NYLAHI New York Life, Accident & Health Insurance exam - Set 3 - Part 2
Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.
Question 21: Contributions to a traditional individual retirement account may be tax-deductible, and the account grows tax-deferred. How are qualified distributions later treated?
Question 22: A retirement account funded with after-tax dollars whose qualified distributions, including earnings, come out free of federal income tax is best described as which of the following?
Question 23: Which provision lets a policyowner exchange one life insurance policy for another, or a life policy for an annuity, without triggering current income tax on the gain?
Question 24: Under the tax-free exchange rules, which of the following exchanges is NOT permitted to keep its tax-deferred status?
Question 25: A retirement plan that promises each employee a specific monthly benefit at retirement, with the employer bearing the investment risk, is best described as which of the following?
Question 26: A retirement plan in which the contribution is set but the final benefit depends on investment results, so the employee bears the investment risk, is which of the following?
Question 27: Which of the following is a key federal tax advantage that a qualified retirement plan offers to participating employees?
Question 28: A qualified retirement plan designed specifically for self-employed individuals and unincorporated businesses is commonly known as which of the following?
Question 29: A tax-advantaged savings plan established to help families set aside money for a beneficiary's future qualified education expenses is known as which of the following?
Question 30: Compared with a nonqualified plan, a qualified retirement plan must meet federal standards in exchange for which of the following?
Question 31: Accident and health insurance is designed to provide benefits for losses caused by which two perils?
Question 32: A health insurance benefit that replaces a portion of an insured's earnings when illness or injury keeps them from working is best described as which of the following?
Question 33: A health insurance benefit that pays for the cost of doctor visits, hospital stays, and treatment of an illness or injury is best described as which of the following?
Question 34: A limited health policy that pays benefits only for losses resulting from accidents and provides nothing for sickness is best described as which of the following?
Question 35: A limited policy that pays benefits only if the insured is diagnosed with one named illness, such as cancer, is best described as which of the following?
Question 36: A limited policy that pays the insured a fixed cash amount for each day spent in the hospital, regardless of the actual charges, is best described as which of the following?
Question 37: When an insurer issues a limited benefit health policy, New York requires the policy to carry which of the following so the buyer understands its narrow scope?
Question 38: A health plan that covers a wide range of medical services rather than a single illness or a narrow list of benefits is best described as which of the following?
Question 39: Most accident and health policies will not pay benefits for an injury an insured suffers as a direct result of which of the following?
Question 40: A health condition for which the insured received treatment or advice before the policy took effect, and which a policy may temporarily limit, is known as which of the following?
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