NYS rules and regulations pertinent to
life insurance
A enterprise may additionally buy an annuity for all of the following reasons EXCEPT -
ANS-informally investment a non- certified deferred repayment plan
a clause that allows an insurer the proper to terminate insurance at any anniversary date is
referred to as an - ANS-optionally available renewability clause
a duplicate of all Medicare Supplement advertisements must be submitted for approval to -
ANS-Superintendent of Insurance1
a disability elimination duration is great described as a - ANS-time deductible
a family counseling benefit is typically presented under which of these coverages? -
ANS-hospice care
a charge for service medical insurance plan will commonly cowl - ANS-a disease
A institution disability profits plan that pays tax-loose advantages to included employees is
considered - ANS-absolutely contributory
a guaranteed renewable provisions lets in - ANS-premiums that could handiest be expanded
in keeping with fee magnificence
A fitness Reimbursement Arrangement MUST be installed - ANS-by way of the company
a preserve-harmless clause is an example of danger - ANS-transfer
a medical institution or scientific fee coverage will commonly cover dental remedy costs
below which situations? - ANS-dental remedy is needed to repair an damage
a life insurance enterprise simply paid a $100,000 loss of life advantage to a beneficiary.
When the insurer died, the coins fee changed into $15,000 and the whole rates-paid equaled
$10,000. How a great deal of the proceeds will be introduced to the beneficiary's gross
earnings for federal income tax purposes? - ANS-nothing
a life coverage policy typically contains a provision that restricts coverage in the event of
death underneath all of the following situations EXCEPT - ANS-fare-paying passenger
a existence insurance policy that includes a assured interest price with the hazard to earn a
charge this is higher than the assured fee is called - ANS-generic life
,a existence coverage policy that carries an improved (dwelling) benefit rider will provide
funds if the - ANS-insured is anticipated to be limited to a nursing domestic for existence
a existence coverage manufacturer certified in NY is allowed to - ANS-solicit, acquire and
forward applicants to the insurer
a lifestyles agreement dealer is a person who's - ANS-licensed to negotiate a existence
settlement contract
a life agreement broking is a person who's - ANS-licensed to negotiate a life agreement
agreement
a restrained payment complete life coverage affords - ANS-lifetime protection
a maximum jail sentence given beneath federal law for unfair and misleading coverage
practices is - ANS-15 years
A Medicare Supplement Policy is - ANS-designed to fill in the gaps of Part A and Part B
Medicare
a Medicare Supplement coverage ought to NOT comprise blessings which -
ANS-reproduction medicare advantages
a partial surrender is allowed wherein of the subsequent life guidelines? - ANS-normal life
someone who is license has been revoked cannot achieve any other license for - ANS-1 yr
a plan wherein an corporation pays coverage benefits from a fund derived from the
organisation's modern sales is referred to as - ANS-self-funded plan
a policyowner and a lifestyles agreement issuer may have a life settlement negotiated
through an - ANS-life agreement broker
A policyowner and a life settlement provider may have a existence agreement negotiated via
an - ANS-lifestyles agreement broker
a policyowner can obtain a percentage fee of the loss of life advantage previous to loss of
life with the aid of the usage of what kind of settlement? - ANS-viatical settlement agreement
A policyowner has decided to update an current life insruance coverage with a brand new
one. The existing lifestyles policy ought to be terminated - ANS-after the brand new one has
been issued and brought to the policyowner
a policyowner has decided to update an present existence coverage policy with a brand new
one. The present life coverage policy have to be terminated - ANS-after the new existence
insurance coverage has been issued and added to the policyowner
, a policyowner is authorized to take out a policy loan on an entire lifestyles policy at what
point? - ANS-whilst the coverage has a cash value
a policyowner is against the law from making any modifications to the policy without the
beneficiary's written consent beneath which beneficiary designation? - ANS-irrevocable
beneficiary
A policyowner will pay the primary annual premium for a $50,000 life insurance coverage
and dies one month after the policy effective date. Which of those statements is commonly
genuine? - ANS-beneficiary receives $50,000 profits tax-free`
a policyowner with a terminal infection who sells his existence coverage policy to a 3rd policy
is referred to as a - ANS-viator
a manufacturer running for an coverage corporation can be in my opinion chargeable for -
ANS-acts accomplished which might be prohibited inside the enterprise agreement
a expert liability for which manufacturers can be sued for errors of setting a policy into impact
is called - ANS-errors and omissions
a provision in a whole existence coverage that lets in a policyowner to terminate the
coverage in go back for a discounted paid-up policy of the equal kind is called -
ANS-nonforfeiture provision
a provision that lets in a policyowner to temporarily surrender ownership rights to secure a
mortgage - ANS-collateral assignment
a rider that assures charges can be paid on a juvenile coverage till the child reaches a
specific age is referred to as an - ANS-payor rider- the rates may be paid on a juvenile
coverage until the insured child reaches a specific age
a small enterprise organization is an corporation that employs what number of? - ANS-2-50
employees
a source of supplemental profits for a lifestyles insurance policyowner can be derived from
the - ANS-coins fee
a survivorship life coverage policy usually covers how many lives? - ANS-2 lives
a taxable element of every annuity price is calculated the usage of which approach? -
ANS-exclusion ratio
a transient license is right for as much as - ANS-90 days
a sort of group that has a constitution and bylaws and has been organized for purposes
apart from acquiring insurance is called an - ANS-affiliation or exertions institution
life insurance
A enterprise may additionally buy an annuity for all of the following reasons EXCEPT -
ANS-informally investment a non- certified deferred repayment plan
a clause that allows an insurer the proper to terminate insurance at any anniversary date is
referred to as an - ANS-optionally available renewability clause
a duplicate of all Medicare Supplement advertisements must be submitted for approval to -
ANS-Superintendent of Insurance1
a disability elimination duration is great described as a - ANS-time deductible
a family counseling benefit is typically presented under which of these coverages? -
ANS-hospice care
a charge for service medical insurance plan will commonly cowl - ANS-a disease
A institution disability profits plan that pays tax-loose advantages to included employees is
considered - ANS-absolutely contributory
a guaranteed renewable provisions lets in - ANS-premiums that could handiest be expanded
in keeping with fee magnificence
A fitness Reimbursement Arrangement MUST be installed - ANS-by way of the company
a preserve-harmless clause is an example of danger - ANS-transfer
a medical institution or scientific fee coverage will commonly cover dental remedy costs
below which situations? - ANS-dental remedy is needed to repair an damage
a life insurance enterprise simply paid a $100,000 loss of life advantage to a beneficiary.
