NY Life Insurance Exam Review | Updated Questions with Complete Answers, Verified with Grade A+, 2026 | 2027.

NY Life Insurance Exam Review | Updated Questions with Complete Answers, Verified with Grade A+, 2026 | 2027. Quiz_________________? A client's policy lapsed in 2010 without being renewed. In what year can the insurance company destroy the file on this policy? A. 2012 B. 2013 C. 2015 D. 2016 - Answer D. 2016 According to New York law, insurers must keep policy records for 6 years after the date the policy is no longer in effect, or until the filing of a review of the record, whichever is longer Quiz_________________? A life insurance policy does not have a war clause. If the insured is killed during a time of war, what will the beneficiary receive from the policy? A. The policy's cash value B. A refund of premiums C. Nothing, since the insured was killed as a result of war D. The full death benefit - Answer D. The full death benefit War or Military Service Clause specifically excludes or limits the insurer's liability for losses caused by war or active military service. If a life insurance policy does not have that exclusion, the benefits are paid to the beneficiary, as if the insured died of any other cause Quiz_________________? A lucky individual won the state lottery, so the state will be sending him a check each month for the next 25 years. What type of annuity products are they likely to use to provide these benefits? A. Variable annuity B. Flexible payment annuity C. Deferred interest annuity D. Immediate annuity - Answer D. Immediate annuity An annuity purchased with a single lump-sum payment, with a 25-year fixed-period distribution will be most suitable for this arrangement Quiz_________________? A perspective insured receives a conditional receipt but dies before the policy is issued. The insurer will A. Pay the policy proceeds up to an established a limit B. Not pay the policy proceeds under any circumstances C. Automatically pay the policy proceeds D. Pay the policy proceeds only if it would have issued the policy - Answer D. Pay the policy proceeds only if it would have issued the policy The conditional receipt says that coverage will be effective either on the date of the application or the date of the medical exam, whichever occurs last Quiz_________________? A producer who fails to segregate premium monies from his own personal funds is guilty of A. Commingling B. Larceny C. Embezzlement D. Theft - Answer A. Commingling It is illegal for insurance producers to comingle premiums collected from the applicants with their own personal funds Quiz_________________? A tornado that destroys property would be an example of which of the following? A. A peril B. A pure risk C. A loss D. A physical hazard - Answer A. A peril A peril is the cause of loss insured against in an insurance policy Quiz_________________? All of the following are business uses of life insurance EXCEPT A. Funding against financial loss caused by the death of a key employee B. Funding business continuation agreements C. Funding against general company financial loss D. Compensating executives - Answer C. Funding against general company financial loss Both life and health insurance can be used for variety of purposes in a business setting, including the funding of business continuation agreements, compensating executives, and protecting the firm against financial loss resulting from the death or disability of key employees Quiz_________________? All of the following are duties and responsibilities of producers at the time of application EXCEPT A. Change any incorrect statement on the application by personally initialing next to the corrected statement B. Explain the nature and type of any receipt the producer is giving to the applicant C. Probe beyond the stated questions if the producer feels the applicant is misrepresenting or concealing information D. Check to make sure that there are no unanswered questions on the application - Answer A. Change any incorrect statement on the application by personally initialing next to the corrected statement Any changes to information on the application must be initialed by the applicant Quiz_________________? All of the following are examples of risk retention EXCEPT A. Self-insurance B. Premiums C. Deductibles D. Copayments - Answer B. Premiums Retention is a planned assumption of risk, or acceptance of responsibility for the loss by an insured through the use of deductibles, copayments, or self-insurance Quiz_________________? All of the following are personal uses of life insurance EXCEPT A. Buy-sell agreement B. Survivor protection C. Estate creation D. Cash accumulation - Answer A. Buy-sell agreement Personal uses of life insurance include survivor protection, estate creation and conservation, cash accumulation, and liquidity. A buy-sell agreement is for a business uses of life insurance