What should be provided to a prospective Medicare supplement policy or certificate client along with an outline of coverage?
A Medicare Supplement policy must contain a 30-day free look provision on the first page in bold print allowing the purchaser a full refund of premiums paid if returned during this period. The policy must also contain an Outline of Coverage containing information on benefits, deductibles, exclusions, and premiums.
When a Medicare supplement policy is replaced the policy owner will have a free look period of?
You have 30 days to decide if you want to keep the new Medigap policy. This is called your “free look period.” The 30-day free look period starts when you get your new Medigap policy. You’ll need to pay both premiums for one month.
How often must the superintendent examine each admitted insurance company?
The NAIC Model Law on Examinations requires that the state insurance regulator conduct an examination of any insurer licensed to do business in the state at least once every five years.
When replacing a life insurance policy an agent must provide the applicant with a?
When replacement occurs, the existing insurer must provide the policyowner with a policy summary for the existing life insurance within ten days of receiving the written communication advising of the proposed replacement and the replacement notice.
How long must an insurer keep a policy summary?
The insurer must retain copies until 3 years after client terminates policy.
When a replacement is involved a replacing insurance company is responsible for all of the following except?
Exam Prep
| Question | Answer |
|---|---|
| When a replacement is involved, a replacing insurance company is responsible for all of the following EXCEPT | Provide a copy of the Important Notice Regarding Replacement of Life Insurance to the applicant. |
When a replacement is involved in an insurance transaction an agent must?
(b) Where a replacement is involved, the agent shall do all of the following: (1) Present to the applicant, not later than at the time of taking the application, a “Notice Regarding Replacement of Life Insurance” in the form as described in subdivision (d).
What is the definition of a replacement transaction?
Replacement Transaction means, with respect to any Terminated Transaction or group of Terminated Transactions, a transaction or group of transactions that (i) would have the effect of preserving for Counterparty the economic equivalent of any payment or delivery (whether the underlying obligation was absolute or …
What is considered a replacement?
A replacement occurs when a new policy or contract is purchased and, in connection with the sale, you discontinue making premium payments on the existing policy or contract, or an existing policy or contract is surrendered, forfeited, assigned to the replacing insurer, or otherwise terminated or used in a financed …
Is a conversion a replacement?
A term conversion is a contractual right where a term insurance (policy or benefit) is being converted to a permanent insurance. In circumstances where a client’s protection would be reduced, this would be considered a replacement. However, if the $200,000 term were to be cancelled, it would be a replacement.
Which of the following must be disclosed in all advertisements and policies of term life?
correct! When a term life insurance monetary value index is adopted by the Commissioner, it must be disclosed in all advertisements and policies of term life insurance for individuals age 55 and older.
What must be present in all Medicare supplement plans?
Medicare Supplement insurance plans do not have to cover vision, dental, long-term care, or hearing aids, but all plans must cover at least a portion of the following basic benefits: Medicare Part A coinsurance costs up to an additional 365 days after Medicare benefits are exhausted.
How long must Life agents keep their transaction records quizlet?
5 years
What is the purpose of the pre existing condition insurance plan quizlet?
What is the purpose of the Pre-Existing Condition Insurance Plan? a. Provides health insurance coverage to individuals who have preexisting conditions and have had no health insurance coverage for 6 months.
How long must insurance agents keep records?
five years
Can I throw away old insurance policies?
Health insurance policies and related documents are important to keep long term, too. So long as your health insurance is active, you should keep these records. If your coverage ended or you’ve moved to another insurance company, go ahead and toss paperwork once you’re sure you won’t need it.
Should I keep expired insurance policies?
Experts generally agree if you have renewed a “claims made” insurance policy, you can get rid of the ones preceding it. Because these policies only protect against claims made during the life of the policy, there’s no reason to keep them after they have expired.
How long do I need to keep old insurance policies?
State Laws. State laws vary, but generally require insurance agents to keep copies of their customer’s policies for 6–7 years. Since a nonprofit can’t always count on having access to the insurance agent’s files when needed, each nonprofit should also maintain copies of expired policies.
What records to keep after someone dies?
Check registers, bank account statements, retirement account statements, credit card statements, medical statements and utility bills for the year of death (and for any prior year for which the decedent has not filed an income tax return);
Should you keep old car insurance documents?
You do not need to retain old bills. Current insurance policies for building and contents. Outdated policies should be discarded. You should ,however, keep together the vehicle registration form, MOT certificate, car insurance policy and any loan documentation relating to the purchase of the vehicle.
How far back should you keep bills?
Chart: What records to keep, how long to keep them
| Document | How long to keep it |
|---|---|
| Credit card statements | One month |
| Pay stubs | One year |
| Bank statements | Keep monthly statements for one year. Keep annual statements related to your taxes for at least seven years. |
| Utility and phone bills | One month |
How many years should you keep bank statements for?
one year
Should I shred old tax returns?
Typically, the IRS has 3 years after the due date of your return (or the date you file it) to initiate an audit, so you should plan to keep your tax returns and supporting documents for at least 3 years before shredding them.
What papers should you keep and for how long?
To be on the safe side, McBride says to keep all tax records for at least seven years. Keep forever. Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely.
Do I need to keep old closing documents?
If your mortgage is paid off completely and the deed to your property is recorded, the documents may be discarded. Closing Disclosure: Homeowners need to keep the closing disclosure for at least a year, if not longer, after they close on their mortgage.
How long should you keep Explanation of Benefits?
When you or someone you are caring for is seriously ill, it is recommended that you keep EOBs for five years after the illness or condition is alleviated. If you or the patient is claiming or has claimed a medical deduction, keep the explanation of benefits for seven years.
Which financial records should be kept 1 month?
Keep for 1 month: utility bills, deposits and withdrawal records. If you’re self-employed, you may need your utility, cable and cell phone bills for tax purposes. Otherwise, you can dispose of them as soon as you verify your payment was processed.