NY Life, Accident, and Health
Insurance Agent/Broker Exam
Series 17-55 FINAL EXAM 2025
NEWEST COMPLETE EXAM QUESTIONS
AND CORRECT ANSWERS||100%
GUARANTEED PASS||A+ GRADED!!!
1. HIPAA (Health Insurance Portability and Accountability Act) 1996 -
ANSWER ✓ Provides the ability to transfer and continue health insurance
coverage for millions of American workers and their families when they
change or lose their jobs;
Reduces health care fraud and abuse;
Mandates industry-wide standards for health care information on electronic
billing and other processes; and
Requires the protection and confidential handling of protected health
information
2. Consultants (2107) - ANSWER ✓ The Superintendent may issue an
insurance consultant's license to any person, firm, association or corporation
who or which has complied with the requirements of this chapter with
respect to either: life insurance, meaning all of those kinds of insurance
authorized. Any such license issued to a firm or association shall authorize
only the members of such firm or association named in such license as sub-
licensees to act individually as consultants there under, and any such license
issued to a corporation shall authorize only the officers and directors thereof
named in such license as sub-licensees to act individually as consultants
there under.
3. Prohibited Practices (7814) - ANSWER ✓ Under the laws enforced by
EEOC, it is illegal to discriminate against someone (applicant or employee)
, because of that person's race, color, religion, sex (including gender identity,
sexual orientation, and pregnancy), national origin, age (40 or older),
disability or genetic information.
4. Stranger-originated life insurance (7815) - ANSWER ✓ an arrangement in
which an investor holds a life insurance policy without an insurable interest.
Without an insurable interest, the investor would ordinarily be prohibited
from purchasing the original policy.
Stranger-Owned Life Insurance policies are owed by third-parties, usually
investors, with no insurable interest.
SOLI policies are often offered in exchange for loans that the insured can
use during his or her lifetime.
SOLI is illegal as it gives the policyholder, who has no insurable interest or
relationship with the insured, an advantage in the insured's death.
5. Insurable interest provisions - ANSWER ✓ A person or entity has an
insurable interest in an item, event or action when the damage or loss of the
object would cause a financial loss or other hardships. To have an insurable
interest a person or entity would take out an insurance policy protecting the
person, item or event in question. The insurance policy mitigates the risk of
loss should something beset the asset.
6. Insurable interest is an essential requirement for issuing an insurance policy
that makes the entity or event legal, valid and protected against intentionally
harmful acts. People not subject to financial loss do not have an insurable
interest. Therefore a person or entity cannot
Insurable interest is the basis of all insurance policies.
An insurable interest is an object which, if damaged or destroyed, would result
in financial hardship for the policyholder.
To exercise insurable interest, the policyholder would buy insurance on the
person or item in question.
The policy must not create a moral hazard, in which a policyholder would have
a financial incentive to allow or even cause a loss.
7. Trust owned policies - ANSWER ✓ Trust-owned life insurance (TOLI) is a
type of life insurance that resides within a trust. TOLI is an estate planning
tool mainly consumed by high-net-worth individuals, who rely on it to
, ensure the responsible distribution of inheritance assets among their heirs,
reduce estate tax liability, and meet their charitable objectives.
Trust-owned life insurance (TOLI) is a type of life insurance housed inside a
trust.
TOLI is favored by high-net-worth individuals who use this tool for estate
planning needs.
The assets housed within the trust that are bequeathed to beneficiaries can
sidestep onerous tax obligations.
TOLI policies demand regular reviews to make sure they adequately meet the
current needs of the trust. If not, the products should be replaced with superior
offerings.
8. Decreasing Term Insurance - ANSWER ✓ Decreasing term insurance is
renewable term life insurance with coverage decreasing over the life of the
policy at a predetermined rate. Premiums are usually constant throughout the
contract, and reductions in coverage typically occur monthly or annually.
Terms range between 1 year and 30 years.
9. Decreasing term insurance is a more affordable option than whole life or
universal life insurance. The death benefit is designed to mirror the
amortization schedule of a mortgage or other high personal debt not easily
covered by personal assets or income. Decreasing term insurance allows a
pure death benefit with no cash accumulation. As such, this insurance option
has modest premiums for comparable benefit amounts to either a permanent
or temporary life insurance.
