Maine Insurance - Questions Frequently Missed (Answered) Correctly 2024!!

Maine Insurance - Questions Frequently Missed (Answered) Correctly 2024!! How much time does a person who was a party to a hearing have to appeal the order by the Superintendent? 30 days As a prerequisite to maintaining a license, licensees must complete a continuing education requirement every: 2 years If Jerry's insurance producer's license expires, how much time does he have to be reinstated without retaking the Maine insurance licensing examination? 2 years What is the maximum life insurance death benefit liability to the Maine Life and Health Guaranty Association for an individual? 300,000 If an insurance producer, changes their business address, how much time does she have to inform the Superintendent? 30 days What is the maximum prison sentence for someone who continues to be involved in the insurance business after their insurance producer license has been suspended? 6 months How much time does an insurance licensee have to apply a received premium? 30 days What is the minimum civil penalty for a corporation convicted of an insurance law violation? 2000 If an insurance producer, changes their business telephone number, how much time does she have to inform the Superintendent? 30 days What is the maximum major medical insurance liability to the Maine Life and Health Guaranty Association for an individual? 500,000 How much time does a person who was NOT a party to a hearing have to appeal the order by the Superintendent? 40 days What is the maximum civil penalty for a corporation convicted of an insurance law violation? 15,000 How much time does a producer who fails to pay their licensing fee have to pay before their license is suspended? 90 days How many days does an insurer have to inform the Superintendent of a producer's termination? 30 days If an insurance producer, changes their business telephone number, how much time does she have to inform the Superintendent? 30 days How much time does an insured normally have to file a notice of claim with their insurer after a health occurrence? 20 days If the Superintendent fails to act, how much time does someone have to file an appeal? 6 months Within how many days after informing the Superintendent of a producer's termination does the insurer have to inform the producer? 15 days The Superintendent may not issue a license to a person whose license has been revoked for at least: 1 year What is the maximum annuity benefit liability to the Maine Life and Health Guaranty Association for an individual? 250k A producer or business entity must keep a complete record of all transactions completed under the license at the place of business for at least: 3 years All of the following are contained in the policy summary, EXCEPT: Beneficiary Designations After a settlement contract is executed by all parties, the viator has the right to rescind the contract before: 30 days How much time does someone have to return a new life insurance policy for a full refund? 10 days What is the net payment index for a life insurance policy? The cost of the policy based on amount of premium and frequency of payment After a settlement contract payment is received, the viator has the right to rescind the contract before 15 days What is the surrender cost index for a life insurance policy? The cash value of a life insurance policy at a given time How many days does someone have to send funds to a viator after a beneficiary has been changed due to a settlement contract? 3 business days What is the maximum civil penalty for an individual convicted of an insurance law violation? 5,000 How does an insurer verify the personal characteristics of an applicant? Inspection report How much time does an insurer have to pay a claim once a proof of loss is verified? 30 days What is the name of the document that describes investments, charges and policy features of a variable life contract, which must be provided to applicants upon policy application? prospectus What nonforfeiture option permits the policyowner to use the cash values to purchase paid-up term life insurance coverage? Extended Which report may contain information gathered through interviews with friends and neighbors, employers and coworkers, who know the insured? Investigative Report How many months can a life insurance policy be backdated? 6 months Which of the following correctly describes the penalty applied to a company for calling a person whose phone number is on the Do Not Call List? 40,000 Sam submits an application with initial premium for a life insurance policy on July 6th. The agent issues Sam a conditional receipt at this time. Sam takes the required medical exam on July 10th. The insurer approves the policy on August 1st, and the agent delivers the policy to Sam on August 10th. Which day did Sam's coverage begin? July 10 At what age may a minor purchase a life or health insurance contract? 15 years old Which of the following best describes the term, net single premium? Mortality-Interest If an applicant's gross single premium is $2,000 and their net single premium is $1,700, what is the loading? $300 Tim's Toy Shop has gone bankrupt and needs to terminate all employees. Tim informs all employees of their right of conversion under the employer-sponsored group life plan. How many days are Tim's employees allotted to convert their group life coverage to individual coverage? 31 days Jacob has been insured under his employer-sponsored group life insurance plan for seven years. He becomes totally disabled upon termination of his group coverage. Which of the following is true? 6 months allowed for continuation of group coverage Conversion from a group policy to an individual policy must be made within a maximum of how many days of termination from the group coverage? 60 days What part of a mortgage reduction policy decreases over time? Face Amount What does Option B do pays the death benefit and cash value by charging a higher premium to account for the additional cash value that is paid on top of the policy face amount.