NYS Life, accident, and health insurance
exam Questions With Complete
Solutions
Which type of life insurance policy is best suited for paying off the outstanding balance of a 30-year
mortgage in the event of the insured's death? - CORRECT ANSWERS 30-year decreasing
term.
How many days notice does the ACA require insurers to give before rescinding coverage? - CORRECT
ANSWERS 30
A signed good health statement may be requested by a life producer at the time of - CORRECT
ANSWERS Policy Delivery
Carol purchases a whole life policy that provides a choice of dividend options. This policy is required to
include a statement that the dividends are - CORRECT ANSWERS Not Guaranteeed
Tim is confined to a nursing home but doesn't have a terminal illness. Which life insurance rider is
designed to help pay for this type of expense? - CORRECT ANSWERS Long-term care benefit
rider
An insured is covered under a group long-term disability policy. Under this type of policy, the definition
of disability based on any occupation typically applies - CORRECT ANSWERS After two years
of disability
Sylvia purchased an annuity for $100,000 from the proceeds of an inheritance. No further payments are
permitted and the income stream begins in 15 years. This contract is a(n) - CORRECT ANSWERS
Single premium deferred annuity
Which of these is NOT a factor that influences group health insurance underwriting? - CORRECT
ANSWERS Physical exams of group members
What is the grace period required for an individual accident and health insurance policy with monthly
premiums? - CORRECT ANSWERS 10 days
In regards to technology and the ACA, which of the following statements is correct? - CORRECT
ANSWERS States which operate with an Exchange must offer an internet-based portal
Insurable interest involves what assumption? - CORRECT ANSWERS One person benefits
from another person's continued life
Which of these policies is considered a whole life policy? - CORRECT ANSWERS Single
premium life
,Which of the following would be considered an unfair claims settlement practice? - CORRECT ANSWERS
Misrepresenting pertinent policy provisions relating to coverage after a loss
A policyowner is permitted to take out a policy loan on a whole life policy at what point? - CORRECT
ANSWERS When the policy has a cash value
Which of these is NOT a factor during the health insurance underwriting process? - CORRECT ANSWERS
Former residence
New York workers compensation laws exclude benefits for disabilities caused by - CORRECT ANSWERS
Intentional, self-inflicted injuries occurring on the job
When premiums are determined, one factor would be the expenses of the - CORRECT ANSWERS
Insurer
Scott has a life insurance policy in which the dividends are left with the insurance company. This
particular policy may be paid up when the cash value plus accumulated dividends - CORRECT ANSWERS
equal the net single premium for the same face amount at the insured's attained age
During open enrollment for Medicare Supplement coverage, an applicant MUST be at least - CORRECT
ANSWERS There is no minimum age requirement
What happens to the cash value of a market value adjusted annuity if it's surrendered prior to the end of
the stated guarantee period? - CORRECT ANSWERS Subject to market value adjustment
Which of the following contracts offer deferred taxation, flexible payments, a guaranteed interest rate,
and death benefits equal to the cash value? - CORRECT ANSWERS Flexible premium fixed
annuity
Tonya has been diagnosed with kidney failure and has group accident and health insurance through her
large employer. Which of these accident and health plans will be primary during the months following
her diagnosis? - CORRECT ANSWERS Her employer's group accident and health plan
Which statement regarding the certificate of insurance is accurate? - CORRECT ANSWERS It
indicates evidence of an employee's insurance coverage
According to the ACA, the proportion of premium revenues spent on clinical services and quality
improvements is called the - CORRECT ANSWERS Medical loss ratio
Which of the following statements regarding the Fair Credit Reporting Act is correct? - CORRECT
ANSWERS If credit, insurance, or employment was denied because of an unfavorable report,
the consumer must be advised
According to the ACA, insurers can no longer deny health coverage due to pre-exsisting conditions
unless that plan is a - CORRECT ANSWERS Grandfathered plan
Which item must be considered by an agent when determining the suitability of an annuity
