NEW YORK LIFE AND HEALTH
INSURANCE EXAM CHEAT SHEET.
EXAM QUESTIONS AND ANSWERS 2026
VERIFIED.
Insurance - ANS A contract (policy) in which one party (the insurer) provides financial
protection to another party (the insured) against losses.
Risk - ANS The uncertainty regarding financial loss.
Premium - ANS The amount paid for an insurance policy.
Underwriting - ANS The process of evaluating the risk of insuring a person or asset and
determining the premium.
Term Life Insurance - ANS Provides coverage for a specified period; no cash value.
Whole Life Insurance - ANS Permanent insurance with cash value; premiums remain level.
Universal Life Insurance - ANS Flexible premium and death benefit with cash value
accumulation.
Variable Life Insurance - ANS Cash value varies based on investment performance.
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, Primary Beneficiary - ANS First in line to receive benefits upon the insured's death.
Contingent Beneficiary - ANS Receives benefits if the primary beneficiary is deceased.
Grace Period - ANS A specified period after the premium due date during which the policy
remains in force.
Reinstatement - ANS The process of restoring a lapsed policy by paying overdue premiums
and providing proof of insurability.
Incontestability Clause - ANS After a policy has been in force for a specified period (usually 2
years), the insurer cannot contest claims based on misstatements.
Waiver of Premium Rider - ANS Waives premium payments if the insured becomes disabled.
Accidental Death Benefit Rider - ANS Pays an additional benefit if the insured dies from an
accident.
Guaranteed Insurability Rider - ANS Allows the insured to purchase additional insurance at
specified intervals without evidence of insurability.
Age - ANS Older individuals typically face higher premiums.
Health - ANS Medical history, current health conditions, and lifestyle factors (e.g., smoking).
Occupation - ANS Jobs that are considered hazardous may result in higher premiums.
Gender - ANS Women generally have lower mortality rates than men, affecting premiums.
@COPYRIGHT ALL RIGHTS RESERVED PAGE 2 OF 7
INSURANCE EXAM CHEAT SHEET.
EXAM QUESTIONS AND ANSWERS 2026
VERIFIED.
Insurance - ANS A contract (policy) in which one party (the insurer) provides financial
protection to another party (the insured) against losses.
Risk - ANS The uncertainty regarding financial loss.
Premium - ANS The amount paid for an insurance policy.
Underwriting - ANS The process of evaluating the risk of insuring a person or asset and
determining the premium.
Term Life Insurance - ANS Provides coverage for a specified period; no cash value.
Whole Life Insurance - ANS Permanent insurance with cash value; premiums remain level.
Universal Life Insurance - ANS Flexible premium and death benefit with cash value
accumulation.
Variable Life Insurance - ANS Cash value varies based on investment performance.
@COPYRIGHT ALL RIGHTS RESERVED PAGE 1 OF 7
, Primary Beneficiary - ANS First in line to receive benefits upon the insured's death.
Contingent Beneficiary - ANS Receives benefits if the primary beneficiary is deceased.
Grace Period - ANS A specified period after the premium due date during which the policy
remains in force.
Reinstatement - ANS The process of restoring a lapsed policy by paying overdue premiums
and providing proof of insurability.
Incontestability Clause - ANS After a policy has been in force for a specified period (usually 2
years), the insurer cannot contest claims based on misstatements.
Waiver of Premium Rider - ANS Waives premium payments if the insured becomes disabled.
Accidental Death Benefit Rider - ANS Pays an additional benefit if the insured dies from an
accident.
Guaranteed Insurability Rider - ANS Allows the insured to purchase additional insurance at
specified intervals without evidence of insurability.
Age - ANS Older individuals typically face higher premiums.
Health - ANS Medical history, current health conditions, and lifestyle factors (e.g., smoking).
Occupation - ANS Jobs that are considered hazardous may result in higher premiums.
Gender - ANS Women generally have lower mortality rates than men, affecting premiums.
@COPYRIGHT ALL RIGHTS RESERVED PAGE 2 OF 7
