MARYLAND LIFE AND HEALTH INSURANCE EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+

MARYLAND LIFE AND HEALTH INSURANCE EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ The contractual rights which allow the owner of a deferred annuity to surrender the cash value several years before the annuity date are called Correct Answer: Nonforfeiture Options How many days does the ACA require insurers to give before rescinding coverage? Correct Answer: 30 Under an adjustable life insurance policy, these may be changed without further writing Correct Answer: the period of coverage, the payment period, and the plan of coverage How long do most states allow an insurance company to delay the of a cash surrender under the Delayed Payment provision? Correct Answer: 6 months 2 For employees covered in multiple states under a group health plan, jurisdiction rules cannot alter _________ Correct Answer: COBRA laws An agent gives a conditional receipt after collecting the initial premium. When will the policy become effective? Correct Answer: When the conditions of the receipt are met ________ could be a future use of the cash value that builds in a recently-purchased whole life insurance policy Correct Answer: Providing supplemental income in 35 years Death benefits from a life insurance policy are normally considered to be ________ Correct Answer: Exempt from federal income tax When is a policyowner permitted to take out a policy loan on a whole life policy? Correct Answer: when it has a cash value Insurance characterized as Correct Answer: transference of risk, pooling of premium dollars, method of risk management Nonqualified medical expense distributions from a Health Savings Account (HSA) have a tax penalty of what