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Insurance > Dates, Days, and Stats > Flashcards

Dates, Days, and Stats Flashcards

1
Q

Fair Credit Reporting Act Penalty

A

fines ($5,000 max) and/or imprisonment (1 year)

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2
Q

Blackout Period

A

time after breadwinner dies, during which no SS benefit is payable to spouse. Begins when youngest child reaches age 16 and lasts until spouse reaches age 60

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3
Q

ADandD rider benefit pays if death occurs within

A

90 days of accident date

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4
Q

Accelerated Benefits Rider benefit pays if death is expected within

A

24 Months

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5
Q

Free Look provision is usually

A

10 days

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6
Q

Grace Period for annual premium policies (usual)

A

31 days following due date

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7
Q

Time of payment of claims is usually

A

no longer than 60 days

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8
Q

Contributory Group Life requires what percentage to enroll?

A

75% of eligible employees

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9
Q

Noncontributory Group Life requires what percentage to enroll?

A

100% of eligible employees

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10
Q

Probationary Period for Group Life

A

1-12 months

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11
Q

Enrollment Period for Group Life

A

Usually 31 days

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12
Q

Heath Policy Notice of Claim

A

20 days after loss

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13
Q

Heath policy Proof of Loss

A

Within 90 days

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14
Q

COBRA extends coverage for __ if employee is terminated or has reduction of hours.

A

18 Months

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15
Q

COBRA extends coverage for __ if employee divorce, too old, or death

A

36 Months

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16
Q

Premium for COBRA continued coverage

A

102% of original premium (employer does not pay)

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17
Q

OBRA time

A

29 Months if disabled at time of termination

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18
Q

HIPAA guarantees __ hour hospital stay for new mothers and __ hour stay for C-Section

A

48 and 96

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19
Q

A disclosure about an investigative report must be sent to applicant within ___ of receiving their request to view the report.

A

5 Days

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20
Q

Grace Period for monthly premium policies

A

10 Days

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21
Q

Grace Period for weekly premium policies

A

7 Days

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22
Q

After how many days is coverage automatically reinstated if insurer has not disapproved?

A

45 Days

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23
Q

HIPAA states a new employee is not subject to a waiting period if there were less than __ days between jobs with no coverage.

A

63 Days

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24
Q

LTC policies provide coverage for at least ___

A

12 Months

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25
Q

The minimum loss ratio for medicare supplement policies is ____.

A

65%

26
Q

The max allowable cash value fixed loan rate in MA is ____.

A

8%

27
Q

The term of a temporary producers license is ___.

A

180 Days

28
Q

Life and Health CE Hours

A

60 hours within the first 3 years and then 45 hours every three years after that

29
Q

Backdating is usually no more than ___.

A

6 months

30
Q

Settlement Options

A
  • Interest Only
  • Fixed Period
  • Life Income
  • Life Income Period Certain
  • Life Income Refund
  • Joint and Survivor
31
Q

Dividend Options (CRAPPO)

A
  • Cash
  • Reduced Premium
  • Accumulate at interest
  • Paid up additions
  • Paid up policy
  • One year term
32
Q

Non-Forfeiture Options

A
  • Cash
  • Reduced paid-up insurance
  • extended term
33
Q

Maximum number of days Medicare Part A will cover hospital expenses

A

150 Days

34
Q

What type of receipt guarantees coverage, even if the insured is found uninsurable?

A

Binding Receipt

35
Q

FSA

A
  • pretax employee contributions (salary reductions)
  • withdrawals not taxed
  • no rollover, spend or lose
36
Q

The six characteristics of an insurable risk:

A
  • calculable
  • affordable
  • noncatastrophic
  • homogeneous
  • accidental
  • measurable
37
Q

Disability Buy-Sell Taxation

A

non-deductible premiums, tax free benefits

38
Q

Small employer medical plans may not exclude preexisting conditions from coverage for longer than ____ after the policy’s effective date. (old rule)

A

6 months

39
Q

Once issued, a producers license is valid for ___ before CE is required

A

3 years

40
Q

The withdrawal rule on annuity cash value is

A

LIFO

41
Q

False information that will void an insurance contract

A

Material Misrepresentations

42
Q

The three levels of LTC

A
  • Skilled Nursing (24 hour care)
  • Custodial Care (help with daily living)
  • Intermediate (not 24 hour nursing)
43
Q

Required Provisions in a LI Policy

A
  • misstatement of age
  • reinstatement
  • grace period
44
Q

A producer must report any administrative action taken against him to the commissioner within ___

A

30 days

45
Q

A single plan that covers the employees of two or more UNRELATED employers

A

MEWA

46
Q

Reinsurance Company can accept risks in 2 ways

A

Facultative (each risk at a time)

Treaty (all risks of a type at a time)

47
Q

Short-Term DI benefit period

A

6 months - 2 years

48
Q

SIMPLE Plans are set up for companies with ___ or less employees

A

100

49
Q

Risk Retention Group

A

Mutual Insurance Company formed to insure people in the same business/industry

50
Q

Free Look for Medicare Supplement and LTC

A

30 Days

51
Q

Premiums are tax deductible to a business for ______ because they are considered part of the employee’s compensation

A

Executive Bonuses

52
Q

Life insurance owned by insured is included in the estate for valuation purposes. True or false?

A

True

53
Q

Renewable term policy’s premiums rise with each renewal based on…

A

Age

54
Q

Gross Premium=

A

Net Premium + Expense

55
Q

Death benefit it typically paid within

A

60 Days

56
Q

Punishment for obtaining payment through fraudulent representation

A

At least $100 fine (no more than $1,000) and no more than 6 months in prison

57
Q

Medicare part A: Skilled Nursing Facility follows a hospital stay of at least

A

3 days

58
Q

Medicare Part A: Skilled Nursing Facility Coverage Days

A

100 days total
Day 1-20 is paid 100% by medicare
Day 20-100 has daily co pays by patient

59
Q

Medicare Part A: Excluded

A
  • first 3 pints of blood
  • private duty nursing
  • non-medical services
  • intermediate care
  • custodial care
60
Q

Net Premium=

A

Mortality - interest

61
Q

Disability Notice of Claim if disability is expected to last for at least 2 years (continuing disability)

A

6 months

62
Q

The group conversion option stipulates coverage will continue for

A

31 days

Insurance (1 decks)

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