Exam (elaborations)
Pre-Final Exam - New York Life, Accident and Health 2024/2025 already graded A+
- Course
- Institution
Pre-Final Exam - New York Life, Accident and Health 2024/2025 already graded A+
[Show more]
Content preview
Pre-Final Exam - New York Life, Accidentand 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
A characteristic of preferred provider organizations (PPO) is - ANSIf service is obtained outside
the PPO, benefits are reduced and costs increase
Which of the following accurately describes a participating insurance policy? - ANSPolicyowners
may be entitled to receive dividends
What are reasonable and customary charges for health insurance primarily based on? -
ANSAverage charges within a geographic region
No existing insurance license will be revoked until - ANSThe licensee has been afforded a right
to a hearing on the charges
What is considered interstate travel under the Federal Fraud and False Statements Act? -
ANSPuerto Rico
Claims settlement practices of insurers are regulated by - ANSState insurance departments
Under the New York Disability Benefits Law, cash payments are provided to workers who are
unable to work because of injury or illness that - ANSOccurred on the job
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Ashley96. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
71498 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now