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Insurance Licensing NY-Life-Accident-and-Health Valid Test Sims | NY-Life-Accident-and-Health Test Assessment

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Insurance Licensing New York Life, Accident and Health Insurance Agent/Broker Examination Series 17-55 Sample Questions (Q85-Q90):

NEW QUESTION # 85
Which of the following statements is TRUE concerning classification of risks?

A. Preferred risks pay a lower premium than standard risks.
B. A preferred individual is issued a rated policy.
C. Substandard applicants are never issued policies.
D. Rated policies merit lower premiums.

Answer: A

Explanation:
The true statement is D. Preferred risks pay a lower premium than standard risks. In life insurance underwriting, applicants are commonly grouped into classifications such as preferred, standard, and substandard (or rated) . A preferred risk is an insured who presents a lower-than-average likelihood of loss compared with a standard applicant, so that class generally receives more favorable premium rates. The NAIC glossary defines a preferred risk as an applicant whose likelihood of loss is lower than that of the standard applicant, which directly supports the lower-premium result.
The other choices are false. Substandard applicants are not "never" issued policies ; many are issued coverage, but usually at a higher premium through a rating . A rated policy means the insurer has charged extra because of higher risk, so it does not merit a lower premium. Likewise, a preferred individual is not issued a rated policy; preferred status reflects better-than-standard risk, while rated or substandard status reflects higher-than-standard risk. New York DFS's Life, Accident and Health exam outline includes classification of risks as a tested underwriting topic, consistent with this principle.

NEW QUESTION # 86
Stranger originated life insurance violates which of the following statutory requirements?

A. Commission sharing.
B. Right of rescission.
C. Insurable interest.
D. Trust ownership.

Answer: C

Explanation:
Stranger-originated life insurance (STOLI) arrangements violate the fundamental legal requirement of insurable interest . In life insurance, the policyowner must have a legitimate interest in the continued life of the insured at the time the policy is issued. This usually exists when there is a close family relationship or a lawful economic interest, such as a business relationship where the death of the insured would cause financial loss. STOLI attempts to evade this rule by having a third party with no true insurable interest initiate or finance a policy for the purpose of benefiting from the insured's death.
That is why C. Insurable interest is the correct answer. The problem with STOLI is not trust ownership itself, since trusts may be used legally in life insurance planning when properly established. It is also not primarily about rescission rights or commission sharing. The key statutory violation is that the policy is effectively procured by or for someone who lacks a lawful interest in the insured's continued life. New York licensing materials treat this as contrary to public policy and inconsistent with lawful life insurance underwriting standards.

NEW QUESTION # 87
What information must be included in the statement accompanying an insurance claim payment made by an insurer?

A. The coverage under which the payment is being made
B. The reinsurance carrier involved
C. A list of all claimants involved
D. The agent ' s name and address

Answer: A

Explanation:
When an insurer issues a claim payment, New York claims-handling standards require that the payment be accompanied by an explanation that clearly identifies what the payment represents . A key required item is the coverage under which the payment is being made , so the claimant (or insured) can understand the basis for the payment and how it relates to the policy's benefits. This helps avoid confusion when a policy includes multiple coverages, benefit limits, deductibles, copayments/coinsurance, or when only part of a claim is payable. Stating the applicable coverage (for example, hospital confinement, major medical, disability income, accidental death, etc.) supports transparency and aligns with fair claims settlement practices by showing that the insurer is paying according to the policy provisions.
The other options are not required elements of the payment statement. Insurers are not required to list all claimants, disclose reinsurance arrangements (which are typically not visible to policyholders), or include the agent's name and address as part of the claim payment explanation. The essential requirement tested here is identifying the coverage supporting the payment.

NEW QUESTION # 88
Which of the following is a potential DISADVANTAGE of a fixed annuity?

A. The insured invests payments in variable securities, and the return fluctuates with an uncertain economic market.
B. Payments continue only for a maximum of 2 years after the annuitant ' s death.
C. Annuitants could experience a decrease in the purchasing power of their payments over a period of years due to inflation.
D. There is no guaranteed specific benefit amount to the annuitant.

Answer: C

Explanation:
A fixed annuity provides payments (or credited interest during accumulation) based on a guaranteed rate and
/or guaranteed payout set by the insurer. Because the payment amount is generally level once annuitized (unless an inflation rider or increasing-payment option is selected), the key drawback is inflation risk : over time, rising prices can reduce the purchasing power of those fixed payments. In other words, the annuitant may receive the same dollar amount each period, but that amount may buy less in the future.
Option B describes a feature more consistent with variable annuities , where benefits are not guaranteed at a specific level because values depend on investment performance. Option C is also a characteristic of variable annuities (separate account investments and fluctuating returns), not fixed annuities. Option D is not a standard limitation of fixed annuities; payout periods depend on the selected settlement option (life, period certain, joint life, etc.), not an automatic "2 years after death" cap. Therefore, the commonly tested disadvantage of a fixed annuity is the potential erosion of buying power due to inflation.
Thought for a few seconds

NEW QUESTION # 89
In a health insurance policy, an insured has an out-of-pocket limit of $10,000, a deductible of $500, and an
80%/20% coinsurance. The insured incurs $50,000 of covered losses in an accident. How much will the insurer have to pay?

A. $39,600
B. $40,000
C. $49,500
D. $35,500

Answer: A

Explanation:
The correct answer is $39,600 . To determine the insurer's payment, the deductible and coinsurance provisions must be applied to the total covered medical expenses. First, the insured must pay the $500 deductible . Subtracting this amount from the total covered losses of $50,000 leaves $49,500 of eligible expenses subject to coinsurance.
Under an 80/20 coinsurance arrangement , the insurer pays 80% of the covered expenses and the insured pays
20% . Applying the insurer's portion to the remaining amount:
80% × $49,500 = $39,600 .
Therefore, the insurer's payment equals $39,600 , while the insured would pay the deductible plus their coinsurance share. Although the policy mentions a $10,000 out-of-pocket limit , the insured's cost in this situation (the $500 deductible plus 20% of the remaining expenses) does not exceed that limit , so the limit does not affect the calculation.
Thus, after applying the deductible and coinsurance provisions, the insurer pays $39,600 , making Option B the correct answer.

NEW QUESTION # 90
......

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