Virginia Laws and Rules Chapter Exam Questions and Answers Already Passed

Virginia Laws and Rules Chapter Exam Questions and Answers Already Passed Question 1Select the appropriate response Under the Health Insurance Portability and Accountability Act (HIPAA), all of the following qualify as creditable coverage EXCEPT accident only individual major medical Medicare group major medical accident only Select the appropriate response An agency has moved the office to a commercial office complex less than 5 miles from the current office location. The agency must notify the Bureau of Insurance within how many calendar days of such change in office location? 10 days 20 days 30 days No requirement since the new office is less than 5 miles from the prior office location 30 days Insurance agents MUST maintain premiums in a fiduciary capacity and remit them at any time the agent deems appropriate in the ordinary course of business within 1 year within 6 months of receipt in the ordinary course of business Select the appropriate response An insurer may pay commissions directly to any person for services as an agent provided the agent is licensed is licensed and appointed works for a licensed agency even if the agent is unlicensed has applied to take the licensing examination is licensed and appointed An Accident & Health policy must provide Essential Benefits without annual and lifetime limits when purchased individually from commercial providers through Medicare in a group plan from commercial providers individually or with group coverage through the Federal Marketplace individually or with group coverage through the Federal Marketplace In Virginia, an insurance agent is BEST defined as a person appointed by more than one insurance company to issue policies a person who sells, solicits, or negotiates contracts of insurance or annuity a person who places insurance with nonadmitted companies an employee of an insurance company who has the authority to underwrite insurance a person who sells, solicits, or negotiates contracts of insurance or annuity If a licensed resident insurance agent moves out of state, which of the following will occur? The agent will lose commissions The agent's license shall terminate immediately The agent will automatically receive a license in the new home state The Bureau of Insurance will contact all the agent's policyholders The agent's license shall terminate immediately An agent must maintain records of insurance transactions