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| Section | Weight | Objectives |
|---|---|---|
| Accident and Health Insurance | 35% | - Policy Provisions and Claims
|
| Underwriting, Marketing and Sales Practices | 15% | - Application and Underwriting Procedures
|
| Insurance Regulation and General Principles | 20% | - New York Insurance Code and Laws
|
| Life Insurance Products and Provisions | 30% | - Types of Life Insurance Policies
|
>> Insurance Licensing NY-Life-Accident-and-Health덤프샘플문제 <<
Insurance Licensing NY-Life-Accident-and-Health인증시험을 패스하려면 시험대비자료선택은 필수입니다. 우리ExamPassdump에서는 빠른 시일 내에Insurance Licensing NY-Life-Accident-and-Health관련 자료를 제공할 수 있습니다. ExamPassdump의 전문가들은 모두 경험도 많고, 그들이 연구자료는 실제시험의 문제와 답과 거이 일치합니다. ExamPassdump 는 인증시험에 참가하는 분들한테 편리를 제공하는 사이트이며,여러분들이 시험패스에 도움을 줄 수 있는 사이트입니다.
질문 # 52
A whole life policy is replaced with an annuity without incurring a tax penalty. This is referred to as
정답：A
설명：
The correct answer is D. a 1035 Exchange . Under federal tax rules commonly tested in life insurance licensing materials, a Section 1035 exchange allows certain insurance products to be replaced with other qualifying insurance products without immediate taxation on any gain in the original contract. This means that if a policyowner exchanges a life insurance policy for a permitted replacement contract, the transaction may occur on a tax-deferred basis rather than being treated as a taxable surrender.
In exam terminology, a 1035 exchange is important because it preserves the policyowner's accumulated values while avoiding current tax consequences that would normally apply if the contract were simply cashed out. The other choices do not fit this tax-free replacement concept. A cross-purchase plan is a business continuation arrangement, an endowment contract is a type of life insurance contract, and transfer of value refers to a rule that can affect the tax treatment of death benefits after a policy transfer. Therefore, the recognized term for replacing a whole life policy with another qualifying contract without current tax liability is a 1035 Exchange .
질문 # 53
What period of time can a life insurance application be backdated?
정답：B
설명：
The correct answer is 6 months . In life insurance, backdating an application or policy means using an earlier policy date than the actual date of application or issue. This is commonly done to preserve a younger insurance age , which can result in a lower premium for the insured. The standard rule tested in life insurance licensing materials is that a life insurance policy may be backdated up to 6 months .
This rule is especially important when an applicant is close to a birthday that would place them in a higher age bracket for premium calculation. By backdating within the permitted limit, the insurer may allow the applicant to be rated at the younger age, although the applicant must usually pay premiums retroactive to the earlier effective date.
The other options are incorrect because they do not reflect the commonly tested maximum backdating period.
Two weeks and three months are too short, while one year exceeds the permitted limit. For exam purposes, when asked how far a life insurance application or policy may be backdated, the recognized answer is 6 months , making Choice C the correct response.
질문 # 54
What is an insurer ' s liability when it is discovered after an insured dies that the insured ' s age on the policy was misstated?
정답：C
설명：
The correct answer is C . In life insurance, when the insured's age has been misstated, the policy is not voided solely because of that error. Instead, the insurer applies the misstatement of age provision , which adjusts the amount payable to the amount of insurance that the premium actually paid would have purchased at the insured's correct age . Since age is one of the most important factors in determining life insurance premiums, an incorrect age means the premium collected may have been too high or too low for the coverage originally stated.
If the insured understated age, the premiums paid would have purchased less coverage at the correct older age, so the death benefit is reduced proportionately. If the insured overstated age, the premiums paid may have purchased more coverage , and the benefit could be increased accordingly. This adjustment method preserves fairness to both the insurer and the policyowner by matching benefits to the premium that should have applied.
The policy does not become entirely unenforceable, and the insurer does not simply pay the full face amount without adjustment. Therefore, the proper liability is a prorated amount based on the correct age , making Option C correct
질문 # 55
Clark will be doing business as an agent. When MUST he be appointed by the insurer?
정답：D
질문 # 56
A policyowner may choose to have his/her life insurance policy dividends do all of the following EXCEPT
정답：B
설명：
The correct answer is B. accumulate without interest. In participating life insurance policies, dividends are not guaranteed, but when paid they may usually be applied in several standard ways. Common dividend options include taking the dividend in cash , using it to reduce the next premium , leaving it with the insurer to accumulate at interest , or using it to purchase paid-up additions , which increase the policy's death benefit and cash value. These are traditional dividend options tested in life insurance licensing materials.
The key word in this question is "without interest." If dividends are left with the insurer to accumulate, they normally accumulate at interest , not without interest. Therefore, that choice is the exception. Option A is a valid use of dividends because they can offset premium payments. Option C is also valid because the insurer may pay dividends directly to the policyowner in cash. Option D is valid because dividends can buy additional insurance protection , usually in the form of paid-up additions. For that reason, the only incorrect dividend use listed is accumulate without interest .
질문 # 57
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