NYS Life, Accident, And Health Insurance Exam Exam Questions And Answers Rated A+ New Update Assured Satisfaction

A "premature" distribution from a modified endowment contract (MEC) incurs a penalty tax of - 10% A certificate of coverage for a group health policy is best described as - proof of coverage for the employee A comprehensive group policy also covers expenses related to vision care. Which of the following is not typically covered under a vision plan? - Cataract surgery A comprehensive major medical health insurance policy contains an Eligible Expenses provision which identifies the types of health care services that are covered. All of the following health care services are typically covered EXCEPT for - Experimental and investigative services A copy of all Medicare Supplement advertisements must be submitted for approval to - The Superintendent of Insurance A disability income insurance policy was recently issued with a rating. What does this mean? - Policyowner will be charged an additional premium A family counseling benefit is typically offered under which of these coverages? - Hospice care A group health insurance policy is a contract between an - Employer and insurance company A group-owned insurance company that is formed to assume and spread the liability risks of its members is known as a - Risk retention group A health insurer MUST provide a proof of loss form - within 15 days of receipt of the notice of lossA health plan offered by private insurance companies is - A Medicare Supplement A Health Reimbursement Arrangement MUST be established - By the employer A large corporation pension plan purchased an accumulation annuity contract where all of the participating employees received certificates of participation. What is this contract called? - Group deferred annuity A life insurance guaranteed insurability rider gives the insured the right, without proving insurability, to - Periodically purchase additional insurance A life insurance illustration showing future premiums being paid out of nonguaranteed values must disclose that - The policy owner may need to resume premium payments depending on actual results A life insurance policy provision that has the ability to reduce the death benefit is called the - accelerated (living) benefit A life insurance policy that includes a return of premium rider will pay the beneficiary how much upon the insured's death? - Total premiums paid plus the policy face amount A life insurance producer licensed in New York is authorized to - Solicit, receive and forward applications to the insurer A life insurance producer's underwriting duties may include - seeking additional information requested by the insurance company A life policy that has premiums that are lower than normal during the early years is called - Modified life A life settlement broker is someone who is - Licensed to negotiate a life settlement contractA major medical expense plan typically includes coverage for hospital room and board. Which of the following is normally covered under the category "room and board"? - General nursing care A major medical expense policy typically does NOT - Pay surgeon fees on a first-dollar basis A material change in a modified endowment contract (MEC) results in - The seven pay test, adjusted for cash value, applies again A Medicare Supplement policy is required to do which of the following? - Provide a 30 day freelook period A policy owner and a life settlement provider can have a life settlement negotiated through a - life settlement broker A policy owner has decided to replace an existing life insurance policy with a new one. The existing life policy should be terminated - After the new life policy has been issued and delivered to the policy owner A policy owner suffers an injury that renders him incapable of performing one or more important job duties. Any decrease in income resulting from this injury would make him eligible for benefits under which provision? - Partial disability