New York Life, Accident, and Health Test Bank 100% Correct
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New York Life, Accident, and Health
Institution
New York Life, Accident, And Health
An accident and health policy that provides reimbursement benefits makes them payable to? - ANSWER-Insured
Which of the following is NOT part of an insurance contract - ANSWER-Certificate of Authority
-Policy
-Application
-Riders
An insured under a Major Medical expense plan with a zero de...
New York Life, Accident, and Health Test Bank
100% Correct
An accident and health policy that provides reimbursement benefits makes them
payable to? - ANSWER-Insured
Which of the following is NOT part of an insurance contract - ANSWER-Certificate of
Authority
-Policy
-Application
-Riders
An insured under a Major Medical expense plan with a zero deductible and 80/20
coinsurance provision files a $1,000 claim. How much of this claim is the insured
responsible for? - ANSWER-$200
insured only responsible for 20% coinsurance
According to the Affordable Care Act, any plan in existence prior to which date is
considered a grandfathered plan? - ANSWER-March 23, 2010
A domestic insurance company in NY must - ANSWER-formed under the laws of New
York
What types of life insurance are normally used for key employee indemnification? -
ANSWER-Term, whole, and universal life insurance
Distributions from a Health Savings Account (HSA) for qualified medical expenses are -
ANSWER-Tax-free
Kate has a Major Medical Plan with a 75/25 coinsurance and a deductible of $25. How
much will she have to pay if she, not having met any of her deductible, visits the doctor
and receives a bill for $125 - ANSWER-$50.00
insured have to pay $25 deductible plus $25 coinsurance
Under a Modified Endowment Contract, what are the likely tax consequences? -
ANSWER-Pre-death distributions will become taxable
An agent license is NOT required when - ANSWER-Referring insurance
The taxable portion of each annuity payment is calculated using which method? -
ANSWER-Exclusion Ratio
, All of the following are considered to be nonforfeiture options available to a policyowner
EXCEPT - ANSWER-Reduction of Premium
-Extended Term Insurance
-Cash Surrender
-Reduced Paid-Up Insurance
The IRS states that a taxpayer's medical expenses that exceed 7.5% of their adjusted
gross income is tax deductible. Which maybe considered a medical expense under this
rule? - ANSWER-Long Term Care Insurance premiums
Under the Affordable Care Act, how would a grandfathered health plan lose its
grandfathered status - ANSWER-The insurer significantly raises co-insurance charges,
deductibles, or co-payment charges
Which disability policy provision would address any concerns of the value of the benefits
decreasing over time? - ANSWER-Cost of living benefit
What is the purpose of a Disability Income Benefit? - ANSWER-Provide money for living
expenses
The open enrollment period for Medicare Supplements begins at what age? -
ANSWER-Age 65
An individual covered under a Blue Cross Blue Shield plan is called? - ANSWER-
Subscriber
Someone needing custodial care at home would require which type of coverage? -
ANSWER-Long-term Care
Which dividend option would an insurer invest the policyowner's money and add any
interest earnings as the dividends accrue? - ANSWER-Accumulation at Interest Option
Group dental plans will frequently place a limit on annual benefits in order to minimize -
ANSWER-Adverse Selection
Suitability - ANSWER-obtaining information from the applicant to determine whether an
insurance or annuity product is appropriate
Which of the following decisions would a Health Savings Account (HSA) owner NOT be
able to make - ANSWER-The amount contributed by the owner
-the amount contributed by the employer
-the underlying account investments used
-the medical expenses paid for by HSA
What happens if the insurer discovers that the insured's age was accidentally misstated
on an application for an individual life insurance policy - ANSWER-Benefits will be
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