Focus 2

Front 1

Contract adhesion

Back 1

Is drawn up by one party and accepted or rejected by the other party no negotiations. Take it or Leave it

Front 2

A policy owner can transfer or assign ownership of a contract. WhY do they need?

Back 2

Insurer must be notified in writing

Front 3

What type of contracts are considered valued?

Back 3

Life and disability

Front 4

Who does the producer / agent represent

Back 4

The insurer only. If they are working under the terms of their contract the company is fully responsible

Front 5

What is the primary factor in lowering the premium rate

Back 5

The interest earned by the insurance company

Front 6

Fixed Period annuities

Back 6

Fixed Period installments selected by the annuitant. Payments are based on the value of the account

Front 7

Accellerated death benefit rider

Back 7

Early payment of death benefit death within 2 years

Front 8

Roll over of a qualified plan

Back 8

Cash to owner

60 days to deposit

20% witholding

Front 9

Transfer of a qualified plan

Back 9

100% from one plan to another

Front 10

If a master group policy contract is terminated. How long does an individual need on the plan to convert to an individual permanent plan?

Back 10

5 years

Front 11

Occupational

Back 11

On or off the job

Front 12

Non occupational

Back 12

Only off the job. Assumes workmans comp

Front 13

Unpaid premiums on Health insurance

Back 13

They are deducted from the claim

Front 14

Part A

Back 14

Hospital insurance

Skilled nursining

Home health care

Hospice

Front 15

Part B

Back 15

Medical insurance

Optional offered by premiums

Front 16

Part C

Back 16

Hmos if on a and b

Front 17

Part D

Back 17

Prescription drug

Front 18

Medical is guaranteed renewable except for

Back 18

Nonpayment of premiums and material misrepresentation

Front 19

In the event that the insured does on a Ltd policy what happens to the premiums?

Back 19

They will return a certain percentage

Front 20

To get approved a producer needs

Back 20

1. 18

2. Not committed any act

3. Recieve certificate within last 6 no

4. Paid fee

5. Passed exam

Front 21

Consultant

Back 21

Can't be a producer

Front 22

A producer

Back 22

Can be a consultant with disclosure

Front 23

Hippa

Back 23

Applies to 2 or more

6 mo or existing

12 month exclussion

Front 24

What is a tax sheltered annuity

Back 24

403b. Nonprofits

Front 25

Which risk classification is representative of the majority of people in a certain age with similar life styles?

Back 25

Standard

Front 26

Who determines if a particular group of employees can be excluded from group health coverage?

Back 26

The employer

Front 27

If the applicant submits the initial premium with an application what constitutes acceptance?

Back 27

The underwriter approves the application

Front 28

Insurance producers must have what to transact business for an insurrer

Back 28

Appointment

Front 29

Who benefits most from a straight life immediate annuity?

Back 29

The oldest annuitant male

Front 30

When is the company responsible for the actions of its agents?

Back 30

Whenever the agent is acting within the conditions of the contract

Front 31

What does a benefits schedule show?

Back 31

What's covered and how much by the plan

Front 32

If the policy summary is not delivered at all when?

Back 32

Delivery of policy

Front 33

What is not a Medicaid qualifier?

Back 33

Residency

Front 34

An insured wants to cancel her health insurance policy. Which portion of the contract would explain the cancelation rights?

Back 34

Renewability provisions

Front 35

What is a hazard?

Back 35

Any factor that increases the likelihood of a loss?

Moral, morale, physical

Front 36

What age are joint policies based on?

Back 36

Joint age

Front 37

When is the latest that a settlement benefit can be paid to a beneficiary?

Back 37

6 months

Front 38

What does not have to be on the first page of the Medicare sup policy

Back 38

Premium rates

Front 39

Intermediate care

Back 39

Occasional nursing and rehabilitative care ordered by a physician

Front 40

What percentage of the employees must participate in a noncontributory group policy

Back 40

100%

Front 41

Capital sums

Back 41

Are a percentage of principal sums

Front 42

When are life insurance proceeds taxable by the federal govt?

Back 42

If there is a transfer of value

Front 43

What does the commissioner do

Back 43

Enforce the laws

Front 44

Custodial care

Back 44

Meeting personal needs not medical

Front 45

Life insurance rule 13

Back 45

Disclosure rule

Front 46

What happens in a joint life annuity when one of the annuitants dies?

Back 46

Payments stop at first death

Front 47

An adjustable life policy can be both

Back 47

Term and permanent. Best of both worlds

Front 48

The guaranteed purchase option aka

Back 48

Future increase option

Front 49

The interest adjusted net method considers

Back 49

The time value of money

Front 50

Accelerated death benefits can be used for

Back 50

1. Terminal illness

2. Institutionalization

3. Organ transplant

Front 51

Who contributes to a sep

Back 51

Employer. Set up and maintained by emploee

Front 52

Notice of claim provision

Back 52

20 days

Front 53

Who is not required to have an insurable interest.

Back 53

The beneficiary

Front 54

A core suplement policy does not cover

Back 54

Part A deductable

Front 55

What is it called when a doctor accepts the Medicare approved amount?

Back 55

Assignment