NYLAHI New York Life, Accident & Health Insurance exam - Set 2 - Part 1
Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.
Question 1: Which feature of a term life policy lets the policyowner continue coverage for another term without proving insurability again, though at a higher premium?
Question 2: A term life feature that allows the policyowner to exchange the policy for a permanent plan without new evidence of insurability is known as which of the following?
Question 3: A term policy whose death benefit declines over the years while the premium stays level is most commonly purchased to cover which kind of obligation?
Question 4: Which type of life insurance provides lifetime protection, a level premium, and a guaranteed cash value that builds up over time?
Question 5: A whole life policy on which the insured pays a level premium for their entire lifetime, producing the lowest premium among whole life forms, is best described as which of the following?
Question 6: A whole life policy designed so that all premiums are completely paid up after a set number of years, while coverage continues for life, is which of the following?
Question 7: A whole life policy fully funded by one large payment at the start, immediately creating substantial cash value, is best described as which of the following?
Question 8: Which permanent policy lets the owner adjust the premium amount and raise or lower the death benefit as their needs change over time?
Question 9: A permanent policy whose cash value and death benefit rise and fall with the performance of investment subaccounts the owner selects is which of the following?
Question 10: A policy that can be reshaped between term and permanent coverage, letting the owner change the premium, face amount, or protection period, is known as which of the following?
Question 11: A single policy covering two lives that pays the death benefit when the first of the two insureds dies is best described as which of the following?
Question 12: A policy insuring two people that pays only after both have died, often used to cover estate costs for a couple, is which of the following?
Question 13: New York limits the amount of life insurance that may be placed on the life of a young child. This statutory restriction applies to which kind of coverage?
Question 14: Under a group life insurance plan, the employer holds the master contract while each covered employee receives which of the following as evidence of coverage?
Question 15: When an employee leaves a job covered by group life insurance, New York generally lets that person convert to an individual policy without doing which of the following?
Question 16: Credit life insurance on a borrower is designed so that, if the borrower dies, the benefit pays off the loan. Who is named to receive that benefit?
Question 17: In group life insurance, the insurer evaluates the risk of the group as a whole rather than each member individually. This practice is known as which of the following?
Question 18: A whole life policy that charges a lower premium during the first few years and a higher level premium afterward is best described as which of the following?
Question 19: Which of the following is a feature of whole life insurance that ordinary term insurance does not provide to the policyowner?
Question 20: A policy that pays its face amount if the insured dies during the term or, alternatively, if the insured is still living at the end of the term is which of the following?
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