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| Section | Weight | Objectives |
|---|---|---|
| Accident and Health Insurance | 35% | - Health Insurance Basics
|
| Life Insurance Products and Provisions | 30% | - Policy Provisions, Riders and Options
|
| Insurance Regulation and General Principles | 20% | - Insurance Concepts
|
| Underwriting, Marketing and Sales Practices | 15% | - Sales and Customer Service
|
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NEW QUESTION # 33
Which type of life insurance policy is written under a single contract for both spouses in which it is payable upon the first death?
Answer: C
Explanation:
The correct answer is C. Joint. A joint life insurance policy insures two individuals-most commonly spouses-under one single contract , with the death benefit paid when the first insured person dies . This arrangement is commonly referred to as "first-to-die" coverage . Once the death benefit is paid following the first insured's death, the policy typically terminates because the contract has fulfilled its purpose. Joint life policies are often used in family financial planning when funds are needed immediately after the first spouse dies to cover expenses such as income replacement, debts, or final expenses.
This differs from survivorship life insurance , also known as second-to-die insurance , where the policy insures two people but the death benefit is paid only after the second insured dies . Survivorship policies are commonly used for estate planning or wealth transfer strategies. The other options are incorrect because dual capacity is not a standard life insurance policy type, and spousal is not the technical term used in life insurance contracts for a first-to-die policy. Therefore, a life insurance policy covering both spouses under one contract with payment at the first death is known as joint life insurance .
NEW QUESTION # 34
Which of the following statements is TRUE concerning classification of risks?
Answer: D
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 # 35
Predicting an individual ' s future earning potential and determining how much of that amount would be devoted to his dependents incorporates the
Answer: C
Explanation:
The correct answer is human life value approach . In life insurance planning, the human life value approach is used to estimate the economic value of an insured person's future earnings to those who depend on that income. It focuses on the idea that an individual's life has an insurable value based on the amount of income he or she is expected to earn in the future and the portion of that income that would have been used to support dependents. This method is commonly applied when determining how much life insurance is needed to replace the financial contribution of a wage earner.
Under this approach, factors such as current earnings, future earning capacity, years until retirement, inflation, taxes, and personal living expenses are considered. The amount available to dependents is then projected to help establish an appropriate death benefit.
The other options do not fit this definition. The needs approach centers on the survivors' financial needs after death, not strictly on future income value. "Loss exposure" and "salary projection" are not the standard life insurance need-analysis terms tested for this concept. Therefore, the correct answer is human life value approach .
NEW QUESTION # 36
If an insured under a life insurance policy dies with an outstanding loan balance then the death benefit will
Answer: B
Explanation:
The correct answer is A. be reduced by the amount of the loan and interest owed. In permanent life insurance policies that build cash value, the policyowner may borrow against that cash value. However, if the insured dies before the loan is repaid, the insurer does not require the beneficiary to repay the loan first. Instead, the insurer deducts the outstanding loan balance plus any accrued interest from the death proceeds before paying the beneficiary. New York Life's consumer guidance states that the total outstanding loan balance, including accrued loan interest, reduces the life insurance benefit .
This makes the other options incorrect. B is wrong because the death benefit is still paid; it is simply reduced , not withheld until repayment. C is incorrect because both the principal and interest are deducted, not just the principal. D is also incorrect because the insurer deducts the entire indebtedness , not just interest. NAIC policy loan guidance is consistent with this principle by treating the policy loan plus accrued interest as part of the amount offset against policy proceeds at death.
NEW QUESTION # 37
The general enrollment period for Medicare Part B ends on
Answer: A
Explanation:
The correct answer is A. March 31. The General Enrollment Period (GEP) for Medicare Part B is the annual period for people who did not enroll when first eligible and who do not qualify for a Special Enrollment Period. According to the Centers for Medicare & Medicaid Services, the GEP runs each year from January 1 through March 31 . Medicare.gov and Social Security materials confirm the same timeframe for late enrollment into Part B.
This means the enrollment period ends on March 31 , making choices B, C, and D incorrect. May 31 and June
30 are outside the authorized general enrollment window, and December 31 is not the closing date for Part B' s GEP. Current CMS guidance also explains that when a person enrolls in Part B during the GEP, coverage begins the month after enrollment , rather than being delayed until July as under older rules. That timing update does not change the end date of the enrollment period itself, which remains March 31 . Therefore, under Medicare enrollment rules relevant to Accident and Health insurance licensing, the general enrollment period for Medicare Part B ends on March 31
NEW QUESTION # 38
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