Insurance Timeframe & Percentage Amounts Flashcards
In noncontributory plans what percent of eligible members participate
100%
Upon the issuance of a conditional receipt for a renewal when the premium is paid after the time granted by the insurer what is the max time of the policy
45 days
When can the premiums of an individually owned health insurance policy be deducted from the owner’s income tax
When the taxpayer’s medical expenses exceed over 7.5% of adjusted gross income during that tax year
How long must one be covered to convert a whole life policy
5 years
Probationary period cannot last more than how many days
30 days
What is the time given for a free look for long term care for Medicare
30 days
What is the time given for a free look health insurance
10 days
What is the time limit on certain defenses for health insurance
3 years in PA
How many hours hours of education are required to obtain a license
24 hours
How old do you have to be to obtain a license
18 years old
What is the time frame where an insurer must acknowledge a claim and provide forms
10 days
When must an insurer respond to a commissioner inquiry
15 days
When insurer must provide an explanation if claims aren’t completed in how many days
30 days
First party claims must be settled in how many days
15 days
What percentage is principal sum
100%
In a proprietors or partnerships what percentage can someone who is self employed deduct when showing a net profit
100%
What is the free look period for life insurance
10 days
What is the free look internally for life replacement
45 days
What is the free look period externally for life replacement
20 days
What is the grace period for life insurance
30 days
What percentage of employees participate in contributory group plans
75%
What percentage of employees participate in non-contributory group plans
100%
What is the free look period under health insurance
10 days
What is the free look period for Medicare
30 days
When no action or law be brought to recover on policy prior to when after filing a written proof or loss
60 days
What is the grace period for health insurance policy provisions
31 days
What is coverage automatically reinstated if not disapproved
45 days
How long is the enrollement period for Medicare
7 months (3 months before 65, month of 65, and 3 months after 65)
At what age are you required to start making withdrawals from retirement
72
At what age are withdrawals premature from retirement
Before 59.5
Proof of a loss must be provided to the insurer within how many days of the loss
90 days
Claim forms must be provided with how may days upon receipt of insured’s notice of claim
15 days
What is the cost of aggregate willful violations
$50,000
What is the cost of an aggregate non-willful violation
$10,000
What is the cost of a willful violation
$5,000
What is the cost of a non-willful violation
$1,000
What the cost of a maximum fine per violation of the insurance code
$5,000
How soon must you report a change of address to the department of insurance
30 days
How long must insurer keep replacement records after transaction or until the next commissioner
3 years
What is the maximum policy loan interest rate
8%
