New York Life Exam Simulator Study
Guide Questions and Answers All
Graded A+ 2026/2027 Edition.
An agent who sells an individual life insurance policy in New York MUST deliver to the policy
owner a(n)
- AM Best rating
- Financial report from the previous year
- Policy Summary and Buyer's Guide
- Letter showing NAIC compliance - Answer Policy Summary and Buyer's Guide
Which of these is not considered to be a risk factor in life insurance underwriting?
- Number of children
- Health history
- Hobbies
- Occupation - Answer Number of Children
All of these are settlement options for life insurance policies EXCEPT
- Life income
- Lump sum
- Extended term
- Fixed Period - Answer Extended term
How many months can a life insurance policy normally be backdated from the date of the
application?
-3
-6
-9
- 12 - Answer 6
According to the Affordable Care Act, any plan in existence prior to which date is considered a
grandfathered plan?
- March 23, 2010
- March 23, 2011
- March 23, 2012
,- March23, 2013 - Answer March 23, 2010
New York Disability Benefits Law provides cash payments to workers unable to work because of
- Injury or illness that occurred on the job
- Injuries only that occurred off the job
- Illness only that occurred on the job
- non-work related injuries or ilnesses - Answer Injury or illness that occurred on the job
Ken is a producer who has obtained Consumer Information Reports under false pretenses.
Under the Fair Credit Reporting Act, what is the maximum penalty that may be imposed on
Ken?
- $1,000
- $3,000
- $5,000
- $7,000 - Answer $5,000
Which of the following provides affordable health insurance coverage to small employers?
- New York Small Business Association
- Healthy New York Program
- Medicare
- New York Health Department - Answer Healthy New York Program
A health insurance policy that allows an insurer to change the policyowner's premiums, but Not
cancel the policy is called a(n)
- Guaranteed renewable policy
- Conditional renewable policy
- Optionally renewable policy
- Noncancelable policy - Answer Guaranteed renewable
Continuous 24-hour care provided by licensed medical professionals under the direct
supervision of a physician is called
- Adult day care
- Home health care
- Skilled nursing care
- Custodial care - Answer Skilled nursing care
,Which of the following is typically NOT eligible for coverage in a group health policy?
- Full-time employee
- Temporary employee
- Business owner
- Partner in a partnership - Answer Temporary Employee
Joe is a Medicare participant who receives his benefits through a Managed Health Care Plan.
Which Medicare plan does he have?
- Part A
- Part B
- Part C
- Part D - Answer Part C
Which of the following would evidence ownership in participating health insurance contract?
- Stock ownership
- Irrevocable beneficiary status
- Policy Ownership
- Collateral assignment - Answer Policy Ownership
Kathy pays a monthly premium on her health insurance policy. How long is her grace period?
- 10 days
- 7 days
- 31 days
- 45 days - Answer 10 days
Kurt is an active duty serviceman who was recently killed in an accident while home on leave.
Which military service exclusion clause would pay upon his death?
- Active
- Status
- Results
- Leave - Answer Results
Which of these is affected by the frequency of an insurance policy's premium payments?
- Settlement options
- Cash value
, - Death benefit
- Cost - Answer Cost
Which settlement option pays a stated amount to an annuitant, but no residual value to a
beneficiary?
- Fixed period
- Interest only
- Installment refund
- Life income - Answer Life income
When does an immediate annuity begin making payments?
- After multiple premiums have been paid
- After the first premium has been paid
- After policy has been active for one year
- After the incontestable period - Answer After the first premium has been paid
A permanent life insurance policy where the policy owner pays premiums for a specified
number of years is called a(n)
- adjusted policy
- limited pay policy
- lever term policy
- variable policy - Answer Limited pay policy
In New York, a medicare policy must be _________ renewable
- Contingently
- Conditionally
- Guaranteed
- Optionally - Answer Guaranteed
As classified by the Affordable Care Act (ACA), a Silver Plan offers
- 60% actuarial level of coverage provided
- 70% actuarial level of coverage provided
- 80% actuarial level of coverage provided
- 90% actuarial level of coverage provided - Answer 70% actuarial level of coverage provided
Guide Questions and Answers All
Graded A+ 2026/2027 Edition.
