NY LIFE FINAL Questions with Correct Answers

Which of the following statements is correct regarding an employer/ employee group health health plan? - correct answer The employer recieves the master policy and the employees recieve a summary of benefits Which of the following features of a group term life policy enables an individual to leave the group and continue his or her insurance providing evidence of insurability ? - correct answer Conversión privilege What must be signed by both the agent and applicant when an existing life insurance policy is being reissued with a reduction in cash value ? - correct answer Notice Regarding Replacement Z owns a Disability Income policy with a 30-day Elimination period. Z contracts pneumonia that leaves him unable to work from January 1 until January 15. Z then becomes disabled from an accident on February 1 and the disability lasts until July 1 the same year. Z will become eligible to receive benefits starting on - correct answer March 1 An eligible employee has a maximum of ____ days after their first day of employment to be added to group health coverage - correct answer 60 Which of these circumstances require an insurer to clearly specify questions designed to obtain information solely for marketing research - correct answer Any insurance transaction The type of annuity that can be purchased with one monetary deposit is called an - correct answer Immediate annuity Who does an insurance broker in North Carolina represent ? - correct answer Insured Tom has been qualified retirement plan with his employer that is currently considered to be 80% "vested " how can this be interpreted ? - correct answer If toms employment is terminated . 20% of the funds would be forfeited Deductibles are used in health policies to lower - correct answer overuse of medical services J has an Accidental Death and Dismemberment policy with a principal sum of $50,000. While trimming the hedges, J cuts off one of his fingers. What is the MAXIMUM J will receive from his policy? - correct answer $25,000 Medicare is intended for all of the following groups EXCEPT - correct answer Those enrolled as a full-time student N i