Questions and Answers
A form of medical health insurance covering the treatment and care of gum disease is called:
In South Carolina, what is the MAXIMUM length of time an insurer can defer payment of a cash surrender value of an annuity?
When can a policy no longer be cancelled for nonfraudulent misstatements after its date of issue?
Which of the following is NOT an example of inducement to purchase insurance?
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The Director MUST examine domestic insurers AT LEAST once every:
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An insurer may refuse to issue a policy to a particular insurance applicant for a reason based solely on:
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Mary is issued an initial producer's license on April 29, 2012. When does her license renew?
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An insurance producer CANNOT act as an agent of an insurer until the insurance producer becomes:
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A policy illustration given at the time of sale does NOT typically include the:
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Someone who sells, solicits, or negotiates insurance contracts for compensation on behalf of an insurer is called:
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How many years is a producer REQUIRED to maintain transaction records of a policy?
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According to the Affordable Care Act, what metal tier is required to have an actuarial value of 70%?
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When a life insurance policy is issued to replace another life insurance policy, which of the following does NOT need to be provided to the purchaser?
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With respect to small group health benefit plans, a carrier may discontinue coverage or refuse to renew such a plan if the employer:
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Which one of the following statements regarding an examination of an insurer's books and records by the Director is TRUE?
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A hospital or medical expense policy will typically cover dental treatment expenses under which circumstance?
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An insured MUST submit proof of loss on a health insurance claim within how many days after the date of loss?
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Study Notes
Insurance Terminology
- Dental Expense Insurance: Covers treatment and care of gum disease.
- Insurance Producer: A person who sells, solicits, or negotiates insurance contracts for compensation on behalf of an insurer.
State-Specific Insurance Rules
- In South Carolina, cash surrender value of an annuity can be deferred for 6 months.
- Domestic insurers must be examined at least once every 5 years.
Policy Regulations
- A policy can no longer be canceled for nonfraudulent misstatements after 2 years from its issue date.
- An insurance producer cannot act as an agent for an insurer until they are appointed by that insurer.
Licensing and Record Keeping
- Mary’s producer license issued on April 29, 2012, renews on March 31, 2014.
- A producer is required to maintain transaction records of a policy for 5 years.
Insurance Plan Tiers
- Under the Affordable Care Act, a Silver Plan has an actuarial value of 70%, with individuals paying 30% through cost sharing.
Replacement Policies
- When replacing a life insurance policy, the replacing insurer's financial statements do not need to be provided to the purchaser.
Group Health Plans
- Coverage for small group health benefit plans can be discontinued if the employer fails to pay the premium before the end of the grace period.
Examination of Insurers
- The insurer must not impede an examination conducted by the Director and is required to assist in the examination process.
Coverage Conditions
- A hospital or medical expense policy typically covers dental treatment expenses if dental treatment is needed to repair an injury.
Claims and Timeframes
- Insured individuals must submit proof of loss on a health insurance claim within 30 days after the date of loss.
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Description
Test your knowledge of insurance terminology and state-specific regulations in this comprehensive quiz. Covering important concepts such as dental expense insurance, producer licensing, and policy regulations, this quiz is essential for anyone studying insurance practices.
