Missed NYL Test 2

Medicare Part B covers all of the following EXCEPT

Long-term care services

Dividends recieved on participating life insurance policies are

Not taxable because they are a return of unused premiums

Which dividend option will increase the death benefit

Paid-up additions

How long is the grace period for an individual life insurance policy?

1 month

Once an insurer recieves a claim, within how many days must the insurer provide claim forms to the insured?

10 working days

To qualify for disability income benefits under Social Security, an individual's disability must be expected to result in death or last for at least

12 months

In the event of lapse, long term care insurance policies should include a provision that provides for reinstatement of coverage. This option is available within

5 months of termination

What is called when a doctor accepts the Medicare approved amount?

Assignment

In a group policy, all of the following can be the policy owner EXCEPT

The insurance company

Which of the following statements is INCORRECT?

The insurer does not have the right to conduct an autopsy.

All of the following are true of the Survivorship Life policy EXCEPT

The premium is based on the age of each insured

The party that sells a life insurance policy in order to effectuate a viatical settlement contract is called the

Viator

When an insured terminates membership in the insured group, the insured can convert to

Whole life without proof of insurability

A while life policy is surrendered for a reduced-paid up policy. The cash value in the new policy will

Continue to increase

Regarding health insurance, all of the following are tax- deductible EXCEPT

Employee paid group disability income

An insured has an individual disability income policy with a 30-day elimination period. He becomes disabled on June 1 for 15 days. When will he co... income payments?

He won't collect anything

Which of the following is true regarding pure life annuity settlement option?

It provides the highest monthly benefit

Because of an injury, an insured has been unable to work for 7 months. When his life insurance premium came due, he was unable to pay, yet the policy remained. The policy includes

Waiver of premium rider

The contingent benefit on lapse will be triggered when an insurer increases an insured's premium rates to a certain level, and the policy subsequent..

120 Days

Which of the following is NOT a component of an insurance policy premium?

Number of beneficiaries

Which of the following is consideration on the part of the insurer?

Paying a claim

A married couple purchase a life insurance policy on their newborn baby. They are concerned about what would happen to the policy... continue making the premium payments due to death or disability. Which policy rider should their agent recommend?

Payor benefit

On an Accidental Death and Dismemberment (AD&A) policy, the death benefit payable is known as the

Principal Sum

Which of the following is a provision found in the life insurance policies?

Reinstatement

An applicant for a disability insurance policy has a heart condition they are unaware and therefore they answer no to the question pertaining to heart.. on their application. Their answer is considered to be a

Representation

Premiums paid by an employer for group health insurance are

Tax deductible to employer

Upon the surrender of a life insurance policy, any cash value accumulated in excess of the premium payments is

Taxed as ordinary income

Which of the following statements concerning the Medical Information Bureau is correct?

The Medical Bureau assists underwriters in evaluating and classifying risks

An adjustable life policy can assume the form of

either term insurance or permanent insurance