NY Life, Accident and Health Insurance latest Exam Updated 2023-2024.Guaranteed A+ Pass, Exams of Nursing

Download NY Life, Accident and Health Insurance latest Exam Updated 2023-2024.Guaranteed A+ Pass and more Exams Nursing in PDF only on Docsity! NY Life, Accident and Health Insurance latest Exam Updated 2023-2024.Guaranteed A+ Pass. Page 1 of 7 1. For an individual long-term care policy there is an annual dollar limit for tax deductions that is based on which of the following? - answers>Age 2. All of the following are tax qualified retirement plans EXCEPT - answers>Section 529 Plan 3. The group conversion option is allowed for all of the following EXCEPT - answers>During the annual benefits enrollment period 4. Short term disability insurance generally only covers injuries due to which of the following? - answers>Non-occupational injuries 5. Under which situation must insurable interest exist between the applicant and insured at the time of application? - answers>When a third-party applicant names themselves beneficiary. 6. Why is rehabilitation considered worthy of federal help under workers' compensation? - answers>it reduces insurance losses and helps regain the worker's dignity 7. Managed care plans increase efficiency by all of the following means EXCEPT - answers>transferring the management of costs to the insureds. 8. All of the following are requirements to qualify for Social Security disability benefits EXCEPT when - answers>unable to work in occupation in which the worker was trained or educated. 9. How long after being entitled to disability benefits will an individual be eligible to receive Medicare benefits? - answers>2 years NY Life, Accident and Health Insurance latest Exam Updated 2023-2024.Guaranteed A+ Pass. Page 2 of 7 10. Which of the following amends the Social Security Act to make Medicare secondary to group health plans? - answers>TEFRA 11. Which of the following is TRUE for a flexible premium annuity? - answers>The purchaser has the option to vary the amount of each premium payment falling between a minimum and maximum amount. 12. In which of the following does a covered employee agree to a reduction in compensation so the amount can be used to cover medical expenses? - answers>Flexible Spending Account (FSA) 13. Which of the following is TRUE of an equity-indexed annuity? - answers>It has a guaranteed minimum interest rate. 14. Which of the following is true about a decreasing term life policy? - answers>The face amount reaches zero at policy expiration 15. Which is the primary purpose of Health Reimbursement Accounts (HRAs)? - answers>To assist covered employees with the payment of medical expenses on a high deductible plan funded through pre-tax contributions. 16. A group conversion option may be used in all the following instances EXCEPT - answers>a life-changing event, such as marriage, divorce, or childbirth. 17. Which type of life policy can be continued year after year without a required medical examination but rates are dependent on the insured's current age? - answers>renewable term NY Life, Accident and Health Insurance latest Exam Updated 2023-2024.Guaranteed A+ Pass. Page 5 of 7 35. What procedure is used by an insurer to protect itself in the event a dispute arises and the applicant and the agent do not recall the changes that were made in a completed application? - answers>The applicant and possibly the agent initial any changes made. 36. If the insurer wishes to share an applicant's HIV status, the applicant must be given full notice of all of the following EXCEPT - answers>the treatment procedures that are covered by the policy. 37. What is the purpose of Stranger-originated life insurance (STOLI)? - answers>the policy is originated primarily or solely for the purpose of resale 38. Which of the following was specifically designed to address STOLI and IOLI practices? - answers>NCOIL Act 39. All of the following are characteristics of variable whole life EXCEPT - answers>There is no guaranteed minimum death benefit. 40. All of the following are features of the spendthrift clause EXCEPT - answers>the beneficiary may encumber the proceeds 41. According to the time of payment of claims provision, the insurer must make the payment immediately after receiving proof of loss EXCEPT - answers>for claims involving periodic payments. 42. All of the following are common exclusions from loss found in disability income policies EXCEPT for that incurred while - answers>Committing a misdemeanor 43. What is the waiver of premium provision? - answers>In a long term care contract, the premium is waived after the insured has been confined for a specific period of time. NY Life, Accident and Health Insurance latest Exam Updated 2023-2024.Guaranteed A+ Pass. Page 6 of 7 44. Upon issuance of a conditional receipt for a renewal when the premium is paid AFTER the time granted by the insurer, what is the maximum amount of time for reinstatement of the policy? - answers>45 days 45. What is an impairment rider? - answers>It lists specific conditions in the contract that are excluded from the contract 46. Obtaining consumer information reports under false pretenses is prosecutable by which of the following? - answers>Fair Credit Reporting Act 47. Managed care plans increase efficiency by all of the following means EXCEPT - answers>transferring the management of costs to the insureds. 48. Current assumption whole life policies are sensitive to which of the following? - answers>interest rates 49. Which of the following is TRUE for a flexible premium annuity? - answers>The purchaser has the option to vary the amount of each premium payment falling between a minimum and maximum amount. 50. Which of the following must be given to the insurer within 20 days after occurrence or commencement of any loss covered by the policy, or as soon thereafter as is reasonably possible? - answers>Notice of claim 51. What is the return of premium rider? - answers>An increasing amount of term insurance that always equals the total of premiums paid up to the current point. 52. How are term riders used? - answers>to purchase insurance on a family member of the originally insured NY Life, Accident and Health Insurance latest Exam Updated 2023-2024.Guaranteed A+ Pass. Page 7 of 7 53. What is the waiver of premium provision? - answers>In a long term care contract, the premium is waived after the insured has been confined for a specific period of time. 54. How might someone cover the extra expenses of child care and home-related costs? - answers>Purchasing family term insurance 55. What does coinsurance mean? - answers>The insurer and the insured share expenses over the deductible. 56. During which period of a Disability Income Policy is coverage effective but during which no benefits will be paid under the policy? - answers>probationary period 57. All of the following are nonforfeiture options EXCEPT - answers>Cash dividend option 58. All of the following are features of the spendthrift clause EXCEPT - answers>the beneficiary may encumber the proceeds