NYS Life, accident, and health insurance Exam
questions with verified answers
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? Ans✔✔-30-year decreasing term.
How many days notice does the ACA require insurers to give before
rescinding coverage? Ans✔✔-30
A signed good health statement may be requested by a life producer at
the time of Ans✔✔-Policy Delivery
Carol purchases a whole life policy that provides a choice of dividend
options. This policy is required to include a statement that the dividends
are Ans✔✔-Not Guaranteeed
Tim is confined to a nursing home but doesn't have a terminal illness.
Which life insurance rider is designed to help pay for this type of
expense? Ans✔✔-Long-term care benefit rider
An insured is covered under a group long-term disability policy. Under
this type of policy, the definition of disability based on any occupation
typically applies Ans✔✔-After two years of disability
Sylvia purchased an annuity for $100,000 from the proceeds of an
inheritance. No further payments are permitted and the income stream
,begins in 15 years. This contract is a(n) Ans✔✔-Single premium deferred
annuity
Which of these is NOT a factor that influences group health insurance
underwriting? Ans✔✔-Physical exams of group members
What is the grace period required for an individual accident and health
insurance policy with monthly premiums? Ans✔✔-10 days
In regards to technology and the ACA, which of the following
statements is correct? Ans✔✔-States which operate with an Exchange
must offer an internet-based portal
Insurable interest involves what assumption? Ans✔✔-One person
benefits from another person's continued life
Which of these policies is considered a whole life policy? Ans✔✔-Single
premium life
Which of the following would be considered an unfair claims settlement
practice? Ans✔✔-Misrepresenting pertinent policy provisions relating to
coverage after a loss
A policyowner is permitted to take out a policy loan on a whole life
policy at what point? Ans✔✔-When the policy has a cash value
,Which of these is NOT a factor during the health insurance underwriting
process? Ans✔✔-Former residence
New York workers compensation laws exclude benefits for disabilities
caused by Ans✔✔-Intentional, self-inflicted injuries occurring on the job
When premiums are determined, one factor would be the expenses of the
Ans✔✔-Insurer
Scott has a life insurance policy in which the dividends are left with the
insurance company. This particular policy may be paid up when the cash
value plus accumulated dividends Ans✔✔-equal the net single premium
for the same face amount at the insured's attained age
During open enrollment for Medicare Supplement coverage, an
applicant MUST be at least Ans✔✔-There is no minimum age
requirement
What happens to the cash value of a market value adjusted annuity if it's
surrendered prior to the end of the stated guarantee period? Ans✔✔-
Subject to market value adjustment
Which of the following contracts offer deferred taxation, flexible
payments, a guaranteed interest rate, and death benefits equal to the cash
value? Ans✔✔-Flexible premium fixed annuity
, Tonya has been diagnosed with kidney failure and has group accident
and health insurance through her large employer. Which of these
accident and health plans will be primary during the months following
her diagnosis? Ans✔✔-Her employer's group accident and health plan
Which statement regarding the certificate of insurance is accurate?
Ans✔✔-It indicates evidence of an employee's insurance coverage
According to the ACA, the proportion of premium revenues spent on
clinical services and quality improvements is called the Ans✔✔-Medical
loss ratio
Which of the following statements regarding the Fair Credit Reporting
Act is correct? Ans✔✔-If credit, insurance, or employment was denied
because of an unfavorable report, the consumer must be advised
According to the ACA, insurers can no longer deny health coverage due
to pre-exsisting conditions unless that plan is a Ans✔✔-Grandfathered
plan
Which item must be considered by an agent when determining the
suitability of an annuity recommendation? Ans✔✔-The client's financial
status
An applicant submits a life insurance application where an investigative
consumer report is used in the underwriting process. Which of these
questions with verified answers
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? Ans✔✔-30-year decreasing term.
How many days notice does the ACA require insurers to give before
rescinding coverage? Ans✔✔-30
A signed good health statement may be requested by a life producer at
the time of Ans✔✔-Policy Delivery
Carol purchases a whole life policy that provides a choice of dividend
options. This policy is required to include a statement that the dividends
are Ans✔✔-Not Guaranteeed
Tim is confined to a nursing home but doesn't have a terminal illness.
Which life insurance rider is designed to help pay for this type of
expense? Ans✔✔-Long-term care benefit rider
An insured is covered under a group long-term disability policy. Under
this type of policy, the definition of disability based on any occupation
typically applies Ans✔✔-After two years of disability
Sylvia purchased an annuity for $100,000 from the proceeds of an
inheritance. No further payments are permitted and the income stream
,begins in 15 years. This contract is a(n) Ans✔✔-Single premium deferred
annuity
Which of these is NOT a factor that influences group health insurance
underwriting? Ans✔✔-Physical exams of group members
What is the grace period required for an individual accident and health
insurance policy with monthly premiums? Ans✔✔-10 days
In regards to technology and the ACA, which of the following
statements is correct? Ans✔✔-States which operate with an Exchange
must offer an internet-based portal
Insurable interest involves what assumption? Ans✔✔-One person
benefits from another person's continued life
Which of these policies is considered a whole life policy? Ans✔✔-Single
premium life
Which of the following would be considered an unfair claims settlement
practice? Ans✔✔-Misrepresenting pertinent policy provisions relating to
coverage after a loss
A policyowner is permitted to take out a policy loan on a whole life
policy at what point? Ans✔✔-When the policy has a cash value
,Which of these is NOT a factor during the health insurance underwriting
process? Ans✔✔-Former residence
New York workers compensation laws exclude benefits for disabilities
caused by Ans✔✔-Intentional, self-inflicted injuries occurring on the job
When premiums are determined, one factor would be the expenses of the
Ans✔✔-Insurer
Scott has a life insurance policy in which the dividends are left with the
insurance company. This particular policy may be paid up when the cash
value plus accumulated dividends Ans✔✔-equal the net single premium
for the same face amount at the insured's attained age
During open enrollment for Medicare Supplement coverage, an
applicant MUST be at least Ans✔✔-There is no minimum age
requirement
What happens to the cash value of a market value adjusted annuity if it's
surrendered prior to the end of the stated guarantee period? Ans✔✔-
Subject to market value adjustment
Which of the following contracts offer deferred taxation, flexible
payments, a guaranteed interest rate, and death benefits equal to the cash
value? Ans✔✔-Flexible premium fixed annuity
, Tonya has been diagnosed with kidney failure and has group accident
and health insurance through her large employer. Which of these
accident and health plans will be primary during the months following
her diagnosis? Ans✔✔-Her employer's group accident and health plan
Which statement regarding the certificate of insurance is accurate?
Ans✔✔-It indicates evidence of an employee's insurance coverage
According to the ACA, the proportion of premium revenues spent on
clinical services and quality improvements is called the Ans✔✔-Medical
loss ratio
Which of the following statements regarding the Fair Credit Reporting
Act is correct? Ans✔✔-If credit, insurance, or employment was denied
because of an unfavorable report, the consumer must be advised
According to the ACA, insurers can no longer deny health coverage due
to pre-exsisting conditions unless that plan is a Ans✔✔-Grandfathered
plan
Which item must be considered by an agent when determining the
suitability of an annuity recommendation? Ans✔✔-The client's financial
status
An applicant submits a life insurance application where an investigative
consumer report is used in the underwriting process. Which of these
