Maryland Life and Health Insurance Licensing Exam All Answers Correct

Maryland Life and Health Insurance Licensing Exam All Answers Correct 20 ️How many employees must an employer have for a terminated employee to be eligible for COBRA? 30 days ️The standard grace period for a life insurance policy sold in Maryland is 60 ️Under a small group health plan, an insurer is required to provide a newly-married employee at least ____ days to add the new spouse to the plan A common exclusion or limitation on a dental policy is ️Endodontics A common exclusion with Vision plans is ️Lasik surgery A health insurance policy will typically cover ️Preventative health services A life insurance claim which involves a per capita distribution of policy proceeds would be payable to the ️Named living primary beneficiaries ("per capita" is a method of life insurance distribution using total number of individuals. This means that all living members that are identified in the life insurance policy will receive an equal amount of the life insurance proceeds. Using per capita distribution means that if one of the beneficiaries becomes deceased before the insured, then the other beneficiaries will simply have their share increased accordingly) A life insurance company has transferred some of its risk to another insurer. The insurer assuming the risk is called the ️Reinsurer A life insurance policy written on one contract for two people in which it is payable upon the first death is called ️Joint A life insurance policyowner was injured in an automobile accident which results in a total and permanent disability. Which rider would pay a monthly amount because of this disability? ️Disability income rider A nonparticipating company is sometimes called a(n) ️Stock insurer (Because policyholders do not participate in dividends resulting from stock ownership) A person who has a contract with an insurance company to represent it ("Insurance producer" or "producer" is a person required to be licensed pursuant to the laws of this state to sell, solicit, or negotiate insurance) ️An insurance producer is BEST defined as A person's health claim information ️HIPAA considers which of the following as "individually identifiable health information"? A plan in which an employer pays insurance benefits from a fund derived from the employer's current revenues is called ️A self-funded plan A policyowner is prohibited from making any changes to the policy without the beneficiary's written consent under which beneficiary designation? ️Irrevocable benficiary A provision that allows a policyowner to temporarily give up ownership rights to secure a loan is called a(n) ️Collateral assignment A separate converted policy may, at the option of the insurance company, be issued to cover a(n) ️Dependent A type of insurer that is owned by its policyowners is called ️Mutual Accept payment based upon a defined Medicare schedule as payment in full ️A medical provider that accepts Medicare Assignment must Acute care ️A long-term care policy typically provides all of the following levels of care EXCEPT Adjustable Life (Adjustable Life allows the policyowner to change two policy features: premium and face amount) ️A policyowner may change two policy features on what type of life Adverse selection ️Group dental plans will frequently place a limit on annual benefits in order to minimize After an insured gives notice of loss, what must he/she do if the insurer does not furnish forms? ️File written proof of loss After the first premium has been paid ️When does an immediate annuity begin making payments? All _____ policies must be guaranteed renewable ️Long-term car