NYS Life, accident, and health insurance Exam Latest
recent & frequently tested with questions and verified
accurate solutions (detailed & elaborated) GRADED
A+
,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 ans:30-year decreasing term.
How many days notice does the ACA require insurers to give before rescinding coverage? - correct
ans:30
A signed good health statement may be requested by a life producer at the time of - correct 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 - correct 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? - correct 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 - correct 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) - correct ans:Single premium
deferred annuity
Which of these is NOT a factor that influences group health insurance underwriting? - correct
ans:Physical exams of group members
What is the grace period required for an individual accident and health insurance policy with monthly
premiums? - correct ans:10 days
In regards to technology and the ACA, which of the following statements is correct? - correct ans:States
which operate with an Exchange must offer an internet-based portal
Insurable interest involves what assumption? - correct ans:One person benefits from another person's
continued life
,Which of these policies is considered a whole life policy? - correct ans:Single premium life
Which of the following would be considered an unfair claims settlement practice? - correct
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? - correct
ans:When the policy has a cash value
Which of these is NOT a factor during the health insurance underwriting process? - correct ans:Former
residence
New York workers compensation laws exclude benefits for disabilities caused by - correct
ans:Intentional, self-inflicted injuries occurring on the job
When premiums are determined, one factor would be the expenses of the - correct 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 - correct 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 - correct
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? - correct 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? - correct 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? - correct ans:Her employer's group accident and health plan
, Which statement regarding the certificate of insurance is accurate? - correct 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 - correct ans:Medical loss ratio
Which of the following statements regarding the Fair Credit Reporting Act is correct? - 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 - correct ans:Grandfathered plan
Which item must be considered by an agent when determining the suitability of an annuity
recommendation? - correct 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 statements is true? - correct ans:Applicant has a right to receive a
copy of the report
If group Health benefit levels are too high, what could be the end result? - correct ans:Overutilization of
the plan
A life insurance producer licensed in New York is authorized to - correct ans:Solicit, receive and forward
applications to the insurer
A group-owned insurance company that is formed to assume and spread the liability risks of its
members is known as a - correct ans:Risk retention group
Any employee insured under a group life insurance plan is normally - correct ans:Covered with term life
insurance
recent & frequently tested with questions and verified
accurate solutions (detailed & elaborated) GRADED
A+
,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 ans:30-year decreasing term.
How many days notice does the ACA require insurers to give before rescinding coverage? - correct
ans:30
A signed good health statement may be requested by a life producer at the time of - correct 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 - correct 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? - correct 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 - correct 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) - correct ans:Single premium
deferred annuity
Which of these is NOT a factor that influences group health insurance underwriting? - correct
ans:Physical exams of group members
What is the grace period required for an individual accident and health insurance policy with monthly
premiums? - correct ans:10 days
In regards to technology and the ACA, which of the following statements is correct? - correct ans:States
which operate with an Exchange must offer an internet-based portal
Insurable interest involves what assumption? - correct ans:One person benefits from another person's
continued life
,Which of these policies is considered a whole life policy? - correct ans:Single premium life
Which of the following would be considered an unfair claims settlement practice? - correct
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? - correct
ans:When the policy has a cash value
Which of these is NOT a factor during the health insurance underwriting process? - correct ans:Former
residence
New York workers compensation laws exclude benefits for disabilities caused by - correct
ans:Intentional, self-inflicted injuries occurring on the job
When premiums are determined, one factor would be the expenses of the - correct 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 - correct 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 - correct
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? - correct 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? - correct 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? - correct ans:Her employer's group accident and health plan
, Which statement regarding the certificate of insurance is accurate? - correct 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 - correct ans:Medical loss ratio
Which of the following statements regarding the Fair Credit Reporting Act is correct? - 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 - correct ans:Grandfathered plan
Which item must be considered by an agent when determining the suitability of an annuity
recommendation? - correct 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 statements is true? - correct ans:Applicant has a right to receive a
copy of the report
If group Health benefit levels are too high, what could be the end result? - correct ans:Overutilization of
the plan
A life insurance producer licensed in New York is authorized to - correct ans:Solicit, receive and forward
applications to the insurer
A group-owned insurance company that is formed to assume and spread the liability risks of its
members is known as a - correct ans:Risk retention group
Any employee insured under a group life insurance plan is normally - correct ans:Covered with term life
insurance
