New York life and health practice exam

1. In New York, insurance producers are licensed and regulated by the:

1. Department of Financial Services, headed by the Superintendent
2. Office of the Attorney General
3. Department of Insurance, headed by the Commissioner
4. State Insurance Board

2. How many CE credit hours must a New York insurance producer complete during each full biennial licensing period?

1. 24 credit hours
2. 12 credit hours
3. 30 credit hours
4. 15 credit hours

3. What happens to excess CE credit hours a New York producer earns in one biennial period?

1. All excess hours carry forward
2. They do not carry forward to the next period for the same class of license
3. Up to 6 hours carry forward
4. Up to 12 hours carry forward

4. A New York agent license is renewed for periods of:

1. 12 months
2. 48 months
3. 24 months
4. 36 months

5. What is the minimum age for a New York insurance agent license?

1. 19
2. 21
3. 16
4. 18

6. Under N.Y. Insurance Law 2127, the penalty for violations by a licensee may not exceed:

1. $1,000 for each offense, and $10,000 for all offenses
2. $250 for each offense, and $1,000 for all offenses
3. $500 for each offense, and $2,500 for all offenses
4. $5,000 for each offense, with no cap

1. New York requires an individual life policy to provide a grace period of:

1. 30 days
2. 31 days, or one month, after each premium due date after the first
3. 10 days
4. 60 days

2. In New York, an individual life policy becomes incontestable after it has been in force during the insured's lifetime for:

1. 2 years
2. 5 years
3. 1 year
4. 3 years

3. In New York, a lapsed life policy may be reinstated within:

1. 1 year from the date of default
2. 2 years from the date of default
3. 3 years from the date of default
4. 5 years from the date of default

4. A New York life policy may exclude liability for suicide within how long from the date of issue?

1. 2 years
2. 1 year
3. 6 months
4. 3 years

5. In New York, a life policy must make policy loans available after premiums have been paid for:

1. 2 years
2. 3 years
3. 1 year
4. 5 years

6. For a New York life policy with a fixed policy loan rate payable in advance, the maximum interest rate is:

1. 10 percent per year
2. 8 percent per year
3. 6 percent per year
4. 7.4 percent per year

7. New York gives a life insurance applicant a right to return a new policy for an unconditional refund for a period of not less than:

1. 60 days
2. 20 days
3. 30 days
4. 10 days

8. Under New York law, when must a prospective life insurance purchaser receive the buyer's guide and preliminary information?

1. Within 30 days after delivery
2. Before the application is taken
3. With the first premium notice
4. Only on request

1. Under New York Regulation 60, the owner of a replacement life policy or annuity may return it for a refund within:

1. 60 days from delivery
2. 30 days from delivery
3. 20 days from delivery
4. 10 days from delivery

2. Under Regulation 60, the replacing insurer must send the required replacement information to the insurer whose coverage is being replaced within:

1. 24 hours of the sale
2. 3 business days of the application
3. 10 days of delivering the new policy or contract
4. 30 days of delivery

3. Under Regulation 60, when a licensee asks the existing insurer for information needed to complete the Disclosure Statement, the existing insurer must provide it within:

1. 10 days of receiving the request
2. 20 days of receiving the request
3. 60 days of receiving the request
4. 5 days of receiving the request

1. New York Regulation 187 requires that recommendations be in the consumer's best interest for which products?

1. Life insurance only
2. Variable products only
3. Annuities only
4. Both life insurance and annuities

1. New York requires an individual accident and health policy to give the policyholder a right to examine it for a period of:

1. Not less than 31 days
2. No examination period is required
3. Not less than 10 days and not more than 20 days
4. Exactly 30 days

1. For a domestic insurer, New York's Life Insurance Company Guaranty Corporation covers all benefits on any one life, including cash values, up to:

1. $500,000
2. $250,000
3. $1,000,000
4. $300,000

2. For group or blanket accident and health policies of a domestic insurer, the New York guaranty corporation's coverage is:

1. Not subject to the dollar cap
2. Capped at $300,000
3. Capped at $500,000
4. Capped at $100,000

3. For group annuity contracts of a domestic insurer, the New York guaranty corporation covers all benefits, including cash values, up to:

1. $250,000
2. $1,000,000
3. $5,000,000
4. $500,000