NY ACCIDENT & HEALTH
INSURANCE LICENSING EXAM
STUDY GUIDE 2025 LATEST
NEWEST UPDATE WITH
ACTUAL QUESTIONS AND
DETAILED VERIFIED ANSWERS
WITH RATIONALES (100%
CORRECT) //BRAND NEW!!
/ALREADY GRADED A+ WITH
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Which type of multiple protection policy pays on the death of the last person?
survivorship life policy
, adverse selection
the problem of incomplete information - of choosing alternatives without fully knowing the
details of available options
An underwriter's primary responsibility to an insurer is to protect against
adverse selection
A nonparticipating company is sometimes called a(n)
stock insurer
Which contract element is insurable interest a component of?
legal purpose
In an insurance contract, the applicant's "consideration" is the
statements made in the application AND the premium
What is Medicare Part B also known as?
supplementary medical insurance (NOT Medicare supplement)
A type of group that has a constitution and bylaw
association or labor group
Sharon is the policyowner of a $50000 insurance policy. Her son, Mike, is the beneficiary. If
sharon MUST obtain Mike's signature in order to change the beneficiary, what kind of
beneficiary designation is this?
Irrevocable
Funding for Medicare Part B is partially provided by
user premiums
Medicare Part B covers
doctor's charges
A clause that allows an insurer the right to terminate coverage at any anniversary date is
called a(n)
optional renewability clause
During the accumulation period, who can surrender an annuity?
the policyowner
Common Disaster Clause
a policyowner can be sure that if both the insured and primary beneficiary die within a short
period of time, the death benefits will be paid to the contingent beneficiary
, Aleatory
both parties of a contract may NOT receive the same value
Coming from an insurance point of view, which of the following is the main risk associated
with disability?
loss of income
Which of the following is an example of the insured's consideration?
a paid premium
An example of risk sharing would be
Doctors pooling their money to cover malpractice exposures
All of these are responsibilities of the superintendent EXCEPT
endorsing insurers.
Which settlement option involves having the proceeds remain with the insurer and earnings
paid on a monthly basis to the beneficiary?
a flexible premium schedule
Which of the following is a requirement for ANY change in an insurance application?
change must be initialed by the applicant.
Key Person Disability Insurance pays benefits to the
employer
A long-term care policy typically provides all of the following levels of care EXCEPT
acute care
An agent's commission for the sale of medicare supplement policy in the first year following
its effective date cannot exceed ___ of the commission paid for selling or servicing the policy
in the second year.
200%
Which settlement option involves having the proceeds remain with the insurer and earnings
paid on a monthly basis to the beneficiary?
interest only
Which annuity payout option allows the policyowner to choose a pre-determined number of
benefit payments?
period certain
INSURANCE LICENSING EXAM
STUDY GUIDE 2025 LATEST
NEWEST UPDATE WITH
ACTUAL QUESTIONS AND
DETAILED VERIFIED ANSWERS
WITH RATIONALES (100%
CORRECT) //BRAND NEW!!
/ALREADY GRADED A+ WITH
GUARANTEED SUCCESS AFTER
DOWNLOAD (ALL YOU NEED TO
PASS YOUR EXAMS
Which type of multiple protection policy pays on the death of the last person?
survivorship life policy
, adverse selection
the problem of incomplete information - of choosing alternatives without fully knowing the
details of available options
An underwriter's primary responsibility to an insurer is to protect against
adverse selection
A nonparticipating company is sometimes called a(n)
stock insurer
Which contract element is insurable interest a component of?
legal purpose
In an insurance contract, the applicant's "consideration" is the
statements made in the application AND the premium
What is Medicare Part B also known as?
supplementary medical insurance (NOT Medicare supplement)
A type of group that has a constitution and bylaw
association or labor group
Sharon is the policyowner of a $50000 insurance policy. Her son, Mike, is the beneficiary. If
sharon MUST obtain Mike's signature in order to change the beneficiary, what kind of
beneficiary designation is this?
Irrevocable
Funding for Medicare Part B is partially provided by
user premiums
Medicare Part B covers
doctor's charges
A clause that allows an insurer the right to terminate coverage at any anniversary date is
called a(n)
optional renewability clause
During the accumulation period, who can surrender an annuity?
the policyowner
Common Disaster Clause
a policyowner can be sure that if both the insured and primary beneficiary die within a short
period of time, the death benefits will be paid to the contingent beneficiary
, Aleatory
both parties of a contract may NOT receive the same value
Coming from an insurance point of view, which of the following is the main risk associated
with disability?
loss of income
Which of the following is an example of the insured's consideration?
a paid premium
An example of risk sharing would be
Doctors pooling their money to cover malpractice exposures
All of these are responsibilities of the superintendent EXCEPT
endorsing insurers.
Which settlement option involves having the proceeds remain with the insurer and earnings
paid on a monthly basis to the beneficiary?
a flexible premium schedule
Which of the following is a requirement for ANY change in an insurance application?
change must be initialed by the applicant.
Key Person Disability Insurance pays benefits to the
employer
A long-term care policy typically provides all of the following levels of care EXCEPT
acute care
An agent's commission for the sale of medicare supplement policy in the first year following
its effective date cannot exceed ___ of the commission paid for selling or servicing the policy
in the second year.
200%
Which settlement option involves having the proceeds remain with the insurer and earnings
paid on a monthly basis to the beneficiary?
interest only
Which annuity payout option allows the policyowner to choose a pre-determined number of
benefit payments?
period certain
