Can a policy be advertised as Medicare supplement?
Which of the following entities must approve all Medicare supplement advertisements? a. Insurance Commissioner or Director ... All of the following are true regarding insurance policy loans EXCEPT a. The policy will terminate if the loan plus interest equals or exceeds the cash value of the policy. ... If an insurance company offers Medicare ...
When must the Medicare supplement Buyer's Guide be presented?
of whether those entities are eligible for, and elect to apply for, the retiree drug subsidy under section 1860D-22 of the Social Security Act, 42 U.S.C. § 423.884. For group health plans that provide separate Medigap coverage to their retirees through Medigap
Is a 70-year-old person applying for a Medicare supplement policy?
No insurer, agent, broker, producer, solicitor or other person shall solicit a resident of this state for the purchase of Medicare supplement insurance in connection with or as the result of theuse of any advertisement by such person or any other person, where the advertisement:
When does an insurance company have to provide a Buyers Guide?
Which of the following entities must approve all Medicare supplement advertisements? Insurance commissioner or Director ( An insurance company must provide a copy of any Medicare supplement advertisement intended to be used in this state to …
Which of the following must be present in all Medicare supplements plans?
Medicare Supplement insurance plans do not have to cover vision, dental, long-term care, or hearing aids, but all plans must cover at least a portion of the following basic benefits: Medicare Part A coinsurance costs up to an additional 365 days after Medicare benefits are exhausted.
Which of the following applies to the 10 day free look privilege?
which of the following applies to the 10-day free-look privilege? it permits the insured to return the policy for a full refund of premiums paid.
What is not fundable by annuities?
Which of the following are NOT fundable by annuities? Annuities are most commonly used to fund a person's retirement, but they can technically be used to accumulate cash for any reason. Annuities can also be used to liquidate an estate. Annuities do not provide death benefits; those are provided by life insurance.
Which of the following entities regulate variable life policies?
Variable life insurance is regulated by both the state and federal government, as well as the Insurance Department, and the SEC.
Which of the following is true about the 10 day free look period?
Which of the following is TRUE about the 10-day free-look period in a Life Insurance policy? It begins when the policy is delivered. If an insured continually uses the automatic premium loan option to pay the policy premium, The policy will terminate when the cash value is reduced to nothing.
What is free look in insurance?
The free look period is the required time period in which a new life insurance policy owner can terminate the policy without any penalties, such as surrender charges. A free look period often lasts 10 or more days depending on the insurer.
Which of the following is not a use of annuities?
Some annuities are used to fund nonqualified retirement plans. The correct answer is: All annuities are qualified. Which of the following is not a use of annuities? Tax must be paid on the interest earnings of annuities.
What is a Medicare Select policy does all of the following except?
A Medicare SELECT policy does all of the following EXCEPT... Prohibit payment for regularly covered services if provided by non-network providers. In which of the following situations would Social Security Disability benefits NOT cease? The individual's son gets a part-time job to help support the family.
In which Medicare supplemental policies are the core benefits found?
Medigap Plan A has the least amount of benefits, it only covers what is considered the core policy benefits. Core policy benefits are covered under all Medicare Supplement plans.Jan 26, 2022
What two organizations regulate variable life and variable annuities?
Regulation. Variable annuities are securities registered with the Securities and Exchange Commission (SEC), and sales of variable insurance products are regulated by the SEC and FINRA.
What must an agent receive to sell variable life insurance policies?
To sell variable insurance products, an individual must hold a life insurance license and a Financial Industry Regulatory Authority (FINRA) registered representative's license.
Does the federal government regulate variable life policies?
In some ways, variable life insurance can be described as a form of securities. Why? Because of investment risks, variable policies are considered securities contracts. They are regulated under the federal securities laws.
What does "advertising" mean in Medicare?
An advertisement of an individual policy shall not directly or by implication represent that a contract or combination of contracts is an introductory, initial or special offer, or that applicants will receive substantial advantages not available at a later date, or that the offer is available only to a specified group of individuals, unless such is the fact. An advertisement shall not contain phrases describing an enrollment period as “special,” “limited,” or similar words or phrases when the insurer uses such enrollment periods as the usual method of advertising Medicare supplement insurance.
When an advertisement contains an application form to be completed by the applicant and returned by mail, the application form shall contain answer
(3) When an advertisement contains an application form to be completed by the applicant and returned by mail, the application form shall contain a question or statement that reflects the preexisting condition provisions of the policy immediately preceding the blank space for the applicant’s signature. For example, such an application form shall contain a question or statement substantially as follows:
What is a lead generating device?
