NYS Life, Accident, and Health State Exam Simulator
questions with verified answers
Which of the following can be defined as "the potential for loss"?
Ans✔✔-Risk
Which of the following describes the act of insuring a risk against
possible loss? Ans✔✔-Risk Transfer
A description of a qualified plan's insurance contract may be found in
which ERISA reporting form? Ans✔✔-Annual Return/Report (Form
5500)
Which of the following statements is NOT true concerning the
relationship between group health insurance plans and Medicare?
(Assuming the business has more than 20 employees) Ans✔✔-Group
Health Coverage Is NOT Available For Workers Over The Age of 65
Custodial care is normally covered under Ans✔✔-Long-term care
insurance
Which of the following statements accurately describes the "time limit
on certain defenses"? Ans✔✔-After a stated period of time, claims
cannot be denied due to material misrepresentations on the application
,Taxable income may be the result from all of these modified endowment
contract (MEC) transactions EXCEPT for Ans✔✔-The policy is
surrendered for less than what was paid into it
In a speech to a local association, an agent incorrectly stated that XYZ
Insurance Company is in financial difficulty and not paying claims. The
agent may be guilty of Ans✔✔-Defamation
When does the owner's contractual rights begin under an individual
annuity contract? Ans✔✔-Time of purchase
According to the Affordable Care Act, new Health Insurance
Marketplace are established by the Ans✔✔-CCIIO (The Center for
Consumer Information and Insurance Oversight)
An insurance policy that can also be classified as a securities product is
called Ans✔✔-Variable life
An accelerated (living) benefit rider in a life insurance policy may
provide funds to an insured who Ans✔✔-Is expected to remain in a
nursing home for life
Employees generally receive workers compensation benefits for Ans✔✔-
Lost wages and medical expenses due to occupational accidents
Part A Medicare includes coverage for all of the following services
EXCEPT Ans✔✔-120 days of Skilled Nursing Facility care
, Which statement regarding universal life insurance is correct? Ans✔✔-
Cash value accumulations have a guaranteed minimum interest rate
A life insurance company just paid a $100,000 death benefit to a
beneficiary. When the insured died, the cash value was $15,000 and total
premiums-paid equaled $10,000. How much of the proceeds will be
added to the beneficiary's gross income for federal income tax purposes?
Ans✔✔-Nothing
Which of these life insurance policies does NOT contain a cash value
provision? Ans✔✔-Decreasing term life
Emergency health care coverage for Medicare enrollees traveling abroad
is Ans✔✔-A Medicare Supplement additional benefit
In New York, an insurer providing small employer group medical plans
may discontinue an employer's coverage if Ans✔✔-The insurer no longer
offers the plan to any employer
When must the Superintendent be notified of an agent using an assumed
name? Ans✔✔-Before using the assumed name
Which type of policy pays benefits to a policyholder covered under a
Hospital Expense policy? Ans✔✔-Reimbursement
questions with verified answers
Which of the following can be defined as "the potential for loss"?
Ans✔✔-Risk
Which of the following describes the act of insuring a risk against
possible loss? Ans✔✔-Risk Transfer
A description of a qualified plan's insurance contract may be found in
which ERISA reporting form? Ans✔✔-Annual Return/Report (Form
5500)
Which of the following statements is NOT true concerning the
relationship between group health insurance plans and Medicare?
(Assuming the business has more than 20 employees) Ans✔✔-Group
Health Coverage Is NOT Available For Workers Over The Age of 65
Custodial care is normally covered under Ans✔✔-Long-term care
insurance
Which of the following statements accurately describes the "time limit
on certain defenses"? Ans✔✔-After a stated period of time, claims
cannot be denied due to material misrepresentations on the application
,Taxable income may be the result from all of these modified endowment
contract (MEC) transactions EXCEPT for Ans✔✔-The policy is
surrendered for less than what was paid into it
In a speech to a local association, an agent incorrectly stated that XYZ
Insurance Company is in financial difficulty and not paying claims. The
agent may be guilty of Ans✔✔-Defamation
When does the owner's contractual rights begin under an individual
annuity contract? Ans✔✔-Time of purchase
According to the Affordable Care Act, new Health Insurance
Marketplace are established by the Ans✔✔-CCIIO (The Center for
Consumer Information and Insurance Oversight)
An insurance policy that can also be classified as a securities product is
called Ans✔✔-Variable life
An accelerated (living) benefit rider in a life insurance policy may
provide funds to an insured who Ans✔✔-Is expected to remain in a
nursing home for life
Employees generally receive workers compensation benefits for Ans✔✔-
Lost wages and medical expenses due to occupational accidents
Part A Medicare includes coverage for all of the following services
EXCEPT Ans✔✔-120 days of Skilled Nursing Facility care
, Which statement regarding universal life insurance is correct? Ans✔✔-
Cash value accumulations have a guaranteed minimum interest rate
A life insurance company just paid a $100,000 death benefit to a
beneficiary. When the insured died, the cash value was $15,000 and total
premiums-paid equaled $10,000. How much of the proceeds will be
added to the beneficiary's gross income for federal income tax purposes?
Ans✔✔-Nothing
Which of these life insurance policies does NOT contain a cash value
provision? Ans✔✔-Decreasing term life
Emergency health care coverage for Medicare enrollees traveling abroad
is Ans✔✔-A Medicare Supplement additional benefit
In New York, an insurer providing small employer group medical plans
may discontinue an employer's coverage if Ans✔✔-The insurer no longer
offers the plan to any employer
When must the Superintendent be notified of an agent using an assumed
name? Ans✔✔-Before using the assumed name
Which type of policy pays benefits to a policyholder covered under a
Hospital Expense policy? Ans✔✔-Reimbursement
