NYS Life, accident, and health insurance Exam.pdf NYS Life, accident, and health insurance Exam.pdf NYS Life, accident, and health insurance Exam.pdf
NYS Life, accident, and health insurance Exam
$15,000 - ANS-Beth is a surgeon who has an own-occupation disability income policy. She was
injured six months ago and has been unable to return to her practice. Her monthly benefit from
the policy is $15,000. During this time, Beth has been working part-time at a local boutique and
receives $2,000 monthly. What is her ongoing monthly benefit while she is unable to perform her
surgical duties?
$25,000 - ANS-An insured has a $25,000 whole life insurance policy with $6,000 cash value
available. Under the extended term nonforfeiture option, what is the amount of insurance
available to the insured?
$300 - ANS-An insured files for an accident and health insurance policy claim eight days after
the premium due date. The benefit payable is $500 and the overdue premium is $200.
Assuming that the policy pays on a first-dollar basis and contains the unpaid premium provision,
how much will the insurer pay?
$5,000 - ANS-An individual working part-time has a gross income of $5,000 for the year. If this
individual has an IRA, what is the maximum deductible IRA contribution allowable?
$50,000 - ANS-The maximum amount of life insurance coverage that a parent can initially take
out on their minor child is
$800 - ANS-Larry has a Major Medical Expense policy for his family with a $1,000 per family/per
year deductible and an 80/20 coinsurance provision. If Larry's family files four claims of $400,
$800, $100, and $700 in one year, how much will the insurance company pay?
$960,000 - ANS-An individual is insured under a major medical plan with a $1,000,000 lifetime
benefit. The plan has a $500 deductible and an 80% coinsurance. If the insured suffers a
$50,500 medical expense during the calendar year, what is the remaining lifetime benefit?
1 year - ANS-How long is individual medical expense insurance normally written for?
10 days - ANS-What is the grace period required for an individual accident and health insurance
policy with monthly premiums?
10% - ANS-A "premature" distribution from a modified endowment contract (MEC) incurs a
penalty tax of
10% penalty is applied to withdrawals prior to age 59 1/2 - ANS-Which of these statements
about traditional individual retirement accounts is accurate?
NYS Life, accident, and health insurance Exam.pdf NYS Life, accident, and health insurance Exam.pdf NYS Life, accident, and health insurance Exam.pdf
,NYS Life, accident, and health insurance Exam.pdf NYS Life, accident, and health insurance Exam.pdf NYS Life, accident, and health insurance Exam.pdf
100 - ANS-Starting in 2016, businesses with up to ___ employees will be defined by the ACA as
a "small business".
100 - ANS-What is the maximum number employees (earning at least $5,000) that an employer
can have in order to start a SIMPLE retirement plan?
100% - ANS-John received a one-time distribution of $50,000 from his modified endowment
contract (MEC). Prior to that, the contract's cash value was $150,000, the contract investment
amount was $100,000, and the death benefit was $500,000. What percentage of the $50,000
distribution was taxable as ordinary income?
100% - ANS-Mary is the sole proprietor of her business and has a family health plan. She would
like to deduct the premiums from her taxes. What percentage of her premiums are tax
deductible?
12 months - ANS-Individuals seeking Social Security disability income benefits must have a
disability that will eventually lead to death, or be expected to last at least
18 months - ANS-Under HIPAA, medical plan late enrollees may be excluded for pre-existing
conditions for a maximum of
19 - ANS-An unmarried child under a family group accident and health policy must be provided
coverage until the age of
2 - ANS-A survivorship life insurance policy usually covers how many lives?
2-50 employees - ANS-A small employer group is an employer that employs how many?
20 - ANS-Employees are required to work at least ___ hours per week to become eligible for a
small employer health plan
20% - ANS-Mary has a HSA. Distributions that she has made for anything other than qualified
medical expenses are considered taxable and subject to a penalty of
20% - ANS-Nonqualified medical expense distributions from a HSA have tax penalty of
26 - ANS-According to the ACA, dependent children may remain on their parent's plan until
what age?
3 - ANS-Upon meeting company requirements, a lapsed life insurance policy may be reinstated
within ____ year(s)
30 - ANS-How many days notice does the ACA require insurers to give before rescinding
coverage?
