Study guides, Class notes & Summaries

1. Which of the following best describes the MIB? - It's a nonprofit organization that maintains underwriting information on applicants for life and health insurance. 2. According to the rights of renewability rider for cancellable policies, all of the following are correct about the cancellation of an individual insurance policy EXCEPT - Unearned premiums are retained by insurance company. 3. In long-term care insurance, what type of care is provided with intermediate care? - Occasion...

Insurable Interest - - An interest must exist between two parties where one party has the potential to suffer a loss in the event that a particular outcome occurs (which was covered by the insurance policy). - Insurance cannot be purchased on strangers, friends, associates of no financial significance, or the like where the potential for gain, instead of loss, were to occur. -When speaking of life insurance, insurable interest must exist at the time of application, but is not required to...

immediate annuity - ️️Jessica purchased an annuity with a single $175,000 premium payment, and payments began one month later. Based on these facts, what type of annuity did she purchase? Benefits are typically paid while the contract owner is alive - ️️Compared with life insurance, which of the following statements regarding annuities is most correct? Mortality and interest assumptions - ️️Actuaries calculate net single premiums based on which of the following? term life in...

Which statement BEST describes the tax responsibilities under a Business Overhead policy? a. Premiums are deductible, benefits are deductible. b. Premiums are deductible, benefits are taxed. c. Premiums are not deductible, expenses are deductible. d. Premiums are not deductible, benefits are taxed. - ️️Premiums are deductible, benefits are taxed The Group Insurance provision that prevents two insurers from paying more than the actual loss is called the... a. Coordination of Benefits....

A life insurance company has transferred some of its risk to another insure. The insurer assuming the risk is called - ️️ all of the following are examples of business continuation plan except - ️️Deffered Compensation All of these are valid options for an Adjustable Life Policy EXCEPT The policy's premium can be increased or decreased The policy's death benefit can be increased or decreased A nonforfeiture option can be used to increase the death benefit The policy's pr...

Which statement best describes the tax responsibilities under a Business Overhead policy? - ️️Premiums are deductible, benefits are taxed In which type of insurance company may stockholders share in the profits and losses of the insurer? - ️️Stock In which company may policy owners receive policy dividends when there is a profit? - ️️mutual The law of large numbers states that - ️️Predictions become more accurate as the number of units being considered increases Premi...

NYS Life, accident, and health insurance Exam

NY state insurance license practice exam Questions and Answers Latest (2023 / 2024) (Verified Answers)

NY Life, Accident, and Health Insurance Agent-Broker Exam Series 17-55 LATEST UPDATE

NURS 6630N NY Life, Accident, and Health Insurance Agent (Broker)Exam Series 17-55 NURS 6630N NY Life, Accident, and Health Insurance Agent (Broker)Exam Series 17-55 NURS 6630N NY Life, Accident, and Health Insurance Agent (Broker)Exam Series 17-55 NURS 6630N NY Life, Accident, and Health Insurance Agent (Broker)Exam Series 17-55 NURS 6630N NY Life, Accident, and Health Insurance Agent (Broker)Exam Series 17-55 NURS 6630N NY Life, Accident, and Health Insurance Agent (Broker)Exam Series 17-...