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| Which of these do NOT constitute policy delivery? Final Exam - Colorado Health and Accident Question 1Select the appropriate response Which of these do NOT constitute policy delivery? Policy mailed to applicant Policy mailed to producer Policy delive | show 🗑
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| show | Never ok
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| Final Exam - Colorado Health and Accident Question 3Select the appropriate response Which of the following statements about the classification of applicants is INCORRECT? Substandard applicants are never declined by underwriters Substandard applicant | show 🗑
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| show | Insured must be under a physician's care
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| xam - Colorado Health and Accident Question 5Select the appropriate response An insured pays premiums on an annual basis for an individual health insurance policy. What is the MINIMUM number of days for the Grace Period provision? 7 10 20 31 | show 🗑
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| show | Home health coverage
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| show | A producer may never commingle personal funds with funds paid by or to a client
118 of 125 Questions Remaining
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| With Accidental Death and Dismemberment policies, what is the purpose of the Grace Period? Gives the policyowner additional time to pay overdue premiums Gives the policyowner additional time to file a lawsuit Gives the policyowner additional time to fi | show 🗑
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| Final Exam - Colorado Health and Accident Question 9Select the appropriate response G is involved in an automobile accident as a result of driving while intoxicated and suffers numerous injuries. According to the Intoxicants and Narcotics exclusion in G’ | show 🗑
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| xam - Colorado Health and Accident Question 10Select the appropriate response When a claim has been denied, the insurer must cancel the policy refund all paid premiums notify the producer issue a statement to the policyowner explaining the coverage, p | show 🗑
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| Which of the following is NOT required to be disclosed to an applicant for health insurance? Standard compensation schedule for the product being sold Any change to the standard compensation Any contingent compensation received The insurance producer | show 🗑
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| An insurer can deny a claim under a long-term care insurance policy for any material misrepresentation made by the insured if it has been in effect for fewer than 6 months more than 6 months at least 1 year no more than 2 years | show 🗑
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| show | Fair Credit Reporting Act
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| Paying insurance premiums on a more frequent basis will cause the policy to have lower premiums higher premiums average premiums graded premiums | show 🗑
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| show | Certificates of authority
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| show | As often deemed necessary
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| Final Exam - Colorado Health and Accident Question 17Select the appropriate response M becomes disabled and is unable to work for six months. M dies soon after from complications arising from this disability. M has a Disability Income policy that pays | show 🗑
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| Basic Medical Expense insurance: normally has a deductible and coinsurance covers an illness but not an accident pays for lost wages while hospitalized has lower benefit limits than Major Medical insurance | show 🗑
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| show | 31 days
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| show | review the policy annually and determine whether or not to renew it
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| A company that has not been authorized to operate in Colorado is known as a prohibited entity a nonadmitted insurer an alien company an undesirable carrier | show 🗑
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| What does a Guaranteed Insurability rider provide a Disability Income policyowner? The guarantee that the premiums will never increase The guarantee that the policy will never be cancelled The ability to periodically increase the amount of coverage wit | show 🗑
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| show | Warranty
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| show | 30 days
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| Final Exam - Colorado Health and Accident Question 25Select the appropriate response In addition to suspending/revoking licenses and issuing fines, the Commissioner has the authority to do all of the following EXCEPT issue orders to carry out his duti | show 🗑
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| show | Prior financials
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| P is self-employed and owns an Individual Disability Income policy. He becomes totally disabled on June 1 and receives $2,000 a month for the next 10 months. How much of this income is subject to federal income tax? $20,000 $14,000 $6,000 $0.00 | show 🗑
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| A characteristic of Preferred Provider Organizations (PPOs) would be: Discounted fees for the patient Not allowed to see out-of-network physicians Physicians are paid on a capitation basis A primary care physician is required | show 🗑
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| Which of the following statements about a Guaranteed Renewable Health Insurance policy is CORRECT? Premiums normally decrease at time of renewal Premiums normally increase at time of renewal Policy can renewed at any time by the company Policy can be | show 🗑
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| After an insured gives notice of loss, what must he/she do if the insurer does not furnish forms? File a lawsuit Contact the insurer again requesting forms Nothing File written proof of loss | show 🗑
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| D is an architect receiving Disability Income benefits who is not able to return to work full time, but can work on a part-time basis. Which of these features would allow D to continue receiving benefits? Residual Benefit clause Waiver Benefit clause C | show 🗑
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| show | 1250
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| show | Monthly income
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| What type of renewability guarantees premium rates and renewability? Optionally renewable Conditionally renewable Noncancellable Guaranteed renewable | show 🗑
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| show | Corporate executive
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| show | Non canceled
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| show | obtain an insurance policy through an insurer of the borrower's preference
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| obtain an insurance policy through an insurer of the borrower's preference | show 🗑
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| Which of the following is NOT included in the policy face? Free Look provision Name of the insured Name of the insurer Exclusions | show 🗑
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| An insurer must provide an insured with claim forms within __ days after receiving notice of a loss. 5 10 15 20 | show 🗑
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| S filed a written Proof of Loss for a Disability Income claim on September 1. The insurance company did not respond to the claim. S can take legal action against the insurer beginning: September 21 October 16 November 1 | show 🗑
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| S filed a written Proof of Loss for a Disability Income claim on September 1. The insurance company did not respond to the claim. S can take legal action against the insurer beginning: September 21 October 16 November 1 | show 🗑
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| show | Fixed business exspenses
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| Which health policy clause specifies the amount of benefits to be paid? Insuring Consideration Free-look Payment mode | show 🗑
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| When a person returns to work after a period of total disability but cannot earn as much as he or she did before the disability, this situation is called which of the following? Waiver of premium Recurring disability Residual disability Presumptive di | show 🗑
