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12 Cards in this Set
- Front
- Back
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state regulates the content and delivery of health insurance advertisements
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true
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advertisements cannot use words
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all, full, complete, comprehensive, unlimited, up to, as high as, extra cash, cash income,
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advertisements must clearly identify the insurer and policy or services disabled
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True
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disparaging statements
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cannot make unfair or incomplete comparisons, falsely discredit or criticize competitors
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testomonials
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must be genuine, represent opinion of the author and apply to policy advertised (no paid testimonials) testimonials have 2 years shelf life
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an advertisement used for the sale of medicare policies must be sent to the commissioner. Long term care (LTC) policies must also be sent to commissioner and kept by insurer for 3 years
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True
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report these things to the commissioner
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1. total amount of applications received from wisconsin residents.
2. # of those who declined to provide info on personal worksheet 3. applicants not meeting suitability standards 4. # of applicants who confirmed after receiving suitablilty letter |
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"LTC personal insurance workssheet" and things you should know before you buy LTC insurance must be given to applicant
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True
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advertisements for individual health insurance policies must include an outline of coverage for applicant. Only for individual health insurance
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true
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outline of coverage is
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summary of benefits
2. designation of coverage involved 3. exceptions reductions limitations in the policy 4. provision relating to renewability, cancelability, termination, modification of benefits, losses covered. and premiums |
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interstate insurance compact
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1 promote and protect consumers
2 develop uniform standards for insurance practice 3 establish a central clearinghouse to receive and review insurance products 4. give regulatory apporval to product filings and advertisements 5. improve coordination of regulatory resources 6 create interstate insurance product regulation commission |
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suitability standards
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1 develop suitability standards to determine if LTC 2 insurance replace is right for applicant
3 train agents in suitability standards |