When the insurer died, the coins fee changed into $15,000 and the whole rates-paid equaled
$10,000. How a great deal of the proceeds will be introduced to the beneficiary's gross
earnings for federal income tax purposes? - ANS-nothing
a life coverage policy typically contains a provision that restricts coverage in the event of
death underneath all of the following situations EXCEPT - ANS-fare-paying passenger
a existence insurance policy that includes a assured interest price with the hazard to earn a
charge this is higher than the assured fee is called - ANS-generic life
,a existence coverage policy that carries an improved (dwelling) benefit rider will provide
funds if the - ANS-insured is anticipated to be limited to a nursing domestic for existence
a existence coverage manufacturer certified in NY is allowed to - ANS-solicit, acquire and
forward applicants to the insurer
a lifestyles agreement dealer is a person who's - ANS-licensed to negotiate a existence
settlement contract
a life agreement broking is a person who's - ANS-licensed to negotiate a life agreement
agreement
a restrained payment complete life coverage affords - ANS-lifetime protection
a maximum jail sentence given beneath federal law for unfair and misleading coverage
practices is - ANS-15 years
A Medicare Supplement Policy is - ANS-designed to fill in the gaps of Part A and Part B
Medicare
a Medicare Supplement coverage ought to NOT comprise blessings which -
ANS-reproduction medicare advantages
a partial surrender is allowed wherein of the subsequent life guidelines? - ANS-normal life
someone who is license has been revoked cannot achieve any other license for - ANS-1 yr
a plan wherein an corporation pays coverage benefits from a fund derived from the
organisation's modern sales is referred to as - ANS-self-funded plan
a policyowner and a lifestyles agreement issuer may have a life settlement negotiated
through an - ANS-life agreement broker
A policyowner and a life settlement provider may have a existence agreement negotiated via
an - ANS-lifestyles agreement broker
a policyowner can obtain a percentage fee of the loss of life advantage previous to loss of
life with the aid of the usage of what kind of settlement? - ANS-viatical settlement agreement
A policyowner has decided to update an current life insruance coverage with a brand new
one. The existing lifestyles policy ought to be terminated - ANS-after the brand new one has
been issued and brought to the policyowner
a policyowner has decided to update an present existence coverage policy with a brand new
one. The present life coverage policy have to be terminated - ANS-after the new existence
insurance coverage has been issued and added to the policyowner
, a policyowner is authorized to take out a policy loan on an entire lifestyles policy at what
point? - ANS-whilst the coverage has a cash value
a policyowner is against the law from making any modifications to the policy without the
beneficiary's written consent beneath which beneficiary designation? - ANS-irrevocable
beneficiary
A policyowner will pay the primary annual premium for a $50,000 life insurance coverage
and dies one month after the policy effective date. Which of those statements is commonly
genuine? - ANS-beneficiary receives $50,000 profits tax-free`
a policyowner with a terminal infection who sells his existence coverage policy to a 3rd policy
is referred to as a - ANS-viator
a manufacturer running for an coverage corporation can be in my opinion chargeable for -
ANS-acts accomplished which might be prohibited inside the enterprise agreement
a expert liability for which manufacturers can be sued for errors of setting a policy into impact
is called - ANS-errors and omissions
a provision in a whole existence coverage that lets in a policyowner to terminate the
coverage in go back for a discounted paid-up policy of the equal kind is called -
ANS-nonforfeiture provision
a provision that lets in a policyowner to temporarily surrender ownership rights to secure a
mortgage - ANS-collateral assignment
a rider that assures charges can be paid on a juvenile coverage till the child reaches a
specific age is referred to as an - ANS-payor rider- the rates may be paid on a juvenile
coverage until the insured child reaches a specific age
a small enterprise organization is an corporation that employs what number of? - ANS-2-50
employees
a source of supplemental profits for a lifestyles insurance policyowner can be derived from
the - ANS-coins fee
a survivorship life coverage policy usually covers how many lives? - ANS-2 lives
a taxable element of every annuity price is calculated the usage of which approach? -
ANS-exclusion ratio
a transient license is right for as much as - ANS-90 days
a sort of group that has a constitution and bylaws and has been organized for purposes
apart from acquiring insurance is called an - ANS-affiliation or exertions institution
