NEW YORK LIFE, ACCIDENT AND HEALTH INSURANCE

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NEW YORK LIFE, ACCIDENT AND HEALTH INSURANCE

EXAM Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -99 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: Which of the following is an example of the insured's consideration?

Answer:

A paid premium Question 2: A master contract and certificate of coverage can be found in which type of policy?

Answer:

group

Question 3: What are levels of coverage as defined by the Affordable Care Act?

Answer:

Bronze, Silver, Gold, Platinum Question 4: In an employer-sponsored group accident and health plan, a master contract is issued to the

Answer:

employer

Question 5: A rehabilitation benefit is intended to

Answer:

prepare the insured to return to employment

Question 6: Insurance represents the process of risk

Answer:

transference Question 7: The deeds and actions of a producer indicate what kind of authority?

Answer:

apparent Question 8: An insurance company that has qualified and received a Certificate of Authority from the Superintendent to sell insurance in this state is called a(n)

Answer:

admitted insurer

Question 9: The reinstatement provision in a health insurance policy is

Answer:

mandatory Question 10: In New York, an agent may have his/her license revoked for which of the following acts?

Answer:

Failure to pay state income tax Question 11: In New York, an insurance agent cannot sell, solicit, or negotiate policies for an insurer unless there is an agreement in place between the agent and insurer. This agreement is called a(n)

Answer:

appointment Question 12: The ___ is responsible for determining the appropriateness of a Medicare Supplement policy for an applicant.

Answer:

agent

Question 13: When an agent is replacing an existing ordinary life insurance policy, the agent

must take all of the following actions EXCEPT:

Answer:

Obtain the beneficiary's signature Question 14: Sole proprietors are permitted tax deductions for health costs paid from their earnings in the amount of

Answer:

100% of costs Question 15: All of these are characteristics of a major medical expense policy EXCEPT

Answer:

elimination periods Question 16: Signatures for an insurance application MUST be obtained by the producer from all of the following sources EXCEPT

Answer:

the beneficiary Question 17: Employees are required to work at least ___ hours per week to become eligible for a small employer health plan

Answer:

20 Question 18: An HMO that involves a partnership of physicians and other providers who practice out of a central facility is called a(n)

Answer:

Group HMO Question 19: The amount received for a life insurance policy in a life settlement is ___ than the death benefit.

Answer:

less

Question 20: Loans obtained by a policyowner against the cash value of a life insurance policy

Answer:

would not be treated as taxable income Question 21: All of these statements concerning whole life insurance are false EXCEPT

Answer:

When a whole life policy is surrendered, income taxes may be owed

Question 22: If an insured dies during the grace period with no premiums paid

Answer:

the policy would be payable, minus the premium amount

Question 23: Which of the following does Coordination of Benefits allow?

Answer:

Allows the secondary payor to reduce their benefit payments so no more than 100% of the claim is paid Question 24: Purchasing a life insurance policy in order to avoid the forced sale of assets upon death is called

Answer:

Estate conservation Question 25: Which type of life insurance policy pays the face amount at the end of the specified period if the insured is still alive?

Answer:

Endowment policy Question 26: Which of the following is an annuity that is linked to a market-related index

Answer:

Equity indexed annuity Question 27: An agent has recently died and leaves behind a spouse. In order for the agents business to continue, the superintendent may issue to the agents spouse an

Answer:

Temporary insurance license