Pre-Final Exam - New York Life, Accident and Health Questions and Answers 100% Pass

Pre-Final Exam - New York Life, Accident and Health Questions and Answers 100% Pass What happens when an initial offer is answered with a counteroffer? Initial offer is void According to the Affordable Care Act (ACA), dependent children may remain on their parent's plan until what age? Age 26 The premiums paid by an employer for his employee's group life insurance are usually considered to be tax-deductible to the employer A family group accident and health insurance policy must continue coverage for each unmarried child at least until age 19 A life insurance beneficiary died after receiving only six payments under the policy's life income settlement option. What happens with the remaining balance of the death proceeds? Kept by the insurance company When an individual is planning to protect his family with life insurance, one method of doing so is called needs analysis. What exactly does needs analysis involve? Identifies the needs of an individual and the individual's dependents A retired couple would like to maximize the income derived from their combined life savings and have it payable until they both die. Which annuity would be their best choice? Joint and survivor annuity Major medical plans typically exclude coverage for which of the following benefits? Custodial care Which of the following BEST describes a "partial disability"? Unable to perform one or more job duties Under an adjustable life insurance policy, which of the following may NOT be changed without further underwriting? The person insured An agent's license in New York must be renewed every Two years A policyowner pays the first annual premium for a $50,000 life insurance policy and dies one month after the policy effective date. Which of these statements is normally true? Beneficiary receives $50,000 income tax-free According to the Affordable Care Act (ACA), the proportion of premium revenues spent on clinical services and quality improvements is called the Medical Loss Ratio A material change in a modified endowment contract (MEC) results in the seven pay test, adjusted for cash value, applies again How many days notice does the Affordable Care Act require insurers to give before rescinding coverage? 30 What determines how much an annuitant is paid for a variable annuity? The market value variations of the securities backing it Accident and health insurance standard provisions require that The policy, endorsements, and attached papers constitute the entire contract Agreements made by terminally ill persons to sell their life insurance policies at a discount in order to pay medical expenses are called Life Settlements An employee requested that the balance of her 401(k)