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The policyowner wants to make sure that upon his death, the life policy will pay a portion of the proceeds annually to his spouse, but that the principal will be paid to their children when they reach a certain age. Which settlement option should the policyowner choose?

- Interest only option - With the interest only option, the insurance company retains the policy proceeds and pays interest on the proceeds to the recipient at regular intervals

How much of the premium is paid by employees participating in a non-contributory plan?

0% [100% by employers]

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

what is the maximum period that an insurer would pay benefits in accordance with an Additional monthly benefit rider

1 year [after 1 year, the insurer ends the benefit and assumes that SS will then begin bene pmt]

the superintendent will not renew an agent or broker's license upon finding that the license has been used to write controlled business. which of the following would be a violation of controlled business practice

15% of the agent's annual commission is from business sold to the agent's family.

within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained?

3 days [investigative consumer reports cannot be made unless the consumer is advised in writing about the period within 3 days of the date of report was requested]

a candidate for a life and health agent license would need to complete how many hours of prelicensing education?

40 hours

in addition to examinations that are specifically authorized by the insurance code, the superintendent may examine each domestic life insurer as often as it is deemed necessary for the protection of the consumers. the code requires examination of domestic life insurers every

5 years

the waiting period before a qualified person can receive social security disability benefit is

5months

under the ACA, a special enrollment period allows an individual to enroll in a qualified health plan within how many days of a qualifying event

60 days, [unless specifically stated otherwise, individuals or enrollees have 60 days from the date of triggering event to select a qualified health plan

under the NY state disability benefit law, for an employed individual, disability benefits will be payable after a waiting period of

7 days

How many eligible employees must be included in a contributory health insurance plan?

75%

how long after the date of issue may an insurer cancel an accident and health policy

90 days to cancel a policy by written notice

a hospital indemnity policy will pay

A benefit for each day the insured is in a hospital.

which of the following is TRUE regarding the insurance amount in a credit life policy

Creditor can only insure the debtor for the amount owed.

all of the following are business uses of life insurance EXCEPT

Funding against general company financial loss

what does guaranty association guard against

Insurer insolvency

what is NOT a benefit of a POS plan?

It allows guaranteed acceptance of all applicants. [a diff choice can be made every time a need arises for medical services]

which of the following statements concerning the MIB is correct

MIB assists underwriter in evaluating and classifying risks

all of the following statements about Medigap are correct EXCEPT

Medigap policies cover the cost of extended nursing home care [Medigap policies do not cover the cost of extended nursing home care. Medigap plans are designed to fill the gap in coverage attributable to Medicare's deductibles, copayment requirements, and benefit periods. These plans are issued by private insurance companies]

When does Medicare cover nursing home care?

Only if it is part of treatment for a covered illness or injury

Pertaining to insurance, what is the definition of a fiduciary responsibility?

Promptly forwarding premiums to the insurance company

which of the following does NOT have to be disclosed in a LTC policy

The aggregate amount of premiums due

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 different between the rider amount and the actual benefit

which of the following best describes what the annuity period is

The period of time during which accumulated money is converted into income payments [The "annuity period" is the time during which accumulated money is converted into an income stream.]

Under a SIMPLE plan, which of the following is TRUE regarding taxation on both contributions and earnings?

They are tax deferred on both contributions and earnings until funds are withdrawn.

which of the following is nOT true regarding equity indexed annuities

They earn lower interest rates than fixed annuities

what is the purpose of a benefit schedule

To state what and how much is covered in the plan

which of the following is NOT considered Business of life settlement

a producer discusses the advan of uni life policy and how the flexible premium allows the owner to control the cv and db income [NO INSURABLE INTEREST TO THE INSURED]

which of the following individuals must pass the written examination to be licensed as an insurance agent

a producer previously licensed in NJ who is applying for a NY license 120 days after becoming a resident of this state

How can a new physician be added to the PPO's approved list?

agree to follow the PPO standards and charge the appropriate fees

Who can make a fully deductible contribution to a traditional IRA?

an individual not covered by an employer-sponsored plan who has earned income [self-employer]

If an insurance company makes a statement that its policies are guaranteed by the existence of the Insurance Guaranty Association, that would be considered

an unfair trace practice [It is an unfair trade practice to make any statement that an insurer's policies are guaranteed by the existence of the insurance guaranty association]

an IRA contribution can be made from which of the following

cash = "contribution"

a long stretch of national economic hardship causes a 7% rate of inflation. a policyowner notices that the face value of her life insurance policy has been raised 7% as a result. which policy rider caused this change?

