NYS Life Accident and Health 64 Questions With Correct Answers
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Course
NU1426
Institution
NU1426
NYS Life, Accident and Health |64 Questions| With Correct Answers.
3 years.
15 days.
Life Settlement Contract.
$100,000 for each settled policy.
24 months.
Fingerprints.
At the time of application or upon delivery of the policy.
Outline of Coverage
a Dread Disease Policy
Both state and fe...
NYS Life, Accident and Health |64 Questions|
With Correct Answers.
1). 3 years.
Ans: Life settlement brokers must keep a record of commission and compensation
disclosures for life settlement contracts for the minimum of how many years?
2). 15 days.
Ans: In a life settlement transaction, the owner must be made aware of his or her right
to rescind the contract within how many days after the receipt of the life settlement
proceeds?
3). Life settlement contract.
Ans: The form used to establish the terms for both parties when a person sells his life
insurance policy to a third unrelated person is called a...
4). $100,000 for each settled policy.
Ans: What is the maximum fine for violating the Insurance Code regarding life
settlements?
5). 24 months.
Ans: How long does a registration for a life settlement intermediary remain in effect?
6). Fingerprints.
Ans: In order to be a licensed life settlement broker, a person must submit what to the
Superintendent to be used for a criminal background check?
7). At the time of application or upon delivery of the policy.
Ans: At what point must an Outline of Coverage be delivered?
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, 8). Outline of coverage
Ans: Which document helps to insure full and fair disclosure to the recipient of a
policy?
9). A dread disease policy
Ans: A policy which covers medical costs related to a specific condition is called what?
10). Both state and federal.
Ans: Medicaid is sponsored by what kind of sources?
11). If an individual is in debt to a specific creditor, payments will be made for him/her until they
return to work.
Ans: In what case would a credit disability policy be issued?
12). True.
Ans: Health insurance could provide payments for loss of income. (T/F)
13). Limited policy notice.
Ans: Brad reads a statement on the first page of his health insurance policy, which says
"this is a limited policy". What is the name of this statement?
14). False. every health insurance application requires the signature of the proposed insured, the
policyowner (if different than the insured), and the agent who solicits the insurance.
Ans: The signature of the spouse of the policyowner is required on a health insurance
application. (T/F)
15). When the premium is paid at the time of application.
Ans: When is the insurability conditional receipt given?
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