NY Life, Accident And Health Insurance Agent/Broker
Exam Series 17-55: Questions With Clear Answers
Disability Income Insurance - what is it? Correct Ans - - Replaces lost income in the event of the disability comma insured must be unable to perform occupational duties
- insured must be unable to perform occupational duties
Disability Income Insurance - presumptive disability Correct Ans - Specifies a condition that qualifies and insured for full disability benefits Disability Income Insurance - recurrent disability Correct Ans - Specifies a period of time during which the recurrence of an injury or illness will be considered a continuation of a prior disability Disability Income Insurance - elimination period Correct Ans - the waiting period that last from the....ability until benefit payments starts Disability Income Insurance - probationary period Correct Ans - The period after the policy starts during which benefits won't be paid for illness related disabilities Disability Income Insurance - benefit period Correct Ans - Length of time monthly disability benefit payments last Disability Income Insurance - benefit limitations Correct Ans - Maximum benefits and insurer is willing to accept for an individual risk based on a percentage of insureds past earnings Disability Income Insurance - social insurance supplement (SIS) or Social Security riders Correct Ans - Supplement or replace benefits payable under Social Security disability Disability Income - Business overhead expense policy Correct Ans - Reimburses small business owners for overhead expenses incurred while the business owner is totally disabled 1 / 2
Disability Income - business disability buyout policy Correct Ans - Specifies who will purchase a business partner's interest in case of a disability Disability Income - key person disability Correct Ans - - Covers the potential loss of business income and the expense of hiring and training a replacement for a key person
- business owns the contract, pays a premium, and is the beneficiary
- elimination period may last as long as the benefit period for STD
- reserved for management employees
- last until age 65
- notice is required within 20 days of loss or as soon as possible
- / 2
Disability Income - group disability Correct Ans - Short term disability benefit - STD - benefit period No longer than two years long term disability - LTD
Uniform Required Provisions - entire contract Correct Ans - policy (with riders and amendments) and copy of application Uniform Required Provisions - grace period Correct Ans - Time period after the premium is due during which the policy will not lapse Uniform Required Provisions - reinstatement Correct Ans - A policy can be restored within a specified period of time with proof of insurability Uniform Required Provisions - change of beneficiary - revocable/irrevocable Correct Ans - Revocable - can be changed at anytime irrevocable - can only be changed with the beneficiaries consent Uniform Required Provisions - notice of claim Correct Ans - - Insured must provide insurer with reasonable notice after loss
Uniform Required Provisions - claim form Correct Ans - Company must supply insured with claim forms within a specific time period