Insurance exam numbers

Within how many days must a Traditional IRA be rolled over to another IRA in order to avoid tax consequences?

 60

. The correct answer is, "60". To avoid tax consequences, a rollover from a Traditional IRA to another IRA must be done within 60 days.

If a health policy is reinstated after it had lapsed for nonpayment, there is a waiting period of ___ days before a claim covering sickness will be covered.

10

Correct. If a health policy is reinstated after it had lapsed for nonpayment, there is a waiting period of 10 days before a claim covering sickness will be covered. Injuries sustained from an accident, however, will be covered immediately.

Once the insurance company receives a notice of claim, they have ___ days to send the claim form.

 15 

The correct answer is "15". An insurance company will send forms for filing proof of loss to a claimant within 15 days after company receives notice of a claim.

According to Pennsylvania law, postnatal care must be delivered within how many days of discharge?

2 days

The correct answer is "2 days". According to Pennsylvania law, postnatal care must be delivered within 48 hours of discharge.

If a health insurance claim is not promptly paid, legal action may be taken against the insurer after

60 days from the date proof of loss is furnished 

The correct answer is "60 days from the date proof of loss is furnished". Although the Time Payment of claims provision requires the claim to be paid immediately, legal action against the insurer for failure to pay timely cannot commence until 60 days after proof of loss is furnished

In a Long-Term Care policy, the right-to-examine free look period is

 30 days 

Correct. In Pennsylvania, the free-look period for Long-Term Care policies is 30 days.

In accident and health plans, premiums paid less frequent than monthly require a minimum grace period of at least

 31 days

The correct answer is "31 days". The grace period for health policies is no less than 7 days for weekly premium policies; 10 days for monthly premium policies; and 31 days for all others.

A Pennsylvania temporary producer license may be issued for a period not to exceed

180 days 

The correct answer is "180 days". A Pennsylvania temporary producer license may be issued for a period not to exceed 180 days.

An accident and health insurer has just received written proof of loss from one of its insureds. The insured must now wait 60 days before

 bringing legal action against the insurer 

Correct. In accident and health insurance, 60 days must pass after written proof of loss has been received by an insurer before the insured can bring legal action against the insurer.

Pennsylvania requires that a licensee complete __ hours of continuing education on the subject of ethics every reporting period.

 3 

Correct. A licensee who is required to take continuing education must complete 24 hours of continuing education, which includes 3 hours of ethics coursework.

An insured may return their accident and health policy within ___ days of policy delivery.

10 

Correct. A notice must be prominently printed on or attached to the first page of an accident and health policy or certificate notifying the consumer that they may return the policy within 10 days.

 Every Pennsylvania insurer, upon receiving notification of a claim, must acknowledge receipt of the notice within

 10 days 

The correct answer is "10 days". Every insurer, upon receiving notification of a claim, must acknowledge receipt of the notice within 10 days.

An immediate annuity has been purchased with a single premium. When does the annuitant typically begin receiving benefit payments?

1 month 

Correct. When an immediate annuity is funded with a single premium, the annuitant may begin receiving payments after 1 month.

Kathy pays a monthly premium on her health insurance policy. How long is her grace period?

 10 days 

The correct answer is, "10 days". The grace period for a monthly premium health insurance policy is 10 days.

The open enrollment period for Medicare Supplements begins at age

65

Correct. Open enrollment for Medicare Supplements begins at the age the individual becomes eligible for Medicare, which is typically age 65.

In Pennsylvania, accident and health plans are required to provide mammograms for women starting at age

40 

Incorrect. The correct answer is "40". In Pennsylvania, accident and health plans are required to provide mammograms for women starting at age 40.

In Pennsylvania, HIPAA laws require that an individual's prior creditable coverage may reduce the maximum pre-existing condition exclusion period that a new group health plan can apply. This rule is applicable as long as there has been no gap in creditable coverage for a period greater than

 63 days 

The correct answer is "63 days". In Pennsylvania, HIPAA laws require that an individual's prior creditable coverage may reduce the maximum pre-existing condition exclusion period that a new group health plan can apply. This rule is applicable as long as there has been no gap in creditable coverage for a period greater than 63 days.

