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| Section | Weight | Objectives |
|---|---|---|
| Insurance Regulation and General Principles | 20% | - New York Insurance Code and Laws
|
| Life Insurance Products and Provisions | 30% | - Policy Provisions, Riders and Options
|
| Accident and Health Insurance | 35% | - Policy Provisions and Claims
|
| Underwriting, Marketing and Sales Practices | 15% | - Application and Underwriting Procedures
|
>> Discount NY-Life-Accident-and-Health Code <<
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NEW QUESTION # 25
A single contract for group medical insurance issued to an employer is known as
Answer: C
Explanation:
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.
NEW QUESTION # 26
Mortality is based on a large risk pool of
Answer: A
Explanation:
The correct answer is people and time . In insurance, mortality refers to the statistical measurement of death within a defined population. Insurers rely on mortality tables , which are developed using large pools of data that track the probability of death among groups of people over specific periods of time. These tables allow insurance companies to estimate the likelihood that individuals within certain age groups will die within a given year. The concept is based on the law of large numbers , meaning that when a very large group of people is observed over time, patterns of mortality become predictable and can be used to calculate insurance premiums.
Life insurance companies analyze mortality data across large populations and extended time periods to determine appropriate premium rates and to ensure that they maintain sufficient reserves to pay future claims.
By spreading risk across many policyholders, insurers can accurately project expected losses and maintain financial stability.
The other options are incorrect because mortality statistics are not primarily based on income, geographic area alone, or personal characteristics such as hobbies or family history. The essential foundation of mortality calculations is large groups of people observed over time .
NEW QUESTION # 27
Which of the following CORRECTLY identifies the favorable income tax treatment afforded to annuities?
Answer: B
Explanation:
The correct answer is C. Gains are taxed only on distribution. One of the major advantages of annuities is their tax-deferred growth . During the accumulation phase , the interest, dividends, or investment gains generated inside the annuity contract are not taxed annually . Instead, taxation is deferred until the policyholder begins taking withdrawals or receiving annuity payments. At that time, the portion of the payment representing earnings or gains becomes taxable as ordinary income. This tax deferral allows the funds inside the annuity to grow more efficiently because earnings can continue to compound without being reduced by yearly taxation.
The other options are incorrect. A is incorrect because annuity earnings are not tax deductible each year. B is also incorrect because earnings are not partially tax-exempt; rather, they are tax-deferred until distribution. D is incorrect because not all distributions are fully taxable. When annuity payments begin, part of each payment represents a return of the owner ' s principal (cost basis) and is not taxed, while only the earnings portion is subject to income tax. Therefore, the favorable tax treatment of annuities is that taxation on gains occurs only when distributions are taken
NEW QUESTION # 28
In addition to the application, MIB, or consumer reports, underwriters can acquire information from all of the following EXCEPT
Answer: D
Explanation:
Life insurance underwriting relies on multiple sources to evaluate an applicant's insurability and assign an appropriate risk classification. Beyond the application, the Medical Information Bureau (MIB), and consumer reports, insurers commonly obtain additional medical information through medical questionnaires (supplemental health questions), attending physician statements (APS) from the applicant's doctor, and physical examinations (often including measurements, vitals, and sometimes lab work) when required by the insurer's underwriting guidelines. These tools help confirm medical history, clarify conditions disclosed on the application, and verify current health status so the insurer can make a fair underwriting decision.
However, insurers generally do not obtain information through genetic testing as part of routine underwriting.
Licensing materials typically treat genetic testing as an excluded underwriting source because of legal and regulatory protections that restrict requesting or using genetic test results in insurance decisions. Therefore, while questionnaires, APS reports, and physical exams are standard underwriting information sources, genetic testing is the exception.
NEW QUESTION # 29
Which of the following is an example of risk sharing?
Answer: D
Explanation:
Risk sharing is a risk management technique in which a group combines resources so that losses experienced by a few are spread across many. The classic insurance concept behind this is pooling : each participant contributes money to a common fund, and the fund is used to pay covered losses as they occur. Option B describes this directly- pooling money to cover malpractice exposures -because malpractice losses can be unpredictable and potentially severe, and sharing them across a group reduces the financial impact on any one member.
The other options describe different risk management methods. Option A (not purchasing a car) is risk avoidance -eliminating the exposure entirely. Option C (installing sprinklers) is risk reduction/loss control , lowering the frequency or severity of loss. Option D (purchasing an insurance policy) is primarily risk transfer
, shifting the financial consequences of specified losses to an insurer in exchange for a premium. Because only option B reflects spreading losses among a group through pooling, it is the best example of risk sharing .
NEW QUESTION # 30
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