NY Laws and rules final exam 2024 Question and Answers

NY Laws and rules final exam 2024 Question and Answers In New York an agent may have her license revoked for which of the following acts Failure to pay state income tax As of January 1, 2014 and employer with up to 25 full-time equivalent with average annual wages of less than $50,000 maybe eligible for a tax credit of _______ of premiums paid by the employer 50% An insurer is required to offer which of the following to each long-term care applicant at the time of purchase Inflation protection Which of these individuals would require continuing education Resident agent Violations of US code title 18 section 1033 may result in Fine or imprisonment An example of misrepresentation is Providing incorrect misleading incomplete or materially untrue information in the license application All of these are responsibilities of the superintendent except Endorsing insurers Greg had recently been terminated from his job that covered him for group life insurance. How long does he have to convert his coverage to an individual policy without needing to prove insurability? 31 days The superintendent serves a term of ___ years 4 Written notice of a health insurance claim should be given to the insurer within ___ days after the occurrence of any loss covered by the policy 20 Which of the following statements regarding the fair credit reporting act is true And insured does not need to discuss any credit history inconsistencies with the applicant Insurance agent Kelly offers a prospect a $1000 Shopping card if an insurance policy is purchased through her. What is illegal activity is this an example of Rebating A life settlement broker is someone who is License to negotiate a life settlement contract Replacement regulation is designed to protect Policy owners from misrepresentations and lots of benefits A life insurance agent is required to give a disclosure notice about information practices to an applicant or proposed insured Prior to or at the time of signing the application What is the required action to be taken by a New York license see before operating under an assumed business name? Notify superintendent An example of replacement is Canceling a term life policy to buy a whole life policy Suitability is best described as Obtaining information from the applicant to determine whether an insurance or annuity product is appropriate Which of the following provide affordable health insurance coverage to small employers Healthy New York program A Common exclusion or limitation on a dental policy is Endodontics Under the affordable care act which of these plans is designed to provide coverage that is actually equivalent to 80% of the full actuarial value of the benefits provided under the plan Gold Employees are required to work at least ____ hours per week to become eligible for a small employer health plan 20 Security laws passed by Congress are enforced by which Federal agency? Security and Exchange Commission (SEC) Which of the following is not considered to be an act of fraud Collecting a charge for insurance that is less than the charge applicable to that insurance Failing to promptly provide reasonable explanation for the denial of claims is considered to be a Unfair claim settlement practice The promise of a discount and premium as an inducement to purchase insurance is known as Rebating A life settlement intermediary is a Association which maintains a facility that displays offers and counter offers for purchasers or sellers of life settlement contracts The right to examine period is _____ days for a long-term care policy sold in New York 30 Long-term care policies sold in New York may not exclude coverage for Senile dementia If the cause of death appears to be accidental, and ensure may require An autopsy All of these are considered to be a violation of the federal fraud and false statements act except Claims reimbursement How are health plans classified according to the affordable care act? Bronze, Silver, Gold, Platinum How often must the superintendent examine each admitted insurance company? Every six years Jermaine's individual health policy had recently lapsed. Upon reinstatement, he must wait _____ days before coverage for illness is Available 10 Which of these is not an unfair claims settlement Practi