NYS Life, accident, and health insurance Exam Questions and Answers Latest Updated 2024

1. 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? - answers30-year decreasing term. 2. How many days notice does the ACA require insurers to give before rescinding coverage? - answers30 3. A signed good health statement may be requested by a life producer at the time of - answersPolicy Delivery 4. 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 - answersNot Guaranteeed 5. 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? - answersLong-term care benefit rider 6. 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 - answersAfter two years of disability 7. Sylvia purchased an annuity for $100,000 from the proceeds of an inheritance. No further payments are permitted and the income stream NYS Life, accident, and health insurance Exam Questions and Answers Latest Updated 2024 [Date] 2 begins in 15 years. This contract is a(n) - answersSingle premium deferred annuity 8. Which of these is NOT a factor that influences group health insurance underwriting? - answersPhysical exams of group members 9. What is the grace period required for an individual accident and health insurance policy with monthly premiums? - answers10 days 10.In regards to technology and the ACA, which of the following statements is correct? - answersStates which operate with an Exchange must offer an internet-based portal 11.Insurable interest involves what assumption? - answersOne person benefits from another person's continued life 12.Which of these policies is considered a whole life policy? - answersSingle premium life 13.Which of the following would be considered an unfair claims settlement practice? - answersMisrepresenting pertinent policy provisions relating to coverage after a loss 14.A policyowner is permitted to take out a policy loan on a whole life policy at what point? - answersWhen the policy has a cash value NYS Life, accident, and health insurance Exam Questions and Answers Latest Updated 2024 [Date] 3 15.Which of these is NOT a factor during the health insurance underwriting process? - answersFormer residence 16.New York workers compensation laws exclude benefits for disabilities caused by - answersIntentional, self-inflicted injuries occurring on the job 17.When premiums are determined, one factor would be the expenses of the - answersInsurer 18.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 - answersequal the net single premium for the same face amount at the insured's attained age 19.During open enrollment for Medicare Supplement coverage, an applicant MUST be at least - answersThere is no minimum age requirement 20.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? - answersSubject to market value adjustment NYS Life, accident, and health insurance Exam Questions and Answers Latest Updated 2024 [Date] 4 21.Which of the following contracts offer deferred taxation, flexible payments, a guaranteed interest rate, and death benefits equal to the cash value? - answersFlexible premium fixed annuity 22.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? - answersHer employer's group accident and health plan 23.Which statement regarding the certificate of insurance is accurate? - answersIt indicates evidence of an employee's insurance coverage 24.According to the ACA, the proportion of premium revenues spent on clinical services and quality improvements is called the - answersMedical loss ratio 25.Which of the following statements regarding the Fair Credit Reporting Act is correct? - answersIf credit, insurance, or employment was denied because of an unfavorable report, the consumer must be advised 26.According to the ACA, insurers can no longer deny health coverage due to pre-exsisting conditions unless that plan is a - answersGrandfathered plan NYS Life, accident, and health insurance Exam Questions and Answers Latest Updated 2024 [Date] 5 27.Which item must be considered by an agent when determining the suitability of an annuity recommendation? - answersThe client's financial status 28.An applicant submits a life insurance application where an investigative consumer report is used in the underwriting process. Which of these statements is true? - answersApplicant has a right to receive a copy of the report 29.If group Health benefit levels are too high, what could be the end result? - answersOverutilization of the plan 30.A life insurance producer licensed in New York is authorized to - answersSolicit, receive and forward applications to the insurer 31.A group-owned insurance company that is formed to assume and spread the liability risks of its members is known as a - answersRisk retention group 32.Any employee insured under a group life insurance plan is normally - answersCovered with term life insurance 33.A life insurance guaranteed insurability rider gives the insured the right, without proving insurability, to - answersPeriodically purchase additional insurance NYS Life, accident, and health insurance Exam Questions and Answers Latest Updated 2024 [Date] 6 34.A policy owner has decided to replace an existing life insurance policy with a new one. The existing life policy should be terminated - answersAfter the new life policy has been issued and delivered to the policy owner 35.Which of the following is NOT a function of accident and health insurance? - answersPays a death benefit as a result of natural causes 36.What typically changes at the re-entry option date found in some term life policies? - answersPremium