NY LIFE INSURANCE COMPREHENSIVE EXAM
2026 QUESTIONS WITH SOLUTIONS GRADED
A+
◉ Contract has enforceable promises of only one party. Answer:
Unilateral
◉ Covers a major medical expense of more than 100% with deductible.
Answer: Stop-loss
◉ Contract pays contingent on a future uncertainty. Answer: Conditional
◉ Policy owner can return contract for full refound after. Answer: 10
days
◉ Insurance Contract is prepared by one party, the insurer. Untild the
policy owner agrees. Answer: Contract of adhesion
◉ Helps to keep policy in force if premiums are unpaid. Answer: Grace
period
, ◉ Forfeiting a L.I.P & writing a new life policy in its place is know as.
Answer: Replacement
◉ Variable universal life do not provide. Answer: Fixed premiums
◉ Time to reinstate a laps policy is. Answer: 3 to 5 years
◉ Which are the three noforfeiture option. Answer: Cash surrender,
reduce paid-up, extended term insurance
◉ Do Variable life insurance product guarantee cash value ?. Answer:
They do not guarantee cash value
◉ Under an installment settlement option if the 1st beneficiary dies the
second.... Answer: Will receive the same income until the total amount is
gone
◉ A disabled worker unmarried under 22 is eligible for monthly benefits
of %. Answer: 50%
◉ Long term care provide a max coverage period generally. Answer:
From 2 to 6 years
2026 QUESTIONS WITH SOLUTIONS GRADED
A+
◉ Contract has enforceable promises of only one party. Answer:
Unilateral
◉ Covers a major medical expense of more than 100% with deductible.
Answer: Stop-loss
◉ Contract pays contingent on a future uncertainty. Answer: Conditional
◉ Policy owner can return contract for full refound after. Answer: 10
days
◉ Insurance Contract is prepared by one party, the insurer. Untild the
policy owner agrees. Answer: Contract of adhesion
◉ Helps to keep policy in force if premiums are unpaid. Answer: Grace
period
, ◉ Forfeiting a L.I.P & writing a new life policy in its place is know as.
Answer: Replacement
◉ Variable universal life do not provide. Answer: Fixed premiums
◉ Time to reinstate a laps policy is. Answer: 3 to 5 years
◉ Which are the three noforfeiture option. Answer: Cash surrender,
reduce paid-up, extended term insurance
◉ Do Variable life insurance product guarantee cash value ?. Answer:
They do not guarantee cash value
◉ Under an installment settlement option if the 1st beneficiary dies the
second.... Answer: Will receive the same income until the total amount is
gone
◉ A disabled worker unmarried under 22 is eligible for monthly benefits
of %. Answer: 50%
◉ Long term care provide a max coverage period generally. Answer:
From 2 to 6 years
