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