1|Page
XCEL NYS Exam Simulator|| Questions And Correct
Detailed Answers (verified Answers)||Already Graded
A+||Newest Exam!!!!
As of January 1, 2014, an employer with up to 25 full time
equivalent (FTE's) with average annual wages of less than
$50,000 may be eligible for a tax credit of ___ of the
premiums paid by the employer. - ANSWER-50%
Every agent licensed in New York must notify the
Superintendent within ____ days of any change in
address. - ANSWER-30
Simon has purchased a fixed immediate annuity. His
payment amount will be dependent upon principal,
interest, and the contract's - ANSWER-income period.
A tax-free Section 1035 Exchange of a life insurance
policy to a different policy is permitted if it occurs -
ANSWER-from insurer to insurer and no cash is received
by the policyowner
The waiting period for a disability insurance policy -
ANSWER-excludes payments for a short-term illness or
injury
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Which of the following is required for the renewal of an
agent's insurance license? - ANSWER-Continuing
education
Which of the following is a requirement for ANY change in
an insurance application? - ANSWER-Change must be
initialed by the applicant
Which of these annuities require premium payments that
vary from year to year? - ANSWER-Flexible premium
deferred annuity
What happens when an insurance policy is backdated? -
ANSWER-The policy's effective date is earlier than the
present
The role of the federal government was expanded when
Medicaid was established by allowing the state to -
ANSWER-receive matching funds to expand public
assistance programs
What is the purpose of the Medical Information Bureau
(MIB)? - ANSWER-To help underwriters evaluate risk
, 3|Page
A form of medical health insurance covering the treatment
and care of gum disease is called: - ANSWER-Dental
expense insurance
Under the Affordable Care Act, a large employer that does
NOT provide health insurance and owes an employer
mandate penalty MUST pay an annual penalty, which is
calculated by multiplying $2,000 by - ANSWER-the
number of full time employees minus 30
According to the Affordable Care Act, what is the
maximum allowable amount an individual can contribute to
a Flexible Savings Account (FSA)? - ANSWER-$2,500
How many employees must an employer have for a
terminated employee to be eligible for COBRA? -
ANSWER-20
An insured under a Major Medical expense plan with a
zero deductible and 80/20 coinsurance provision files a
$1,000 claim. How much of this claim is the insured
responsible for? - ANSWER-$200
Medicaid is a government-funded program designed to
provide health care to - ANSWER-poor people
XCEL NYS Exam Simulator|| Questions And Correct
Detailed Answers (verified Answers)||Already Graded
A+||Newest Exam!!!!
As of January 1, 2014, an employer with up to 25 full time
equivalent (FTE's) with average annual wages of less than
$50,000 may be eligible for a tax credit of ___ of the
premiums paid by the employer. - ANSWER-50%
Every agent licensed in New York must notify the
Superintendent within ____ days of any change in
address. - ANSWER-30
Simon has purchased a fixed immediate annuity. His
payment amount will be dependent upon principal,
interest, and the contract's - ANSWER-income period.
A tax-free Section 1035 Exchange of a life insurance
policy to a different policy is permitted if it occurs -
ANSWER-from insurer to insurer and no cash is received
by the policyowner
The waiting period for a disability insurance policy -
ANSWER-excludes payments for a short-term illness or
injury
,2|Page
Which of the following is required for the renewal of an
agent's insurance license? - ANSWER-Continuing
education
Which of the following is a requirement for ANY change in
an insurance application? - ANSWER-Change must be
initialed by the applicant
Which of these annuities require premium payments that
vary from year to year? - ANSWER-Flexible premium
deferred annuity
What happens when an insurance policy is backdated? -
ANSWER-The policy's effective date is earlier than the
present
The role of the federal government was expanded when
Medicaid was established by allowing the state to -
ANSWER-receive matching funds to expand public
assistance programs
What is the purpose of the Medical Information Bureau
(MIB)? - ANSWER-To help underwriters evaluate risk
, 3|Page
A form of medical health insurance covering the treatment
and care of gum disease is called: - ANSWER-Dental
expense insurance
Under the Affordable Care Act, a large employer that does
NOT provide health insurance and owes an employer
mandate penalty MUST pay an annual penalty, which is
calculated by multiplying $2,000 by - ANSWER-the
number of full time employees minus 30
According to the Affordable Care Act, what is the
maximum allowable amount an individual can contribute to
a Flexible Savings Account (FSA)? - ANSWER-$2,500
How many employees must an employer have for a
terminated employee to be eligible for COBRA? -
ANSWER-20
An insured under a Major Medical expense plan with a
zero deductible and 80/20 coinsurance provision files a
$1,000 claim. How much of this claim is the insured
responsible for? - ANSWER-$200
Medicaid is a government-funded program designed to
provide health care to - ANSWER-poor people
