New York Life, Accident, and Health Correct Questions & Answers(RATED A)

An accident and health policy that provides reimbursement benefits makes them payable to? - ANSWERSInsured Which of the following is NOT part of an insurance contract - ANSWERSCertificate of Authority -Policy -Application -Riders An insured under a Major Medical expense plan with a zero deductible and 80/20 coinsurance provision files a $1,000 claim. How much of this claim is the insured responsible for? - ANSWERS$200 insured only responsible for 20% coinsurance According to the Affordable Care Act, any plan in existence prior to which date is considered a grandfathered plan? - ANSWERSMarch 23, 2010 A domestic insurance company in NY must - ANSWERSformed under the laws of New York What types of life insurance are normally used for key employee indemnification? - ANSWERSTerm, whole, and universal life insurance Distributions from a Health Savings Account (HSA) for qualified medical expenses are - ANSWERSTax-free Kate has a Major Medical Plan with a 75/25 coinsurance and a deductible of $25. How much will she have to pay if she, not having met any of her deductible, visits the doctor and receives a bill for $125 - ANSWERS$50.00 insured have to pay $25 deductible plus $25 coinsurance Under a Modified Endowment Contract, what are the likely tax consequences? - ANSWERSPre-death distributions will become taxable An agent license is NOT required when - ANSWERSReferring insurance The taxable portion of each annuity payment is calculated using which method? - ANSWERSExclusion Ratio All of the following are considered to be nonforfeiture options available to a policyowner EXCEPT - ANSWERSReduction of Premium -Extended Term Insurance -Cash Surrender -Reduced Paid-Up Insurance The IRS states that a taxpayer's medical expenses that exceed 7.5% of their adjusted gross income is tax deductible. Which maybe considered a medical expense under this rule? - ANSWERSLong Term Care Insurance premiums Under the Affordable Care Act, how would a grandfathered health plan lose its grandfathered status - ANSWERSThe insurer significantly raises co-insurance charges, deductibles, or co-payment charges Which disability policyNew York Life, Accident, and Health Correct Questions & Answers(RATED A)