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| Which type of policy pays benefits to a policyholder covered under a Hospital Expense policy? Limited Special risk Reimbursement Blanket | show 🗑
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| show | Warranty
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| Which of these is considered a statement that is assured to be true in every respect? Estoppel Warranty Guarantee Representation | show 🗑
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| show | Promise to pay a death benefit to a named beneficiary
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| show | there is a reasonable explanation of the claim
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| show | payable to the company or another shareholder
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| show | 15 days
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| show | Risk classification
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| All of the following penalties apply to anyone giving intentional false testimony during an insurance examination EXCEPT fine of up to $5,000 imprisonment up to three months guilty of a misdemeanor guilty of a felony | show 🗑
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| Any changes made on an insurance application requires the initials of whom? Insured Producer Applicant Beneficiary | show 🗑
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| A Business Overhead Expense policy: covers any loss of income by the business owner covers business expenses such as rent and utilities covers employee wages only reimburses the company for any reduction in sales due to the owner's disability | show 🗑
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| show | Medicaid asset protection
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| An producer who violates a cease and desist order may, after a hearing, be fined up to | show 🗑
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| show | Entire contract
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| show | Insured's contingent beneficiary
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| show | Grace period
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| show | A brochure including an untrue statement regarding a competitor's ability to pay claims
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| show | $10,000
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| show | conditional
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| According to the Colorado Fraud Statute, all of the following must contain a warning against insurance fraud EXCEPT applications policies certificates of authority claim forms | show 🗑
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| What is the maximum Social Security Disability benefit amount an insured can receive? | show 🗑
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| show | Life insurance
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| According to the Time Limit of Certain Defenses provision in an Individual Health Insurance Policy, nonfraudulent misstatements first become incontestable: two years from the date of the policy was issued two years after collection of the initial premiu | show 🗑
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| show | 20
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| show | Any changes made on the application require the applicant's initials
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| show | Describing a universal life policy as a security
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| show | Services are reimbursed after insurer receives the invoice
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| show | Insurance with other insurers
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| Which type of renewability best describes a Disability Income policy that covers an individual until the age of 65, but the insurer has the right to change the premium rate for the overall risk class? Conditionally Renewable Noncancellable Guaranteed R | show 🗑
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| show | Managed insurance
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| show | Adjust premium payments
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| show | Entire contract clause
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| show | Commercial insurers
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| show | If there is suspicion of an unauthorized person engaging in insurance business without being licensed
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| Which of these is considered a mandatory provision? Payment of Claims Insurance with Other Insurers Misstatement of Age Change of Occupation | show 🗑
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| show | 30
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| In regards to maternity care, which of the following is not required to be covered in the State of Colorado? Injuries or sickness Congenital defects Standard newborn circumcision Birth abnormalities | show 🗑
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| Which of the following are NOT managed care organizations? Point-of-Service plan (POS) Preferred Provider Organization (PPO) Medical Information Bureau (MIB) Health Maintenance Organization (HMO) | show 🗑
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| A Disability Income policyowner recently submitted a claim for a chronic neck problem that has now resulted in total disability. The original neck injury occurred before the application was taken 5 years prior. The neck injury was never disclosed to t | show 🗑
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| If a producer is found to be writing primarily controlled business, the producer will be forced to return all commissions to the insurer the Commissioner will have the producer imprisoned the Commissioner will not renew the license the producer must a | show 🗑
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| An insured covered by a group Major Medical plan is hospitalized after sustaining injuries that resulted from an automobile accident. Assuming the plan had a $1,000 deductible and an 80/20 Coinsurance clause, how much will the INSURED be responsible to p | show 🗑
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| What is the elimination period of an individual disability policy? | show 🗑
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| Which of the following health insurance policy provisions specifies the health care services a policy will provide? Insuring clause Usual, Customary, and Reasonable clause Consideration clause Benefit clause | show 🗑
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| show | Managed
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| show | employees who suffer non-work related disabilities, since work-related disabilities are covered by Workers' Compensation
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| show | Principal
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| What is the purpose of the Time of Payment of Claims provision? | show 🗑
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| The Consolidated Omnibus Budget Reconciliation Act (COBRA) gives workers (and their families) whose employment has been terminated the right to: continue group health benefits take out an individual health policy transfer their coverage to another insu | show 🗑
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| show | If the employee had a qualified medical leave from work, lost wages can be reimbursed
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| A medical care provider which typically delivers health services at its own local medical facility is known as a: Health Maintenance Organization Regional Provider Multiple Employer Trust Preferred Provider Organization | show 🗑
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| show | If the primary beneficiary dies before the insured
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| show | Health
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| When an insured changes to a more hazardous occupation, which disability policy provision allows an insurer to adjust policy benefits and rates? Relation of earnings to insurance provision Change of occupation provision Conformity of state statutes pro | show 🗑
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| Ultimately, who is responsible for a producer-generated advertisement? Producer Insurer The Department of Insurance Life and Health Guaranty Association | show 🗑
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| The health insurance program which is administered by each state and funded by both the federal and state governments is called: Long-term care Medicaid Medicare Supplemental Program Medicare | show 🗑
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Created by:
Tevonbrown