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Pa Life, Accident, and Health Insurance > Insurance Timeframe & Percentage Amounts > Flashcards

Insurance Timeframe & Percentage Amounts Flashcards

1
Q

In noncontributory plans what percent of eligible members participate

A

100%

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2
Q

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

A

45 days

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3
Q

When can the premiums of an individually owned health insurance policy be deducted from the owner’s income tax

A

When the taxpayer’s medical expenses exceed over 7.5% of adjusted gross income during that tax year

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4
Q

How long must one be covered to convert a whole life policy

A

5 years

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5
Q

Probationary period cannot last more than how many days

A

30 days

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6
Q

What is the time given for a free look for long term care for Medicare

A

30 days

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7
Q

What is the time given for a free look health insurance

A

10 days

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8
Q

What is the time limit on certain defenses for health insurance

A

3 years in PA

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9
Q

How many hours hours of education are required to obtain a license

A

24 hours

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10
Q

How old do you have to be to obtain a license

A

18 years old

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11
Q

What is the time frame where an insurer must acknowledge a claim and provide forms

A

10 days

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12
Q

When must an insurer respond to a commissioner inquiry

A

15 days

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13
Q

When insurer must provide an explanation if claims aren’t completed in how many days

A

30 days

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14
Q

First party claims must be settled in how many days

A

15 days

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15
Q

What percentage is principal sum

A

100%

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16
Q

In a proprietors or partnerships what percentage can someone who is self employed deduct when showing a net profit

A

100%

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17
Q

What is the free look period for life insurance

A

10 days

18
Q

What is the free look internally for life replacement

A

45 days

19
Q

What is the free look period externally for life replacement

A

20 days

20
Q

What is the grace period for life insurance

A

30 days

21
Q

What percentage of employees participate in contributory group plans

A

75%

22
Q

What percentage of employees participate in non-contributory group plans

A

100%

23
Q

What is the free look period under health insurance

A

10 days

24
Q

What is the free look period for Medicare

A

30 days

25
Q

When no action or law be brought to recover on policy prior to when after filing a written proof or loss

A

60 days

26
Q

What is the grace period for health insurance policy provisions

A

31 days

27
Q

What is coverage automatically reinstated if not disapproved

A

45 days

28
Q

How long is the enrollement period for Medicare

A

7 months (3 months before 65, month of 65, and 3 months after 65)

29
Q

At what age are you required to start making withdrawals from retirement

A

72

30
Q

At what age are withdrawals premature from retirement

A

Before 59.5

31
Q

Proof of a loss must be provided to the insurer within how many days of the loss

A

90 days

32
Q

Claim forms must be provided with how may days upon receipt of insured’s notice of claim

A

15 days

33
Q

What is the cost of aggregate willful violations

A

$50,000

34
Q

What is the cost of an aggregate non-willful violation

A

$10,000

35
Q

What is the cost of a willful violation

A

$5,000

36
Q

What is the cost of a non-willful violation

A

$1,000

37
Q

What the cost of a maximum fine per violation of the insurance code

A

$5,000

38
Q

How soon must you report a change of address to the department of insurance

A

30 days

39
Q

How long must insurer keep replacement records after transaction or until the next commissioner

A

3 years

40
Q

What is the maximum policy loan interest rate

A

8%

Pa Life, Accident, and Health Insurance (4 decks)

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