1
NYS Life, Accident, and Health Insurance Exam Questions and Answers Latest Version Already Passed
What does a beneficiary receive from a life insurance policy?✔✔ The death benefit upon the insured’s passing.
What is meant by “insurable interest” in a life insurance policy?✔✔ The policyowner must have a financial or emotional interest in the insured’s continued life.
What is the difference between term life insurance and whole life insurance?✔✔ Term provides coverage for a specific time period; whole life provides lifetime coverage and builds cash value.
What happens to premiums in a level term life insurance policy?✔✔ Premiums remain the same throughout the term.
What type of policy pays a benefit only if the insured dies within the policy term?✔✔ Term life insurance. 1 / 4
2
What is a characteristic of a universal life insurance policy?✔✔ Flexible premiums and adjustable death benefits.
What is a grace period in insurance?✔✔ The extra time allowed to pay a premium after its due date without losing coverage.
What is meant by “accidental death benefit”?✔✔ Additional payment if the insured dies due to an accident.
What does “waiver of premium” mean in a health insurance policy?✔✔ Premium payments are waived if the insured becomes disabled.
What is a deductible in health insurance?✔✔ The amount the insured must pay out of pocket before insurance benefits begin.
What is coinsurance in health insurance?✔✔ The percentage of medical costs the insured pays after the deductible is met. 2 / 4
3
What is the difference between an HMO and a PPO?✔✔ HMO requires choosing a primary care physician and referrals; PPO offers more flexibility in provider choice.
What does “pre-existing condition” mean?✔✔ A medical condition that existed before the start of the insurance policy.
What is the purpose of the coordination of benefits clause?✔✔ To prevent the insured from collecting more than 100% of medical expenses when covered by multiple policies.
What does Medicare Part A cover?✔✔ Hospital and inpatient care.
What is the waiting period in a disability insurance policy?✔✔ The time between the onset of disability and when benefits begin.
- / 4
4
What is meant by “contestability period” in life insurance?✔✔ The period during which the insurer can investigate and deny a claim due to misrepresentation.
What is an annuity?✔✔ A contract that provides a stream of income, usually for retirement.
What is the purpose of long-term care insurance?✔✔ To cover costs associated with chronic illness or disability requiring extended care.
What is the difference between a natural and an accidental death?✔✔ Natural death results from illness or aging; accidental death results from an unforeseen event.
What is a policy rider?✔✔ An amendment that adds or modifies benefits in an insurance policy.
What is the purpose of a beneficiary designation?
- / 4