NY LIFE, ACCIDENT AND HEALTH PRACTICE EXAM 17-55 2026 SUMMER-FALL
QUESTIONS WITH WELL DETAILED SOLUTIONS
Which policy provision permits the policy owner to take a specified number of days to
examine the contract, and allows for cancellation and a full refund if the policy owner
rejects the terms or costs?
Free Look
When will a policy pay on a UCR basis?
When particular benefits are not listed on a payment schedule
Which type of rider reimburses health and social service expenses incurred in a
convalescent or nursing home facility?
long term care rider
Which of the following is exempted from the incontestability provision in insurance
policies?
Fraudulent misstatements
What does first dollar coverage mean?
As soon as covered medical expenses are incurred, the policy begins to pay
, What is the waiver of premium provision?
In a long term care contract, the premium is waived after the insured has been confined for
a specific period of time
According to the Time Payment of Claims provision, the insurer must make the payment
immediately after receiving proof of loss EXCEPT
for claims involving periodic payments
What is the purpose of Stranger-originated life insurance (STOLI)?
the policy is originated primarily or solely for the purpose of resale
All of the following are classifications of risk EXCEPT
non-nicotine
What specific new procedures does the USA Patriot Act require of insurance companies?
Establish an anti-money laundering program
What procedure is used by an insurer to protect itself in the event a dispute arises and the
applicant and the agent do not recall the changes that were made in a completed
application?
The applicant and possibly the agent initial any changes made.
QUESTIONS WITH WELL DETAILED SOLUTIONS
Which policy provision permits the policy owner to take a specified number of days to
examine the contract, and allows for cancellation and a full refund if the policy owner
rejects the terms or costs?
Free Look
When will a policy pay on a UCR basis?
When particular benefits are not listed on a payment schedule
Which type of rider reimburses health and social service expenses incurred in a
convalescent or nursing home facility?
long term care rider
Which of the following is exempted from the incontestability provision in insurance
policies?
Fraudulent misstatements
What does first dollar coverage mean?
As soon as covered medical expenses are incurred, the policy begins to pay
, What is the waiver of premium provision?
In a long term care contract, the premium is waived after the insured has been confined for
a specific period of time
According to the Time Payment of Claims provision, the insurer must make the payment
immediately after receiving proof of loss EXCEPT
for claims involving periodic payments
What is the purpose of Stranger-originated life insurance (STOLI)?
the policy is originated primarily or solely for the purpose of resale
All of the following are classifications of risk EXCEPT
non-nicotine
What specific new procedures does the USA Patriot Act require of insurance companies?
Establish an anti-money laundering program
What procedure is used by an insurer to protect itself in the event a dispute arises and the
applicant and the agent do not recall the changes that were made in a completed
application?
The applicant and possibly the agent initial any changes made.
