Laws and Rules Chapter Exam Complete Answers

Laws and Rules Chapter Exam Complete Answers A common exclusion or limitation on a dental policy is Endodontics A life insurance policy sold in Louisiana can be contested by the insurer only during the first ______ years of the contract 2 A life insurance replacement transaction could result in a(n) Surrender charge A newborn is required to be covered for __________ days from the moment of birth 31 A nonresident producer from a state outside of Louisiana may become licensed in Louisiana IF a(n) reciprocal arrangement exists with the state of domicile A policyowner has ___________ days after policy delivery to return a major medical policy 10 According to the Affordable Care Act, any plan in existence prior to which date is considered a grandfathered plan? March 23, 2010 According to the Affordable Care Avt, what is the maximum amount an individual can contribute to a Flexile Savings Account? $2,500 After _________ year(s) from date of issue, a policy can no longer be cancelled by the insurer for misstatements (except for fraud) 3 After a disability policy has been in force for _______ year(s), it is considered incontestable 3 After an annuity has been in force for _____ year(s), it becomes incontestable 2 After the first payment is made, the grace period for an accident and health policy is 30 days After the first payment is made, the grace period for an accident and health policy is 30 days An eligible employee can be excluded from group health coverage for up to ________ months if he/she is considered a "late enrollee" 18 An employer may qualify for health care tax credits through SHOP Marketplace if that employer has fewer than how many employees? 25 An existing life insurance policy is being replaced by a new one. A notice of replacement must be provided by the _________ to be signed by the applicant Producer An existing life insurance policy is being replaced by a new one. A notice of replacement must be provided by the ______________ to be signed by the applicant Producer An indemnity plan limitation that will pay the dental bills after a small amount is paid by the insured is called Coinsurance An insurer is REQUIRED to offer which of the following to each long-term care applicant at the time of purchase? Inflation Protection An insurer need NOT pay interest on death benefits if the proceeds of the life policy are paid within 20 days after the date of the death of the insured. As of January 1, 2014, an employer with up to 25 full time equivalent (FTE's) with average annual wage of less than $50,000 may be eligible for a tax credit of __________ of the premiums paid by the employer. 50% If a health policy is reinstated after it had lapsed for nonpayment, there is a waiting period of ________ days before a claim covering sickness will be covered 10 In Louisiana, legal action can be taken for up to ________ year(s) against an insurer for failure