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Insurance Licensing New York Life, Accident and Health Insurance Agent/Broker Examination Series 17-55 Sample Questions:
1. If a policyowner surrenders a policy for its cash value, when is a tax liability incurred?
A) The policy is exchanged for a policy of equal value.
B) The policy is transferred to a third party.
C) The cash value is less than premiums paid.
D) The cash value exceeds all premiums paid.
2. If the premium is not paid at the time of application, a Statement of Good Health MUST be signed by the policyowner at the time of
A) underwriter review.
B) policy delivery.
C) the medical examination.
D) application.
3. Sue Ellen is the sister of a licensed New York insurance producer, Frank Gillespie. Frank was recently killed in a car accident and Sue Ellen has been issued a temporary license to run Frank ' s agency. For what period of time is the initial temporary license valid?
A) 3 months.
B) 2 years.
C) 6 months.
D) 1 year.
4. Clark will be doing business as an agent. When MUST he be appointed by the insurer?
A) At the time the license application is submitted.
B) Within 15 days of signing the agency contract.
C) Within 20 days after commissions have been paid.
D) Within 15 days of submitting his license application.
5. When MUST a newborn child be covered under an existing health insurance policy?
A) Within 30 days.
B) Within 24 hours.
C) Within 45 days.
D) Immediately.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: B | Question # 3 Answer: C | Question # 4 Answer: B | Question # 5 Answer: D |
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