Pre Final Exam New York Life Accident
and Health test questions with correct
answers
A "premature" distribution from a modified endowment contract (MEC) incurs a penalty
tax of - CORRECT ANSWERS-10%
A characteristic of preferred provider organizations (PPO) is - CORRECT ANSWERS-If
service is obtained outside the PPO, benefits are reduced and costs increase
A copy of all Medicare Supplement advertisements must be submitted for approval to -
CORRECT ANSWERS-The Superintendent of Insurance
A disabled business owner who has payroll and business expenses paid for has what
kind of insurance policy? - CORRECT ANSWERS-Business Overhead Expense
A family group accident and health insurance policy must continue coverage for each
unmarried child at least until age - CORRECT ANSWERS-19
A group-owned insurance company that is formed to assume and spread the liability
risks of its members is known as a - CORRECT ANSWERS-risk retention group
A Health Reimbursement Arrangement MUST be established - CORRECT ANSWERS-
by the employer
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? - CORRECT ANSWERS-Kept by the insurance company
A life insurance policy in New York becomes incontestable after it has been in force for -
CORRECT ANSWERS-2 years
, A life insurance producer licensed in New York is authorized to - CORRECT
ANSWERS-Solicit, receive and forward applications to the insurer
A material change in a modified endowment contract (MEC) results in - CORRECT
ANSWERS-the seven pay test, adjusted for cash value, applies again
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? -
CORRECT ANSWERS-Beneficiary receives $50,000 income tax-free
A policyowner suffers a covered accident and health insurance loss on June 30 and
submits the proof of loss to the insurer July 10. If the policyowner cancelled the
coverage on July 2, how will the insurance company handle the claim? - CORRECT
ANSWERS-Claim must be paid after proof of loss is received
A policyowner suffers an injury that renders him incapable of performing one or more
important job duties. Any decrease in income resulting from this injury would make him
eligible for benefits under which provision? - CORRECT ANSWERS-partial disability
A prepaid dental plan has an agreement in place with a network of dentists which -
CORRECT ANSWERS-accepts an established amount that is considered full payment
for services rendered
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? - CORRECT ANSWERS-Joint and survivor annuity
A signed good health statement may be requested by a life producer at the time of -
CORRECT ANSWERS-policy delivery
A source of supplemental income for a life insurance policyowner can be derived from
the - CORRECT ANSWERS-cash value
A temporary producer license may be initially issued for a maximum period of -
CORRECT ANSWERS-90 DAYS
A whole life policy that provides a choice of dividend options must include the following
statement about dividends - CORRECT ANSWERS-they are not guaranteed
Accident and health insurance standard provisions require that - CORRECT
ANSWERS-The policy, endorsements, and attached papers constitute the entire
contract
According to the Affordable Care Act (ACA), dependent children may remain on their
parent's plan until what age? - CORRECT ANSWERS-Age 26
and Health test questions with correct
answers
A "premature" distribution from a modified endowment contract (MEC) incurs a penalty
tax of - CORRECT ANSWERS-10%
A characteristic of preferred provider organizations (PPO) is - CORRECT ANSWERS-If
service is obtained outside the PPO, benefits are reduced and costs increase
A copy of all Medicare Supplement advertisements must be submitted for approval to -
CORRECT ANSWERS-The Superintendent of Insurance
A disabled business owner who has payroll and business expenses paid for has what
kind of insurance policy? - CORRECT ANSWERS-Business Overhead Expense
A family group accident and health insurance policy must continue coverage for each
unmarried child at least until age - CORRECT ANSWERS-19
A group-owned insurance company that is formed to assume and spread the liability
risks of its members is known as a - CORRECT ANSWERS-risk retention group
A Health Reimbursement Arrangement MUST be established - CORRECT ANSWERS-
by the employer
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? - CORRECT ANSWERS-Kept by the insurance company
A life insurance policy in New York becomes incontestable after it has been in force for -
CORRECT ANSWERS-2 years
, A life insurance producer licensed in New York is authorized to - CORRECT
ANSWERS-Solicit, receive and forward applications to the insurer
A material change in a modified endowment contract (MEC) results in - CORRECT
ANSWERS-the seven pay test, adjusted for cash value, applies again
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? -
CORRECT ANSWERS-Beneficiary receives $50,000 income tax-free
A policyowner suffers a covered accident and health insurance loss on June 30 and
submits the proof of loss to the insurer July 10. If the policyowner cancelled the
coverage on July 2, how will the insurance company handle the claim? - CORRECT
ANSWERS-Claim must be paid after proof of loss is received
A policyowner suffers an injury that renders him incapable of performing one or more
important job duties. Any decrease in income resulting from this injury would make him
eligible for benefits under which provision? - CORRECT ANSWERS-partial disability
A prepaid dental plan has an agreement in place with a network of dentists which -
CORRECT ANSWERS-accepts an established amount that is considered full payment
for services rendered
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? - CORRECT ANSWERS-Joint and survivor annuity
A signed good health statement may be requested by a life producer at the time of -
CORRECT ANSWERS-policy delivery
A source of supplemental income for a life insurance policyowner can be derived from
the - CORRECT ANSWERS-cash value
A temporary producer license may be initially issued for a maximum period of -
CORRECT ANSWERS-90 DAYS
A whole life policy that provides a choice of dividend options must include the following
statement about dividends - CORRECT ANSWERS-they are not guaranteed
Accident and health insurance standard provisions require that - CORRECT
ANSWERS-The policy, endorsements, and attached papers constitute the entire
contract
According to the Affordable Care Act (ACA), dependent children may remain on their
parent's plan until what age? - CORRECT ANSWERS-Age 26
