Louisiana Laws and Rules Questions and Answers 100% Solved

Louisiana Laws and Rules Questions and Answers 100% Solved Which of the following statements about the contestability of a life insurance policy is true? the policy can be contested by the insurer only during the first two years of the contract The Louisiana Life and Health Insurance Guaranty Association was established to protect consumers in the event of an insurer's Insolvency Under Louisiana law, the agreement between an insurance producer and insurer under which the insurance producer, for compensation, may sell, solicit, or negotiate policies issued by the insurer is defined as an appointment If a producer chooses to conduct business under an assumed name, when must notification be given to the Commissioner? Prior to using the assumed name A health insurance policy covers the insured, the insured's spouse, and their child. If additional children are born to the family, the health insurance policy must cover the children From the date of birth Which statement is true regarding Louisiana's continuing education requirements for licensed producers? A producer must meet specified course requirements within a two-year period To receive an insurance license an applicant must Apply for the license after passing the appropriate examination An insurance producer is BEST defined as a person who has a contract with an insurance company to represent it A licensee whose name or address changes must notify the Commissioner within 30 days Under Louisiana standards for marketing long-term care coverage, all of these are prohibited sales practices EXCEPT Replacing existing coverage In order to solicit insurance, an individual MUST achieve all of the following EXCEPT be at least 21 years of age 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 Agreements made by terminally ill persons to sell their life insurance policies at a discount in order to pay medical expenses are called Viatical settlements After completing an application for insurance, the insurance producer collects the premiums but deposits the check in the insurance producer's checking account. What crime has been committed? Fraud An insurance producer is one who may do all of the following EXCEPT Underwrite insurance contracts When may a producer first solicit insurance? When appointed by an insurer How are health plans classified according to the Affordable Care Act? Bronze, Silver, Gold, Platinum When a Medicare supplement policy is purchased during the open enrollment period the policy must be issued regardless of health status Which license is REQUIRED in order to solicit Long Term Care insurance in the State of Louisiana? Health Insurance Producer License A form of medical health insurance covering the treatment and care of gum disease is called Dental expense insurance In health insurance, the insured must furnish written proof of loss to the insurer within 90 days of the occurrence of the loss A licensed producer who changes a residential or business address must notify the Commissioner within how many days? 30 Which type of Medicare Supplement information can be used without prior state approval? Government publications An insurable interest exists between all of the following individuals EXCEPT two neighbors who are not related The Commissioner may suspend a producer's license for all of the following reasons EXCEPT Sharing commissions with other licensed producers A producer who is licensed in Louisiana but resident in another state is called a nonresident producer The life insurance and annuity replacement regulation defines replacement as exchanging an existing policy for a new policy Under which circumstances must a producer's insurance business records be provided to the Louisiana state Insurance Commissioner? Upon request of the Commissioner What happens if the insurer discovers that the insured's age was accidentally misstated on an application for an individual life insurance policy? Benefits will be calculated according to how much coverage the premium paid would have purchased for the correct age In Louisiana, regulation for variable insurance contracts are set by all of the following EXCEPT: State attorney general's office If a producer has been engaged in an administrative action by any governmental agency, within how many days following the final deposition must the producer report the action to the Commissioner? 30 An individual may become licensed as a nonresident producer without passing a written examination by Reciprocal arrangement with the state of domicile Someone who sells, solicits, or negotiates insurance contracts for compensation is called an insurance producer A life insurance illustration showing future premiums being paid out of nonguaranteed values must disclose that The policyowner may need to resume premium payments depending on actual results What is Louisiana's REQUIRED grace period for a life insurance policy? 30 days A producer's license in Louisiana must be renewed every Two years A nonresident of Louisiana who has satisfied the licensing requirements for a line of insurance in the licensee's state and who wishes to sell that line of insurance in Louisiana, must meet all of the following requirements EXCEPT: Take the appropriate Louisiana licensing examination An insurer, in general business practice, fails to promptly provide a reasonable explanation for the denial of a claim. This is considered to be an unfair claim settlement practice Every licensee must notify the Louisiana Insurance Commissioner of personal or business changes within: 30 days A Medicare Supplement policy cannot deny claims for losses occurring more than how long after the effective date of coverage because of a pre-existing condition? 6 months In order to qualify for a company convention, an insurance producer agrees to pay the first quarterly premium for the applicant for new insurance. This is called a rebate All of the following actions are considered rebating EXCEPT sharing commissions with other licensed and appointed agents An annuity becomes incontestable after it has been in force for 2 years In order to act as an insurance producer, a business entity must do which of the following? Obtain an insurance producer license How soon after the beginning of a loss must written notice of claim be presented under individual health insurance? 20 days An appointing insurer has how many days to file a notice of appointment with the Commissioner? 15 Any individual may satisfy part of the eligibility requirements for the Louisiana Health Plan by providing evidence of An insurer's refusal to provide comparable insurance for health reasons All of the following are considered to be fraud EXCEPT collecting a charge for insurance that is less than the charge applicable to that insurance All of the following are unfair claims settlement practices EXCEPT An attempt to settle a claim by arbitration If a group health policy terminates, the policy may be converted to another health insurance policy if the group member makes a written application within 31 days after receiving notification of eligibility for conversion