Spring Semester February 2026 New York Life & Health
Insurance Exam Prep | Licensing Review, New York State
Laws & Regulations, Life & Health Policy Types, Underwriting
Principles, Ethics, Risk Management, NGN-Style Practice
Questions & Licensing Exam Success Guide
, Question 1:
What is the primary purpose of life insurance?
A) To provide cash value accumulation
B) To provide financial protection to beneficiaries upon the death of the insured
C) To cover medical expenses during the lifetime of the insured
D) To pay for funeral expenses only
Correct Option: B
Rationale: The primary purpose of life insurance is to provide financial protection to
beneficiaries when the insured person passes away. This ensures that dependents can
maintain their living standards, pay off debts, and cover other financial obligations after
the insured's death.
Question 2:
Which of the following types of life insurance policies has no savings component?
A) Whole life insurance
B) Universal life insurance
C) Term life insurance
D) Variable life insurance
Correct Option: C
Rationale: Term life insurance provides coverage for a specified period and does not
include a savings or investment component. Unlike whole or universal policies, it is
purely a risk protection insurance with no cash value accumulation.
Question 3:
In New York, what is the minimum age to purchase health insurance without
parental consent?
A) 16
B) 18
C) 21
D) 25
Correct Option: B
Rationale: In New York, individuals typically must be at least 18 years old to purchase
health insurance without parental consent. This age requirement reflects the legal
capacity to enter into contracts and make financial decisions regarding personal health
coverage.
Insurance Exam Prep | Licensing Review, New York State
Laws & Regulations, Life & Health Policy Types, Underwriting
Principles, Ethics, Risk Management, NGN-Style Practice
Questions & Licensing Exam Success Guide
, Question 1:
What is the primary purpose of life insurance?
A) To provide cash value accumulation
B) To provide financial protection to beneficiaries upon the death of the insured
C) To cover medical expenses during the lifetime of the insured
D) To pay for funeral expenses only
Correct Option: B
Rationale: The primary purpose of life insurance is to provide financial protection to
beneficiaries when the insured person passes away. This ensures that dependents can
maintain their living standards, pay off debts, and cover other financial obligations after
the insured's death.
Question 2:
Which of the following types of life insurance policies has no savings component?
A) Whole life insurance
B) Universal life insurance
C) Term life insurance
D) Variable life insurance
Correct Option: C
Rationale: Term life insurance provides coverage for a specified period and does not
include a savings or investment component. Unlike whole or universal policies, it is
purely a risk protection insurance with no cash value accumulation.
Question 3:
In New York, what is the minimum age to purchase health insurance without
parental consent?
A) 16
B) 18
C) 21
D) 25
Correct Option: B
Rationale: In New York, individuals typically must be at least 18 years old to purchase
health insurance without parental consent. This age requirement reflects the legal
capacity to enter into contracts and make financial decisions regarding personal health
coverage.
