Pre-Final Exam Questions and Answers
with correct Answers Latest Edition 2025
- New York Life, Accident and Health
What happens when an initial offer is answered with a counteroffer? - ANSInitial offer is void
According to the Affordable Care Act (ACA), dependent children may remain on their parent's plan until
what age? - ANSAge 26
The premiums paid by an employer for his employee's group life insurance are usually considered to be -
ANStax-deductible to the employer
A family group accident and health insurance policy must continue coverage for each unmarried child at
least until age - ANS19
A life insurance beneficiary died after receiving only six payments under the policy's life income
settlement option. What happens with the remaining balance of the death proceeds? - ANSKept by the
insurance company
When an individual is planning to protect his family with life insurance, one method of doing so is called
needs analysis. What exactly does needs analysis involve? - ANSIdentifies the needs of an individual and
the individual's dependents
A retired couple would like to maximize the income derived from their combined life savings and have it
payable until they both die. Which annuity would be their best choice? - ANSJoint and survivor annuity
Major medical plans typically exclude coverage for which of the following benefits? - ANSCustodial care
Which of the following BEST describes a "partial disability"? - ANSUnable to perform one or more job
duties
, Under an adjustable life insurance policy, which of the following may NOT be changed without further
underwriting? - ANSThe person insured
An agent's license in New York must be renewed every - ANSTwo years
A policyowner pays the first annual premium for a $50,000 life insurance policy and dies one month after
the policy effective date. Which of these statements is normally true? - ANSBeneficiary receives $50,000
income tax-free
According to the Affordable Care Act (ACA), the proportion of premium revenues spent on clinical
services and quality improvements is called the - ANSMedical Loss Ratio
A material change in a modified endowment contract (MEC) results in - ANSthe seven pay test, adjusted
for cash value, applies again
How many days notice does the Affordable Care Act require insurers to give before rescinding coverage?
- ANS30
What determines how much an annuitant is paid for a variable annuity? - ANSThe market value
variations of the securities backing it
Accident and health insurance standard provisions require that - ANSThe policy, endorsements, and
attached papers constitute the entire contract
Agreements made by terminally ill persons to sell their life insurance policies at a discount in order to
pay medical expenses are called - ANSLife Settlements
An employee requested that the balance of her 401(k) account be sent directly to her in one lump sum.
Upon receipt of the distribution, she immediately had the funds rolled over into an IRA. What is the tax
consequence of the distribution sent to this employee? - ANSDistribution is subject to federal income tax
withholding
with correct Answers Latest Edition 2025
- New York Life, Accident and Health
What happens when an initial offer is answered with a counteroffer? - ANSInitial offer is void
According to the Affordable Care Act (ACA), dependent children may remain on their parent's plan until
what age? - ANSAge 26
The premiums paid by an employer for his employee's group life insurance are usually considered to be -
ANStax-deductible to the employer
A family group accident and health insurance policy must continue coverage for each unmarried child at
least until age - ANS19
A life insurance beneficiary died after receiving only six payments under the policy's life income
settlement option. What happens with the remaining balance of the death proceeds? - ANSKept by the
insurance company
When an individual is planning to protect his family with life insurance, one method of doing so is called
needs analysis. What exactly does needs analysis involve? - ANSIdentifies the needs of an individual and
the individual's dependents
A retired couple would like to maximize the income derived from their combined life savings and have it
payable until they both die. Which annuity would be their best choice? - ANSJoint and survivor annuity
Major medical plans typically exclude coverage for which of the following benefits? - ANSCustodial care
Which of the following BEST describes a "partial disability"? - ANSUnable to perform one or more job
duties
, Under an adjustable life insurance policy, which of the following may NOT be changed without further
underwriting? - ANSThe person insured
An agent's license in New York must be renewed every - ANSTwo years
A policyowner pays the first annual premium for a $50,000 life insurance policy and dies one month after
the policy effective date. Which of these statements is normally true? - ANSBeneficiary receives $50,000
income tax-free
According to the Affordable Care Act (ACA), the proportion of premium revenues spent on clinical
services and quality improvements is called the - ANSMedical Loss Ratio
A material change in a modified endowment contract (MEC) results in - ANSthe seven pay test, adjusted
for cash value, applies again
How many days notice does the Affordable Care Act require insurers to give before rescinding coverage?
- ANS30
What determines how much an annuitant is paid for a variable annuity? - ANSThe market value
variations of the securities backing it
Accident and health insurance standard provisions require that - ANSThe policy, endorsements, and
attached papers constitute the entire contract
Agreements made by terminally ill persons to sell their life insurance policies at a discount in order to
pay medical expenses are called - ANSLife Settlements
An employee requested that the balance of her 401(k) account be sent directly to her in one lump sum.
Upon receipt of the distribution, she immediately had the funds rolled over into an IRA. What is the tax
consequence of the distribution sent to this employee? - ANSDistribution is subject to federal income tax
withholding
