Insurance test chapter 18--New York Laws and Rules
Changes made by the agent
The entire contract provision includes all of the following EXCEPT the
ten days
The free look per provided in a life insurance policy is usually
Bronze, Silver, Gold, Platinum
What are the levels of coverage as defined by the Affordable Care Act?
Benefits will be calculated according to how much courage the premium paid would have purchased for the correct age
What happens if the insurer discovers that the insured's age was accidentally misstated on an application for an individualize insurance policy?
Number of dependents
When an agent is determining the suitability of an annuity for a client, which of these is NOT usually taken into consideration?
obtain the beneficiary's signature
When an agent is replacing an existing ordinary life insurance policy, the agent must take all of the following actions EXCEPT
Notice Regarding Replacement
When replacing a life insurance policy, an agent must provide the applicant with a
10 days
A disability policy where the premiums are due monthly require a grace period of
prior to or at the time of signing the application
A life insurance agent is required to give a disclosure notice about information practices to an applicant or proposed insured
25
AN employer may qualify for health care tac credits through SHOP Marketplace if that employer has fewer than how many employees?
March 23, 2010
According to the Affordable Care Act, any plan in existence prior to which date is considered a grandfathered plan?
Silver Plan
According to the Affordable Care Act, what metal tier is required to have an actuarial value of 70% with covers individuals paying 30% through deductibles, co-pays, and other sharing features?
$2,500
According to the Affordable care Act, what is the maximum amount an individual can contribute to a Flexible Savings Account?
2
After ___ years from the date of issue, an individual health insurance policy can no longer be cancelled by the insurer for misstatements(except for fraud).
preventative health services
All Health Benefits Plans issued after January 1, 2014 must provide
Endorsing insurers
All of these are responsibilities of the Superintendent EXCEPT
Coverage
An Outline of ___ is required for long-term care policies and provides a brief description of the important features of the policy
temporary insurance license
An agent has recently died and leaves behind a spouse. In order for the agent's insurance business to continue, the Superintendent may issue to the agent's spouse a
referring insurance
An agent license is NOT required when
nonresident agent
An agent who is licensed in New York but resident in another state is called a
Policy Summary and Buyer's Guide
An agent who sells an individual life insurance policy in New York MUST deliver to the policyowner a
200%
An agent's commission for the sale of a Medicare supplement policy in the first year following its effective fate cannot exceed ___ of the commission paid for selling or servicing the policy in the second year.
canceling a term life policy to buy a whole life policy
An example of replacement is
2 years
An individual life insurance policy becomes incontestable after it has been in force for
offer
An insurance agent agrees to pay the first monthly premium for an insurance applicant. This is called an
she may need to resume premium payments, depending on actual results
Carol filled out a life insurance application and was given a policy illustration that showed future premiums being paid out of nonguarenteed values. This illustration MUST disclose that
adverse selection
Group dental plans will frequently place a limit on a annual benefits in order to minimize
Guaranteed
In New York, a Long-Term Care policy must be ___ renewable
guaranteed
In New York, a Medicare Supplement policy must be ____ renewable
Before using the assumed name
In an agent would like to start using an assumed name, at what point must the Superintendent be notified?
defamation
John the agent made public statements that false portrayed an insurer as insolvent. John would likely be found guilty of
Make the first transaction up to 30 days before approve for license
Life settlement brokers are permitted to do all of the following EXCEPT
Fraud
Maria the insurance agent completes a sale by collecting the required signatures on the application and obtaining the initial premium. Afterwards, she deposits the check into her personal checking account. Mario has committed what crime?
injury or illness that occurred on the job
New York Disability Benefits Law provides cash payments to workers unable to work because of
Creditors
Proceeds of the life settlement contract could be subject to the claims of
90
Proof of loss on health insurance claims must be submitted to an insurer within ___ days after the insured's date of loss.
policyowners
Replacement regulation is designed to protect the interests of
30
The Right-to-Examine period is ___ days for all Long-Term Care Policies sold in New York
agent
The ____ is responsible for determine the appropriateness of a Medicare Supplement policy for an applicant
less
The amount received for a life insurance policy in a life settlement is ___ than the death benefit.
31 days
The standard grace period for a life insurance policy in New York is:
twisting
Tom the agent replaced a client's insurance policy when it was not in the client's best interest. Tom could be found guilty of
The insurer significantly raises co-insurance charges, deductibles, or co-payment charges
Under the Affordable Care Act, how would a grandfathered health plan lose its grandfathered status?
27 year old married child
Which of the following is NOT an eligible dependent on Accident and Health policy?
Pain and suffering
Which of the following is NOT covered under Workers' Compensation?
Healthy New York Program
Which of the following provides affordable health insurance coverage to small employers?
Exists For profit
Which of these is NOT a characteristic of a Fraternal Benefit Society?
Providing claim payments to insureds under the guidelines of the insurance contract
Which of these is NOT an Unfair Claims Settlement Practice?
30
Within ____ days after policy delivery, both Medicare Supplement and Long-Term Care policies can be returned for a 100% premium refund.
policy must be issued to XYZ, and a certificate must be issued to each employee
XYX Corp was issued a group health policy for its employees. Under this plan a
