NYS Life, accident, and health insurance Exam || Most
Recent Exam 2026-2027 Actual Complete Real Exam
Questions And Correct Answers (Verified Answers)
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The policy provision that permits an employee to change
from group life
coverage to an individual life policy is called the -
ANSWER -conversion
provision
An insurable risk requires - ANSWER -that the chance of loss be
calculable
Under the New York Disability Benefits Law, cash payments are
provided to workers who are unable to work because of injury
or illness that - ANSWER Occurred on the job
ABC Partnership is a business with a limited number of
partners. Which disability buy-sell agreement is best suited for
this business? - ANSWER -Cross purchase agreement
,In New York, reducing benefits for a newborn child under
an accident and
health plan is - ANSWER -Prohibited in
any form
An insurance policy may be issued with a preferred insurance
premium in all of
these situations EXCEPT - ANSWER -Living in
a rural area
The maximum amount of life insurance coverage that a parent
can initially take
out on their minor child is - ANSWER
-$50,000
Which life insurance settlement option pays a stated monthly
benefit until both
principal and interest are exhausted? - ANSWER -Fixed
amount installment
option
Which of the following statements accurately describes the
"time limit on certain defenses"? - ANSWER -After a stated
period of time, claims cannot be denied due to material
misrepresentation on the application
Who is the beneficiary in a life insurance policy? - ANSWER -
The stated person
,or entity who is designated to receive the
death proceeds
What type of life insurance policy covers two or more persons
and pays the face
amount upon the death of the first insured? -
ANSWER -Joint life
What is a juvenile life insurance policy? - ANSWER -A life policy
that covers the
life of a
minor
When an annuity contract has been surrendered, how will the
surrender charges affect the final contract settlement? -
ANSWER -Final contract settlement will be reduced
Which statement concerning a decreasing term life policy
is accurate? -
ANSWER -Face amount decreases over the
policy period
Beginning January 1, 2014, the restricted annual limit for plans
under the ACA
will be - ANSWER -No
limit
, Which statement regarding a fixed period settlement option is
correct? - ANSWER -The installment payment amount is
determined by the total number of installments
What is the accounting measurement of an insurance
company's future
obligations to its policy owners? - ANSWER
-Reserves
Upon meeting company requirements, a lapsed life insurance
policy may be
reinstated within ____ year(s) -
ANSWER -3
A comprehensive group policy also covers expenses related to
vision care.
Which of the following is not typically covered under a vision
plan? - ANSWER Cataract surgery
If an agent is advertising a life insurance policy, the agent
MUST disclose the -
ANSWER -Name of the actual
insurer
James is covered with health insurance by two different
insurers. The
"insurance with other insurers" provision in an individual
health insurance policy allows an insurer to pay benefits to the
insured on a pro-rata basis when - ANSWER -The insurer was
Recent Exam 2026-2027 Actual Complete Real Exam
Questions And Correct Answers (Verified Answers)
Already Graded A+ | Guaranteed Success!! Brand
New Exam | Just Released!!
The policy provision that permits an employee to change
from group life
coverage to an individual life policy is called the -
ANSWER -conversion
provision
An insurable risk requires - ANSWER -that the chance of loss be
calculable
Under the New York Disability Benefits Law, cash payments are
provided to workers who are unable to work because of injury
or illness that - ANSWER Occurred on the job
ABC Partnership is a business with a limited number of
partners. Which disability buy-sell agreement is best suited for
this business? - ANSWER -Cross purchase agreement
,In New York, reducing benefits for a newborn child under
an accident and
health plan is - ANSWER -Prohibited in
any form
An insurance policy may be issued with a preferred insurance
premium in all of
these situations EXCEPT - ANSWER -Living in
a rural area
The maximum amount of life insurance coverage that a parent
can initially take
out on their minor child is - ANSWER
-$50,000
Which life insurance settlement option pays a stated monthly
benefit until both
principal and interest are exhausted? - ANSWER -Fixed
amount installment
option
Which of the following statements accurately describes the
"time limit on certain defenses"? - ANSWER -After a stated
period of time, claims cannot be denied due to material
misrepresentation on the application
Who is the beneficiary in a life insurance policy? - ANSWER -
The stated person
,or entity who is designated to receive the
death proceeds
What type of life insurance policy covers two or more persons
and pays the face
amount upon the death of the first insured? -
ANSWER -Joint life
What is a juvenile life insurance policy? - ANSWER -A life policy
that covers the
life of a
minor
When an annuity contract has been surrendered, how will the
surrender charges affect the final contract settlement? -
ANSWER -Final contract settlement will be reduced
Which statement concerning a decreasing term life policy
is accurate? -
ANSWER -Face amount decreases over the
policy period
Beginning January 1, 2014, the restricted annual limit for plans
under the ACA
will be - ANSWER -No
limit
, Which statement regarding a fixed period settlement option is
correct? - ANSWER -The installment payment amount is
determined by the total number of installments
What is the accounting measurement of an insurance
company's future
obligations to its policy owners? - ANSWER
-Reserves
Upon meeting company requirements, a lapsed life insurance
policy may be
reinstated within ____ year(s) -
ANSWER -3
A comprehensive group policy also covers expenses related to
vision care.
Which of the following is not typically covered under a vision
plan? - ANSWER Cataract surgery
If an agent is advertising a life insurance policy, the agent
MUST disclose the -
ANSWER -Name of the actual
insurer
James is covered with health insurance by two different
insurers. The
"insurance with other insurers" provision in an individual
health insurance policy allows an insurer to pay benefits to the
insured on a pro-rata basis when - ANSWER -The insurer was
