NYS LIFE HEALTH INSURANCE 2026 QUESTIONS
AND ANSWERS SURE A+
✔✔Employee Retirement Income Security Act (ERISA) - ✔✔The act that stipulates
federal standards for private pension plans.
✔✔Endorsement - ✔✔- A form changing the provisions of and attached to a life
insurance policy (also known as a rider).
✔✔Endow - ✔✔To reach the maturity date or time at which the face amount equals
cash values.
✔✔Errors and Omissions Policy (E&O) - ✔✔A professional liability insurance that
protects the insurer from claims by the insured for errors or oversights on the part of the
insurer.
✔✔Estoppel - ✔✔- A legal impediment to denying a fact or restoring a right that has
been previously waived.
✔✔Excess Insurance - ✔✔Insurance that pays over and above or in addition to basic
policy limits.
✔✔Exclusions - ✔✔Causes of loss, exposures, conditions, etc. listed in the policy for
which the benefits will not be paid.
✔✔Executory Contract - ✔✔A contract which has not yet been fulfilled by one or both
parties that promises action in the event of a specified future occurrence.
✔✔Expiration - ✔✔The date specified in the policy as the date of termination.
✔✔Express Authority - ✔✔- The authority granted to an agent by means of the agent's
written contract.
, ✔✔Extension of Benefits - ✔✔A provision that allows coverage to continue beyond the
policy's expiration date for employees who are not actively at work due to disability or
who have dependents hospitalized on that date. This coverage continues only until the
employee returns to work or the dependent leaves the hospital.
✔✔Face - ✔✔The first page of a policy.
✔✔Fair Credit Reporting Act - ✔✔A federal law that established procedures that
consumer-reporting agencies must follow in order to ensure that records are
confidential, accurate, relevant and properly used.
✔✔Fiduciary - ✔✔An agent/broker who handles insurer's funds in a trust capacity.
✔✔Fixed Annuity - - ✔✔An annuity that offers fixed payments and guarantees a
minimum rate of interest to be credited to the purchase payment or payments.
✔✔Flexible Premium - ✔✔A policy feature that allows the policyholder to vary premium
payments in the amount and/or timing.
✔✔Foreign Insurer - ✔✔An insurance company that is incorporated in another state.
✔✔Fraternal Benefit Societies - ✔✔Life or health insurance companies formed to
provide insurance for members of an affiliated lodge, religious organization, or fraternal
organization with a representative form of government.
✔✔Fraud - ✔✔Intentional misrepresentation or deceit with the intent to induce a person
to part with something of value.
✔✔Free Look - ✔✔A period of time, usually required by law, during which a policyowner
may inspect a newly issued individual life or health insurance policy for a stated number
of days and surrender it in exchange for a full refund of premium if not satisfied for any
reason.
✔✔Front-End Load - ✔✔a fee or commission charged at the time of purchase of an
annuity or a security.
✔✔Grace Period - ✔✔Period of time after the premium due date during which premiums
may still be paid, and the policy and its riders remain in force.
✔✔Group Life - ✔✔Life insurance provided for members of a group.
✔✔Hazard - ✔✔A circumstance that increases the likelihood of a loss.
AND ANSWERS SURE A+
✔✔Employee Retirement Income Security Act (ERISA) - ✔✔The act that stipulates
federal standards for private pension plans.
✔✔Endorsement - ✔✔- A form changing the provisions of and attached to a life
insurance policy (also known as a rider).
✔✔Endow - ✔✔To reach the maturity date or time at which the face amount equals
cash values.
✔✔Errors and Omissions Policy (E&O) - ✔✔A professional liability insurance that
protects the insurer from claims by the insured for errors or oversights on the part of the
insurer.
✔✔Estoppel - ✔✔- A legal impediment to denying a fact or restoring a right that has
been previously waived.
✔✔Excess Insurance - ✔✔Insurance that pays over and above or in addition to basic
policy limits.
✔✔Exclusions - ✔✔Causes of loss, exposures, conditions, etc. listed in the policy for
which the benefits will not be paid.
✔✔Executory Contract - ✔✔A contract which has not yet been fulfilled by one or both
parties that promises action in the event of a specified future occurrence.
✔✔Expiration - ✔✔The date specified in the policy as the date of termination.
✔✔Express Authority - ✔✔- The authority granted to an agent by means of the agent's
written contract.
, ✔✔Extension of Benefits - ✔✔A provision that allows coverage to continue beyond the
policy's expiration date for employees who are not actively at work due to disability or
who have dependents hospitalized on that date. This coverage continues only until the
employee returns to work or the dependent leaves the hospital.
✔✔Face - ✔✔The first page of a policy.
✔✔Fair Credit Reporting Act - ✔✔A federal law that established procedures that
consumer-reporting agencies must follow in order to ensure that records are
confidential, accurate, relevant and properly used.
✔✔Fiduciary - ✔✔An agent/broker who handles insurer's funds in a trust capacity.
✔✔Fixed Annuity - - ✔✔An annuity that offers fixed payments and guarantees a
minimum rate of interest to be credited to the purchase payment or payments.
✔✔Flexible Premium - ✔✔A policy feature that allows the policyholder to vary premium
payments in the amount and/or timing.
✔✔Foreign Insurer - ✔✔An insurance company that is incorporated in another state.
✔✔Fraternal Benefit Societies - ✔✔Life or health insurance companies formed to
provide insurance for members of an affiliated lodge, religious organization, or fraternal
organization with a representative form of government.
✔✔Fraud - ✔✔Intentional misrepresentation or deceit with the intent to induce a person
to part with something of value.
✔✔Free Look - ✔✔A period of time, usually required by law, during which a policyowner
may inspect a newly issued individual life or health insurance policy for a stated number
of days and surrender it in exchange for a full refund of premium if not satisfied for any
reason.
✔✔Front-End Load - ✔✔a fee or commission charged at the time of purchase of an
annuity or a security.
✔✔Grace Period - ✔✔Period of time after the premium due date during which premiums
may still be paid, and the policy and its riders remain in force.
✔✔Group Life - ✔✔Life insurance provided for members of a group.
✔✔Hazard - ✔✔A circumstance that increases the likelihood of a loss.
