investor as the beneficiary, an exclusive insurance producer who solicits insurance represents, the policy owner must expect to suffer a loss when the insured dies or becomes disabled, agent may do all the following to comply with disclosure notification rules except, provide a copy of the info disclosure procedures form to the state dept of insurance. The employer ceases to maintain any Group Health Plan. (They may even throw in a loyalty discount to . Which factor does not contribute to the calculation of insurance premiums? A lump sum cash payment equal to the starting annuity fund, less the amount of income already paid to the deceased. When his agent delivers to fall see the premium is higher this is because? After 5 years the premiums level off what type of policy is this? as if the insured has survived the beneficiary. 2 weeks in he strains his back and has to go on bed rest. 0:30. A whole life policy makes it possible to stop premium payments at the end of the specified time without reduction in death benefit is called? helen taken out a modified whole life policy. The book addresses the difficulties of measuring polygraph accuracy, the usefulness of the technique for aiding interrogation and for deterrence, and includes potential alternativesââ¬"such as voice-stress analysis and brain measurement ... Which of the following statements regarding the tax treatment of distributions from an individually owned, non-qualified, and deferred annuity is not correct? As such, an MGA is capable of performing certain tasks that are normally handled by the insurer. following are elements of an adjustable life policy except? Which federal law is intended to prevent group term life plans from discriminating in favor of key employees? Lucy would continue receiving monthly benefits of $500 for the remainder of her life. Second surgical opinion cover up recertification, concurrent reviews and outpatient ambulatory services are all elements of a Cost Containment system commonly known as? Which of the following term applies to the dollar amount that insured must pay tween the basic policy and the major medical coverage? Kelly age 48 on the universal life insurance policy with a death benefit of $270,000 and a cash value of $20,000. Independent Sales Representative Career Overview. Most insurance policies sold today are sold by agents and brokers. agent that hires, trains, supervises other agents in a specific geographical area Is, most state laws allow life insurance policies to be backdated up to, which about group and individual life insurance is CORRECT, group plans involve experience rating and individual requires underwriting an evidence of insurability, provision that allows person to select premium payment mode, settlement options and value or cancel the policy is. Michelle, 31, purchased 50,000 variable life insurance. Under Social Security a worker's primary Insurance amount is? Group life insurance policies include a probationary. Quality Care is insured at the most reasonable expense. because the investor who is named as beneficiary does not have an insurable interest on the insured. This book reviews and explains the principal public records statutes applicable to records held by North Carolina local governments and examines the public's right of access to those records. I borrowed $30,000 policy and I immediately thereafter which of the following best describes resulting tax treatment of policys death benefit? most often, LTD policies provide benefits, common exclusions under disability policies include following except, disability caused by flying as a passenger on a commercial aircraft. The whole life insurance account which consisted of pre-tax contributions to purchase life insurance policies allow all following... Of disability income policy that pays 600 a month for 6 years from a 2,500 and... Easy to compare quotes from multiple companies, they & # x27 ; t sell your clients or. Death proceeds period life insurance proceeds are included in an individual health insurance policy value! 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