Examfx

An insured's disability income policy includes an additional monthly benefit rider. For how many years can the insured expect to receive payment from the insurer before Social Security benefits begin?

1

HIPAA applies to groups of

2 or more

Under the New York State Disability Benefit Law, for an employed individual, disability benefits will be payable after a waiting period of

7 days

An independent adjuster may include which of the following?

A firm who acts on behalf of the insurer

Who is not included in the definition of an employee under the New York State Disability Benefit Law?

A licensed minister

All of the following are essential benefits required to be included in all health plans purchased in the Marketplace EXCEPT

Adult dental care

What is the time period called during which the surviving spouse of the insured does not receive Social Security income benefits?

Blackout period

Which of the following health care plans would most likely provide the insured/subscriber with comprehensive health care coverage?

HMO plan

Which of the following methods of calculating the amount of life insurance needed takes into account the insured's wages, years until retirement, and inflation?

Human life value approach (HLVA)

Issue age policy premiums increase in response to which of the following factors?

Increased benefits

What are the two components of a universal policy?

Insurance and cash amounts

When a reduced-paid up nonforfeiture option is chosen, what happens to the face amount of the policy?

It is reduced to the amount of what the cash value would buy as a single premium

Which statement is NOT true regarding a Straight Life policy?

Its premium steadily decreases over time, in response to its growing cash value

Which of the following would be the best option that would help the surviving spouse of the insured to put her child through daycare after the insured's death?

Life insurance proceeds

In a POS plan, benefits for covered services when self-referring (without having your primary care physician arrange for the service) are generally

More expensive

Attempting to determine how much insurance a family would require based upon their financial objectives is known as

Needs approach

Bethany studies in England for a semester. While she is there, she is involved in a train accident that leaves her disabled. If Bethany owns a general disability policy, what will be the extent of benefits that she receives?

None

In long-term care insurance, what type of care is provided with intermediate care?

Occasional nursing or rehabilitative care

Which option for Universal life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured?

Option B

An insured pays her Major Medical Insurance premium annually on March 1. Last March she forgot to mail her premium to the company. On March 19, she had an accident and broke her leg. The insurance company would

Pay the claim

Which of the following riders would NOT cause the Death Benefit to increase?

Payor benefit rider

Which of the following is monitored by ERISA?

Stock profit sharing plans

In order to qualify for a certificate of authority, every person, firm, association, corporation or joint-stock company must meet all of the following requirements EXCEPT

The entity must be part of the New York Labor Union

An employee insured under a group health policy is injured in a car wreck while performing her duties for her employer. This results in a long hospitalization period. Which of the following is true?

The group plan will not pay since they were injured at work

An insured has a Social Insurance Supplement rider in her disability income plan. Following a disability, she begins receiving benefit payments from the insurer. She then begins receiving Social Security benefits that are smaller than the SIS benefit payments. At that point, her insurer ends the SIS benefit payments. Which of the following best describes the situation?

The insured should contact the insurer to confirm her actual social security benefit amount. The SIS rider should pay the difference between the rider amount and the actual benefit

An agent is in the process of replacing the insured's current health insurance policy with a new one. Which of the following would be a proper action?

The old policy should stay in force until the new policy is issued

All of the following statements about Medicare supplement insurance policies are correct EXCEPT

They cover the cost of extended nursing home care

An agent is completing an application for a long-term care policy. The agent is required to do all of the following EXCEPT

Warn the applicant about the 10 day free look period

The premium of a survivorship life policy compared with that of a joint life policy would be

lower

In reference to the standard Medicare Supplement benefits plans, what does the term standard mean?

All providers will have the same coverage options and conditions for each plan

SIMPLE Plans require all of the following EXCEPT

At least 1,000 employees

In insurance transactions, fiduciary responsibility means

Being liable with respect to payment of claims

To legally transact insurance in this state, an insurer must obtain which of the following?

Certificate of authority

On a major medical insurance policy, the amount that an insured must pay on a claim before the insurer will pay is known as

Deductible

Who can provide skilled nursing care?

Doctor

Because of the history of cancer in her family, Julie purchased a policy that specifically covers the expense of treating cancer. Her policy would be classified as what type of policy?

Dread disease policy

The main purpose of ERISA is to ensure that

Employees receive pension and other benefits promised by their employers

When an employee terminates coverage under a group insurance policy, coverage continues in force

For 31 days

The Medical Information Bureau (MIB) was created to protect

Insurance companies from adverse selection by high risk premiums

The section of a health policy that states the causes of eligible loss under which an insured is assumed to be disabled is the

Insuring clause

What is the purpose of a free-look period in insurance policies?

It allows the insured to reject the policy with a full refund