numbers and figures Flashcards
Commissioners Maximum fine per violation of the insurance code.
$1,000
Civil penalty for transacting insurance without a license?
$25,000
Maximum duration of license suspension or Revokation
1 year
days for a producer to pay a fine
15-30
the time for notifying a producer to suspend, revoe or refuse to renew his license
15 days
the time to notify a producer to stop in an emergency
3 days
A producers change of any address must be reported withihn _______ days to the comissioner
30
Time for an insurer to acklnoikclwge noitice of claim to the claimaint
10 days
Time after insurer recieves claiom to complete investigation
30 days
max gift
$25
Time for a producer to keep transaction records
5 years
time for a producer to respond to the comissioner when an inquiry is made?
promptly
Coverage limit for L/D under the Gaurantee assn
$500,000
Coverage for P/C per claim under the guarantee Assn?
$300,000
Free look time for a newly issued policy
10 days
free look for examination of a replacement policy
20 days
Time the company has to refund a policy holder if he returns policy under free look
30 days
max interest rate an insurance company must pay under the Life Settlement Law
8%
time an insurer may delay distrobution of cash from a policy
6 months
percentage of an employees group life coverage which may be extened to employees spouce
50%
minimum number of employees needed for employee group coverage
10
minimum # of enrollees for a agent credit union or labor union coverage
25
days to convert group coverage to individual after leaving employment
31
participation rate requitement on employee contributory groups
75%
participation requirement on employee non-contributory groups
100%
Examination of insurance companies at least once every ______ years
5
Time for a producer to request a hearing or to make an appeal
90 days
time for the comissioner to hold a hearing after one has been requested
30days
time to pass PLE after certigication is issued
one yurr
time to get a license after passing the tests
180 days
term of a producers license? when must he renew?
2 yrs on his B-day
When do certificates of authority expire for Insurance Companies
July 1
after ___ from the expiration date of a producers license, all associated appointments and affiliations are terminated
60 days
How long can you let a license lapse (non-renew) untill you have to start the whole process over?
one year
Days of 100% hospital coverage under Medicare part A
60 days
Days a prexisting conditions can be excliuyded under medigap
90 days
Medigap open enrollment period after enrolling in medicare part B
6 months
Medicare Suppliment and Long Term Care Insurance Grace Period
31 days
Medicare Suppliment Free look
30 days
Long Term Care Free Look if coverage is thru producer?
30 days
LTC free look if coverage is purchased direct from carrier
60 days
Maximum time that a pre-existing condition can be excluided from a LTC policy
180 days
maximum benefit period for a LTC policy
1 yr
if you sell LTC you have to take ____ hours of traiing
8
When are newborns covered under health care?
At birth
violation of WA healthcare claims act
Class C Felony
a min. of ___ person(s) is needed to form a small group
one
maximum of _____ persons to form a small group (WA health reform)
50
free look minimum for disability inurance
10 day
at least one, but no more than ___ ppl for a “small group”
50
maximum pre-existing condition can be excluded from individaul health insurance
9 months
minimum Rx drug coverage under individal healrth ins
2000 dollars
group plans may not exclude a pre existing condition if youve had coverage within ____ days from the application date for new coverage
90
Contestabilty period of a policy
2 yrs
minimum grace period for weekly payment plans
7 days
min grace period for monthly payment plans
10 days
min grace period for plans greater than monthly payment
31 days
notice of claim period for consumer
20 days
time to send out claim form by insurer
15 days
time for insured to send in proper proof of loss
90 days
loss of time or disability income benefits must be paid at least every ____ days
30
may not sue ins co for non paymnet unless ____ days have passed
60
statute of limitations for suing an insurance company after filing proof of loss
3 yrs
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