An agent who sells an individual life insurance policy in New York MUST deliver to the policy
owner a(n)
- AM Best rating
- Financial report from the previous year
- Policy Summary and Buyer's Guide
- Letter showing NAIC compliance - Answer Policy Summary and Buyer's Guide
Which of these is not considered to be a risk factor in life insurance underwriting?
- Number of children
- Health history
- Hobbies
- Occupation - Answer Number of Children
All of these are settlement options for life insurance policies EXCEPT
- Life income
- Lump sum
- Extended term
- Fixed Period - Answer Extended term
How many months can a life insurance policy normally be backdated from the date of the
application?
-3
-6
-9
- 12 - Answer 6
According to the Affordable Care Act, any plan in existence prior to which date is considered a
grandfathered plan?
- March 23, 2010
- March 23, 2011
- March 23, 2012
,- March23, 2013 - Answer March 23, 2010
New York Disability Benefits Law provides cash payments to workers unable to work because of
- Injury or illness that occurred on the job
- Injuries only that occurred off the job
- Illness only that occurred on the job
- non-work related injuries or ilnesses - Answer Injury or illness that occurred on the job
Ken is a producer who has obtained Consumer Information Reports under false pretenses.
Under the Fair Credit Reporting Act, what is the maximum penalty that may be imposed on
Ken?
- $1,000
- $3,000
- $5,000
- $7,000 - Answer $5,000
Which of the following provides affordable health insurance coverage to small employers?
- New York Small Business Association
- Healthy New York Program
- Medicare
- New York Health Department - Answer Healthy New York Program
A health insurance policy that allows an insurer to change the policyowner's premiums, but Not
cancel the policy is called a(n)
- Guaranteed renewable policy
- Conditional renewable policy
- Optionally renewable policy
- Noncancelable policy - Answer Guaranteed renewable
Continuous 24-hour care provided by licensed medical professionals under the direct
supervision of a physician is called
- Adult day care
- Home health care
- Skilled nursing care
- Custodial care - Answer Skilled nursing care
,Which of the following is typically NOT eligible for coverage in a group health policy?
- Full-time employee
- Temporary employee
- Business owner
- Partner in a partnership - Answer Temporary Employee
Joe is a Medicare participant who receives his benefits through a Managed Health Care Plan.
Which Medicare plan does he have?
- Part A
- Part B
- Part C
- Part D - Answer Part C
Which of the following would evidence ownership in participating health insurance contract?
- Stock ownership
- Irrevocable beneficiary status
- Policy Ownership
- Collateral assignment - Answer Policy Ownership
Kathy pays a monthly premium on her health insurance policy. How long is her grace period?
- 10 days
- 7 days
- 31 days
- 45 days - Answer 10 days
Kurt is an active duty serviceman who was recently killed in an accident while home on leave.
Which military service exclusion clause would pay upon his death?
- Active
- Status
- Results
- Leave - Answer Results
Which of these is affected by the frequency of an insurance policy's premium payments?
- Settlement options
- Cash value
, - Death benefit
- Cost - Answer Cost
Which settlement option pays a stated amount to an annuitant, but no residual value to a
beneficiary?
- Fixed period
- Interest only
- Installment refund
- Life income - Answer Life income
When does an immediate annuity begin making payments?
- After multiple premiums have been paid
- After the first premium has been paid
- After policy has been active for one year
- After the incontestable period - Answer After the first premium has been paid
A permanent life insurance policy where the policy owner pays premiums for a specified
number of years is called a(n)
- adjusted policy
- limited pay policy
- lever term policy
- variable policy - Answer Limited pay policy
In New York, a medicare policy must be _________ renewable
- Contingently
- Conditionally
- Guaranteed
- Optionally - Answer Guaranteed
As classified by the Affordable Care Act (ACA), a Silver Plan offers
- 60% actuarial level of coverage provided
- 70% actuarial level of coverage provided
- 80% actuarial level of coverage provided
- 90% actuarial level of coverage provided - Answer 70% actuarial level of coverage provided
