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| Section | Objectives |
|---|---|
| State Regulations (New York) | - Licensing requirements
|
| Accident and Health Insurance | - Health insurance products
|
| Insurance Fundamentals | - Principles of insurance and risk management
|
>> NY-Life-Accident-and-Health시험대비 최신 공부자료 <<
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질문 # 67
Which of the following statements BEST describes a single premium cash value policy?
정답：A
설명：
A single premium cash value life insurance policy is a form of permanent insurance that is fully funded with one lump-sum premium payment at the time of purchase. After that single payment is made, the policy is considered paid-up , meaning no additional premiums are required to keep the coverage in force for the policy' s duration (as long as no loans/withdrawals or other actions cause lapse). Because it is permanent insurance, it is designed to build cash value , and the death benefit remains in effect subject to the contract terms.
Option B is incorrect because "only one premium without evidence of insurability" describes a guaranteed insurability-type concept, not single premium funding; single premium policies still require underwriting at issue. Option C describes a waiver of premium benefit (typically waiving premiums during disability), not a single premium policy. Option D describes an annual premium mode (payment frequency), not a one-time premium. Therefore, the best description is that it requires only one payment to make the policy paid up.
질문 # 68
Which of the following is a potential DISADVANTAGE of a fixed annuity?
정답：A
설명：
A fixed annuity provides payments (or credited interest during accumulation) based on a guaranteed rate and
/or guaranteed payout set by the insurer. Because the payment amount is generally level once annuitized (unless an inflation rider or increasing-payment option is selected), the key drawback is inflation risk : over time, rising prices can reduce the purchasing power of those fixed payments. In other words, the annuitant may receive the same dollar amount each period, but that amount may buy less in the future.
Option B describes a feature more consistent with variable annuities , where benefits are not guaranteed at a specific level because values depend on investment performance. Option C is also a characteristic of variable annuities (separate account investments and fluctuating returns), not fixed annuities. Option D is not a standard limitation of fixed annuities; payout periods depend on the selected settlement option (life, period certain, joint life, etc.), not an automatic "2 years after death" cap. Therefore, the commonly tested disadvantage of a fixed annuity is the potential erosion of buying power due to inflation.
Thought for a few seconds
질문 # 69
Who is the beneficiary of a key person insurance policy?
정답：B
설명：
The correct answer is Employer . In a key person insurance policy , the business purchases life insurance on the life of an employee, owner, or executive whose services are considered especially valuable to the company. In this arrangement, the business is the policyowner , pays the premiums, and is also named as the beneficiary . If the key person dies, the death benefit is paid to the employer to help offset the financial loss that may result from the death of that important individual.
The purpose of key person insurance is to protect the business against losses such as reduced revenues, replacement and training costs, disruption of operations, loss of credit, or the expense of finding a suitable successor . The policy is not intended primarily to provide personal family protection for the insured employee; that would normally be handled by an individually owned life insurance policy.
The other choices are incorrect because the employee, the insured's spouse, or a business partner would not ordinarily be the beneficiary unless the policy were structured differently from a standard key person arrangement. In the typical and tested form of key person insurance, the employer is the beneficiary.
질문 # 70
Which is an accurate description of the relationship between the premiums of a whole life policy and the premium payment period?
정답：D
설명：
The correct answer is C. The shorter the payment period, the higher the annual premium. In whole life insurance, the relationship between the premium-paying period and the premium amount is straightforward:
when premiums are compressed into a shorter time span , each premium payment must be higher in order to fully fund the same lifetime coverage and guaranteed policy values. New York State Department of Financial Services consumer guidance explains that a limited payment whole life policy provides lifetime protection but requires premiums for only a limited number of years, and because the premiums are paid over a shorter span of time, the premium payments will be higher than under an ordinary whole life plan.
This is why options such as 10-pay life, 20-pay life, or pay-to-age-65 whole life generally have higher annual premiums than traditional straight life policies, where premiums are spread over a longer period. Therefore, A is false because payment period directly affects premium level. B is the opposite of the correct rule. D is also false because a longer payment period generally allows the cost to be spread out, resulting in a lower annual premium than a shorter-pay version of the same policy.
질문 # 71
A single contract for group medical insurance issued to an employer is known as
정답：B
설명：
In group medical insurance, the insurer issues one main contract to the sponsoring entity-commonly an employer-covering the eligible group of employees. This single contract is called the master policy . The employer (or group sponsor) is the policyholder of the master contract, and it contains the controlling provisions: eligibility rules, benefits, limitations, exclusions, premium requirements, renewal provisions, and administrative terms.
Employees covered under the plan do not usually receive their own individual policies. Instead, each insured employee receives a certificate of insurance (sometimes called a certificate), which summarizes the essential coverage provisions and the benefits available to that employee under the master policy. The certificate is evidence of coverage, but it is not the controlling contract; the master policy governs.
Option A ("group policy") is a generic phrase and can refer broadly to group insurance, but the specific term for the single contract issued to the employer is master policy . Option C is not a standard insurance term, and option D is incorrect because a "certificate" is issued to employees, not as the primary contract.
질문 # 72
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