Disability and Life Washington Test Questions and Answers well Explained Latest 2024/2025 Update 100% Correct.
6 views 0 purchase
Course
Disability and Life Washington
Institution
Disability And Life Washington
Federal Taxation of Business Health Insurance - -Self employed people can deduct the cost of their
personal health insurance
-Self employed may deduct all LTC premiums
-Disability buy out premiums not tax deductible
-BOE insurance premiums are deductible
LTC riders - -To sell LTC riders must c...
Disability and Life Washington Test
Federal Taxation of Business Health Insurance - -Self employed people can deduct the cost of their
personal health insurance
-Self employed may deduct all LTC premiums
-Disability buy out premiums not tax deductible
-BOE insurance premiums are deductible
LTC riders - -To sell LTC riders must complete 8 hour inital training
-And 4 hours in addition to 24 month CE
-Every march 31 businesses must affirm all their employees have this shit done
Appointing a producer - -Insurance company lets commish know w/in 15 days
-Commish will get back in 15 days
-Commish does have 30 days to determine if the applicant is not able to be approved, if so, they will let
the company know in 10 days.
-If company gets rid of producer, must let commish know in 30 days, and producer in 15
1033 Waiver - -Someone convicted of a felony involving breach of trust or dishonesty can not be
an insurance producer w/out this waiver
1035 Exchanges - -Almost everything can be exchanged tax free EXCEPT an annuity can not be
exchanged tax free for a life insurance policy
11 Optional Provisions - -Also propogated by the NAIC
-Change of occupation
-Misstatement of Age or Sex
-Other isnurance in this insurer
-Other insurance with other insurer
-Other insurance with other insureres
,-Relation of earnings to Insurance
-Unpaid premiums
-Cancellation: Policy must be cancelled with 45 days notice
-Conformity with state statutes
-Illegal occupation
-Intoxicants and narcotics
12 Required Provisions - -Must be in every health insurance policy
-Propogated by National Association of Insurance Commissioners (NAIC/self governing organization for
insurance)
They are:
-Entire contract
-Incontestability
-Grace period: 7 day grace period for premiums paid weekly, 10 day for monthly, and 31 day for other
premium modes
-Reinstatement: Allows policy to be reinstated w/in 3 years if lapsed, insurer has 45 days to reject
reinstatement
-Physical Exam. and Autopsy
-Legal Actions: Insured can take legal actions between 60 days and 3 years after filing a claim
-Change of beneficiaries
-Payment of claims
-Notice of Claim: Insured must notify w/in 20 days of loss
-Claim forms: Insurer must provide claim forms w/in 15 days of getting claim from insured.
-Proof of loss: Insurer must recieve written proof of loss w/in 90 days
-Time payment of claims: Insurer must pay immediatley after recieving proper proof of loss
Accelerated Benefits Riders - -Lets payout of part of death benefit for someone still alive with a
terminal disease
-Can also get an LTC rider, which is exactly what it sounds like
, Accident and Health (Disability) Insurance Basics WA State - -Outline of policy must be delivered
NLT delivering of policy
-Buyers guide must be given NLT when application is taken
-Health insurance policy must have probationary period of less than 30 days
-Accident insurance must have no waiting period
-Free look period for health is 10 days
-Policy can not require a recurrent condition be separated by more than 6 motn
-DI must provide income for 6 months, except for preg or miscairrage which only need 1 mon
-For medicaire supp. policy must get garanteed nlt 63 days after coverage ends
-Lots of restrictions for medicaire policies including free look period of 30 days
-Insurers must keep records of grievances for 3 years (ie complaintes from members)
Agents Report - -Must include how producer met applicant and purpose of coverage
-Producer must do field underwriting, ie make sure person is qualified and is responsible for scheduling
appointments and stuff
An Insurer is: - -Insurance Company
-Fraternal Benefit Society
-Certified Health Plan
-Health Maintanence Org.
-Health Care Service contractor
Annuities - -Must complete 4 hour training course
Annuities (If Time) -
Beneficiaries - -Irrevocable benfeciary has a vested interest in the policy, owner can not get them
off without their consent
-If a minor is a beneficiary, they must create a trust for the minor
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ACADEMICMATERIALS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
