Free Types of Life Insurance Policies Practice Questions
New York Life, Accident & Health exam (series 17-55) — 61 practice questions.
Subtopics: Insurance on minors, Group life conversion, Group life certificates, Group life contestability, Group life reduction at age 60, Equity-indexed disclosure, Term life, Whole life, Universal life, Indexed life, Variable life, Variable universal life, Group life, Specialized policies, Annual renewable term, Return of premium term, Increasing term, Modified whole life, Limited-pay life, Joint life, Universal life Option A, Universal life target premium, Universal life interest crediting, Variable life prospectus, Variable products licensing, Interest-sensitive whole life, Endowment policy, Family income policy, Adjustable life, Industrial life, Credit life, Multiple protection, Fraternal and other
Read the Types of Life Insurance Policies study guide
Sample questions & answers
1. At what age is a New York minor deemed competent to own a life insurance policy on his or her own life?
Above age 14 1/2
A minor above age 14 years and six months may contract for, own and exercise rights in a life policy on his or her own life, with beneficiary limited to close family.
2. A parent insured for $300,000 applies for coverage on a 3-year-old child. Under New York limits, the maximum total coverage on the child is generally:
$75,000
Under age 4 1/2 the limit is the greater of $50,000 or 25% of the parent's coverage: 25% of $300,000 = $75,000.
3. Under New York law, the individual policy issued when an employee converts group life coverage may be:
Any customary form except term insurance
The converted policy may be in any form customarily issued by the insurer, except term insurance (one year of term may precede it at the insured's option).
4. If an employee dies during the 31-day group life conversion period before applying to convert, the insurer:
Pays the convertible amount as a death benefit
Group life policies must pay the convertible amount as a death benefit if the insured dies during the 31-day conversion period.
All Life, Accident & Health topics
Practice: Types of Life Insurance Policies
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
