NYS LIFE,ACCIDENT AND HEALTH INSURANCE EXAM A
NEW UPDATED VERSION LATEST 2024-2025 REAL EXAM
QUESTIONS AND CORRECT DETAILED ANSWERS (100%
CORRECT VERIFIED ANSWERS) ALREADY GRADED A+
The insured's consideration given for a health insurance policy is - ANSWER-The
first premium payment and the application
A reciprocal insurer typically has an administrator who manages the premiums
collected from the group's members. This administrator is called a - ANSWER-
attorney-in-fact
New York law requires the HIV consent form to - ANSWER-Disclose the types of
individuals or organizations that may receive a copy of the test results
Chris has a single major medical contract which covers all medical expenses. His
plan is considered to be - ANSWER-Comprehensive
XYZ Corp money to an employee to purchase a life insurance policy and allows the
employee to select the beneficiary. What kind of plan is this? - ANSWER-Split-
dollar
,Which of the following situations would an insurance agent need to guard against
liability for professional errors and omissions? - ANSWER-Making a
recommendation to a potential insured to replace existing coverage
A Medicare Supplement policy is required to do which of the following? -
ANSWER-Provide a 30 day free-look period
Typically, states will permit the grouping of two or more small employers in the
same industry for obtaining group health insurance at a favorable rate. This
grouping of employers is known as a multiple employer - ANSWER-Trust
An insured has a $25,000 whole life insurance policy with $6,000 cash value
available. Under the extended term nonforfeiture option, what is the amount of
insurance available to the insured? - ANSWER-$25,000
Which life insurance policy provision allows a policy owner to cancel the policy
and receive a full refund within a limited time period after policy delivery? -
ANSWER-Free-look period
After the extended term life nonforfeiture option is chosen, the available
insurance will be - ANSWER-Level term for a stated period of time
If an agent would like to start using an assumed name, at what point must the
superintendent be notified? - ANSWER-Before using the assumed name
Which of the following is NOT a valid contract exchange? - ANSWER-An annuity
exchanged for a life insurance policy
,An association which maintains a facility that displays offers and counteroffers for
purchasers or sellers of life settlement contracts is known as a - ANSWER-Life
settlement intermediary
Which of the following health insurance plans charges a premium that cannot be
increased? - ANSWER-Noncancelable
When a similarly appointed agent provides another agent with a referral, which
results in a sale, the commissions paid are generally - ANSWER-Shared between
the agents
How can a group dental insurer discourage adverse selection? - ANSWER-Limit the
duration of coverage
Why do insurers require a minimum number of employees participate in a group
insurance plan? - ANSWER-Minimize adverse selection
According to the ACA, coverage may be rescinded - ANSWER-If intentionally false
statements were offered
Which settlement option makes minimum guaranteed dollar payments over a
stated number of years? - ANSWER-Fixed-period
For purposes of disability income insurance, earned income would include all of
the following EXCEPT - ANSWER-Dividends
The "Use it or Lose it" rule applies to - ANSWER-Flexible Savings Accounts
, Which of the following is NOT true of a preferred provider plan? - ANSWER-
Hospitals...
Why does New York law require an insurance agent to examine the existing
Medicare Supplement policies of a prospective insured? - ANSWER-To determine
the suitability of potential changes
The Change of Occupation provision in a Disability Income policy states that, in
the event the insured changes to a less hazardous occupation, which of the
following may apply? - ANSWER-Benefits can be increased in the event of a
covered claim
A small employer group is an employer that employs how many? - ANSWER-2-50
employees
Whose interests are replacement rules designed to protect? - ANSWER-
Policyowner
Kate received a group accident and health termination notice. How many days
does she have to apply for a converted policy? - ANSWER-31
Medicaid will pay for nursing home expenses under what condition? - ANSWER-
Must have financial need
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? - ANSWER-30-
year decreasing term.
NEW UPDATED VERSION LATEST 2024-2025 REAL EXAM
QUESTIONS AND CORRECT DETAILED ANSWERS (100%
CORRECT VERIFIED ANSWERS) ALREADY GRADED A+
The insured's consideration given for a health insurance policy is - ANSWER-The
first premium payment and the application
A reciprocal insurer typically has an administrator who manages the premiums
collected from the group's members. This administrator is called a - ANSWER-
attorney-in-fact
New York law requires the HIV consent form to - ANSWER-Disclose the types of
individuals or organizations that may receive a copy of the test results
Chris has a single major medical contract which covers all medical expenses. His
plan is considered to be - ANSWER-Comprehensive
XYZ Corp money to an employee to purchase a life insurance policy and allows the
employee to select the beneficiary. What kind of plan is this? - ANSWER-Split-
dollar
,Which of the following situations would an insurance agent need to guard against
liability for professional errors and omissions? - ANSWER-Making a
recommendation to a potential insured to replace existing coverage
A Medicare Supplement policy is required to do which of the following? -
ANSWER-Provide a 30 day free-look period
Typically, states will permit the grouping of two or more small employers in the
same industry for obtaining group health insurance at a favorable rate. This
grouping of employers is known as a multiple employer - ANSWER-Trust
An insured has a $25,000 whole life insurance policy with $6,000 cash value
available. Under the extended term nonforfeiture option, what is the amount of
insurance available to the insured? - ANSWER-$25,000
Which life insurance policy provision allows a policy owner to cancel the policy
and receive a full refund within a limited time period after policy delivery? -
ANSWER-Free-look period
After the extended term life nonforfeiture option is chosen, the available
insurance will be - ANSWER-Level term for a stated period of time
If an agent would like to start using an assumed name, at what point must the
superintendent be notified? - ANSWER-Before using the assumed name
Which of the following is NOT a valid contract exchange? - ANSWER-An annuity
exchanged for a life insurance policy
,An association which maintains a facility that displays offers and counteroffers for
purchasers or sellers of life settlement contracts is known as a - ANSWER-Life
settlement intermediary
Which of the following health insurance plans charges a premium that cannot be
increased? - ANSWER-Noncancelable
When a similarly appointed agent provides another agent with a referral, which
results in a sale, the commissions paid are generally - ANSWER-Shared between
the agents
How can a group dental insurer discourage adverse selection? - ANSWER-Limit the
duration of coverage
Why do insurers require a minimum number of employees participate in a group
insurance plan? - ANSWER-Minimize adverse selection
According to the ACA, coverage may be rescinded - ANSWER-If intentionally false
statements were offered
Which settlement option makes minimum guaranteed dollar payments over a
stated number of years? - ANSWER-Fixed-period
For purposes of disability income insurance, earned income would include all of
the following EXCEPT - ANSWER-Dividends
The "Use it or Lose it" rule applies to - ANSWER-Flexible Savings Accounts
, Which of the following is NOT true of a preferred provider plan? - ANSWER-
Hospitals...
Why does New York law require an insurance agent to examine the existing
Medicare Supplement policies of a prospective insured? - ANSWER-To determine
the suitability of potential changes
The Change of Occupation provision in a Disability Income policy states that, in
the event the insured changes to a less hazardous occupation, which of the
following may apply? - ANSWER-Benefits can be increased in the event of a
covered claim
A small employer group is an employer that employs how many? - ANSWER-2-50
employees
Whose interests are replacement rules designed to protect? - ANSWER-
Policyowner
Kate received a group accident and health termination notice. How many days
does she have to apply for a converted policy? - ANSWER-31
Medicaid will pay for nursing home expenses under what condition? - ANSWER-
Must have financial need
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? - ANSWER-30-
year decreasing term.
