Life insurance exam study part 1
Group accident and health insurance policies issued in New York must generally include an unmarried dependent child who is ____ years old or younger
19
A life insurance policy becomes incontestable after it has been in force for
2 years
After a disablity policy has been in force for _____ year(s), it is considered incontestable
2 years
An individual life insurance policy becomes incontestable after it has been in force for
2 years
According to the ACA what is the maximum amount an individual can contribute to a flexible savings account
2,500
An agents commission for the sale of a Medicare supplement policy in the 1st year following its effective date cannot exceed _____ of the commission paid for the selling or servicing the policy in the second year
200%
An employer may qualify for health care tax credits through SHOP Marketplace if that employer has fewer than how many employees?
25
Tim's individual life insurance policy has just recently lapsed. His policy may be reinstated at any time within
3 years
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?
31 days
If an insurer refuses to pay a claim, how many days must the insured wait to take legal action against a health insurer submitting the written proof of loss
60 days
As classified by the affordable care act a silver plan offers
70% actuarial level of coverage provided
Which of the following is included in the entire contract provision
Application
A domestic insurance company in New York must
Be formed under the laws of New York
If an agent would like to start using an assumed name, at what point must the superintendent be notified?
Before using the assumed name
What happens if the insurer discovers that the insureds age was accidentally misstated on an application for an individual life insurance policy
Benefits will be calculated according to how much coverage the premium paid would have purchased for the correct age
Coverage for newborns under an accident and health plan MUST include coverage for
Birth abnormalities
What are the levels of coverage as defined by the affordable care act
Bronze 60%, silver 70%, Gold 80%, platinum 90%
Which of the following is required for an insurer to conduct business in this state
Certificate of authority
The entire contract provision included all of the following expect the
Changes made by the agent
Which of the following is required for the renewal of an insurance license
Continuing education
An outline of _____ is required for long term care policies and provides a brief description of the important features of the policy
Coverage
A common exclusion or limitation on a dental policy is
Endodontics
Violation of US Code Title 18 section 1033, may result in (failure to inform the division of a prior felony conviction on a license application)
Fine or/ imprisonment
A client told an intentional lie to an insurer in order to receive a favorable premium. This is an example of
Fraud
Under the affordable care act which of these plans is designed to provide coverage that is actuarially equivalent to 80% of the full actuarial value of the benefits provided under the plan
Gold
Janice forgot to make her insurance premium payment by the due date. The specified period after the due date where she can still make payment and avoid discontinuance of her coverage is called the - Incontestable period - Courtesy Period - Reinstatement period - Grace Period
Grace period
In New York LTC policy must be _______ renewable
Guaranteed renewable
New York Disability benefits Law provides cash payments to workers unable to work because of. Injury or illness that occurred on the job - Injuries only that occurred off the job - Illnesses only that occurred on the job - Non work related injuries or illnesses
Injury or illness that occurred or the jobs
The amount received for a life insurance policy in a life settlement is _____ than the death benefit
Less
A life settle to broker is someone who is
Licensed to negotiate a life settlement contract
John the policy owner sells his life insurance policy to help pay for the cost of his terminal illness. This transaction is called a
Life settlement
Life settlement brokers are permitted to do all of the following except
Make the 1st transaction up to 30 days before approved for a license
According to the ACA any plan in the existence prior to which date is considered a grandfathered plan
March 23, 2010
When does a family health policy's coverage for a newborn child begin?
Moment of birth
If an agent is advertising a life insurance policy the agent must disclose the
Name of the actual insurer
Which of the following is NOT covered under workers compensation
Pain and suffering
Replacement regulation is designed to protect
Policy owners
Replacement regulation is designed to protect the interests of
Policy owners
An agent who sells an individual life insurance policy in New York MUST deliver to the policyowner
Policy summary and buyers guide
A life insurance agent is required to give a disclosure notice about information practices to an applicant or proposed inured
Prior to or at the time of signing the application
An insurance agent agrees to pay the first monthly premium of an insurance applicant. This is called
Rebate
An agent license is not required when
Referring insurance
LTC policies sold in New York may NOT exclude coverage for
Senile dementia
Long term care policies sold in New York may exclude coverage related to
Substance addictions
When a Medicare Supplement insurance policy is being replaced, who must sign the notice of replacement?
The agent and the applicant
Under the ACA, how would a grandfathered health plan lose its grandfathered status?
The insurer significantly raises co insurance charges, deductibles, or co payment charges.
Failing to promptly provide a reasonable explanation for the denial of a claim is considered to be a(n)
Unfair claim settlement practice
An example of misrepresentation is
providing incorrect, misleading, incomplete, or materially untrue information in the license application
