Pre-Final Exam - New York Life, Accident
and Health Exam Questions And Correct
Answers.
What happens when an initial offer is answered with a counteroffer? - Answer Initial offer is void
According to the Affordable Care Act (ACA), dependent children may remain on their parent's plan until
what age? - Answer Age 26
The premiums paid by an employer for his employee's group life insurance are usually considered to be -
Answer tax-deductible to the employer
A family group accident and health insurance policy must continue coverage for each unmarried child at
least until age - Answer 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? - Answer 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? - Answer 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? - Answer Joint and survivor
annuity
Major medical plans typically exclude coverage for which of the following benefits? - Answer Custodial
care
Which of the following BEST describes a "partial disability"? - Answer 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? - Answer The person insured
An agent's license in New York must be renewed every - Answer 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? - Answer 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 - Answer Medical Loss Ratio
A material change in a modified endowment contract (MEC) results in - Answer 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?
- Answer 30
What determines how much an annuitant is paid for a variable annuity? - Answer The market value
variations of the securities backing it
Accident and health insurance standard provisions require that - Answer 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 - Answer Life Settlements
An employee requested that the balance of her 401(k) account be sent directly to her in one lump sum.
Upon receipt of the distribution, she immediately had the funds rolled over into an IRA. What is the tax
consequence of the distribution sent to this employee? - Answer Distribution is subject to federal
income tax withholding
and Health Exam Questions And Correct
Answers.
What happens when an initial offer is answered with a counteroffer? - Answer Initial offer is void
According to the Affordable Care Act (ACA), dependent children may remain on their parent's plan until
what age? - Answer Age 26
The premiums paid by an employer for his employee's group life insurance are usually considered to be -
Answer tax-deductible to the employer
A family group accident and health insurance policy must continue coverage for each unmarried child at
least until age - Answer 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? - Answer 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? - Answer 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? - Answer Joint and survivor
annuity
Major medical plans typically exclude coverage for which of the following benefits? - Answer Custodial
care
Which of the following BEST describes a "partial disability"? - Answer 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? - Answer The person insured
An agent's license in New York must be renewed every - Answer 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? - Answer 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 - Answer Medical Loss Ratio
A material change in a modified endowment contract (MEC) results in - Answer 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?
- Answer 30
What determines how much an annuitant is paid for a variable annuity? - Answer The market value
variations of the securities backing it
Accident and health insurance standard provisions require that - Answer 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 - Answer Life Settlements
An employee requested that the balance of her 401(k) account be sent directly to her in one lump sum.
Upon receipt of the distribution, she immediately had the funds rolled over into an IRA. What is the tax
consequence of the distribution sent to this employee? - Answer Distribution is subject to federal
income tax withholding
