NY State Insurance License Practice Exam Questions | Answers | Verified 2026 – 2027 (Rated A+)

NY State Insurance License Practice Exam Questions | Answers | Verified 2026 – 2027 (Rated A+) Quiz_________________? 1. 5 years - ANSWER After the first year commission is paid on a Medicare Supplement policy, renewal commissions must be provided for at least 1. 5 years 2. 6 years 3. 7 years 4. 10 years Quiz_________________? 1. 100% of medical expense plan premiums are tax deductible - ANSWER Which of the following best describes the tax treatment of medical expense policies for the self-employed? 1. 100% of medical expense plan premiums are tax deductible 2. 50% of medical expense plan premiums are tax deductible 3. 7.5% of medical expense plan premiums are tax deductible 4. 0% of medical expense plan premiums are tax deductible Quiz_________________? 1. After a stated period of time, claims cannot be denied due to material misrepresentation on the application - ANSWER Which of the following accurately describes the "time limit on certain defenses"? 1. After a stated period of time, claims cannot be denied due to material misrepresentation on the application 2. All claims can be disputed after two years 3. An insured cannot file a lawsuit within 90 days of the claim being filed 4. The right to return an accident and health policy must be within 10 days of policy delivery Quiz_________________? 1. Agents will likely share the commission - ANSWER Two agents are licensed in the same line of insurance. One agent provides the other with a referral that results in a sale. How will the commissions on this sale likely be paid? 1. Agents will likely share the commission 2. Only one agent may legally receive the commission 3. The client receives the commission 4. Neither agents may receive the commission Quiz_________________? 1. Apply for the license after passing the appropriate examination - ANSWER To receive an insurance license an applicant must: 1. Apply for the license after passing the appropriate examination 2. Provide three character references 3. Execute an affidavit as to the applicant's integrity 4. Post a $25,000 bond to guarantee faithful performance Quiz_________________? 1. be offered the same group health benefits offered to the younger employees - ANSWER In regards to health insurance, employees age 65 or older are typically required to: 1. be offered the same group health benefits offered to the younger employees 2. provide evidence of insurability for medical insurance offered by the employer 3. choose Medicaid as their primary provider 4. choose Medicare as their primary provider Quiz_________________? 1. Before using the assumed name - ANSWER When must the Superintendent be notified of an agent using an assumed name? 1. Before using the assumed name 2. After using the same name 3. Superintendent only needs to be notified if agent is a nonresident 4. Superintendent does not need to be notified Quiz_________________? 1. Benefits are doubled under certain circumstances stated in the policy - ANSWER Which of the following statements BEST describes a double indemnity provision in travel accident insurance? 1. Benefits are doubled under certain circumstances stated in the policy 2. If the claim is disputed in court and the insurer loses, the face amount will be doubled 3. Benefits cover two people when travelling 4. Accidents and illnesses are covered while the insured is travelling Quiz_________________? 1. Clients - ANSWER Licensed insurance consultants derive their income from 1. Clients 2. Insurers 3. Licensed agents 4. New York Department of Insurance Quiz_________________? 1. comprehensive - ANSWER Chris has a single major medical contract which covers all medical expenses. His plan is considered to be 1. comprehensive 2. supplemental 3. limited 4. basic Quiz_________________? 1. Conducting business under an assumed name - ANSWER Which event must an agent report to the Superintendent? 1. Conducting business under an assumed name 2. Earning new insurance designations 3. Sharing commissions with another licensed agent 4. Involvement in an automobile accident