Aflac practice Exam A Producer State Law Study Questions With Correct Answers.

The Commissioner must examine the affairs, transactions, accounts, records, and assets of each domestic insurer at least every: - 5 years Sharon Smith, a licensed agent, just got married and she needs to change her name. After she gets her official name change from SS, in how many days must she notify the department of her name change to Sharon Hall? - 30 days Dan, a licensed life producer, wrote a policy that covers the life of his brother. Since the policy owner was related, Dan refunded his $230 commission earned on this policy to him. This is considered to be: - An Unfair Trade practice When an authorized insurance company receives a claim from a covered insured they must complete the investigation of the claim: - Promptly If a mistake was made on an application and later discovered by an insurer, what is the time it is legal for that insurer to deny a claim based on an applicant's correct information? - 2 years after the issue date A delay in a premium is most likely associated with which of the following? - Grace Period Which of the following regulates an HMO Organization? - Office of Health Care Quality What is necessary to reinstate a policy? - A late accepted premium What is covered immediately after reinstatement of a policy? - Accidental injuries After completing an application for insurance, a producer collects the premiums, and deposits the checks in their personal checking account. What crime has been committed? - FraudWithin how many days after reviewing an application, must the Commissioner issue or deny a temporary license? - 30 days What kind of beneficiary can be changed with permission from the existing beneficiary? - Irrevocable How long must an insured wait before taking legal action against their insurer? - 60 days after submitting proof of loss George didn't pay his $260 monthly premium. He had a claim for $600. What would George receive from his insurer? - $340 The MD Qualified Health Plan contains how many metal tier levels? - 4