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NYLAHI New York Life, Accident & Health Insurance exam - Set 1 - Part 2

Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.

Question 21: In insurance terms, the actual cause of a loss, such as fire, illness, or premature death, is referred to as which of the following?

Question 22: A condition arising from a person's dishonest tendencies that increases the likelihood of a loss, such as planning to exaggerate a claim, is which type of hazard?

Question 23: A careless or indifferent attitude toward loss because insurance will cover it, such as leaving a door unlocked, is best described as which type of hazard?

Question 24: The principle that the larger the number of similar exposures an insurer covers, the more accurately it can predict its losses, is known as which of the following?

Question 25: The principle that an insured should be restored to the same financial position held before a loss, without profiting from it, is known as which of the following?

Question 26: An insurance contract in which the dollar amounts exchanged by the two parties may be unequal, depending on whether a loss occurs, has which characteristic?

Question 27: Because the insurer writes the policy and the applicant must accept it as offered without negotiating its terms, an insurance policy is described as which type of contract?

Question 28: When an applicant stays silent about a material fact that the insurer would need in order to evaluate the risk, the failure to disclose it is known as which of the following?

Question 29: For a life insurance policy to be valid in New York, the applicant must have a legitimate interest in the insured's continued life at which point in time?

Question 30: A breadwinner buys life insurance so that, if they die prematurely, their family can replace the income that is lost. Which personal use of life insurance does this serve?

Question 31: A method of estimating life insurance need by calculating the present value of the insured's future earnings that the family would lose at death is known as which approach?

Question 32: A method of determining how much life insurance to buy by adding up the family's expected expenses and obligations at the insured's death is best described as which approach?

Question 33: A company buys life insurance on an employee whose death would cause the business serious financial loss, naming the business as the beneficiary. This is which business use?

Question 34: Two partners agree that if one dies the survivor will buy the deceased's share, and they fund that promise with life insurance on each life. This arrangement is which of the following?

Question 35: A life insurance policy that pays policy dividends, allowing the policyowner to share in the insurer's favorable experience, is best described as which kind of policy?

Question 36: Which general category of life insurance provides protection for a stated period and builds no cash value, paying a benefit only if death occurs during that period?

Question 37: Which organization maintains a database of coded medical information that member insurers consult to detect omissions or fraud on insurance applications?

Question 38: When an underwriter needs details about an applicant's medical history directly from the doctor who treated them, the insurer requests which of the following?

Question 39: A report based on interviews with an applicant's associates and neighbors concerning character, reputation, and lifestyle is known as which of the following?

Question 40: An applicant who presents the average level of risk the insurer expects, qualifying for normal premium rates, is placed in which underwriting classification?


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