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| Section | Weight | Objectives |
|---|---|---|
| Underwriting, Marketing and Sales Practices | 15% | - Application and Underwriting Procedures
|
| Life Insurance Products and Provisions | 30% | - Policy Provisions, Riders and Options
|
| Insurance Regulation and General Principles | 20% | - Insurance Concepts
|
| Accident and Health Insurance | 35% | - Health Insurance Basics
|
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NEW QUESTION # 117
The insured, who is 59 years of age decides to replace a long-term care policy they had for five years for a new policy. Which of the following is true of the insurer?
Answer: B
Explanation:
The correct answer is D. The replacement insurer will waive probationary periods pertaining to preexisting conditions satisfied under the original policy. In long-term care insurance replacement rules, an insured should not lose credit for time already served under an existing policy when moving to a new long-term care policy. If the insured has already satisfied a preexisting condition limitation or probationary period under the old policy, the replacing insurer must give credit for that satisfied period instead of starting a new waiting period from the beginning. This protects consumers from being penalized simply because they replaced coverage.
Choice A is incorrect because the original insurer is not required to reimburse unused benefit dollars when a policy is replaced. Choice B is incorrect because the replacement insurer may not simply impose a brand-new probationary or preexisting condition exclusion for periods already satisfied under the old coverage. Choice C is also incorrect because the replacement coverage must recognize prior satisfied waiting periods. Therefore, under long-term care replacement standards, the insurer replacing the policy must waive any probationary periods for preexisting conditions that were already satisfied under the original policy .
NEW QUESTION # 118
An annuitant dies during the accumulation period. What happens to the cash value in the annuity?
Answer: C
Explanation:
During the accumulation period of an annuity, the contract owner is building value through premium payments and interest/earnings. If the annuitant dies before annuitization begins , the annuity does not simply disappear and the insurer does not "keep" the funds. Instead, the contract's value is paid out as a death benefit
, which is generally based on the annuity's cash value (account value) , subject to the contract's terms (for example, adjustments for surrender charges may or may not apply depending on the product). The payment is made to the named beneficiary on the contract, which is why beneficiary designation is important for annuities just as it is for life insurance.
Option B would apply only if there is no living beneficiary (or no valid beneficiary designation), in which case proceeds may be paid to the owner's estate. Option C is incorrect because the IRS is not the recipient of the cash value; taxes may be due on taxable gains, but proceeds are payable to beneficiaries/estate. Therefore, the correct answer is that the cash value is paid to the beneficiary.
NEW QUESTION # 119
A whole life policy is replaced with an annuity without incurring a tax penalty. This is referred to as
Answer: C
Explanation:
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 .
NEW QUESTION # 120
HICs usually structure copayments to discourage:
Answer: B
Explanation:
The correct answer is Non-emergency visits to the emergency room . In health insurance and managed care concepts, Health Insurance Companies (HICs) and managed care plans often use copayment structures to influence how insureds use medical services. One common goal is to discourage the unnecessary use of high- cost services , especially the emergency room for conditions that are not true emergencies. Because emergency room treatment is generally far more expensive than treatment in a physician's office, urgent care center, or other outpatient setting, insurers frequently apply higher copayments to non-emergency ER use.
This cost-sharing design encourages insureds to seek appropriate care in the most cost-effective setting while preserving emergency room access for genuine emergencies. Preventive care is generally encouraged rather than discouraged, and many plans reduce or waive cost-sharing for preventive services. Prescription drugs and outpatient X-rays may involve copayments or other cost-sharing, but they are not the classic services targeted by higher copays for utilization control in this context.
For exam purposes, when a question asks what copayment structures are usually designed to discourage, the expected answer is non-emergency emergency room visits .
NEW QUESTION # 121
Which of the following is required of a covered entity subject to New York ' s cybersecurity regulation?
Answer: B
Explanation:
The correct answer is Conduct a risk assessment of its information system . Under New York's Cybersecurity Regulation (23 NYCRR 500) issued by the New York Department of Financial Services (NYDFS), covered entities such as insurance companies, producers, and other regulated financial institutions are required to establish and maintain a comprehensive cybersecurity program designed to protect consumers' nonpublic information and the integrity of the institution's information systems.
One of the core requirements of this regulation is that the covered entity must perform a periodic risk assessment . This assessment identifies internal and external cybersecurity risks that could threaten the confidentiality, integrity, or availability of information systems. The results of the risk assessment help the organization design appropriate cybersecurity policies, controls, and procedures, including access controls, data protection strategies, and incident response planning.
The other options are incorrect because the regulation does not require entities to eliminate every possible threat, publicly disclose system protections, or ensure disclosure of nonpublic information. Instead, the regulation emphasizes risk identification, monitoring, and management , making Option B the correct answer.
NEW QUESTION # 122
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