Which of these is NOT subject to income taxation under a Modified Endowment Contract (MEC)? Introducing Cram Folders! Which of the following would be the appropriate tax consequence? CashandcashequivalentsAccountsreceivableInventoryTotalcurrentassetsProperty,plant,andequipmentLessaccumulateddepreciationNetproperty,plant,andequipmentTotalassetsAccountspayableIncometaxespayableBondspayableCommonstockRatainedearningsTotalliabilitiesandstockholdersequityEndingBalance$48,00041,00055,000144,000150,00050,000100,000$244,000$32,00025,00060,00070,00057,000$244,000BeginningBalance$57,00044,00050,000151,000140,00035,000105,000$256,000$57,00028,00050,00060,00061,000$256,000. An individual life insurance policy can be contested by the insurer only during the first _________ years of the contract, An order issued by the commissioner that prohibits a specific practice listed in the order is called a. Which of the following must be included in the advertisement? Which option was chosen? A branch office registration form is required to be filed at least _____ days before selling insurance out of that branch. An error was made on Erica's life insurance application. How often must an insurance producer's license in Maryland be renewed? A Medicare supplement policy can be cancelled by the insurer for: Maria the insurance producer completes a sale by collecting the required signatures on the application and obtaining the initial premium. Which of these gaps in Medicare coverage is addressed with Medicare Supplemental Insurance? Which of the following is an example of defamation? According to HIPPA, this tax will not be applied if the withdrawal is used for medical expenses that exceed _____ of the individual's adjusted gross income. Which of the following describes a person who is NOT acceptable by an insurer at standard rates because of health history, occupation, or hobbies? 1. June 24, 2022 . A life insurance replacement gives the policyowner the right to return the policy for a 100% refund within _____ days of policy delivery, A producer MUST maintain insurance transaction records for a minimum of ____ years. A producer's secretary who solicits prospects on the telephone Must be licensed as a producer Which of the following is a requirement for ANY change in an insurance application? Proceeds payable under a life insurance contract to a policyowner in anticipation of death or upon the occurrence of specified life-threatening conditions as defined by the policy are best described as: A temporary producer license in Maryland is valid for up to. The Commissioner must examine the financial affairs of each admitted insurer operating in Maryland at least once every how many years? Which of thesestatements is true? In which of the following relationship would there NOT be an insurable interest? b. Pat the client interest on any monies held. a producers secretary who solicits prospects on the telephone; episcopal academy ice hockey; atlas copco fault codes 7008. serta idirections hybrid queen. \text{Property, plant, and equipment} & \hspace{8pt}150,000 & \hspace{8pt}140,000 \\ \text{Net property, plant, and equipment} & \underline{\hspace{8pt}100,000} & \underline{\hspace{8pt}105,000} \\ Howsoon can the benefit payments begin with a deferred annuity? It is administrated by the federal government, C. It is funded by federal, state, and local taxes. Determine whether the discriminant is positive, negative, or zero. Whichmarket index is normally associated with an indexed annuitys rate of return? a producers secretary who solicits prospects on the telephone Higher than the typical whole life policy duringthe first few years and then lower than typical for the remainder. One of. Howdo interest earnings accumulate in a deferred annuity? A professional liability for which producers can be sued for mistakes of putting a policy into effect is called. Under this plan a, Adoption of a child (an uninsured, eligible employee who acquires a new dependent through marriage, birth, or adoption may qualify for special enrollment in a small employer's health benefit plan). Mike has inherited his fathers traditional IRA.As beneficiary, he will pay __Taxes on any money withdrawn. Kurt is an active duty serviceman who was recently killed in an accident while home on leave. Maryland requires that a licensee completes___ hours of continuing education on the subject of ethics every reportingperiod. A Medicare Supplement policy may be cancelled by an insurer for which of the following reasons? By . If Jay were to receive a fee for this advice (in addition to his commission), he MUST, Obtain a signed memorandum from the prospect acknowledging the amount of compensation. In this situation, who will receive Bob's policy proceeds? This is called a. Which of the following is Medicare Part B also known as? What is the MINIMUM benefit period that must be offered by a Long-Term Care policy? The policies continue in force with no change. In what form do disability income policies typically pay benefits? A doctor who accepts Medicare Assignment agrees to which of the following? Level premium permanent insurance accumulates a reserve that will eventually, Ambiguities