recommendation? - CORRECT ANSWERS The client's financial status
, An applicant submits a life insurance application where an investigative consumer report is used in the
underwriting process. Which of these statements is true? - CORRECT ANSWERS Applicant
has a right to receive a copy of the report
If group Health benefit levels are too high, what could be the end result? - CORRECT ANSWERS
Overutilization of the plan
A life insurance producer licensed in New York is authorized to - CORRECT ANSWERS Solicit,
receive and forward applications to the insurer
A group-owned insurance company that is formed to assume and spread the liability risks of its
members is known as a - CORRECT ANSWERS Risk retention group
Any employee insured under a group life insurance plan is normally - CORRECT ANSWERS
Covered with term life insurance
A life insurance guaranteed insurability rider gives the insured the right, without proving insurability, to -
CORRECT ANSWERS Periodically purchase additional insurance
A policy owner has decided to replace an existing life insurance policy with a new one. The existing life
policy should be terminated - CORRECT ANSWERS After the new life policy has been issued
and delivered to the policy owner
Which of the following is NOT a function of accident and health insurance? - CORRECT ANSWERS
Pays a death benefit as a result of natural causes
What typically changes at the re-entry option date found in some term life policies? - CORRECT
ANSWERS Premium
When an illustration is used in the sale of a life insurance policy, the illustration MUST contain a
statement signed by the - CORRECT ANSWERS Agent
Andy is in need of health care performed by skilled medical practitioners, but only on an intermittent
basis. What level of care will his doctor likely prescribe? - CORRECT ANSWERS Intermediate
care
An individual may receive Medicare Part A Hospital benefits, regardless of age, as long as the person has
received which of the following benefits for at least 24 months? - CORRECT ANSWERS Social
Security Disability
Field underwriting by a producer - CORRECT ANSWERS may result in the disclosure of
hazardous activities of the applicant
Emergency health care coverage for Medicare enrollees traveling abroad is - CORRECT ANSWERS
A Medicare Supplement additional benefit
exam Questions With Complete
Solutions
Which type of life insurance policy is best suited for paying off the outstanding balance of a 30-year
mortgage in the event of the insured's death? - CORRECT ANSWERS 30-year decreasing
term.
How many days notice does the ACA require insurers to give before rescinding coverage? - CORRECT
ANSWERS 30
A signed good health statement may be requested by a life producer at the time of - CORRECT
ANSWERS Policy Delivery
Carol purchases a whole life policy that provides a choice of dividend options. This policy is required to
include a statement that the dividends are - CORRECT ANSWERS Not Guaranteeed
Tim is confined to a nursing home but doesn't have a terminal illness. Which life insurance rider is
designed to help pay for this type of expense? - CORRECT ANSWERS Long-term care benefit
rider
An insured is covered under a group long-term disability policy. Under this type of policy, the definition
of disability based on any occupation typically applies - CORRECT ANSWERS After two years
of disability
Sylvia purchased an annuity for $100,000 from the proceeds of an inheritance. No further payments are
permitted and the income stream begins in 15 years. This contract is a(n) - CORRECT ANSWERS
Single premium deferred annuity
Which of these is NOT a factor that influences group health insurance underwriting? - CORRECT
ANSWERS Physical exams of group members
What is the grace period required for an individual accident and health insurance policy with monthly
premiums? - CORRECT ANSWERS 10 days
In regards to technology and the ACA, which of the following statements is correct? - CORRECT
ANSWERS States which operate with an Exchange must offer an internet-based portal
Insurable interest involves what assumption? - CORRECT ANSWERS One person benefits
from another person's continued life
Which of these policies is considered a whole life policy? - CORRECT ANSWERS Single
premium life
,Which of the following would be considered an unfair claims settlement practice? - CORRECT ANSWERS
Misrepresenting pertinent policy provisions relating to coverage after a loss
A policyowner is permitted to take out a policy loan on a whole life policy at what point? - CORRECT
ANSWERS When the policy has a cash value