After an annuity has been in force for ___ year(s), it becomes incontestable.

 2 

Incorrect. The correct answer is "2". An annuity becomes incontestable after it has been in force for 2 years.

No Long-Term Care policy may exclude pre-existing conditions for a period of more than

 6 months 

The correct answer is "6 months". No Long-Term Care policy may exclude pre-existing conditions for a period of more than 6 months.

A newborn is required to be covered for ___ days from the moment of birth.

 31

Incorrect. The correct answer is "31". Newborn children are automatically covered for the first 31 days.. If a premium is required to continue the newborn’s coverage, it must be paid within the first 31 days to continue coverage.

At what age will a person normally enroll with an insurance carrier under a Part C Medicare Advantage Plan?

Age 65 

Correct. Most people become eligible for Medicare (and Medicare Supplement policies) when attaining the age of 65.

A licensed producer must report any administrative action taken against the licensee in another jurisdiction or by another agency department in Pennsylvania within how many days of the final disposition?

30 days 

Correct. A licensed producer must report any administrative action taken against the licensee in another jurisdiction or by another agency department in Pennsylvania within 30 days of the final disposition.

A Pennsylvania temporary producer license may be issued for a period not to exceed

180 days 

The correct answer is "180 days". A Pennsylvania temporary producer license may be issued for a period not to exceed 180 days.

According to the Affordable Care Act, any plan in existence prior to which date is considered a grandfathered plan?

 23-Mar-10 

The correct answer is, "March 23, 2010". Grandfathered plans are plans that were purchased before March 23, 2010. These plans do not have to follow the ACA’s rules and regulations or offer the same benefits, rights and protections as new plans.

Written notice for a health claim must be given to the insurer ___ days after the occurrence of the loss.

 20 

The correct answer is, "20". Written notice for a health claim must be given to the insurer 20 days after the occurrence of the loss.

The open enrollment period for Medicare Supplements begins at age

 65 

Correct. Open enrollment for Medicare Supplements begins at the age the individual becomes eligible for Medicare, which is typically age 65.

A Roth IRA owner must be at least what age in order to make tax-free withdrawals?

59 1/2 and owned account for a minimum of 5 years 

Correct. To be able to make tax-free withdrawals from a Roth IRA, an account owner should be AT LEAST age 59 1/2 and have held the account for at least 5 years.

After a group accident and health termination notice is received, an employee must make application for a converted policy within:

31 days 

Correct. An applicant has 31 days to convert to another accident and health insurance plan.

The Medicare Supplement open enrollment period is the

 6 month period that begins with the month in which enrollment in Part B Medicare occurred, typically at age 65 

Correct. The Medicare Supplement open enrollment period is the 6 month period that begins with the month in which enrollment in Part B Medicare occurred, typically at age 65.

Health insurance policies that provide maternity benefits must provide for a minimum of ___ hours of inpatient care following a Caesarean delivery.

96

The correct answer is "96". For mothers and newborn infants following a normal delivery, a medical expense plan must allow a hospital stay of at least 48 hours and a minimum of 96 hours of inpatient care after a cesarean section for a mother and her newly born child.

The free look period in Pennsylvania for individual health insurance policies is ___ days.

10

Correct. A policyowner has 10 days to return an accident & health insurance policy and receive a full refund on premiums.

Pennsylvania law requires that an insurer must notify the Commissioner of a producer appointment termination

within 30 days of termination

Correct. Pennsylvania law requires that an insurer must notify the Commissioner of a producer appointment termination within 30 days of termination.

Medicare Part A does not pay for medical benefits provided for treatment in a skilled nursing facility beyond

100

Correct. Medicare Part A (Hospital Insurance) will cover a maximum of 100 days per benefit period in a skilled nursing facility.