NYS Life, accident, and health insurance Exam
with complete solution.
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? ~CORRECT ANSWER~30-year decreasing term.
How many days notice does the ACA require insurers to give before
rescinding coverage? ~CORRECT ANSWER~30
A signed good health statement may be requested by a life producer at the
time of ~CORRECT ANSWER~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 ~CORRECT ANSWER~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?
~CORRECT ANSWER~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 ~CORRECT ANSWER~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) ~CORRECT ANSWER~Single
premium deferred annuity
Which of these is NOT a factor that influences group health insurance
underwriting? ~CORRECT ANSWER~Physical exams of group members
What is the grace period required for an individual accident and health
insurance policy with monthly premiums? ~CORRECT ANSWER~10 days
In regards to technology and the ACA, which of the following statements is
correct? ~CORRECT ANSWER~States which operate with an Exchange
must offer an internet-based portal
Insurable interest involves what assumption? ~CORRECT ANSWER~One
person benefits from another person's continued life
Which of these policies is considered a whole life policy? ~CORRECT
ANSWER~Single premium life
,Which of the following would be considered an unfair claims settlement
practice? ~CORRECT ANSWER~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? ~CORRECT ANSWER~When the policy has a cash value
Which of these is NOT a factor during the health insurance underwriting
process? ~CORRECT ANSWER~Former residence
New York workers compensation laws exclude benefits for disabilities
caused by ~CORRECT ANSWER~Intentional, self-inflicted injuries
occurring on the job
When premiums are determined, one factor would be the expenses of the
~CORRECT ANSWER~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 ~CORRECT ANSWER~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 ~CORRECT ANSWER~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? ~CORRECT
ANSWER~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?
~CORRECT ANSWER~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?
~CORRECT ANSWER~Her employer's group accident and health plan
Which statement regarding the certificate of insurance is accurate?
~CORRECT ANSWER~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 ~CORRECT
ANSWER~Medical loss ratio
with complete solution.
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? ~CORRECT ANSWER~30-year decreasing term.
How many days notice does the ACA require insurers to give before
rescinding coverage? ~CORRECT ANSWER~30
A signed good health statement may be requested by a life producer at the
time of ~CORRECT ANSWER~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 ~CORRECT ANSWER~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?
~CORRECT ANSWER~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 ~CORRECT ANSWER~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) ~CORRECT ANSWER~Single
premium deferred annuity
Which of these is NOT a factor that influences group health insurance
underwriting? ~CORRECT ANSWER~Physical exams of group members
What is the grace period required for an individual accident and health
insurance policy with monthly premiums? ~CORRECT ANSWER~10 days
In regards to technology and the ACA, which of the following statements is
correct? ~CORRECT ANSWER~States which operate with an Exchange
must offer an internet-based portal
Insurable interest involves what assumption? ~CORRECT ANSWER~One
person benefits from another person's continued life
Which of these policies is considered a whole life policy? ~CORRECT
ANSWER~Single premium life
,Which of the following would be considered an unfair claims settlement
practice? ~CORRECT ANSWER~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? ~CORRECT ANSWER~When the policy has a cash value
Which of these is NOT a factor during the health insurance underwriting
process? ~CORRECT ANSWER~Former residence
New York workers compensation laws exclude benefits for disabilities
caused by ~CORRECT ANSWER~Intentional, self-inflicted injuries
occurring on the job
When premiums are determined, one factor would be the expenses of the
~CORRECT ANSWER~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 ~CORRECT ANSWER~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 ~CORRECT ANSWER~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? ~CORRECT
ANSWER~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?
~CORRECT ANSWER~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?
~CORRECT ANSWER~Her employer's group accident and health plan
Which statement regarding the certificate of insurance is accurate?
~CORRECT ANSWER~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 ~CORRECT
ANSWER~Medical loss ratio