10.Conditional Receipt - ANSWER ✓ a document given to someone who
applies for an insurance contract and has provided the initial premium
payment. This receipt means that the person can only be insured if he or she
meets the standards of insurability and is given approval by the insurance
company.
11.Elements of a Contract - ANSWER ✓ offer and acceptance (Agreement)
consideration
competency and capacity
Legal Purpose
, 12.Morbidity - ANSWER ✓ Morbidity is a table used in calculating accident
and health premiums.
13.COBRA (Consolidated Omnibus Budget Reconciliation Act) - ANSWER ✓
gives workers and their families who lose their health benefits the right to
choose to continue group health benefits provided by their group health plan
for limited periods of time under certain circumstances such as voluntary or
involuntary job loss, reduction in the hours worked, transition between jobs,
death, divorce, and other life events. Qualified individuals may be required
to pay the entire premium for coverage up to 102% of the cost to the plan.
14.generally requires that group health plans sponsored by employers with 20
or more employees in the prior year offer employees and their families the
opportunity for a temporary extension of health coverage (called
continuation coverage) in certain instances where coverage under the plan
would otherwise end.
15.Superintendents Powers - ANSWER ✓ The Superintendent shall have the
power to prescribe and from time to time withdraw or amend, in writing,
regulations: governing the duties assigned to the members of the staff of the
department; effectuating any power, given to him to prescribe forms or
otherwise make regulations; and governing the procedures to be followed in
the practice of the department.
16.Annuitant - ANSWER ✓ The person that buys an annuity; may or may not
be an annuity's policyowner.
17.Dread Disease Policy - ANSWER ✓ A dread disease policy, which is also
known as a critical illness policy, is a type of insurance policy that pays out
a tax-free lump sum in the event that you fall ill with one of the major
illnesses, diseases, or events that the policy covers.
These conditions can include things like:
Cancer
Heart-attacks
By-passes
Strokes
Blindness
Deafness
Insurance Agent/Broker Exam
Series 17-55 FINAL EXAM 2025
NEWEST COMPLETE EXAM QUESTIONS
AND CORRECT ANSWERS||100%
GUARANTEED PASS||A+ GRADED!!!
1. HIPAA (Health Insurance Portability and Accountability Act) 1996 -
ANSWER ✓ Provides the ability to transfer and continue health insurance
coverage for millions of American workers and their families when they
change or lose their jobs;
Reduces health care fraud and abuse;
Mandates industry-wide standards for health care information on electronic
billing and other processes; and
Requires the protection and confidential handling of protected health
information
2. Consultants (2107) - ANSWER ✓ The Superintendent may issue an
insurance consultant's license to any person, firm, association or corporation
who or which has complied with the requirements of this chapter with
respect to either: life insurance, meaning all of those kinds of insurance
authorized. Any such license issued to a firm or association shall authorize
only the members of such firm or association named in such license as sub-
licensees to act individually as consultants there under, and any such license
issued to a corporation shall authorize only the officers and directors thereof
named in such license as sub-licensees to act individually as consultants
there under.
3. Prohibited Practices (7814) - ANSWER ✓ Under the laws enforced by
EEOC, it is illegal to discriminate against someone (applicant or employee)
, because of that person's race, color, religion, sex (including gender identity,
sexual orientation, and pregnancy), national origin, age (40 or older),
disability or genetic information.
4. Stranger-originated life insurance (7815) - ANSWER ✓ an arrangement in
which an investor holds a life insurance policy without an insurable interest.
Without an insurable interest, the investor would ordinarily be prohibited
from purchasing the original policy.
Stranger-Owned Life Insurance policies are owed by third-parties, usually
investors, with no insurable interest.
SOLI policies are often offered in exchange for loans that the insured can
use during his or her lifetime.
SOLI is illegal as it gives the policyholder, who has no insurable interest or
relationship with the insured, an advantage in the insured's death.
