New York Life, Accident and Health Insurance Agent/Broker Examination Series 17-55 - NY-Life-Accident-and-Health Exam Practice Test

Question 1

When MUST a newborn child be covered under an existing health insurance policy?

A. Within 45 days.

B. Within 24 hours.

C. Immediately.

D. Within 30 days.

Correct Answer: C

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Question 2

Multiple policies that are rated for different communities and have substantially similar benefits as determined by the superintendent will be required to:

A. pool experience

B. refile rates

C. merge plans

D. change benefits

Correct Answer: A

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Question 3

Which approach considers the future needs of the survivors in determining amounts of life insurance?

A. Needs Approach.

B. Human Life Value Approach.

C. Living Benefits Approach.

D. Cost Comparison Approach.

Correct Answer: A

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Question 4

The insured, who is 59 years of age decides to replace a long-term care policy they had for five years for a new policy. Which of the following is true of the insurer?

A. The original insurer will reimburse benefit dollars not used under the original policy period.

B. The replacement insurer will impose new probationary period and preexisting condition limitations.

C. The replacement insurer will not honor previous exclusions that had previously been satisfied under the original policy.

D. The replacement insurer will waive probationary periods pertaining to preexisting conditions satisfied under the original policy.

Correct Answer: D

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Question 5

Which is an accurate description of the relationship between the premiums of a whole life policy and the premium payment period?

A. The payment period is not related to the annual premium.

B. The shorter the payment period, the higher the annual premium.

C. The shorter the payment period, the lower the annual premium.

D. The longer the payment period, the higher the annual premium.

Correct Answer: B

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Question 6

An insured wants to purchase a policy with three key elements: flexible premium, death benefit, and the choice of how the cash value will be invested. The insured should purchase

A. adjustable life.

B. graded premium whole life.

C. variable universal life.

D. universal term life.

Correct Answer: C

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Question 7

What period of time can a life insurance application be backdated?

A. 1 year

B. 2 weeks

C. 6 months

D. 3 months

Correct Answer: C

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Question 8

Which of the following statements is TRUE concerning classification of risks?

A. Rated policies merit lower premiums.

B. Substandard applicants are never issued policies.

C. A preferred individual is issued a rated policy.

D. Preferred risks pay a lower premium than standard risks.

Correct Answer: D

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Question 9

Predicting an individual ' s future earning potential and determining how much of that amount would be devoted to his dependents incorporates the

A. loss exposure approach.

B. personal needs approach.

C. human life value approach.

D. salary projection approach.

Correct Answer: C

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Question 10

In accidental injury insurance, the insurance policy, the endorsements, and any relevant papers attached to the policy make up the:

A. Entire contract

B. Completed application

C. Notice of coverage

D. Uniform mandatory policy provisions

Correct Answer: A

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Insurance Licensing New York Life, Accident and Health Insurance Agent/Broker Examination Series 17-55 - NY-Life-Accident-and-Health Exam Practice Test

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