Indiana Life and Health Insurance Final Exam Complete Answers

Indiana Life and Health Insurance Final Exam Complete Answers Which of these is NOT considered to be a violation of the Unfair Competition Law in Indiana? monopolize or restrain trade making unsubstantiated criticisms about an insurance company pay insurance commissions to an unlicensed individual paying a finder's fee to an individual who provides a sales lead ️paying a finder's fee to an individual who provides a sales lead A viatical settlement agent, according to the Indiana Department of Insurance, is an individual who finances a viatical settlement contract an individual who regulates the statute compliance of a viatical settlement contract an individual who negotiates a viatical settlement contract with a viator an individual who purchases a life insurance contract from a terminally ill person ️an individual who negotiates a viatical settlement contract with a viator How many days must an insured notify the insurer of a claim under the Notice of Claim provision? 10 days 20 days 30 days 45 days ️20 days What is required for a business entity to be licensed in Indiana as a Producer? Get special approval from the Commissioner A licensed Consultant must be designated as responsible for compliance A licensed Producer must be designated as responsible for compliance Only Producers may work for the business entity ️A licensed Producer must be designated as responsible for compliance Which of the following is a requirement for a risk to be considered insurable? Catastrophic Speculative Chance of both a loss and gain Predictability of loss ️Predictability of loss An insurance company has how many days to deliver claim forms to an insured after the insured gives Notice of Claim? 10 days 15 days 20 days 30 days ️15 days The insurance company that shares profits or losses with its investors is called a mutual company admitted company domestic company stock company ️stock company Which statement is NOT true about Individual Medical Expense policies sold in Indiana? The maximum Incontestable Clause is two years The Grace Period offered is based on the frequency of premium payments They must contain a provision which guarantees reinstatement They must contain a Free Look provision ️They must contain a provision which guarantees reinstatement Which of the following statements BEST describes an impairment rider for a Medical Expense policy? Pays additional benefits for impairments Specific health conditions are excluded Specific health conditions are covered by a reinsurer Dependents with an impairment are included ️Specific health conditions are excluded What kind of insurance license is recommended for those individuals who would like to sell pre-need Life Insurance for a funeral home? Producer Consultant Limited Lines Surplus Lines ️Limited Lines The Fair Credit Reporting Act is intended to give assistance to insurers when underwriting insurance applications consumers the right to protect their own credit information access to consumer's medical information assistance to insurers when handling claims ️consumers the right to protect their own credit information Under the Uniform Individual Policy Health Provisions law, the Legal Action provision states how much time an insured has to sue the insurer be sued by the insurer file written proof of loss hire a lawyer to handle a lawsuit ️sue the insurer Indiana's Long Term Care Partnership Program requires a Producer to have 15 hours of additional education after they receive their license passed a separate exam devoted specifically to Long Term Care insurance a $30,000 bond 20 hours of additional education after they receive their license ️15 hours of additional educati