NYS Life, Accident and Health Review Questions & Answers
(Complete Verified Solutions)
3 years. - Life settlement brokers must keep a record of commission and compensation disclosures
for life settlement contracts for the minimum of how many years?
15 days. - In a life settlement transaction, the owner must be made aware of his or her right to
rescind the contract within how many days after the receipt of the life settlement proceeds?
Life Settlement Contract. - The form used to establish the terms for both parties when a person sells
his life insurance policy to a third unrelated person is called a...
$100,000 for each settled policy. - What is the maximum fine for violating the Insurance Code
regarding life settlements?
24 months. - How long does a registration for a life settlement intermediary remain in effect?
Fingerprints. - In order to be a licensed life settlement broker, a person must submit what to the
Superintendent to be used for a criminal background check?
At the time of application or upon delivery of the policy. - At what point must an Outline of
Coverage be delivered?
Outline of Coverage - Which document helps to insure full and fair disclosure to the recipient of a
policy?
a Dread Disease Policy - A policy which covers medical costs related to a specific condition is called
what?
, Both state and federal. - Medicaid is sponsored by what kind of sources?
If an individual is in debt to a specific creditor, payments will be made for him/her until they return
to work. - In what case would a credit disability policy be issued?
True. - Health insurance could provide payments for loss of income. (T/F)
Limited Policy Notice. - Brad reads a statement on the first page of his health insurance policy,
which says "this is a limited policy". What is the name of this statement?
False. Every health insurance application requires the signature of the proposed insured, the
policyowner (if different than the insured), and the agent who solicits the insurance. - The signature
of the spouse of the policyowner is required on a health insurance application. (T/F)
When the premium is paid at the time of application. - When is the insurability conditional receipt
given?
Routine and preventative maintenance. - Which of the following components of dental insurance
does NOT require the payment of a deductible?
Accident-Only. - Jacob's insurance policy only pays for medical costs related to accidents. What type
of policy does he have?
Income lost by the Insured's inability to work. - What type of benefits would a disability plan most
likely pay?
Diagnostic and preventive care. - What is an important feature of a dental expense insurance plan
that is NOT typically found in a medical expense insurance plan?
(Complete Verified Solutions)
3 years. - Life settlement brokers must keep a record of commission and compensation disclosures
for life settlement contracts for the minimum of how many years?
15 days. - In a life settlement transaction, the owner must be made aware of his or her right to
rescind the contract within how many days after the receipt of the life settlement proceeds?
Life Settlement Contract. - The form used to establish the terms for both parties when a person sells
his life insurance policy to a third unrelated person is called a...
$100,000 for each settled policy. - What is the maximum fine for violating the Insurance Code
regarding life settlements?
24 months. - How long does a registration for a life settlement intermediary remain in effect?
Fingerprints. - In order to be a licensed life settlement broker, a person must submit what to the
Superintendent to be used for a criminal background check?
At the time of application or upon delivery of the policy. - At what point must an Outline of
Coverage be delivered?
Outline of Coverage - Which document helps to insure full and fair disclosure to the recipient of a
policy?
a Dread Disease Policy - A policy which covers medical costs related to a specific condition is called
what?
, Both state and federal. - Medicaid is sponsored by what kind of sources?
If an individual is in debt to a specific creditor, payments will be made for him/her until they return
to work. - In what case would a credit disability policy be issued?
True. - Health insurance could provide payments for loss of income. (T/F)
Limited Policy Notice. - Brad reads a statement on the first page of his health insurance policy,
which says "this is a limited policy". What is the name of this statement?
False. Every health insurance application requires the signature of the proposed insured, the
policyowner (if different than the insured), and the agent who solicits the insurance. - The signature
of the spouse of the policyowner is required on a health insurance application. (T/F)
When the premium is paid at the time of application. - When is the insurability conditional receipt
given?
Routine and preventative maintenance. - Which of the following components of dental insurance
does NOT require the payment of a deductible?
Accident-Only. - Jacob's insurance policy only pays for medical costs related to accidents. What type
of policy does he have?
Income lost by the Insured's inability to work. - What type of benefits would a disability plan most
likely pay?
Diagnostic and preventive care. - What is an important feature of a dental expense insurance plan
that is NOT typically found in a medical expense insurance plan?
