LIFE ACCIDENT and SICKNESS GA GRADED A +

What is the maximum yearly contribution can an individual make into an IRA? An HR-10? - Answer- 2,000 or 100% of earned income, whichever is less; 100% of earned income up to $41,000 which is broader? acc bodily injury or accidental means? - Answer-accidental bodily injury Who manages a reciprocal? - Answer-attorney in fact Reserves are defined as... - Answer-the accounting measurements of an insurer's liabilities to its policy holders No COA required if agent - Answer-Places less than 12 policies per year through another agent; or places business with an insurer, and then has up to 15 days to request a COA At what age is the policyholder written for on a group medicare conversion that's being replaced with another group? - Answer-coverage is written on the policyholder at the insured's age it was written at the inception of the replaced coverage. Certificate of authority renewal - Answer-annually by insurer, before january 1 each year, but expires midnight june 30th the following year Qualifications for a license - Answer-18, resident of GA for 6 months out of each year, educational requirement, 5 years experience to be a counselor, no longer required to be a US citizen. When can the commissioner waive the residency requirement? - Answer-borderline agent, if you live on the border of GA but majority of business comes from GA, you must have a GA license. Indemnification vs. indemnity vs indemnify is... - Answer-the process restoring someone to economic status prior to a loss without a gain, the promise to pay the proceeds without gain after a loss, the act of paying the proceeds Define the difference in insurable interest in life and health as opposed to P&C - Answer-insurable interest in L&H must be present at the effective date of app. II in P&C must exist at the time of the loss. ( lady w 5 ex husbands collects 5 million)Controlled Business - Answer-Spouse, family, in laws, kinship; exes and friends are not controlled business. premium must be less than 25% of business you are legal, 25% or more is illegal. Blue Cross Blue Shield does it cover large groups only? Does it get special consideration from the government? Does it contract services with providers? Do subscribers pay a set fee? - Answer-covers individuals as well as small and large groups. Non profit organization. contractual relationship with the doctors and hospitals. Subscribers pay a set fee. What are participating and non-participating companies? - Answer-Participating policies are issued by mutual life insurance companies. Non-participating policies are issued by stock life insurance companies. Do mutual companies pay dividends? - Answer-Mutual life insurance companies pay dividends to the policy holder. When is the school certificate of completion void? - Answer-After 12 months. What can assessment insurers do? - Answer-charge policyholders additional premiums if those paid in are insufficient to meet claims. "open-end contract" Temporary license - Answer-no exam, usually issued for hardship cases or the debit agent only valid for one company. originally issued for 6 months, can renew 3 times for 3 months a piece. total of 15 months Identify the landmark court cases - Answer-McCarran-Ferguson Act, enacted in order for the federal govt to regulate the business of ins not reg by state law. Fair credit reporting act protects consumers privacy and requires consumer reporting agencies to ensure accurate records and reporting. Consumer reports issued to persons who have a legitimate business need for the information. Reciprocal License (Retaliatory) - Answer-If both states reciprocate license can be transferred to a new state, they treat each other the way the other treats them Probationary License - Answer-Up to 12 months, no less than 3; under circumstances state chooses to say if you do -- we will make license permanent (ex. drug use)Can a resident conduct business after moving to a new state with the old state's license? - AnswerYes for 90 days if license from other state is in good standing. Twisting - Answer-Making unfair comparison ex- bait and switch tactic Churning - Answer-Replacing your own company's business from within. ex- canceled ins pol to rewrite to make more commission. Coersion - Answer-forcing someone into doing something pressue, ect Defamation - Answer-Disparaging talk about a company, good, products, person, etc At what age can minors enter into a contract for insurance? - Answer-A person not less than 15 years of age as determined by the nearest birthday, but it is not valid unless an age of Majority, age 18, parent or guardian, also signs. unfair trade practices - Answer-coercion, defamation, twisting, churning, rebates and inducements, misrepresentation of medicare/medicaid,rights of borrowers