Which Of The Following Actions Does Not Constitute False Advertising

Question: the commissioner has to determined that a producer is ineligible for appointment by an insurer. the commissioner must notify the insurer within

Answer: 10 days

Question:

Answer: d & e

Question: An insured has Medicare Part D coverage. Upon reaching the initial benefit limit, what percentage of the prescription drug cost is the insured responsible for paying?

a)15%

b)16%

c)23%

d)25%

Answer: d

Once the initial benefit limit is reached, an insured is only responsible for 25% of the prescription drug cost. This percentage applies to generic and brand name drugs.

Question:

Answer: c

The replacing insurance company must require from the producer a list of the applicant’s life insurance policies to be replaced and a copy of the replacement notice provided to the applicant, and send each existing insurance company a written communication advising of the proposed replacement.

Question: What is the penalty for IRA distributions that are below the required minimum for the year?

a)10%

b)25%

c)50%

d)60%

Answer: c

If there are no distributions at the required age, or if the distributions are not large enough, the penalty is 50% of the shortfall from the required annual amount.

Question:

Answer: c

If the owner dies before distributions have begun, the entire interest must be distributed in full on or before December 31 of the calendar year that contains the fifth anniversary of the owner’s death, unless the owner named a beneficiary.

Question:

Answer: c

A policy that has an “any occupation” provision will only provide benefits when the insured is unable to perform any of the duties of the occupation for which they are suited by reason of education, training, or experience.

Question:

Answer: c

Universal Life policies allow for policyholders to withdraw a limited portion of the policy’s cash value. Each withdrawal, however, is usually charged, and the amount and frequency of withdrawals are usually limited.

Question:

Answer: c

Benefits received by the employee that are attributable to his or her portion of the contribution are not taxable as income.

Question: When a policyowner designates a group of individuals as the beneficiary of a life insurance death benefit without specifically naming the individuals, this is called

a)Irrevocable designation.

b)Stirpes designation.

c)Class designation.

d)Revocable designation.

Answer: c

A designation such as the child of the insured, or all children of the insured, or all current members of a group, is called a “class designation.” The individuals need not be specifically named, since each who meet the qualifications of being included in the class will share in the benefit.