NY Life Insurance Agent/Broker Exam Series 17-
51 Exam Questions and Answers |Fall 2025/2026 Update |
100% Correct
Question 1
Which of the following policy loans is a provision in which an amount equal to the premium due is subtracted from the
cash value to pay the premium and prevent a lapse of the policy.
Correct Answer
Automatic premium loan
Question 2
Which policy provision permits the policyowner to take a specified number of days to examine the contract, and allows for
cancellation and a full refund if the policyowner rejects the terms or costs?
Correct Answer
Free look.
Page 1 of 43
,Question 3
The form used to establish the terms for both parties when a person sells his life insurance policy to a 3rd unrelated person
is called a
Correct Answer
Life Settlement Contract.
Question 4
Which of the following information about the applicant is NOT included in the General Information section of the
application for insurance?
Correct Answer
Medical background
Question 5
Which of the following statements is TRUE concerning irrevocable beneficiaries?
Correct Answer
They can be changed only with the written consent of that beneficiary.
Question 6
In insurance policies, contract ambiguities are automatically ruled in the favor of the insured. What privilege does the
insurer have in order to balance this?
Correct Answer
The right to determine the wording of a policy.
Page 2 of 43
,Question 7
What does "level" refer to in level term insurance?
Correct Answer
Premium.
Question 8
The Medical Information Bureau (MIB) was created to protect
Correct Answer
Insurance companies from adverse selection by high risk persons.
Question 9
All of the following are dividend options EXCEPT
Correct Answer
Fixed-period installments.
Question 10
Which of the following ultimately determines the interest rates paid to the owner of a fixed annuity?
Correct Answer
Insurer's guaranteed minimum rate of interest.
Page 3 of 43
, Question 11
All of the following are disadvantages to an annually renewable term life policy EXCEPT
Correct Answer
The living benefits decrease over time.
Question 12
What does the grace period protect the policyholder from?
Correct Answer
An unintentional lapse of the policy.
Question 13
If a retirement plan or annuity is "qualified," this means
Correct Answer
It is approved by the IRS.
Question 14
Which type of annuity covers two or more annuitants and provides monthly income only until the first annuitant dies?
Correct Answer
Joint life annuity.
Page 4 of 43
51 Exam Questions and Answers |Fall 2025/2026 Update |
100% Correct
Question 1
Which of the following policy loans is a provision in which an amount equal to the premium due is subtracted from the
cash value to pay the premium and prevent a lapse of the policy.
Correct Answer
Automatic premium loan
Question 2
Which policy provision permits the policyowner to take a specified number of days to examine the contract, and allows for
cancellation and a full refund if the policyowner rejects the terms or costs?
Correct Answer
Free look.
Page 1 of 43
,Question 3
The form used to establish the terms for both parties when a person sells his life insurance policy to a 3rd unrelated person
is called a
Correct Answer
Life Settlement Contract.
Question 4
Which of the following information about the applicant is NOT included in the General Information section of the
application for insurance?
Correct Answer
Medical background
Question 5
Which of the following statements is TRUE concerning irrevocable beneficiaries?
Correct Answer
They can be changed only with the written consent of that beneficiary.
Question 6
In insurance policies, contract ambiguities are automatically ruled in the favor of the insured. What privilege does the
insurer have in order to balance this?
Correct Answer
The right to determine the wording of a policy.
Page 2 of 43
,Question 7
What does "level" refer to in level term insurance?
Correct Answer
Premium.
Question 8
The Medical Information Bureau (MIB) was created to protect
Correct Answer
Insurance companies from adverse selection by high risk persons.
Question 9
All of the following are dividend options EXCEPT
Correct Answer
Fixed-period installments.
Question 10
Which of the following ultimately determines the interest rates paid to the owner of a fixed annuity?
Correct Answer
Insurer's guaranteed minimum rate of interest.
Page 3 of 43
, Question 11
All of the following are disadvantages to an annually renewable term life policy EXCEPT
Correct Answer
The living benefits decrease over time.
Question 12
What does the grace period protect the policyholder from?
Correct Answer
An unintentional lapse of the policy.
Question 13
If a retirement plan or annuity is "qualified," this means
Correct Answer
It is approved by the IRS.
Question 14
Which type of annuity covers two or more annuitants and provides monthly income only until the first annuitant dies?
Correct Answer
Joint life annuity.
Page 4 of 43
