New York Life, Accident, and Health Questions & Answers Solved 100% Correct!!

A beneficiary change can occur? - normally at any time during the policy term A disability policy where the premiums are due monthly require a grace period of? - 10 days A domestic insurance company in NY must - formed under the laws of New York A dread disease policy is considered to be a type of? - Limited health insurance policy (travel accidents, dread disease, hospital income) A field underwriter's main task is? - To ensure an applicant's medical info is accurate and complete A hospital or medical expense policy will typically cover dental treatment expenses under which circumstance? - Dental treatment is needed to repair an injury A life insurance policy written on one contract for two people in which it is payable upon the first death is called? - Joint A life settlement intermediary is? - Association which maintains a facility that displays offers and counteroffers for purchasers or sellers of life settlement contracts A master contract and certificate of coverage can be found in which type of policy? - Group A policyowner and a life settlement provider can have a life settlement negotiated through? - Life Settlement broker A Roth IRA owner must be at least what age in order to make tax-free withdrawals? - 59 1/2 and owned account for a minimum of 5 yearsAccording to the Affordable Care Act, any plan in existence prior to which date is considered a grandfathered plan? - March 23, 2010 According to the Affordable Care Act, what is the maximum amount an individual can contribute to a Flexible Savings Account? - $2,500 According to the Affordable Care Act, what metal tier is required to have an actual value of 70% with covered individuals paying 30% through deductibles, co-pays, and other cost sharing features? - Silver Plan All Health Benefit Plans issued after January 1, 2014 must provide? - Preventive Health services All of the following are considered to be nonforfeiture options available to a policyowner EXCEPT - Reduction of Premium -Extended Term Insurance -Cash Surrender -Reduced Paid-Up Insurance All of the following are functions of an insuring clause EXCEPT? - primarily describes the free-look period -states the conditions under which the policy will pay -outlines the kinds of benefits provided -provides the policy's scope and limits of coverage All of the following are typically included in a life insurance policy illustration EXCEPT? - Names of the beneficiary -premium of the policy -interest charged for policy loans -cash surrender value in 20 yearsAll of the following plans allow for employee contributions to be taken on a pre-tax basis EXCEPT? - Health Reimbursement Arrangement Plan (Employers contribute HRA, not employees) -Section 125 Plan -Premium Only Plan -Cafeteria Plan All of these are characteristics of a major medical expense policy EXCEPT? - Elimination periods (period of time between onset of a disability and the time eligible for benefits) -large benefit maximums -deductibles -coinsurance All of these are responsibilities of the Superintendent EXCEPT? - Endorsing insurers -administering oaths -order a cease and desist issue a temporary license All of these are typically sources of underwriting info for life or health insurance EXCEPT? - Disclosure authorization response -consumer reports -medical info Bureau (MIB) reports -attending physician's statement (APS) All of these are valid options for an Adjustable Life Policy EXCEPT - A nonforfeiture option can be used to increase the death benefit -The policy's premium can be increased or decreased -The policy's death benefit can be increased or decreased -The policy's protection period can be modifiedAn accident and health policy that provides reimbursement benefits makes them payable to? - Insured An agent has recently died and leaves behind a spouse. In order for the agent's insurance business to continue, the Superintendent may issue to the agent's spouse? - Temporary Insurance License An agent license is NOT required when - Referring insurance An agent who sells an individual life insurance policy in Washington MUST deliver to the policyowner? - Policy Summary and Buyer's Guide An annuitant is guaranteed to NOT outlive their benefits with? - Guaranteed lifetime withdrawal benefit An applicant intentionally lying to an insurance company on an application in order to obtain a cheaper premium is an example of? - Fraud An endorsement found in an insurance plan which modifies the provisions of the policy is called? - Rider An example of misrepresentation is? - Providing incorrect, misleading, incomplete, or materially untrue info in the license application An indemnity plan limitation that will pay the dental bills after a small amount is paid by the insured is called? - Coinsurance An individual covered under a Blue Cross Blue Shield plan is called? - Subscriber An insurance company that has qualified and received a Certificate of Authority from the Superintendent to sell insurance in this state is called? - Admitted InsurerAn insurance consultant is BEST defined as? - Agent who charges fees for advice 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? - $200 insured only responsible for 20% coinsurance An insurer has the right to recover payment made to the insured from the negligent party. These rights are called? - Subrogation An insurer's claim settlement practices are regulated by? - State Insurance Departments Carol filled out a life insurance application and was given a policy illustration that showed future premiums being paid out of non-guaranteed values. This illustration MUST disclose? - She may need to resume premium payments, depending on actual results Coordination of Benefits regulation applies to all of the following plans EXCEPT? - Preferred Provider Organization Plan -Group Vision plan -Self-funded group health plan -Group health plan Craig purchased a life insurance policy for enabling his heirs to pay estate taxes. What is this called? - Estate conservation Disability Income plans which require that the insurer can NEVER change or after premium rates are usually considered? - Noncanellable