Podcast
Questions and Answers
A form of medical health insurance covering the treatment and care of gum disease is called:
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?
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?
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?
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:
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:
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?
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:
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:
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:
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?
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%?
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?
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:
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?
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?
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?
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.