in an insurance policy are always resolved in favor of the, Chapter 11 Exam - New Jersey Laws and Rules, Life Insurance Policies - Provisions, Options, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Daniel F Viele, David H Marshall, Wayne W McManus. Who would most likely be coveredunder Workers Compensation? As of January 1, 2014, small group health insurance can be rated on the basis of. The insurer's obligation to pay a death benefit upon an approved death claim, Jennifer is required to pay a specific sum out of pocket before any benefits are paid in a year. What is issued to each employee of an employerhealth plan? Kathysannuity is currently experiencing tax-deferred growth until she retires. d. Individual disability income insurance premiums. As beneficiary, he will pay__taxeson any money withdrawn. Which of the following unfair trade practices involves a producer who makes public malicious statements about an insurer's financial condition? What is the MINIMUM benefit period that must be offered by a Long-Term Care Policy? Whichof the following is a requirement for ANY change in an insurance application? Which of these riders will pay a death benefit if the insured's spouse dies? What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1985 allow an employee to do ? The family's financial objectives if the income earner were to die or become disabled, Normally at any time during the policy term, Loans obtained by a policyowner against the cash value of a life insurance policy, The solicitation of a non-authorized contact in New Jersey violates. Which of the following is NOT required in an order from the Commissioner? licensed producers not appointed by an insurer. Please sign in to share these flashcards. Submit to the replacing insurer a list of the policies to be replaced. If she dies 15 years after the policy's inception date, how much will her beneficiary receive? Prospective producer who is waiting to take the state examination. -is an example of the illegal act called twisting -must be bonded through the state -must be licensed as a producer -is not required to be licensed as a producer must be licensed as a producer Producers selling insurance in New Jersey while having a residence and business address Which of these will typically authorize treatment from a specialist? a producers secretary who solicits prospects on the telephone An individual can enroll in a Part C Medicare Advantage Plan at what time? Howare annuities given favorable tax treatment? An insurer must furnish to a claimant forms for filing proof of loss within ___ days upon receiving a notice of claim. How often must an insurance producer's license in Maryland be renewed? 1980 camaro z28 for sale in canada; fixer upper homes for sale clarksville, tn; crossroads inn leechburg menu Because dividends are considered to be a return of premium. 16381 Chillicothe Rd, Chagrin Falls, OH 44023, USA 440-708-1855. search. In Maryland, a Producer may have his/her license revoked for which of the following acts? C. Normally graded over a period of 20 years. Focus of Major medical insurance is providingcoverage for: C. Medical and Hospitalization expenses. A producer has recently died and leaves behind a spouse In order for Collecting a chargefor insurance that is less than the charge applicable to that insurance. With a past due premium of $100, the insurer pays $400. Claims for a Long-Term Care policy MUST be paid for which of the following conditions? An amount the premium would have purchased at the correct age. Please upgrade to Cram Premium to create hundreds of folders! Which of the following is NOT a common exclusion for a medical expense policy? National Milk Producers Federation 2107 Wilson Blvd., Suite 600 Arlington, VA 22201 Phone: 703-243-6111 E-mail: info@nmpf.org In some cases, NDRC also solicits the opinions of relevant Chinese industrial regulators and consulting agencies, which may include industry associations that represent Chinese domestic firms. Insurance producer Kelly offers an insured a $500 shopping card if an insurance product is purchased through her. Both partners are still married at the time of Bob's death. Whatis the elimination period of an individual disability policy? Their offer/administration. Who is eligible for insurance under a group policy issued to a labor union? Under a life insurance policy, what does the insuring clause state? New Jersey insurance law requires eligible individuals to make an election to continue health insurance benefits within a MAXIMUM of _____ days after coverage termination, A _____ insurance company is one that was formed under the laws of a state other than New Jersey, All of the following are typically included in a life insurance policy illustration EXCEPT, Claims payable to a Disability Income insured, even when the insured can continue to work, are the result of a. XYZ Corp pays the tax-deductible insurance premiums for a key employee disability policy. What will the beneficiary receive if an annuitant dies during the accumulation period? An eligible employee can be excluded from group health coverage for up to _______ months is he/she is considered a "late enrollee".