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Flashcards in Dates, Days, and Stats Deck (62)
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1

Fair Credit Reporting Act Penalty

fines ($5,000 max) and/or imprisonment (1 year)

2

Blackout Period

time after breadwinner dies, during which no SS benefit is payable to spouse. Begins when youngest child reaches age 16 and lasts until spouse reaches age 60

3

ADandD rider benefit pays if death occurs within

90 days of accident date

4

Accelerated Benefits Rider benefit pays if death is expected within

24 Months

5

Free Look provision is usually

10 days

6

Grace Period for annual premium policies (usual)

31 days following due date

7

Time of payment of claims is usually

no longer than 60 days

8

Contributory Group Life requires what percentage to enroll?

75% of eligible employees

9

Noncontributory Group Life requires what percentage to enroll?

100% of eligible employees

10

Probationary Period for Group Life

1-12 months

11

Enrollment Period for Group Life

Usually 31 days

12

Heath Policy Notice of Claim

20 days after loss

13

Heath policy Proof of Loss

Within 90 days

14

COBRA extends coverage for __ if employee is terminated or has reduction of hours.

18 Months

15

COBRA extends coverage for __ if employee divorce, too old, or death

36 Months

16

Premium for COBRA continued coverage

102% of original premium (employer does not pay)

17

OBRA time

29 Months if disabled at time of termination

18

HIPAA guarantees __ hour hospital stay for new mothers and __ hour stay for C-Section

48 and 96

19

A disclosure about an investigative report must be sent to applicant within ___ of receiving their request to view the report.

5 Days

20

Grace Period for monthly premium policies

10 Days

21

Grace Period for weekly premium policies

7 Days

22

After how many days is coverage automatically reinstated if insurer has not disapproved?

45 Days

23

HIPAA states a new employee is not subject to a waiting period if there were less than __ days between jobs with no coverage.

63 Days

24

LTC policies provide coverage for at least ___

12 Months

25

The minimum loss ratio for medicare supplement policies is ____.

65%

26

The max allowable cash value fixed loan rate in MA is ____.

8%

27

The term of a temporary producers license is ___.

180 Days

28

Life and Health CE Hours

60 hours within the first 3 years and then 45 hours every three years after that

29

Backdating is usually no more than ___.

6 months

30

Settlement Options

- Interest Only
- Fixed Period
- Life Income
- Life Income Period Certain
- Life Income Refund
- Joint and Survivor

31

Dividend Options (CRAPPO)

- Cash
- Reduced Premium
- Accumulate at interest
- Paid up additions
- Paid up policy
- One year term

32

Non-Forfeiture Options

- Cash
- Reduced paid-up insurance
- extended term

33

Maximum number of days Medicare Part A will cover hospital expenses

150 Days

34

What type of receipt guarantees coverage, even if the insured is found uninsurable?

Binding Receipt

35

FSA

- pretax employee contributions (salary reductions)
- withdrawals not taxed
- no rollover, spend or lose

36

The six characteristics of an insurable risk:

- calculable
- affordable
- noncatastrophic
- homogeneous
- accidental
- measurable

37

Disability Buy-Sell Taxation

non-deductible premiums, tax free benefits

38

Small employer medical plans may not exclude preexisting conditions from coverage for longer than ____ after the policy's effective date. (old rule)

6 months

39

Once issued, a producers license is valid for ___ before CE is required

3 years

40

The withdrawal rule on annuity cash value is

LIFO

41

False information that will void an insurance contract

Material Misrepresentations

42

The three levels of LTC

- Skilled Nursing (24 hour care)
- Custodial Care (help with daily living)
- Intermediate (not 24 hour nursing)

43

Required Provisions in a LI Policy

- misstatement of age
- reinstatement
- grace period

44

A producer must report any administrative action taken against him to the commissioner within ___

30 days

45

A single plan that covers the employees of two or more UNRELATED employers

MEWA

46

Reinsurance Company can accept risks in 2 ways

Facultative (each risk at a time)
Treaty (all risks of a type at a time)

47

Short-Term DI benefit period

6 months - 2 years

48

SIMPLE Plans are set up for companies with ___ or less employees

100

49

Risk Retention Group

Mutual Insurance Company formed to insure people in the same business/industry

50

Free Look for Medicare Supplement and LTC

30 Days

51

Premiums are tax deductible to a business for ______ because they are considered part of the employee's compensation

Executive Bonuses

52

Life insurance owned by insured is included in the estate for valuation purposes. True or false?

True

53

Renewable term policy’s premiums rise with each renewal based on...

Age

54

Gross Premium=

Net Premium + Expense

55

Death benefit it typically paid within

60 Days

56

Punishment for obtaining payment through fraudulent representation

At least $100 fine (no more than $1,000) and no more than 6 months in prison

57

Medicare part A: Skilled Nursing Facility follows a hospital stay of at least

3 days

58

Medicare Part A: Skilled Nursing Facility Coverage Days

100 days total
Day 1-20 is paid 100% by medicare
Day 20-100 has daily co pays by patient

59

Medicare Part A: Excluded

- first 3 pints of blood
- private duty nursing
- non-medical services
- intermediate care
- custodial care

60

Net Premium=

Mortality - interest

61

Disability Notice of Claim if disability is expected to last for at least 2 years (continuing disability)

6 months

62

The group conversion option stipulates coverage will continue for

31 days