NY Life & Health study guide
NY Life & Health · Work through your exam, one topic at a time.
The New York Life, Accident and Health Insurance Agent/Broker licensing examination is the state exam that candidates generally must pass as part of the New York State Department of Financial Services (DFS) licensing process for life, accident, and health insurance agents and brokers. This page is an independent study resource. The NY Life & Health study guide has 8 sections and about 3,490 words.
01Insurance Regulation: Licensing, Producer Duties, and Market Conduct in New York
New York insurance is regulated by the Department of Financial Services (DFS); the Superintendent is appointed by the Governor. The McCarran-Ferguson Act leaves insurance to the states, but federal law still reaches the business through ERISA (employee benefit plans), securities law (variable life and variable annuities are registered products), and Gramm-Leach-Bliley (bank sales of insurance).
327 words, about 2 min02General Insurance Concepts: Risk, Insurable Interest, and Contract Characteristics
Risk is uncertainty about loss; a peril is the cause of loss (fire, death, accident); a hazard increases the chance or severity of loss (physical, moral, morale). Insurance handles pure risk (loss or no loss), not speculative risk (gain or loss).
353 words, about 2 min03Life Insurance Basics: Underwriting, Premiums, Ownership, and Beneficiaries
The producer is the field underwriter; the application and agent report are the first filter. Underwriters may order paramedical exams, blood and urine tests, attending physician statements, an inspection report, and check the Medical Information Bureau.
353 words, about 2 min04Life Insurance Policies: Term, Permanent, Group, and Specialty Products
Level term pays a face amount only if death occurs during the term and builds no cash value. Know decreasing term (mortgage protection), increasing term, renewable term (guaranteed renewal without evidence at a higher premium), and convertible term (converted to permanent without evidence, usually before an age limit).
338 words, about 2 min05Life Policy Provisions, Options, and Riders
The entire contract clause limits the contract to the policy, application, and attached riders. Incontestability bars the insurer from contesting for misrepresentation after two years, but nonpayment of premium is always contestable.
357 words, about 2 min06Annuities and Retirement Products
An annuity liquidates a sum of money over time and protects against longevity risk. Deferred annuities have accumulation and annuitization phases; immediate annuities begin payments within one payment period.
335 words, about 2 min07Life Insurance Taxation
Proceeds paid to a named beneficiary are generally income-tax free. Exceptions include a transfer-for-value, where the purchaser's gain is taxable, and a modified endowment contract (MEC), where proceeds above basis are taxable.
360 words, about 2 min08Accident and Health Insurance (policy provisions, disability income, medical expense, group health, and New York-specific requirements)
Qualified plans satisfy IRC and ERISA rules in exchange for tax deferral and employer deductions. Defined benefit plans promise a benefit, often by formula; defined contribution plans promise only the account.
1,067 words, about 5 min