Which of these is NOT a factor during the health insurance underwriting process? - CORRECT ANSWERS
Former residence
New York workers compensation laws exclude benefits for disabilities caused by - CORRECT ANSWERS
Intentional, self-inflicted injuries occurring on the job
When premiums are determined, one factor would be the expenses of the - CORRECT ANSWERS
Insurer
Scott has a life insurance policy in which the dividends are left with the insurance company. This
particular policy may be paid up when the cash value plus accumulated dividends - CORRECT ANSWERS
equal the net single premium for the same face amount at the insured's attained age
During open enrollment for Medicare Supplement coverage, an applicant MUST be at least - CORRECT
ANSWERS There is no minimum age requirement
What happens to the cash value of a market value adjusted annuity if it's surrendered prior to the end of
the stated guarantee period? - CORRECT ANSWERS Subject to market value adjustment
Which of the following contracts offer deferred taxation, flexible payments, a guaranteed interest rate,
and death benefits equal to the cash value? - CORRECT ANSWERS Flexible premium fixed
annuity
Tonya has been diagnosed with kidney failure and has group accident and health insurance through her
large employer. Which of these accident and health plans will be primary during the months following
her diagnosis? - CORRECT ANSWERS Her employer's group accident and health plan
Which statement regarding the certificate of insurance is accurate? - CORRECT ANSWERS It
indicates evidence of an employee's insurance coverage
According to the ACA, the proportion of premium revenues spent on clinical services and quality
improvements is called the - CORRECT ANSWERS Medical loss ratio
Which of the following statements regarding the Fair Credit Reporting Act is correct? - CORRECT
ANSWERS If credit, insurance, or employment was denied because of an unfavorable report,
the consumer must be advised
According to the ACA, insurers can no longer deny health coverage due to pre-exsisting conditions
unless that plan is a - CORRECT ANSWERS Grandfathered plan
Which item must be considered by an agent when determining the suitability of an annuity
recommendation? - CORRECT ANSWERS The client's financial status
, An applicant submits a life insurance application where an investigative consumer report is used in the
underwriting process. Which of these statements is true? - CORRECT ANSWERS Applicant
has a right to receive a copy of the report
If group Health benefit levels are too high, what could be the end result? - CORRECT ANSWERS
Overutilization of the plan
A life insurance producer licensed in New York is authorized to - CORRECT ANSWERS Solicit,
receive and forward applications to the insurer
A group-owned insurance company that is formed to assume and spread the liability risks of its
members is known as a - CORRECT ANSWERS Risk retention group
Any employee insured under a group life insurance plan is normally - CORRECT ANSWERS
Covered with term life insurance
A life insurance guaranteed insurability rider gives the insured the right, without proving insurability, to -
CORRECT ANSWERS Periodically purchase additional insurance
A policy owner has decided to replace an existing life insurance policy with a new one. The existing life
policy should be terminated - CORRECT ANSWERS After the new life policy has been issued
and delivered to the policy owner
Which of the following is NOT a function of accident and health insurance? - CORRECT ANSWERS
Pays a death benefit as a result of natural causes
What typically changes at the re-entry option date found in some term life policies? - CORRECT
ANSWERS Premium
When an illustration is used in the sale of a life insurance policy, the illustration MUST contain a
statement signed by the - CORRECT ANSWERS Agent
Andy is in need of health care performed by skilled medical practitioners, but only on an intermittent
basis. What level of care will his doctor likely prescribe? - CORRECT ANSWERS Intermediate
care
An individual may receive Medicare Part A Hospital benefits, regardless of age, as long as the person has
received which of the following benefits for at least 24 months? - CORRECT ANSWERS Social
Security Disability
Field underwriting by a producer - CORRECT ANSWERS may result in the disclosure of
hazardous activities of the applicant
Emergency health care coverage for Medicare enrollees traveling abroad is - CORRECT ANSWERS
A Medicare Supplement additional benefit
