NYS Life, Accident & Health Insurance Exam
2024 – Complete Study Guide & Practice
Questions REAL EXAM!!!
Which type of life insurance policy is best suited for paying off the outstanding balance of a 30-year
mortgage in the event of the insured's death? - ANSWER ✔---30-year decreasing term.
How many days notice does the ACA require insurers to give before rescinding coverage? -
ANSWER ✔---30
A signed good health statement may be requested by a life producer at the time of - ANSWER ✔---
Policy Delivery
Carol purchases a whole life policy that provides a choice of dividend options. This policy is required to
include a statement that the dividends are - ANSWER ✔---Not Guaranteeed
Tim is confined to a nursing home but doesn't have a terminal illness. Which life insurance rider is
designed to help pay for this type of expense? - ANSWER ✔---Long-term care benefit rider
An insured is covered under a group long-term disability policy. Under this type of policy, the definition
of disability based on any occupation typically applies - ANSWER ✔---After two years of disability
Sylvia purchased an annuity for $100,000 from the proceeds of an inheritance. No further payments are
permitted and the income stream begins in 15 years. This contract is a(n) - ANSWER ✔---Single
premium deferred annuity
,Which of these is NOT a factor that influences group health insurance underwriting? - ANSWER ✔---
Physical exams of group members
What is the grace period required for an individual accident and health insurance policy with monthly
premiums? - ANSWER ✔---10 days
In regards to technology and the ACA, which of the following statements is correct? - ANSWER ✔---
States which operate with an Exchange must offer an internet-based portal
Insurable interest involves what assumption? - ANSWER ✔---One person benefits from another
person's continued life
Which of these policies is considered a whole life policy? - ANSWER ✔---Single premium life
Which of the following would be considered an unfair claims settlement practice? - ANSWER ✔---
Misrepresenting pertinent policy provisions relating to coverage after a loss
A policyowner is permitted to take out a policy loan on a whole life policy at what point? -
ANSWER ✔---When the policy has a cash value
Which of these is NOT a factor during the health insurance underwriting process? - ANSWER ✔---
Former residence
New York workers compensation laws exclude benefits for disabilities caused by - ANSWER ✔---
Intentional, self-inflicted injuries occurring on the job
When premiums are determined, one factor would be the expenses of the - ANSWER ✔---Insurer
Scott has a life insurance policy in which the dividends are left with the insurance company. This
particular policy may be paid up when the cash value plus accumulated dividends - ANSWER ✔---
equal the net single premium for the same face amount at the insured's attained age
,During open enrollment for Medicare Supplement coverage, an applicant MUST be at least -
ANSWER ✔---There is no minimum age requirement
What happens to the cash value of a market value adjusted annuity if it's surrendered prior to the end of
the stated guarantee period? - ANSWER ✔---Subject to market value adjustment
Which of the following contracts offer deferred taxation, flexible payments, a guaranteed interest rate,
and death benefits equal to the cash value? - ANSWER ✔---Flexible premium fixed annuity
Tonya has been diagnosed with kidney failure and has group accident and health insurance through her
large employer. Which of these accident and health plANSWER will be primary during the months
following her diagnosis? - ANSWER ✔---Her employer's group accident and health plan
Which statement regarding the certificate of insurance is accurate? - ANSWER ✔---It indicates
evidence of an employee's insurance coverage
According to the ACA, the proportion of premium revenues spent on clinical services and quality
improvements is called the - ANSWER ✔---Medical loss ratio
Which of the following statements regarding the Fair Credit Reporting Act is correct? - ANSWER ✔---
If credit, insurance, or employment was denied because of an unfavorable report, the consumer must
be advised
According to the ACA, insurers can no longer deny health coverage due to pre-exsisting conditions
unless that plan is a - ANSWER ✔---Grandfathered plan
Which item must be considered by an agent when determining the suitability of an annuity
recommendation? - ANSWER ✔---The client's financial status
An applicant submits a life insurance application where an investigative consumer report is used in the
underwriting process. Which of these statements is true? - ANSWER ✔---Applicant has a right to
receive a copy of the report
, If group Health benefit levels are too high, what could be the end result? - ANSWER ✔---
Overutilization of the plan
A life insurance producer licensed in New York is authorized to - ANSWER ✔---Solicit, receive and
forward applications to the insurer
A group-owned insurance company that is formed to assume and spread the liability risks of its
members is known as a - ANSWER ✔---Risk retention group
Any employee insured under a group life insurance plan is normally - ANSWER ✔---Covered with
term life insurance
A life insurance guaranteed insurability rider gives the insured the right, without proving insurability, to -
ANSWER ✔---Periodically purchase additional insurance
A policy owner has decided to replace an existing life insurance policy with a new one. The existing life
policy should be terminated - ANSWER ✔---After the new life policy has been issued and delivered
to the policy owner
Which of the following is NOT a function of accident and health insurance? - ANSWER ✔---Pays a
death benefit as a result of natural causes
What typically changes at the re-entry option date found in some term life policies? - ANSWER ✔---
Premium
When an illustration is used in the sale of a life insurance policy, the illustration MUST contain a
statement signed by the - ANSWER ✔---Agent
Andy is in need of health care performed by skilled medical practitioners, but only on an intermittent
basis. What level of care will his doctor likely prescribe? - ANSWER ✔---Intermediate care
2024 – Complete Study Guide & Practice
Questions REAL EXAM!!!
