Chapter 19 The Big One!!! Laws

13 Questions

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Chapter 19 The Big One!!! Laws

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Questions and Answers
  • 1. 
    SC requires that a licensee completes __ hours of continuing education on the subject of ethics every reporting period
    • A. 

      1

    • B. 

      2

    • C. 

      3

    • D. 

      4

  • 2. 
    A licensed producer MUST be ___ by an insurer tom be eligible for soliciting insurance contracts.
    • A. 

      Admitted

    • B. 

      Approved

    • C. 

      Authorized

    • D. 

      Appointed

  • 3. 
    An eligible employee can be excluded from a group health coverage for up to __ months if he/she is considered a "late enrollee."
    • A. 

      6

    • B. 

      12

    • C. 

      18

    • D. 

      24

  • 4. 
    According to the Affordable Care Act, any plan in existence prior to which date is considered a grandfathered plan?
    • A. 

      March 23, 2010

    • B. 

      March 23, 2011

    • C. 

      March 23, 2012

    • D. 

      March 23, 2013

  • 5. 
    If a health insurance claim is not promptly paid, legal action may be taken against the insurer after
    • A. 

      30 days from the date proof of loss is furnished

    • B. 

      60 days from the date proof of loss is furnished

    • C. 

      90 days from the date proof of loss is furnished

    • D. 

      3 years from the date proof of loss is furnished

  • 6. 
    A life insurance REPLACEMENT transaction gives the policyowner the right to return the policy for a 100% refund within __ days of policy delivery.
    • A. 

      7

    • B. 

      10

    • C. 

      20

    • D. 

      30

  • 7. 
    Long-term care insurance applications MUST contain plain and unambiguous health questions. The exception to this rule would be applications for
    • A. 

      Inflation riders

    • B. 

      Guaranteed issue

    • C. 

      Nonguaranteed issue

    • D. 

      Secondary issue

  • 8. 
    Tia the producer is recommending to a prospect that an existing life insurance policy be replaced with a new one from her insurer. If this transaction moves forward, which of the following does NOT need to be provided to the prospect at or before the policy is derived?
    • A. 

      Notice Regarding Replacement

    • B. 

      Replacing insurer's financial statements

    • C. 

      Buyer's Guide

    • D. 

      Policy Summary

  • 9. 
    When must a claim on a life insurance policy be paid after proof of loss has been received by the insurer?
    • A. 

      Immediately

    • B. 

      Within 30 days

    • C. 

      Within 60 days

    • D. 

      Within 90 days

  • 10. 
    If a Medicare Supplement policy replaces another that had been in effect for at least 6 months, the replacing policy may impose which of the following time exclusions for pre-existing conditions?
    • A. 

      0 months (the replacing policy may not impose any time period exclusions for pre-existing conditions as long as there was no gap in coverage for more than 63 days)

    • B. 

      63 days

    • C. 

      6 months

    • D. 

      12 months

  • 11. 
    Tim's individual life insurance policy has just recently lapsed. His policy may be reinstated at any time within ___ year(s).
    • A. 

      1

    • B. 

      2

    • C. 

      3

    • D. 

      4

  • 12. 
    Every producer licensed in SC must notify the Director within __ days of any change of address.
    • A. 

      15

    • B. 

      20

    • C. 

      25

    • D. 

      30

  • 13. 
    Twisting is BEST described as
    • A. 

      Maing a fakse written or oral statement for th

    • B. 

      Option 2

    • C. 

      Option 3

    • D. 

      Option 4