5. Insurable interest provisions - ANSWER ✓ A person or entity has an
insurable interest in an item, event or action when the damage or loss of the
object would cause a financial loss or other hardships. To have an insurable
interest a person or entity would take out an insurance policy protecting the
person, item or event in question. The insurance policy mitigates the risk of
loss should something beset the asset.
6. Insurable interest is an essential requirement for issuing an insurance policy
that makes the entity or event legal, valid and protected against intentionally
harmful acts. People not subject to financial loss do not have an insurable
interest. Therefore a person or entity cannot
Insurable interest is the basis of all insurance policies.
An insurable interest is an object which, if damaged or destroyed, would result
in financial hardship for the policyholder.
To exercise insurable interest, the policyholder would buy insurance on the
person or item in question.
The policy must not create a moral hazard, in which a policyholder would have
a financial incentive to allow or even cause a loss.
7. Trust owned policies - ANSWER ✓ Trust-owned life insurance (TOLI) is a
type of life insurance that resides within a trust. TOLI is an estate planning
tool mainly consumed by high-net-worth individuals, who rely on it to
, ensure the responsible distribution of inheritance assets among their heirs,
reduce estate tax liability, and meet their charitable objectives.
Trust-owned life insurance (TOLI) is a type of life insurance housed inside a
trust.
TOLI is favored by high-net-worth individuals who use this tool for estate
planning needs.
The assets housed within the trust that are bequeathed to beneficiaries can
sidestep onerous tax obligations.
TOLI policies demand regular reviews to make sure they adequately meet the
current needs of the trust. If not, the products should be replaced with superior
offerings.
8. Decreasing Term Insurance - ANSWER ✓ Decreasing term insurance is
renewable term life insurance with coverage decreasing over the life of the
policy at a predetermined rate. Premiums are usually constant throughout the
contract, and reductions in coverage typically occur monthly or annually.
Terms range between 1 year and 30 years.
9. Decreasing term insurance is a more affordable option than whole life or
universal life insurance. The death benefit is designed to mirror the
amortization schedule of a mortgage or other high personal debt not easily
covered by personal assets or income. Decreasing term insurance allows a
pure death benefit with no cash accumulation. As such, this insurance option
has modest premiums for comparable benefit amounts to either a permanent
or temporary life insurance.
10.Conditional Receipt - ANSWER ✓ a document given to someone who
applies for an insurance contract and has provided the initial premium
payment. This receipt means that the person can only be insured if he or she
meets the standards of insurability and is given approval by the insurance
company.
11.Elements of a Contract - ANSWER ✓ offer and acceptance (Agreement)
consideration
competency and capacity
Legal Purpose
, 12.Morbidity - ANSWER ✓ Morbidity is a table used in calculating accident
and health premiums.
13.COBRA (Consolidated Omnibus Budget Reconciliation Act) - ANSWER ✓
gives workers and their families who lose their health benefits the right to
choose to continue group health benefits provided by their group health plan
for limited periods of time under certain circumstances such as voluntary or
involuntary job loss, reduction in the hours worked, transition between jobs,
death, divorce, and other life events. Qualified individuals may be required
to pay the entire premium for coverage up to 102% of the cost to the plan.
14.generally requires that group health plans sponsored by employers with 20
or more employees in the prior year offer employees and their families the
opportunity for a temporary extension of health coverage (called
continuation coverage) in certain instances where coverage under the plan
would otherwise end.
15.Superintendents Powers - ANSWER ✓ The Superintendent shall have the
power to prescribe and from time to time withdraw or amend, in writing,
regulations: governing the duties assigned to the members of the staff of the
department; effectuating any power, given to him to prescribe forms or
otherwise make regulations; and governing the procedures to be followed in
the practice of the department.
16.Annuitant - ANSWER ✓ The person that buys an annuity; may or may not
be an annuity's policyowner.
17.Dread Disease Policy - ANSWER ✓ A dread disease policy, which is also
known as a critical illness policy, is a type of insurance policy that pays out
a tax-free lump sum in the event that you fall ill with one of the major
illnesses, diseases, or events that the policy covers.
These conditions can include things like:
Cancer
Heart-attacks
By-passes
Strokes
Blindness
Deafness
