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NYS Life, accident, and health insurance Exam – 385 Questions and Answers
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NYS Life, accident, and health insurance Exam – 385 Questions and Answers
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NYS Life, accident, and healthinsurance Exam – 385 Questions and
Answers
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
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