NYS Life, accident, and health insurance Exam
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?
30-year decreasing term.
How many days notice does the ACA require insurers to give before rescinding
coverage?
30
A signed good health statement may be requested by a life producer at the time
of
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
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?
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
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)
Single premium deferred annuity
Which of these is NOT a factor that influences group health insurance
underwriting?
Physical exams of group members
What is the grace period required for an individual accident and health insurance
policy with monthly premiums?
10 days
In regards to technology and the ACA, which of the following statements is
correct?
States which operate with an Exchange must offer an internet-based portal
Insurable interest involves what assumption?
One person benefits from another person's continued life
Which of these policies is considered a whole life policy?
Single premium life
Which of the following would be considered an unfair claims settlement practice?
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?
When the policy has a cash value
Which of these is NOT a factor during the health insurance underwriting process?
Former residence
New York workers compensation laws exclude benefits for disabilities caused by
Intentional, self-inflicted injuries occurring on the job
,When premiums are determined, one factor would be the expenses of the
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
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
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?
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?
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?
Her employer's group accident and health plan
Which statement regarding the certificate of insurance is accurate?
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
Medical loss ratio
Which of the following statements regarding the Fair Credit Reporting Act is
correct?
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
Grandfathered plan
Which item must be considered by an agent when determining the suitability of
an annuity recommendation?
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?
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?
Overutilization of the plan
A life insurance producer licensed in New York is authorized to
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
Risk retention group
Any employee insured under a group life insurance plan is normally
, Covered with term life insurance
A life insurance guaranteed insurability rider gives the insured the right, without
proving insurability, to
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
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?
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?
Premium
When an illustration is used in the sale of a life insurance policy, the illustration
MUST contain a statement signed by the
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?
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?
Social Security Disability
Field underwriting by a producer
may result in the disclosure of hazardous activities of the applicant
Emergency health care coverage for Medicare enrollees traveling abroad is
A Medicare Supplement additional benefit
Which of the following statements is true regarding accident and health
insurance claims that reimburse on an indemnity basis?
Claims can be sent directly to the insured
Who may terminate coverage under a cancelable health insurance policy?
Either the insured or the insurer
What is the actuarial value of a bronze level health plan?
60
Rick owns a variable universal life policy and chooses a variable death benefit
option. What will typically happen to the death benefit as a result of this
selection?
Fluctuate with changes in the cash account
With life insurance, the needs approach is used primarily in determining
How much life insurance a client should apply for
A Health Reimbursement Arrangement MUST be established
By the employer
Pete the agent made public statements that falsely portrayed Acme Insurance
Company as avoiding claim payments. Pete may be found guilty of
Defamation
An insurance company willingly published false information in an insurance
policy advertisement. This is an example of
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?
30-year decreasing term.
How many days notice does the ACA require insurers to give before rescinding
coverage?
30
A signed good health statement may be requested by a life producer at the time
of
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
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?
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
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)
Single premium deferred annuity
Which of these is NOT a factor that influences group health insurance
underwriting?
Physical exams of group members
What is the grace period required for an individual accident and health insurance
policy with monthly premiums?
10 days
In regards to technology and the ACA, which of the following statements is
correct?
States which operate with an Exchange must offer an internet-based portal
Insurable interest involves what assumption?
One person benefits from another person's continued life
Which of these policies is considered a whole life policy?
Single premium life
Which of the following would be considered an unfair claims settlement practice?
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?
When the policy has a cash value
Which of these is NOT a factor during the health insurance underwriting process?
Former residence
New York workers compensation laws exclude benefits for disabilities caused by
Intentional, self-inflicted injuries occurring on the job
,When premiums are determined, one factor would be the expenses of the
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
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
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?
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?
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?
Her employer's group accident and health plan
Which statement regarding the certificate of insurance is accurate?
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
Medical loss ratio
Which of the following statements regarding the Fair Credit Reporting Act is
correct?
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
Grandfathered plan
Which item must be considered by an agent when determining the suitability of
an annuity recommendation?
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?
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?
Overutilization of the plan
A life insurance producer licensed in New York is authorized to
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
Risk retention group
Any employee insured under a group life insurance plan is normally
, Covered with term life insurance
A life insurance guaranteed insurability rider gives the insured the right, without
proving insurability, to
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
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?
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?
Premium
When an illustration is used in the sale of a life insurance policy, the illustration
MUST contain a statement signed by the
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?
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?
Social Security Disability
Field underwriting by a producer
may result in the disclosure of hazardous activities of the applicant
Emergency health care coverage for Medicare enrollees traveling abroad is
A Medicare Supplement additional benefit
Which of the following statements is true regarding accident and health
insurance claims that reimburse on an indemnity basis?
Claims can be sent directly to the insured
Who may terminate coverage under a cancelable health insurance policy?
Either the insured or the insurer
What is the actuarial value of a bronze level health plan?
60
Rick owns a variable universal life policy and chooses a variable death benefit
option. What will typically happen to the death benefit as a result of this
selection?
Fluctuate with changes in the cash account
With life insurance, the needs approach is used primarily in determining
How much life insurance a client should apply for
A Health Reimbursement Arrangement MUST be established
By the employer
Pete the agent made public statements that falsely portrayed Acme Insurance
Company as avoiding claim payments. Pete may be found guilty of
Defamation
An insurance company willingly published false information in an insurance
policy advertisement. This is an example of
