Free Insurance Licensing NY-Life-Accident-and-Health Exam Dumps Questions & Answers

An insured individual purchases a disability policy with a waiver of premium rider on January 1. The individual is disabled on June 1. On July 1, he receives proof of permanent and total disability, and submits a claim. He begins receiving benefits on July 15. When are his premiums waived?

• A.  January 1
• B.  July 15
• C.  July 1
• D.  June 1

Mortality is based on a large risk pool of

• A.  people and time.
• B.  family history and hobbies.
• C.  income and time.
• D.  geographic area and time.

An annuity that guarantees a given number of income payments, whether or not the annuitant is alive to receive them, is referred to as

• A.  a guaranteed survivor annuity.
• B.  an Irrevocable endowed annuity.
• C.  a life annuity certain.
• D.  an assured life annuity.

Which of the following statements is TRUE regarding a waiver of premium rider?

• A.  The policy ' s cash value will continue to grow, but at a slower rate because the insured is no longer paying premiums.
• B.  The death benefit will be reduced by the amount of the unpaid premiums.
• C.  The insured will automatically become eligible for accelerated death benefits.
• D.  There will be no change in the policy other than the insured no longer has to pay the premiums on the policy.

Insurance agents have duties and responsibilities to the insured and the insurer. Which of the following responsibilities does an agent owe the insured during the policy year?

• A.  Pay the insured ' s premiums if they are unable to do so.
• B.  Notify the insurance department when claims are paid.
• C.  Help the insured file and follow up on claims.
• D.  Work with rating bureaus to establish insurer ratings.