NYLAHI New York Life, Accident & Health Insurance exam - Set 4 - Part 3

Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.

Question 41: An optional long-term care benefit that increases the daily or monthly benefit amount over time so it keeps pace with rising care costs is best described as which of the following?

A nonforfeiture benefit

A guarantee of insurability

A waiver of premium

Inflation protection

Question 42: Under New York's minimum standards, a long-term care policy must be renewable at the insured's option and cannot be canceled for declining health. This required renewal status is which of the following?

Guaranteed renewable

Conditionally renewable

Optionally renewable

Cancelable at will

Question 43: A New York program that lets buyers of qualifying long-term care policies protect personal assets from Medicaid spend-down requirements is best described as which of the following?

The Medicaid Estate Recovery program

Healthy New York

The New York Partnership for Long-Term Care

The Excess Line Association

Question 44: The number of days an insured must need care before a long-term care policy starts paying benefits, similar to a deductible measured in time, is known as which of the following?

The benefit period

The elimination period

The probationary period

The free look period

Question 45: A tax-qualified long-term care policy generally pays benefits once a professional certifies that the insured cannot perform a set number of activities of daily living or has which of the following?

A severe cognitive impairment

A temporary minor injury

A preexisting condition

An elective surgery scheduled

Question 46: A long-term care benefit that returns some value, such as a reduced paid-up benefit, if the policy lapses after several years of premium payments is best described as which of the following?

Inflation protection

A respite care benefit

A waiver of premium

A nonforfeiture benefit

Question 47: A long-term care policy feature that stops requiring premium payments once the insured has been receiving covered benefits for a stated period is best described as which of the following?

A nonforfeiture benefit

Inflation protection

A waiver of premium provision

A guarantee of insurability

Question 48: Because Medicaid pays for long-term care only after an applicant's assets fall below a low threshold, many people buy long-term care insurance instead of relying on which of the following?

Spending down to qualify for Medicaid

Enrolling in Medicare Part A

Buying a Medicare supplement

Joining an HMO

Question 49: Before issuing a long-term care policy, New York requires the insurer to give the applicant a disclosure document and to determine which of the following?

The applicant's credit score

The applicant's driving record

Whether the purchase is suitable

The applicant's employer size

Question 50: New York encourages residents to buy qualifying long-term care coverage by offering them which of the following on their state taxes?

A full federal deduction

An exemption from all premiums

A guaranteed Medicaid bed

A state premium tax credit

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