Maine Supplement Flashcards
The superintendent must provide written notice of a hearing within how many days in advance?
14
To appoint a producer as its agent, and insurer must file a notice of appointment within how many days from the date the agency contract is executed or the first insurance application is submitted?
15
An individual who acts as a producer while her license is revoked mag be subject to
A fine up to $1000, 6 months in prison or both
Policyholders of a stock insurance company are what?
Are not entitled to dividends
Any company doing business without a certificate of authority is subject to
A fine of up to $5000, 24 months in prison, or both
An insurer that fails to pay an undisputed claim within 30 days after receiving a proof of loss may be required to pay interest on the claim at a rate of
1.5% per month
The superintendent may suspend, revoke, or refuse to renew a license for which of the following reasons:
A. A producer earns more than 40% of their commissions from the sale of health insurance
B. A producer shares commissions with another agent who is licensed in the same line of insurance solicited
C. A producer permits the applicant to make a change on the applications
D. The producer knowingly accepts insurance business from a person who is not licensed
D.The producer knowingly accepts insurance business from a person who is not licensed
An insurance producer whose license lapses may reinstate that license within how many months without passing a written exam?
12
All of the following statements are correct regarding temporary licenses except:
A. a temp license may not be renewed
B. a temp license issued under Maine law may be for a term not to exceed 12 months
C. a temporary license must have the same license powers and duties as under a permanent license
D. an applicant for a temp license is not required to pass an exam
B.a temp license issued under Maine law may be for a term not to exceed 12 months
Each of the following statements is true concerning a consultant expect:
A. a consultant may charge a fee for his services
B a consultant may charge a fee or receive a commission, whichever is higher
C. an applicant for a consultants license must certify that he has had not less than 5 years of actual experience as a licensed producer
D a consultant must post a bond with the state of Maine in the amount of $20,000
B a consultant may charge a fee or receive a commission, whichever is higher
Hanover Life Insurance Company is chartered in Worcester, Mass. Hanover is also authorized in the state of Maine. In the state of Mass, Hanover would be considered a(n) :
domestic company
Under a viatical settlement, how often many the settlement provider contact the insured to determine the insured’s health status if the insured has a life expectancy of more than 1 year?
A. no more than once per month
Under the Maine regulations applicable to viatical settlements, the definition of terminally ill means having an illness that may reasonably be expected to result in death within:
24 months or less
Each of the following statements is true about viatical settlements are correct except:
A. viatical settlements are a significantly lower percentage of the death benefit than the accelerated death benefit offered by life insurers
B. viatical settlement firms make all premium payments after the purchase of the insured’s life policy.
C. if the recipient meets the definition of terminally ill, viatical settlements are tax free.
D. the vast majority of viatical settlement business is AIDS related
A. viatical settlements are a significantly lower percentage of the death benefit than the accelerated death benefit offered by life insurers
The free look period for Medicare supplement policies that are issued through direct response solicitations is:
30 days
