NYS Life, Accident and Health 2023 Questions With Complete solutions

NYS Life, Accident and Health 2023 Questions With Complete solutions 3 years. - CORRECT ANSWERS Life settlement brokers must keep a record of commission and compensation disclosures for life settlement contracts for the minimum of how many years? 15 days. - CORRECT ANSWERS In a life settlement transaction, the owner must be made aware of his or her right to rescind the contract within how many days after the receipt of the life settlement proceeds? Life Settlement Contract. - CORRECT ANSWERS The form used to establish the terms for both parties when a person sells his life insurance policy to a third unrelated person is called a... $100,000 for each settled policy. - CORRECT ANSWERS What is the maximum fine for violating the Insurance Code regarding life settlements? 24 months. - CORRECT ANSWERS How long does a registration for a life settlement intermediary remain in effect? Fingerprints. - CORRECT ANSWERS In order to be a licensed life settlement broker, a person must submit what to the Superintendent to be used for a criminal background check? At the time of application or upon delivery of the policy. - CORRECT ANSWERS At what point must an Outline of Coverage be delivered? Outline of Coverage - CORRECT ANSWERS Which document helps to insure full and fair disclosure to the recipient of a policy? a Dread Disease Policy - CORRECT ANSWERS A policy which covers medical costs related to a specific condition is called what? Both state and federal. - CORRECT ANSWERS Medicaid is sponsored by what kind of sources? If an individual is in debt to a specific creditor, payments will be made for him/her until they return to work. - CORRECT ANSWERS In what case would a credit disability policy be issued? True. - CORRECT ANSWERS Health insurance could provide payments for loss of income. (T/F) Limited Policy Notice. - CORRECT ANSWERS Brad reads a statement on the first page of his health insurance policy, which says "this is a limited policy". What is the name of this statement? False. Every health insurance application requires the signature of the proposed insured, the policyowner (if different than the insured), and the agent who solicits the insurance. - CORRECT ANSWERS The signature of the spouse of the policyowner is required on a health insurance application. (T/F) When the premium is paid at the time of application. - CORRECT ANSWERS When is the insurability conditional receipt given? Routine and preventative maintenance. - CORRECT ANSWERS Which of the following components of dental insurance does NOT require the payment of a deductible? Accident-Only. - CORRECT ANSWERS Jacob's insurance policy only pays for medical costs related to accidents. What type of policy does he have? Income lost by the Insured's inability to work. - CORRECT ANSWERS What type of benefits would a disability plan most likely pay? Diagnostic and preventive care. - CORRECT ANSWERS What is an important feature of a dental expense insurance plan that is NOT typically found in a medical expense insurance plan? Suspension of license. - CORRECT ANSWERS An agent misrepresents of an insured's new insurance contract that will be replacing the current contract. What will most likely happen? Conditions for which the insured has received diagnosis, advice, care, or treatment during a specific time period prior to application. Time periods vary from state to state, company to company, and plan to plan. - CORRECT ANSWERS Define: "Pre-existing condition". Individual proprietor coverage. - CORRECT ANSWERS The single owner and employee of a business can apply for? Assets. - CORRECT ANSWERS In a replacement situation, all of the following must be considered EXCEPT? The Notice of Claim Provision. - CORRECT ANSWERS Which provision concerns the insured's duty to provide the insurer with reasonable notice in the event of a loss?