NYS Life, accident, and health insurance Exam.pdf NYS Life, accident, and health insurance Exam.pdf NYS Life, accident, and health insurance Exam.pdf
, NYS Life, accident, and health insurance Exam.pdf NYS Life, accident, and health insurance Exam.pdf NYS Life, accident, and health insurance Exam.pdf
30 - ANS-When a Medicare Supplement policy is replaced, the policy owner will have a free
look period of ___ days.
30-year decreasing term. - ANS-Which type of life insurance policy is best suited for paying off
the outstanding balance of a 30-year mortgage in the event of the insured's death?
31 - ANS-Kate received a group accident and health termination notice. How many days does
she have to apply for a converted policy?
60 - ANS-What is the actuarial value of a bronze level health plan?
71 and 73 - ANS-Which of the co-annuitants listed below would receive the largest monthly
benefit payments in a joint and 100% survivor annuity?
90 - ANS-When initially issued, a temporary producer license in New York is valid for ___ days.
A false statement could lead to loss of coverage - ANS-After an applicant reads and signs an
insurance application, he/she should be conscious of the fact that
a federal health insurance program for individuals over the age of 65 or permanently disabled -
ANS-Medicare can be described as
A felony - ANS-An attempt to defraud an insurance company is considered
A life policy that covers the life of a minor - ANS-What is a juvenile life insurance policy?
A Medicare Supplement - ANS-A health plan offered by private insurance companies is
A Medicare Supplement additional benefit - ANS-Emergency health care coverage for Medicare
enrollees traveling abroad is
A Medicare Supplement core benefit - ANS-Which of the following describes coverage for the
Medicare Part B coinsurance?
a percentage of weekly earnings up to to a stated maximum - ANS-Short term group disability
income benefits are
A specific illness or event - ANS-What do Limited accident and health policies normally cover?
A statement that the policy is limited - ANS-New York requires advertisements for accident and
health insurance policies covering ONLY a specified illness to prominently display
NYS Life, accident, and health insurance Exam.pdf NYS Life, accident, and health insurance Exam.pdf NYS Life, accident, and health insurance Exam.pdf
NYS Life, accident, and health insurance Exam
$15,000 - ANS-Beth is a surgeon who has an own-occupation disability income policy. She was
injured six months ago and has been unable to return to her practice. Her monthly benefit from
the policy is $15,000. During this time, Beth has been working part-time at a local boutique and
receives $2,000 monthly. What is her ongoing monthly benefit while she is unable to perform her
surgical duties?
$25,000 - ANS-An insured has a $25,000 whole life insurance policy with $6,000 cash value
available. Under the extended term nonforfeiture option, what is the amount of insurance
available to the insured?
$300 - ANS-An insured files for an accident and health insurance policy claim eight days after
the premium due date. The benefit payable is $500 and the overdue premium is $200.
Assuming that the policy pays on a first-dollar basis and contains the unpaid premium provision,
how much will the insurer pay?
$5,000 - ANS-An individual working part-time has a gross income of $5,000 for the year. If this
individual has an IRA, what is the maximum deductible IRA contribution allowable?
$50,000 - ANS-The maximum amount of life insurance coverage that a parent can initially take
out on their minor child is
$800 - ANS-Larry has a Major Medical Expense policy for his family with a $1,000 per family/per
year deductible and an 80/20 coinsurance provision. If Larry's family files four claims of $400,
$800, $100, and $700 in one year, how much will the insurance company pay?
$960,000 - ANS-An individual is insured under a major medical plan with a $1,000,000 lifetime
benefit. The plan has a $500 deductible and an 80% coinsurance. If the insured suffers a
$50,500 medical expense during the calendar year, what is the remaining lifetime benefit?
1 year - ANS-How long is individual medical expense insurance normally written for?
10 days - ANS-What is the grace period required for an individual accident and health insurance
policy with monthly premiums?
10% - ANS-A "premature" distribution from a modified endowment contract (MEC) incurs a
penalty tax of
10% penalty is applied to withdrawals prior to age 59 1/2 - ANS-Which of these statements
about traditional individual retirement accounts is accurate?
