Chapter Exam: Louisiana Laws and Rules Questions And Answers

charles is a producer who is licensed in louisiana but resides in mississippi. Charles is considered to be a(n) - ANS Nonresident producer Karen the producer pays for her client's initial premium payment as an incentive for purchase. this act is considered a(n) - ANS Rebate an indemnity plan limitation that will pay the dental bills after a small amount is paid by the insured is called - ANS Coinsurance according to Louisiana law, group life insurance conversion privileges must NOT - ANS Require evidence of insurability after ___ year(s) from date of issue, a policy can no longer be cancelled by the insurer for misstatements (except for fraud). - ANS 3 An arkansas resident producer who would like to solicit insurance in louisiana must obtain a nonresident license in louisiana. which of these is NOT a requirement for obtaining a nonresident license? - ANS Pass louisiana's state licensing exam In louisiana, small employer health plans require a minimum of ___ employee(s). - ANS 1 under the louisiana health plan, comprehensive health benefits are provided to - ANS Medically uninsurable residents What happens if the insurer discovers that the insured's age was accidentally misstated on an application for an individual life insurance policy? - ANS Benefits will be calculated according to how much coverage the premium paid would have purchased for the correct age. An alien insurer - ANS is an insurer operating in the U.S. but headquartered outside the U.S. A domestic insurance company in Louisiana MUST - ANS be organized under louisiana insurance Laws which of these is not considered a form of life insurance advertisement? - ANS Buyers guide upon receipt of proof of loss, an insurer MUST pay a life insurance death benefit claim - ANS Promptly which of these is a requirement for obtaining a resident insurance producer license in this state - ANS Pass the appropriate examination A nonresident producer from a state outside of Louisiana may become licensed in louisiana IF a(n) - ANS reciprocal arrangements exists with the state of domicile which of the following unfair trade practices involves a producer who makes malicious public statements regarding an insurer's financial condition? - ANS Defamation an eligible employee can be excluded from group health coverage for up to ___ Months if he/she is considered a "late enrollee". - ANS 18 in Louisiana, legal action can be taken for up to ___ year(s) against an insurer for failure to pay health insurance claims after proof of loss was submitted. - ANS 1 a licensed producer MUST be _________ by an insurer to be eligible for soliciting insurance contracts. - ANS Appointed when the commissioner of insurance requests a producer's business records, they must be produced - ANS Upon request an insurance producer who convinces a prospective insured to purchase a policy by exaggerating the benefits of the policy may be found guilty of - ANS Misrepresentation The louisiana life and health insurance Guaranty Association - ANS Protects insureds from insurance company insolvency Which of the following is NOT information found in a life insurance buyer's guide? - ANS How to take legal action against an insurance company ______ life is designed to pay the balance of a loan if the insured dies before repayment of the loan. - ANS Credit How often must an insurance producer's license in Louisiana be renewed? - ANS Every two years In order for a business entity to be licensed as a producer, - ANS a licensed producer must be designated as responsible for compliance with state insurance laws When a small employer health insurance plan is offered, it must be available - ANS to all eligible employees who apply Sharon the producer intentionally submitted a false statement in support of a claim. This is considered a form of - ANS Fraud an example of unfair discrimination would be - ANS Charging different premiums for policyowners in the same risk classification a life insurance replacement transaction could result in a(n) - ANS Surrender charge Medicare advantage plans are sometimes called - ANS Part C an individual who has a contract with an insurance company to represent it is called a(n) - ANS Producer a producer license is NOT required when - ANS underwriting Insurance which of these is not an Unfair Claims Settlement Practice? - ANS settling a claim by arbitration A company that is authorized by the commissioner to transact insurance business in louisiana is called a(n) - ANS Authorized Insurer The fair Credit Reporting Act protects consumers - ANS with guidelines regarding credit reporting and distribution within how many days must a licensee submit a change in address? - ANS 30 a producer who sells most of his/her insurance policies to family members is said to be engaging in - ANS Controlled Business when is a group health policy required to provide coverage for a newborn child? - ANS at the moment of birth how are health plans classified according to the affordable care act? - ANS Bronse, Silva, Gold, Platinum a policyowner who anticipates death or develops a life-threatening condition may obtain proceeds from a life insurance contract. These proceeds are known as - ANS Accelerated benefits How long after its effective date will an individual life insurance policy become incontestable? - ANS 2 years