Before erisa - Study guides, Class notes & Summaries

Maryland Life and Health General Exam Simulator Verified Answers A "premature distribution from a modified endowment contract (MEC) incurs a penalty tax of ️10% A business becoming incorporated is an example of risk ️transfer A certificate of coverage for a group health policy is best described as ️proof of coverage for the employee A contract is considered void in all of the following situations EXCEPT ️when consideration is unequal A description of a qualified plan's insurance...

What Act shaped how commercial insurance carriers approached the concepts of paying for medical care? - ANSWER-HMO Act of 1973 ACA - ANSWER-Affordable Care Act HMO (Health Maintenance Organization) - ANSWER-The organization is both the insurer and provider of a set of defined services. Patients within this network must use an in-network provider for their services to be covered. Capitation Payment - ANSWER-part of prospective payment in which healthcare providers receive fixed monthly p...

PSI life, accident, and health Exam (Questions and Answers A+ graded 100% verified)How long after being entitled to disability benefits will an individual be eligible to receive Medicare benefits? A. immediately B. 1 year C. 2 years D. At age 65 - ANSWER-2 years What is the return of premium rider? A. an increasing amount of term insurance that always equals the total of premiums paid up to the current point B. a provision that allows the insured to cancel the policy in the first two ye...

If ABC Corporation has net profits of $100,000 and distributes $50,000 as dividends, what is its taxable income? A. $0 B. $25,000 C. $50,000 D. $100,000 ~~> The net profits of a corporation are subject to federal income taxation. This tax is levied on corporate taxable income before payment of dividends to common and preferred shareholders. Thus, if ABC Corporation has net profits of $100,000 and distributes $50,000 as dividends, its taxable income is still $100,000. Distr...

A signed good health statement may be requested by a life producer at the time of policy delivery 3 multiple choice options A licensee whose name or address changes must notify the Department of Insurance within _____ days. 30 3 multiple choice options Which statement regarding the cash value of a whole life insurance policy is correct? Available to the policyowner when policy has been surrendered. 3 multiple choice options A life policy that has premiums that are lower than...

California Insurance State Exam (2024) || Questions & Answers (Graded A+) California Insurance State Exam (2024) || Questions & Answers (Graded A+) Which of the following is NOT a benefit of insurance - ANSWER - Losses due to fraud are eliminated An individual that has 40 quarters of coverage for social security purposes it's considered to be - ANSWER - Fully insured Anyone employed in California to assist an insurance agent in transacting insurance is called an insurance - ANSWER - s...

Accident and Health Insurance Final Exam Questions and Answers 100% Pass Your license will be considered to be inactive when you: - Correct Answer ️️ -No longer have any appointments On a "participating" health insurance policy issued by a mutual insurance company, dividends paid to policy holders are: - Correct Answer ️️ -Not taxable since the IRS treats them as a refund of a portion of the premium paid All of the following are true regarding a non-contributory employer group m...

If ABC Corporation has net profits of $100,000 and distributes $50,000 as dividends, what is its taxable income? A. $0 B. $25,000 C. $50,000 D. $100,000 - ANSWER-The net profits of a corporation are subject to federal income taxation. This tax is levied on corporate taxable income before payment of dividends to common and preferred shareholders. Thus, if ABC Corporation has net profits of $100,000 and distributes $50,000 as dividends, its taxable income is still $100,000. Distribution ...

Your license will be considered to be inactive when you: - Answer-No longer have any appointments On a "participating" health insurance policy issued by a mutual insurance company, dividends paid to policy holders are: - Answer-Not taxable since the IRS treats them as a refund of a portion of the premium paid All of the following are true regarding a non-contributory employer group medical expense insurance policy EXCEPT: - Answer-Premiums must be paid entirely by the employees Which ...

WEBCE Life And Health (281 Questions) Complete With 100% Correct Verified Answers Newly Updated 2024 WEBCE Life And Health (281 Questions) Complete With 100% Correct Verified Answers Newly Updated 2024 Representations and Warranties Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments Two related insurance ...