NYS Life, accident, and health insurance Exam.pdf NYS Life, accident, and health insurance Exam.pdf NYS Life, accident, and health insurance Exam.pdf
,NYS Life, accident, and health insurance Exam.pdf NYS Life, accident, and health insurance Exam.pdf NYS Life, accident, and health insurance Exam.pdf
100 - ANS-Starting in 2016, businesses with up to ___ employees will be defined by the ACA as
a "small business".
100 - ANS-What is the maximum number employees (earning at least $5,000) that an employer
can have in order to start a SIMPLE retirement plan?
100% - ANS-John received a one-time distribution of $50,000 from his modified endowment
contract (MEC). Prior to that, the contract's cash value was $150,000, the contract investment
amount was $100,000, and the death benefit was $500,000. What percentage of the $50,000
distribution was taxable as ordinary income?
100% - ANS-Mary is the sole proprietor of her business and has a family health plan. She would
like to deduct the premiums from her taxes. What percentage of her premiums are tax
deductible?
12 months - ANS-Individuals seeking Social Security disability income benefits must have a
disability that will eventually lead to death, or be expected to last at least
18 months - ANS-Under HIPAA, medical plan late enrollees may be excluded for pre-existing
conditions for a maximum of
19 - ANS-An unmarried child under a family group accident and health policy must be provided
coverage until the age of
2 - ANS-A survivorship life insurance policy usually covers how many lives?
2-50 employees - ANS-A small employer group is an employer that employs how many?
20 - ANS-Employees are required to work at least ___ hours per week to become eligible for a
small employer health plan
20% - ANS-Mary has a HSA. Distributions that she has made for anything other than qualified
medical expenses are considered taxable and subject to a penalty of
20% - ANS-Nonqualified medical expense distributions from a HSA have tax penalty of
26 - ANS-According to the ACA, dependent children may remain on their parent's plan until
what age?
3 - ANS-Upon meeting company requirements, a lapsed life insurance policy may be reinstated
within ____ year(s)
30 - ANS-How many days notice does the ACA require insurers to give before rescinding
coverage?
NYS Life, accident, and health insurance Exam.pdf NYS Life, accident, and health insurance Exam.pdf NYS Life, accident, and health insurance Exam.pdf
, NYS Life, accident, and health insurance Exam.pdf NYS Life, accident, and health insurance Exam.pdf NYS Life, accident, and health insurance Exam.pdf
30 - ANS-When a Medicare Supplement policy is replaced, the policy owner will have a free
look period of ___ days.
30-year decreasing term. - ANS-Which type of life insurance policy is best suited for paying off
the outstanding balance of a 30-year mortgage in the event of the insured's death?
31 - ANS-Kate received a group accident and health termination notice. How many days does
she have to apply for a converted policy?
60 - ANS-What is the actuarial value of a bronze level health plan?
71 and 73 - ANS-Which of the co-annuitants listed below would receive the largest monthly
benefit payments in a joint and 100% survivor annuity?
90 - ANS-When initially issued, a temporary producer license in New York is valid for ___ days.
A false statement could lead to loss of coverage - ANS-After an applicant reads and signs an
insurance application, he/she should be conscious of the fact that
a federal health insurance program for individuals over the age of 65 or permanently disabled -
ANS-Medicare can be described as
A felony - ANS-An attempt to defraud an insurance company is considered
A life policy that covers the life of a minor - ANS-What is a juvenile life insurance policy?
A Medicare Supplement - ANS-A health plan offered by private insurance companies is
A Medicare Supplement additional benefit - ANS-Emergency health care coverage for Medicare
enrollees traveling abroad is
A Medicare Supplement core benefit - ANS-Which of the following describes coverage for the
Medicare Part B coinsurance?
a percentage of weekly earnings up to to a stated maximum - ANS-Short term group disability
income benefits are
A specific illness or event - ANS-What do Limited accident and health policies normally cover?
A statement that the policy is limited - ANS-New York requires advertisements for accident and
health insurance policies covering ONLY a specified illness to prominently display
NYS Life, accident, and health insurance Exam.pdf NYS Life, accident, and health insurance Exam.pdf NYS Life, accident, and health insurance Exam.pdf
