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EXAM EXAM -
QUESTIONS AND WELL CORRECT
ANSWERS HEALTH
AND ACCIDENT [ ]
A Medicare Supplement policy can be cancelled by the insurer for - ANSWER- Nonpayment
Credit Accident and Health plans are designed to - ANSWER-help pay off existing loans during periods of disability
A payment system for health care in which the provider is paid for each service given is called - ANSWER-fee-for-service
An insurance company ONLY pay a sales commission to - ANSWER-individuals licensed by the state
Ken is a producer who has obtained Consumer Information Reports under false pretenses. Under the Fair Credit Reporting Act, what is the maximum penalty that may be imposed on Ken? - ANSWER-$5000 and 1 year imprisonment
A closed network plan offers a primary physician copay of $25. If a subscriber chooses a primary care physician outside of the network, the subscriber will likely pay - ANSWER- of the billed amount 1 / 2
What is the maximum fine for a producer violating an NJ insurance law for the first time? - ANSWER-$5000
A licensed producer is required to file notice to any changes of address within how many days - ANSWER-30 days
Jonas has disability insurance through his employer. The employer pays 75% of the premium, and Jonas pays the other 25%. What is Jonas's tax liability for any benefits paid from the disability plan? - ANSWER-Taxes must be paid on 75% of the benefits received
After an insured gives notice of loss, what must he/she do if the insurer does not furnish forms? - ANSWER-File written proof of loss
A(n) _______ insurance company is one that was formed under the laws of a state other than NJ - ANSWER-Foreign
Kathy pays a monthly premium on her health insurance policy. How long is her grace period? - ANSWER-10 days
A master contract and certified coverage can be found in which type of policy? - ANSWER-Group
Medicaid is a government-funded program designed to provide health care to - ANSWER-poor people
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