Disability and Life Washington Test Questions and Answers well Explained Latest 2024/2025 Update 100% Correct.
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Module
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
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