cost of living rider

which of the following statements describes one of the reasons individuals purchase life insurance

creates an immediate estate

which of the following types of insurance policies is most commonly used in credit life insurance

decreasing term

which of the following is NOT a cost-sharing service in a medical plan

denial of coverage [cost-sharing= case mgmt provisions, include: controlled access of providers, large claim mgmt, preventive care, hospitalization alternatives, 2nd surgical opinions, preadmission testing, catastrophic case mgmt, risk sharing and high quality of care

all of the following are features of a health insurance plan purchased on the health insurance marketplace EXCEPT

dollar limits on essential benefits

at a hearing, a person has the opportunity to do all of the following EXCEPT

file for dismissal of charges [ALLOW give evidence why an order should not be made; obtain witnesses on his or her own behalf; appear in person and by counsel]

a universal life insurance policy has two types of interest rate that are called

guaranteed and current [the insurer credits the cash value in the policy with a current (nongua) int rate and backs the cv with a contract (gua) rate of int]

according to the fair credit reporting act, all of the following statements are true EXCEPT

if an applicant is declined for an insurance policy, he has no right to know what was in the report

if a soliciting producer suspects that there could be misrepresentation on the part of the applicant for insurance, what must the producer do

inform the insurance company

which of the following is NOT true regarding a noncancellable policy

insurer can increase the premium above what is stated in the policy if claims experience is greater than expected

which of the following is true regarding health insurance

it could provide payments for loss of income [health insurance is a generic term. encompassing several types of insurance contracts, which, though related, are designed to protect against diff risks. it provides coverage for expenses related to health care, loss of income, and disability income]

all of the following statements are true regarding installments for a fixed period annuity settlement option EXCEPT

it is a life contingency option

which of the following is true regarding a single life settlement option

it provides income the beneficiary cannot outlive [the single life option can provide a single beneficiary income for the rest of his/her life. upon the death of the bene, the pmt stops]

under workers compensation, which of the following benefits are NOT included

legal benefits [INCLUDE: medical and rehabilitation, income, and death bene]

Your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. What would be the right policy for this client?

limited pay whole life [Premium payments will cease at her age 65, but coverage will continue to her death or age 100]

which of the following indicates how much of the health coverage premium must go toward actual medical care

medical loss ratio MLR

the coverage provided by a disability income policy that does not pay benefits for losses occurring as the result of the insured's employment is called

nonoccupational coverage [most group disability income is nonoccupational coverage, covering insureds only off the job. the employer carries workers compensation for on the job injuries or sickness]

During replacement of life insurance, a replacing insurer must do which of the following?

obtain a list of all life insurance policies that will be replaced

An insured has a life insurance policy from a participating company and receives quarterly dividends. he has instructed the company to apply the policy dividends to increase the death benefit. the dividend option that the insured has chosen is called

paid-up additions

which of the following is correct concerning the taxation of premiums in a ket-person life insurance policy

premiums are not tax deductible as a business expense

in group insurance, the primary purpose of the coordination of benefits provision is to

prevent claimants from profiting from an injury or sickness

medicare part a services do not include which of the following

private duty nursing [cover: post hospital skilled nursing, hospitalization, hospice care]

which of the following statements is an accurate comparison between private and government insurers

private insurers may be authorized to transact insurance by state insurance department

utilization management consists of an evaluation of the appropriateness, necessity and quality of health care, and may include

prospective and concurrent review

which of the following is NOT specifically prohibited by state law as an unfair trade practice

reducing the premiums paid by employers for group insurance based on loss experience

which of the following is NOT a characteristic of a managed care plan

risk retention [应该是risk sharing, controlled access of providers, comprehensive care mgmt, preventive care]

Upon policy delivery, the producer may be required to obtain any of the following EXCEPT

signed waiver of premium

which of the following would help prevent a universal life policy from lapsing

target premium

your client wants to know what the tax implications are for contributions to a health savings account. you should advise her that the contributions are

tax deductible

all of the following would be different between qualified and nonqualified retirement plans EXCEPT

taxation on accumulation [BOTH DEFERRED]

Children's riders attached to whole life policies are usually issued as what type of insurance?

term

an applicant completes an application for a disability policy and pays the initial premium. the producer ives the applicant a conditional receipt. insurance coverage for the applicant will become effective when

the insurance company accepts the risk

which of the following is nOT a feature of a guaranteed renewable provision

the insurer can increase the policy premium on an individual basis [CLASS BASIS]

If an insured continually uses the automatic premium loan option to pay the policy premium,

the policy will terminate when the cash value is reduced to nothing

life settlement contract must be approved by which of the following

the superintendent of insurance

which of the following is true regarding health insurance policies

they only cover specific accidents or diseases

every medicare supplement policy must have a notice to buyer on the front page that states which of the following

this policy may not cover all of your medical expense

what is the purpose of establishing the target premium for a universal life policy

to keep the policy in force

which of the following would lest likely be considered a legitimate need that would be paid by insurance proceeds

vacation travel expense

if seeking repayment of medicaid funds per the medicaid estate recovery act would cause a hardship to survivors, states may

waives the estate recovery requirement [states are allowed to waive estate recovery actions if the recovery of medicaid funds would cause a undue hardship]

which of the following types of insurance policies would perform the function of cash accumulation

whole life

an employee is injured in a construction accident, rendering him unable to work for a year. which of the following plans would provide him with medical expense coverage and income assistance

workers compensation


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