NYS Life, Accident and Health || Examfx
review (BNS)
Life settlement brokers must keep a record of commission and compensation disclosures for life
settlement contracts for the minimum of how many years? - answer- 3 years.
In a life settlement transaction, the owner must be made aware of his or her right to rescind the contract
within how many days after the receipt of the life settlement proceeds? - answer- 15 days.
The form used to establish the terms for both parties when a person sells his life insurance policy to a
third unrelated person is called a... - answer- Life Settlement Contract.
What is the maximum fine for violating the Insurance Code regarding life settlements? - answer-
$100,000 for each settled policy.
How long does a registration for a life settlement intermediary remain in effect? - answer- 24 months.
In order to be a licensed life settlement broker, a person must submit what to the Superintendent to be
used for a criminal background check? - answer- Fingerprints.
At what point must an Outline of Coverage be delivered? - answer- At the time of application or upon
delivery of the policy.
Which document helps to insure full and fair disclosure to the recipient of a policy? - answer- Outline of
Coverage
A policy which covers medical costs related to a specific condition is called what? - answer- a Dread
Disease Policy
, Medicaid is sponsored by what kind of sources? - answer- Both state and federal.
In what case would a credit disability policy be issued? - answer- If an individual is in debt to a specific
creditor, payments will be made for him/her until they return to work.
Health insurance could provide payments for loss of income. (T/F) - answer- True.
Brad reads a statement on the first page of his health insurance policy, which says "this is a limited
policy". What is the name of this statement? - answer- Limited Policy Notice.
The signature of the spouse of the policyowner is required on a health insurance application. (T/F) -
answer- False. Every health insurance application requires the signature of the proposed insured, the
policyowner (if different than the insured), and the agent who solicits the insurance.
When is the insurability conditional receipt given? - answer- When the premium is paid at the time of
application.
Which of the following components of dental insurance does NOT require the payment of a deductible? -
answer- Routine and preventative maintenance.
Jacob's insurance policy only pays for medical costs related to accidents. What type of policy does he
have? - answer- Accident-Only.
What type of benefits would a disability plan most likely pay? - answer- Income lost by the Insured's
inability to work.
What is an important feature of a dental expense insurance plan that is NOT typically found in a medical
expense insurance plan? - answer- Diagnostic and preventive care.
An agent misrepresents of an insured's new insurance contract that will be replacing the current
contract. What will most likely happen? - answer- Suspension of license.
review (BNS)
Life settlement brokers must keep a record of commission and compensation disclosures for life
settlement contracts for the minimum of how many years? - answer- 3 years.
In a life settlement transaction, the owner must be made aware of his or her right to rescind the contract
within how many days after the receipt of the life settlement proceeds? - answer- 15 days.
The form used to establish the terms for both parties when a person sells his life insurance policy to a
third unrelated person is called a... - answer- Life Settlement Contract.
What is the maximum fine for violating the Insurance Code regarding life settlements? - answer-
$100,000 for each settled policy.
How long does a registration for a life settlement intermediary remain in effect? - answer- 24 months.
In order to be a licensed life settlement broker, a person must submit what to the Superintendent to be
used for a criminal background check? - answer- Fingerprints.
At what point must an Outline of Coverage be delivered? - answer- At the time of application or upon
delivery of the policy.
Which document helps to insure full and fair disclosure to the recipient of a policy? - answer- Outline of
Coverage
A policy which covers medical costs related to a specific condition is called what? - answer- a Dread
Disease Policy
, Medicaid is sponsored by what kind of sources? - answer- Both state and federal.
In what case would a credit disability policy be issued? - answer- If an individual is in debt to a specific
creditor, payments will be made for him/her until they return to work.
Health insurance could provide payments for loss of income. (T/F) - answer- True.
Brad reads a statement on the first page of his health insurance policy, which says "this is a limited
policy". What is the name of this statement? - answer- Limited Policy Notice.
The signature of the spouse of the policyowner is required on a health insurance application. (T/F) -
answer- False. Every health insurance application requires the signature of the proposed insured, the
policyowner (if different than the insured), and the agent who solicits the insurance.
When is the insurability conditional receipt given? - answer- When the premium is paid at the time of
application.
Which of the following components of dental insurance does NOT require the payment of a deductible? -
answer- Routine and preventative maintenance.
Jacob's insurance policy only pays for medical costs related to accidents. What type of policy does he
have? - answer- Accident-Only.
What type of benefits would a disability plan most likely pay? - answer- Income lost by the Insured's
inability to work.
What is an important feature of a dental expense insurance plan that is NOT typically found in a medical
expense insurance plan? - answer- Diagnostic and preventive care.
An agent misrepresents of an insured's new insurance contract that will be replacing the current
contract. What will most likely happen? - answer- Suspension of license.