“Lead-generating device,” for the purpose of these rules, means any communication directed to the public that, regardless of form, content or stated purpose, is intended to result in the compilation or qualification of a list containing names and other personal information to be used to solicit residents of this state for the purchase of Medicare supplement insurance.
What is an invitation to contract?
An advertisement that is an invitation to contract shall disclose the provisions relating to renewability, cancelability and termination and any modification of benefits, losses covered or premiums because of age or for other reasons, in a manner which shall not minimize or render obscure the qualifying conditions.
Does Section 14B prohibit reduced premiums?
Some states prohibit a reduced initial premium. Section 14B does not imply that the states that prohibit an initial premium are not in conformity with the NAIC rules. This item is indicated in the rules as an item to be decided on a state-by-state basis.
What is an advertisement for insurance?
An advertisement shall not directly or indirectly make unfair or incomplete comparisons of policies or benefits or comparisons of non-comparable policies of other insurers, and shall not disparage competitors, their policies, services or business methods, and shall not disparage or unfairly minimize competing methods of marketing insurance.
Can an advertisement be seen beyond the limits of the jurisdiction in which the insurer is licensed?
An advertisement that is intended to be seen or heard beyond the limits of the jurisdiction in which the insurer is licensed shall not imply licensing beyond those limits.
What is Medicare marketing guidelines?
The Medicare Marketing Guidelines (MMG) implement the Centers for Medicare & Medicaid Services’ (CMS) marketing requirements and related provisions of the Medicare Advantage (MA, MA-PD ) (also referred to as Plan), Medicare Prescription Drug Plan (PDP) (also referred to as Part D Sponsor), and except where otherwise specified, Section 1876 cost plans (also referred to as Plan) rules, (i.e., Title 42 of the Code of Federal Regulations, Parts 422, 423, and 417). These requirements also apply to Medicare-Medicaid Plans (MMPs), except as modified or clarified in state-specific marketing guidance for each state’s demonstration. State-specific guidance is considered an addendum to the MMG. State-specific marketing guidance for MMPs will be posted to http://www.cms.gov/Medicare-
What is co-branding in Medicare?
Co-branding is defined as a relationship between two or more separate legal entities, one of which is an organization that sponsors a Medicare plan. Co-branding is when a Plan/Part D Sponsor displays the name(s) or brand(s) of the co-branding entity or entities on its marketing materials to signify a business arrangement. Co-branding arrangements allow a Plan/Part D Sponsor and its co-branding partner(s) to promote enrollment in the plan. Co-branding relationships are entered into independent of the contract that the Plan/Part D Sponsor has with CMS.
What is a non-benefit/non-health service provider?
Third parties that provide non-benefit/non-health services (“Non-benefit/non-health service providing third party entities”) are organizations or individuals that supply non-benefit related information to Medicare beneficiaries or a Plan’s/Part D Sponsor’s membership, which is paid for by the Plan/Part D Sponsor or the non-benefit/non-health service-providing third-party entity.
What is Ad hoc enrollment?
Ad hoc enrollee communication materials are informational materials that are targeted to current enrollees, are customized or limited to a subset of enrollees, apply to a specific situation or cover enrollee-specific claims processing or other operational issues, and do not include information about the plan’s benefit structure. In addition, these communication materials are not tied to regularly occurring events such as aging into Medicare, the Annual Enrollment Period, or a new contract year. These materials are not considered marketing materials. Examples include, but are not limited to, the following:
What is an educational event for Medicare?
Educational events are designed to inform Medicare beneficiaries about Medicare Advantage, Prescription Drug or other Medicare programs and do not include marketing (i.e., the event sponsor does not steer, or attempt to steer, potential enrollees toward a specific plan or limited number of plans).
What is a script in Medicare?
Informational scripts are designed to respond to beneficiary questions and requests and provide objective information about a plan or the Medicare program. Sales and enrollment scripts are intended to steer a beneficiary towards a plan or limited number of plans, or to enroll a beneficiary into a plan.
What is a third party marketing organization?
Third-party marketing organizations are entities such as a Field Marketing Organization (FMO), General Agent (GA), or similar type of organization that has been retained to sell or promote a Plan’s/Part D Sponsor’s Medicare products on the Plan’s/Part D Sponsor’s behalf either directly or through sales agents or a combination of both.