accident and health insurance agent review questions and answers 20222023 | 100 correct verified answers
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NYS Life, Accident and Health Review
1. 3 years.: Life settlement brokers must keep a record of commission
and com- pensation disclosures for life settlement contracts for the
minimum of how many years?
2. 15 days.: 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.: 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.: What is the maximum fine for
violating the Insurance Code regarding life settlements?
5. 24 months.: How long does a registration for a life settlement
intermediary remain in effect?
6. Fingerprints.: 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.: At what point
must an Outline of Coverage be delivered?
8. Outline of Coverage: Which document helps to insure full and fair
disclosure to the recipient of a policy?
1/
, 9. a Dread Disease Policy: A policy which covers medical costs
related to a specific condition is called what?
10.Both state and federal.: 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.: In what case would a credit
disability policy be issued?
12.True.: Health insurance could provide payments for loss of income.
(T/F)
13.Limited Policy Notice.: 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.: The signature of the spouse of
the policy- owner is required on a health insurance application. (T/F)
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