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Insurance Licensing NY-Life-Accident-and-Health Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| New York State Regulations | 20-25% | - Replacement and churn rules - NYS Insurance Law requirements - Consumer protection regulations - Fiduciary responsibilities - Advertising regulations - Licensing requirements and procedures |
| General Insurance Principles | 15-20% | - Insurance contract fundamentals - Underwriting principles - Fair claims settlement practices - Agent/broker duties and ethics - Ethical sales practices |
| Life Insurance Fundamentals | 25-30% | - Policy riders and endorsements - Beneficiary designations - Policy reinstatement - Policy types and provisions - Dividends and nonforfeiture options |
| Accident and Health Insurance | 25-30% | - Dental and vision insurance basics - Health insurance policy types (individual, group, HMOs) - Medical expense coverage - Long-term care insurance basics - Major medical coverage - Disability income insurance |
Insurance Licensing New York Life, Accident and Health Insurance Agent/Broker Examination Series 17-55 Sample Questions:
1. Insurance agents have duties and responsibilities to the insured and the insurer. Which of the following responsibilities does an agent owe the insured during the policy year?
A) Notify the insurance department when claims are paid.
B) Work with rating bureaus to establish insurer ratings.
C) Help the insured file and follow up on claims.
D) Pay the insured ' s premiums if they are unable to do so.
2. At the time of an insured ' s death, a per capita distribution of policy proceeds are paid to
A) the estate of the deceased beneficiaries.
B) the named living primary beneficiaries.
C) all the primary and contingent beneficiaries in equal installments.
D) the primary beneficiary ' s children if the primary has predeceased the insured.
3. An insured owns a whole life policy that has accumulated cash value. Which of the following statements is true about the policy ' s cash value?
A) It is subject to fluctuations of the company ' s overall performance.
B) The policy ' s cash value is viewed as investment growth and therefore subject to taxation for each calendar year.
C) The growth of the policy ' s cash value is not subject to income tax while the policy is in force.
D) The cash value is not guaranteed.
4. If a policyowner surrenders a policy for its cash value, when is a tax liability incurred?
A) The policy is transferred to a third party.
B) The policy is exchanged for a policy of equal value.
C) The cash value is less than premiums paid.
D) The cash value exceeds all premiums paid.
5. If the premium is not paid at the time of application, a Statement of Good Health MUST be signed by the policyowner at the time of
A) application.
B) policy delivery.
C) the medical examination.
D) underwriter review.
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: B | Question # 3 Answer: C | Question # 4 Answer: D | Question # 5 Answer: B |


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