In order to sell long-term care insurance, all of the following things must happen EXCEPT: (select all that apply) The product must be approved in the state where the sale is to be made. Proper long-term care contract amendments have been signed by the financial representative and filed with the Contract and License Division in the home office. The financial representative must have a Series 6 license; valid in the state where the sale is to be made. The financial representative has completed the Essentials of Long-Term Care product qualification training with a passing grade on the exam. The financial representative must complete an initial state-approved LTC training course and ongoing refresher LTC training every two years thereafter.
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- The duties of an agent when filling out an application include all of the following EXCEPT: A: Make sure all required signatures are collected B: Help the insured make up creative answers to stretch the truth about a past health issue to get the best possible coverage C: To have all parties on the application initial any and all changes D: To make sure that the insured answers all questions to their best knowledge and beliefInsurance companies may use all of he following sources to oblain underwriting information about an applicant EXCEPT. A.The Medical Information Bureau (MIB) B.Inspection report companies C.Actuarial raling bureaus D.A Fair Credit reportINSTRUCTIONS Visit the US Government’s Healthcare website and spend some time clicking around and reviewing information available on the site. Many individuals who do not have health insurance through an employer start here to purchase their own health insurance policies. For this assignment, please answer the questions below: o Provide a short summary of the Affordable Care Act. o Describe the purpose and function of IRS Form 1095. o Identify the enrollment period(s) available on the Health Insurance Marketplace® o List 2 groups who ARE eligible to use the Marketplace, and at least 1 group who is not eligible. o What did you personally find most valuable in having completed this assignment? FORMATTING Please follow APA formatting and provide a proper citation of the company’s website in your submission. Minimum word count for the assignment is 250. Please review the assignment rubric for additional information around grading and expectations.
- Which of the following is NOT true about a temporary insurance agreement? Select one: a. It can only cover life insurance and living benefits b. It expires the date the policy becomes effective c. The applicant will submit the premium with the application d. It can be provided if the agent believes the policy will be issuedWhich is Idemenity Plan and which is Managed Care Plan? Insureds create contract with an insurer who does not provide health care services The higher the deductible, the lower the premium Insured receive health care services from a designated group of providers May not even involve an insurance company No annual deduction is incurred, but a small co-payment may be required I most value the freedom of choice and am willing to pay for it. Cost is my most important consideration. I’d rather have the flexibility of either having the insurance company reimburse me or directly paying the health care provider.Which of the following items is required by the Life Insurance and Annuity Replacement Rule? A. A Notice Regarding Replacement of Life Insurance or Annuity B.A Notice Regarding Insurance Producer Compensation Schedule C.A Statement of Ethical Practices D. A Comparative Information form
- To qualify property to be pledged as collateral for a VA guaranteed loan, it must meet VA standards as determined by written affidavit of the veteran seller. inspection and approval of the lender's agent. any approved VA builder. a VA approved appraiser.Entity A obtains life insurance for its key employee from Entity B (an insurance company). Entity B cedes the insurance contract with Entity A to Entity C, another insurance company. How should Entity B account for the insurance contract with Entity C?A. using the modified version of the general model applicable for onerous insurance contractsB. using the general modelC. using a modified version of (a) or (b) applicable to reinsurance contracts heldD. using the premium allocation approachThe Director of Insurance has the power to. make reasonable insurance rules and regulations determine standard insurance rales Veto insurance laws issue insurance policies
- What is a contractual adjustment? Choose the correct.a. An increase in a patient’s charges caused by revisions in the billing process utilized by a health care entity.b. A year-end journal entry to recognize all of a health care entity’s remaining receivables.c. A reduction in patient service revenues caused by agreements with third-party payors that allows them to pay a health care entity based on their determination of reasonable costs.d. The results of a cost allocation system that allows a health care entity to determine a patient’s cost by department.An important distinction in health insurance is between the list price (PL) and out-of-pocket price (PP) of a medical good or service. The list price is the official price that the provider charges the insurance company, while the out-of-pocket price is the price that the insurance customer faces. Sometimes, the out-of-pocket price depends on the list price. Now assume the consumer is part of a partial insurance plan with a coinsurance provision. Her insurance pays 50% of all medical expenses. Consider again the relationship between PL and PP and plot a coinsurance plan demand curve in PL - Q space. Label this curve D3. Finally, assume the consumer is part of a partial insurance plan with a copayment provision. Her insurance pays all expenses above and beyond her copayment of $25 for each unit of Q. Consider again the relationship between PL and PP and plot a copayment-plan demand curve in PL - Q space. Label this curve D4.Which of these duties might a financial manager in a healthcare organization be responsible for? Prepare a year to date trial balance report for the annual tax filing Conduct data analysis to report to the board of directors on new revenue sources Complete a medical supply inventory and submit it to the purchasing department Submitting invoicing to an insurance company for payment