„Cause of Damage“ If an insured life insurance policy is 64 years of age or older, must the insurer notify the insured life insurance policy about which of the following information? Medicare Part D – Standalone – Self-contained coverage of Part D written through individual contracts; stand-alone coverage of Part D purchased through group contracts and certificates; and Part D on employer groups where the reporting agency is responsible for reporting claims to the Centers for Medicare & Medicaid Services (CMS). Universal life insurance is the most flexible of all the different types of policies, as it treats the elements of the policy separately. Universal Living makes it easier for you to change or ignore premium payments or change death benefits than any other policy. It works by treating the three elements of the policy separately – the premium, the death benefit and the present value. Present values are accumulated by crediting premium payments and interest to a fund from which deductions are made for insurance expenses and costs. Potential liability – liability of an insured person to persons who have suffered bodily injury or property damage as a result of work performed by an independent contractor hired by the insured to perform work that is illegal, inherently dangerous or directly supervised by the insured Which of the following types of policies would NOT be subject to Florida`s life insurance claims regulations? Joint Underwriting Association (JUA) – a loss-sharing mechanism that combines multiple insurance companies to provide additional capacity depending on the nature or extent of the risk. An insurer recently collected information from an elderly consumer and used it to make recommendations about insurance transactions. How many years must this information be retained after the transaction is completed? Variable universal life insurance combines the flexibility of universal life insurance with the characteristics of the variable life insurance investment account. Reinsurance adopted – the assumption of the risks of another insurance undertaking under a reinsurance contract or contract.

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