Ny Laws and rules Last CH Study
When an agent is replacing an existing ordinary life insurance policy, the agent must take all of the following actions EXCEPT - Provide the applicant with a copy of the sales proposal - Submit to the agents insurance company a copy of the signed Notice Regarding Replacement - Obtain the beneficiary's signature - Produce the applicant with a notice regarding replacement
- Obtain the benficarys signature
Which of these is NOT an unfair claims settlement practice - Providing claim payments to insureds under the guidelines of the insurance contact - Refusing to pay claims without conducting a reasonable investigation - Compelling insureds to imitate a lawsuit by offering less on insurance claims - Failing to acknowledge and act promptly with respect to insurance claims
- Providing claim payments to insureds under the guidelines of the insurance contact
The Superintendent MUST give a MINIMUM of how many days notice of a disciplinary hearing?
10
The free look period in New York for individual health insurance policies is __days
10
Group accident and health insurance policies issues in New York must generally include an unmarried dependent child who is __ years old or younger
19
Employees are required to work at least __ hours per week to become eligible for a small employer health plan
20 hours
An agents commission for the sale of medicare supplement policy in the first year following its effective date cannot exceed ___ of the commission paid for 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
eligible dependents are covered up to age ____ on accident and health policies under the affordable care act.
26
Tim's individual life insurance policy has recently lapsed. His policy may be reinstated at any time within __ Years
3 years
The right to examine period is__ Days for all Long-term care policies sold in New York
30
When a medicare supplement policy is replaced the policy owner will have a free look period of ___ days
30
Greg had recently been terminated from his job that covered his for group life insurance. how long does he have to convert his coverage to an individual policy without needing to prove insurability.
31 days
As of January 1, 2014, an employer with up to 25 full time equivalent (FTE's) with average annual wages of less than $50,000 may be eligible for a tax credit of ___ of the premiums paid by the employer. 30% 40% 50% 60%
50%
As classified by the Affordable Care Act (ACA), a Silver Plan offers
70% of coverage
An insurance agent agrees to pay the first monthly premium for an insurance application. This is called
A rebate which is illegal
An insurance consultant is best defined as a
Agent who charged fees for advice
The ___ is responsible for determining the appropriateness of a medicare supplement policy for an applicant.
Agent.
If an agent would life to start using an assumed name at what point must the superintendent be notified.
Before using the assumed name
How are health plans classified according to the affordable care act.
Bronze, silver, gold, platinum
Which of the following is required for an insurer to conduct business in this state - Certificate of admission - Certificate of domestication - Certificate of authenticity - Certificate of authority
Certificate of authority
The entire contact provision includes all of the following expect the -Applications -Policy - Changes made by the agent - Riders
Changes made by the agent
John the agent made public statements thats falsely portrayed an insured as insolvent. John would be likely found guilty of
Defamation
How often must an insurance agents license in New York be renewed?
Every 2 years
A client told an international lie to an insurer in order to receive a favorable premium. This is an example of
Fraud
Under the affordable acre act which of these plans is designed to provide coverage that is equivalent to 80% of the full actuarial value of benefits provided under the plan - Gold - Platinum - Silver -Bronze
Gold
The amount received for a life insurance policy in a life settlement is ____ than the death benefit
Less
A life settlement broker is someone who is
Licensed to negotiate a life settlement contact
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. - An existing life insurance policy is sold by the policy owner to help finance the cost of terminal illness.
an example of an Unfair Claims Settlement Practice is -Making it mandatory that proof of loss be provided for each claim -Failing to promptly provide reasonable explanations for the denial of claims -Requiring a time limit for submitting a claim -Paying a claim in a timely matter
Making it mandatory that proof of loss be provided for each claim
According to the affordable care act, any plan In existence prior to which date is considered a grandfathered plan
March 23,2010
When replacing a life insurance policy an agent just provide the applicant with a
Notice regarding replacement.
Replacement regulation is designed to protect the interests of
Policy Owners
An agent who sells an individual life insurance policy in Washington MUST deliver to the policyowner
Policy Summary and Buyer's Guide
A life insurance agent is required to give a disclosure notice about information practices to an applicant or proposed insured. - After the insured requests a full medical exam - When the insured requests an attending physicians report -Prior to or at the time of signing the application - At time of policy delivery
Prior to or at the time of signing the application
The branch of dentistry which deals with the replacement of missing parts.
Prosthodontics
Long-term care policies sold in New York may NOT exclude coverage for Substance abuse Self inflicted injuries Acts of war Senile dementia
Senile dementia
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 that
She may need to resume premium payments, depending on actual results.
What does SHOP stand for in the SHOP exchange
Small business health options program
An agent has recently died and leaves behind a spouse. In order for the agents business to continue, the superintendent may issue to the agents spouse an
Temporary insurance license
When a Medicare Supplement insurance policy is being replaced, who must sign the notice of replacement?
The agent and the applicant
Under the affordable Care act how would a grandfathered health plan lose its grandfathered status
The insurer significantly raises co-insurance charges, deductibles or co payment
Under the Affordable Care Act, a large employer that does NOT provide health insurance and owes an employer mandate penalty must pay an annual penalty which is calculated by multiplying $2,000 by
The number of full time employees minus 30
Tom the agent replaced a clients insurance policy when it was not int the clients best interest. Tom could be found guilty of.
Twisting
After a disability policy has been in force for __ years it is considered incontestable.
Two
Under which circumstance may a commission be shared between two agents.
When they are both licensed in the same line of business
What happens if the insured discovers that the insured 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 purchases for the correct age
After __ years from date of issue an individual health insurance policy can no longer be cancelled by the insurer for misstatements (except for fraud)
two years
