NYS rules and regulations pertinent to life insurance Test Questions and Answers
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NYS rules
Institution
NYS Rules
In regards to technology and the ACA, which of the following is true? - ANSWER-States which operate with an exchange must offer an internet-based portal
the time after issuing a policy during which an insurance company my contest a life insurance claim due to the statements on an application is ...
NYS rules and regulations pertinent to life
insurance Test Questions and Answers
In regards to technology and the ACA, which of the following is true? - ANSWER-States
which operate with an exchange must offer an internet-based portal
the time after issuing a policy during which an insurance company my contest a life
insurance claim due to the statements on an application is - ANSWER-2 years
In New York, a group accident and health certificate of insurance must contain -
ANSWER-a summary of policy features and benefits
Starting in 2016, businesses with up to ___ employees will be defined by the ACA as a
"small business". - ANSWER-100
accident and health insurance standard provision require that - ANSWER-the policy,
endorsement, and attached papers constitute the entire contract
when initially issued, a temporary producer license in NY is valid for - ANSWER-90 days
which of the following information is NOT needed to determine the suitability of an
annuity recommendation? - ANSWER-level of education
which of these is NOT considered a Federal punishment for unfair and deceptive
insurance practices? - ANSWER-community service
an association which maintains a facility that displays offers and counteroffers for
purchasers or sellers of life settlement contract is known as a - ANSWER-life settlement
intermediary
in regards to ACA , which of these is NOT a role of a health insurance exchange -
ANSWER-contact the employer is an employee stops coverage under a plan offered in
the exchange
ACA - ANSWER-affordable care act
a policyowner has decided to replace an existing life insurance policy with a new one.
The existing life insurance policy should be terminated - ANSWER-after the new life
insurance policy has been issued and delivered to the policyowner
In New York, reducing benefits for a newborn child under an accident and health plan is
- ANSWER-prohibited in any form
,According to ACA, coverage may be recinded - ANSWER-if intentionally false
statements were offered
Tom the agent replaced a client's insurance policy when it was not in the client's best
interest. Tom could be found guilty of - ANSWER-twisting
the application is part of an annuity contract according to which of the following clauses
(required accident and health provision) - ANSWER-entire contract
the superintendent has the ability to examine the business records of insurers and
agencies because - ANSWER-of the powers granted through state statutes
an agent must report to the superintendent any administrative action taken against her
by any governmental agency within - ANSWER-30 days
According to the ACA, new health insurance marketplaces are established by the -
ANSWER-CCIIO
Uniform policy provisions found in all accident and health policies require that -
ANSWER-the policy, endorsement and attached papers constitute the entire contract (a
required provision)
which of the following statements about the contestability of life insurance policy is true?
- ANSWER-policy can be contested by the insurer only during the firsts 2 years of the
contract
a small employer group is an employer that employs how many? - ANSWER-2-50
employees
According to ACA, the proportion of premium revenues spent on clinical services and
quality improvement is called the - ANSWER-medical loss ratio
when a similarly appointed agent provides another agent with a referral, which results in
a sale, the commissions paid are generally - ANSWER-shared between the agents
what does "SHOP" stand for in SHOP exchange - ANSWER-Small Business Health
Options Program
why were Exchanges implemented by the ACA? - ANSWER-to create a one-stop
market for standardized health insurance plans
New York requires advertisements for accident and health insurance policies covering
ONLY a specified illness to prominently display - ANSWER-a statement that the policy
is limited
an individual in NY who charges a fee for giving advise on an insurance policy must be
licensed as a consultant if the advice is given to - ANSWER-the policyholder
, why does NY law require an insurance agent to examine the existing Medicare
Supplement policies of a prospective insured? - ANSWER-to determine the suitability of
potential changes
NY law requires the Human Immunodeficiency Virus (HIV) consent form to - ANSWER-
Disclose the types of individuals or organizations that may receive a copy of the test
results
Which of these is NOT considered a preventative service in a dental plan? - ANSWER-
Fillings
During a stated initial peroid of coverage, long-term care insurance policies normally
EXCLUDE conditions that - ANSWER-were treated during a specified period preceding
the policy date
when determining the suitability of an annuity for a consumer, the insurance provider is
obligated to - ANSWER-make reasonable efforts to fit the annuity with the consumer's
needs
Carol purchases a whole life policy that provides a choice of dividend options. The
policy is required to include a statement that the dividends are - ANSWER-not
guaranteed
Under the New York Disability Benefits Law, cash payments are provided to workers
who are unable to work because of injury or illness that - ANSWER-occurred on the job
The amount received for a life insurance policy in a life settlement is than the death
benefit - ANSWER-less
In New York, who is primarily responsible for determining the appropriateness of a
Medicare Supplement policy for a proposed insured? - ANSWER-the agent who solicits
the application
The grace period for a life insurance policy with an annual premium is usually -
ANSWER-31 days
An insurance company willingly published false information in an insurance policy
advertisement. This is an example of - ANSWER-misrepresentation
a temporary license is good for up to - ANSWER-90 days
A policyowner and a life settlement provider can have a life settlement negotiated
through an - ANSWER-life settlement broker
Pete the agent made public statments that falsely portrated Acme Insurance Company
as avoiding claim payments. Pete may be found guilty of - ANSWER-defamation
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