Table of Contents
- 1 What must an agent do when replacing a long-term care policy with a new policy?
- 2 When a replacement policy is being considered what is required from an insurer?
- 3 Which of the following is an example of an unfair claims settlement practices?
- 4 When must an agent provide a replacement notice on life insurance?
- 5 What is considered a replacement policy?
- 6 What is not covered under long-term care policy?
What must an agent do when replacing a long-term care policy with a new policy?
An insured should never drop his existing coverage until he is notified that his application for the replacement policy is approved. The agent will need to complete a state-required replacement form and turn it in along with the application. The client also receives a replacement notice that he completes and retains.
What must an agent do when replacing a long-term care policy with a new policy quizlet?
When replacing a life insurance policy, an agent must obtain a list of all life insurance to be replaced, give the applicant and the replacing insurer a copy of the “Notice of Replacement” signed by the applicant and the agent, leave a copy of all sales proposals used with the applicant, and send to the replacing …
When a replacement policy is being considered what is required from an insurer?
When a replacement policy is being considered, what is required from an insurer? 1. A notarized statement acknowledging reasons for replacement and identification information, signed by the applicant and the agent are required.
Where in the long-term care policy must the insurer state the renewal provision?
Long-term care insurance policies must contain a renewability provision. (a) The renewability provision must be appropriately captioned, must appear on the first page of the policy, and must clearly state that the coverage is guaranteed renewable or noncancellable.
Which of the following is an example of an unfair claims settlement practices?
Which of the following is considered an unfair claims practice? Failing to acknowledge with reasonable promptness communications regarding claims.
What health conditions disqualify you for long term care insurance?
There are certain conditions you may be declined coverage for with long term care insurance. Some of these reasons are if you are currently needing help with any of the 6 activities of daily living (ADL), use a walker, have Alzheimer’s, certain forms of cancers, or Parkinson’s Disease, among other things.
When must an agent provide a replacement notice on life insurance?
When an annuity is replaced, the replacing insurance company must notify the previous insurance company within: 3 business days — The replacing insurer has 3 business days from the receipt of application to send the notice regarding replacement and a policy summary to the client’s existing insurer.
When a replacement is involved in an insurance transaction an agent must do all of the following?
(b) Where a replacement is involved, the agent shall do all of the following: (1) Present to the applicant, not later than at the time of taking the application, a “Notice Regarding Replacement of Life Insurance” in the form as described in subdivision (d).
What is considered a replacement policy?
A replacement occurs when a new life insurance policy or annuity contract is to be purchased and you know (or should know) that because of the purchase, an existing policy or contract will be terminated, altered or used in a financed purchase.
How long must an insurer keep a policy summary?
The insurer must retain copies until 3 years after client terminates policy.
What is not covered under long-term care policy?
Regular health insurance doesn’t cover long-term care. And Medicare won’t come to the rescue, either; it covers short nursing home stays or limited amounts of home health care when you require skilled nursing or rehab only. It doesn’t pay for custodial care, which includes supervision and help with day-to-day tasks.
What health conditions disqualify you for long-term care insurance?