Which type of life insurance policy is best suited for paying off the outstanding balance of a 30-year
mortgage in the event of the insured's death? - ANSWER ✔---30-year decreasing term.
How many days notice does the ACA require insurers to give before rescinding coverage? -
ANSWER ✔---30
A signed good health statement may be requested by a life producer at the time of - ANSWER ✔---
Policy Delivery
Carol purchases a whole life policy that provides a choice of dividend options. This policy is required to
include a statement that the dividends are - ANSWER ✔---Not Guaranteeed
Tim is confined to a nursing home but doesn't have a terminal illness. Which life insurance rider is
designed to help pay for this type of expense? - ANSWER ✔---Long-term care benefit rider
An insured is covered under a group long-term disability policy. Under this type of policy, the definition
of disability based on any occupation typically applies - ANSWER ✔---After two years of disability
Sylvia purchased an annuity for $100,000 from the proceeds of an inheritance. No further payments are
permitted and the income stream begins in 15 years. This contract is a(n) - ANSWER ✔---Single
premium deferred annuity
,Which of these is NOT a factor that influences group health insurance underwriting? - ANSWER ✔---
Physical exams of group members
What is the grace period required for an individual accident and health insurance policy with monthly
premiums? - ANSWER ✔---10 days
In regards to technology and the ACA, which of the following statements is correct? - ANSWER ✔---
States which operate with an Exchange must offer an internet-based portal
Insurable interest involves what assumption? - ANSWER ✔---One person benefits from another
person's continued life
Which of these policies is considered a whole life policy? - ANSWER ✔---Single premium life
Which of the following would be considered an unfair claims settlement practice? - ANSWER ✔---
Misrepresenting pertinent policy provisions relating to coverage after a loss
A policyowner is permitted to take out a policy loan on a whole life policy at what point? -
ANSWER ✔---When the policy has a cash value
Which of these is NOT a factor during the health insurance underwriting process? - ANSWER ✔---
Former residence
New York workers compensation laws exclude benefits for disabilities caused by - ANSWER ✔---
Intentional, self-inflicted injuries occurring on the job
When premiums are determined, one factor would be the expenses of the - ANSWER ✔---Insurer
Scott has a life insurance policy in which the dividends are left with the insurance company. This
particular policy may be paid up when the cash value plus accumulated dividends - ANSWER ✔---
equal the net single premium for the same face amount at the insured's attained age
,During open enrollment for Medicare Supplement coverage, an applicant MUST be at least -
ANSWER ✔---There is no minimum age requirement
What happens to the cash value of a market value adjusted annuity if it's surrendered prior to the end of
the stated guarantee period? - ANSWER ✔---Subject to market value adjustment
Which of the following contracts offer deferred taxation, flexible payments, a guaranteed interest rate,
and death benefits equal to the cash value? - ANSWER ✔---Flexible premium fixed annuity
Tonya has been diagnosed with kidney failure and has group accident and health insurance through her
large employer. Which of these accident and health plANSWER will be primary during the months
following her diagnosis? - ANSWER ✔---Her employer's group accident and health plan
Which statement regarding the certificate of insurance is accurate? - ANSWER ✔---It indicates
evidence of an employee's insurance coverage
According to the ACA, the proportion of premium revenues spent on clinical services and quality
improvements is called the - ANSWER ✔---Medical loss ratio
Which of the following statements regarding the Fair Credit Reporting Act is correct? - ANSWER ✔---
If credit, insurance, or employment was denied because of an unfavorable report, the consumer must
be advised
According to the ACA, insurers can no longer deny health coverage due to pre-exsisting conditions
unless that plan is a - ANSWER ✔---Grandfathered plan
Which item must be considered by an agent when determining the suitability of an annuity
recommendation? - ANSWER ✔---The client's financial status
An applicant submits a life insurance application where an investigative consumer report is used in the
underwriting process. Which of these statements is true? - ANSWER ✔---Applicant has a right to
receive a copy of the report
, If group Health benefit levels are too high, what could be the end result? - ANSWER ✔---
Overutilization of the plan
A life insurance producer licensed in New York is authorized to - ANSWER ✔---Solicit, receive and
forward applications to the insurer
A group-owned insurance company that is formed to assume and spread the liability risks of its
members is known as a - ANSWER ✔---Risk retention group
Any employee insured under a group life insurance plan is normally - ANSWER ✔---Covered with
term life insurance
A life insurance guaranteed insurability rider gives the insured the right, without proving insurability, to -
ANSWER ✔---Periodically purchase additional insurance
A policy owner has decided to replace an existing life insurance policy with a new one. The existing life
policy should be terminated - ANSWER ✔---After the new life policy has been issued and delivered
to the policy owner
Which of the following is NOT a function of accident and health insurance? - ANSWER ✔---Pays a
death benefit as a result of natural causes
What typically changes at the re-entry option date found in some term life policies? - ANSWER ✔---
Premium
When an illustration is used in the sale of a life insurance policy, the illustration MUST contain a
statement signed by the - ANSWER ✔---Agent
Andy is in need of health care performed by skilled medical practitioners, but only on an intermittent
basis. What level of care will his doctor likely prescribe? - ANSWER ✔---Intermediate care
