NY life iNsuraNce examfx practice exam latest 2026 actual
QuestioNs aNd Verified aNsWers (latest update) a+
grade 100% guaraNtee Verified BY experts
Which authority is NOT stated in an agent's contract but is required for the agent to
conduct business? - ANSWER-implied
Life settlement contracts must be approved by - ANSWER-The superintendent of
insurance
What characteristic makes whole life permanent protection - ANSWER-Coverage until
death or age 100
What type of insurance would be used for a Return of Premium rider? - ANSWER-
Increasing Term
To sell variable life insurance policies, an agent must receive all of the following
EXCEPT - ANSWER-SEC registration
Which Universal Life option has a gradually increasing cash value and a level death
benefit? - ANSWER-Option A
All of the following are true of key person insurance except - ANSWER-The plan is
funded by permanent insurance only.
Which services are associated with standard & poor's and am best - ANSWER-Rating
the financial strength of insurance companies
Which of the following best describes annually renewable term insurance - ANSWER-It
is level term insurance
, The validity of coverage under a life insurance policy may not be contested except for
nonpayment of premium after the policy has been in force for at least how many years -
ANSWER-2 years
All of the following apply to defined benefit plans except - ANSWER-Contributions are
tied to the company profits.
What method is used to determine the taxable portion of each annuity payment -
ANSWER-Exclusion ratio
Which nonforfeiture option provides coverage for the longest period of time? -
ANSWER-Reduced Paid-Up
Which of the following is incorrect regarding a $100,000 20 year level term policy -
ANSWER-At the end of 20 years, the policy's cash value will equal $100,000.
Which of the following is true of a qualified plan - ANSWER-It has a tax benefit for both
employer and employee.
Which of the following is a short-term annuity that limited the amounts paid to a specific
fixed period or until a specific fixed amount is liquidated - ANSWER-Annuity certain
Which of the following insurance options would be considered a risk sharing
arrangement - ANSWER-reciprocal
What does "level" refer to in level term insurance? - ANSWER-Face amount
In life insurance policies cash value increases - ANSWER-Grow tax deferred.
If the owner of a whole life policy who is also the insured dies at age 80, and there are
no outstanding loans on the policy, what portion of the death benefit will be paid to the
beneficiary? - ANSWER-The full death benefit
QuestioNs aNd Verified aNsWers (latest update) a+
grade 100% guaraNtee Verified BY experts
Which authority is NOT stated in an agent's contract but is required for the agent to
conduct business? - ANSWER-implied
Life settlement contracts must be approved by - ANSWER-The superintendent of
insurance
What characteristic makes whole life permanent protection - ANSWER-Coverage until
death or age 100
What type of insurance would be used for a Return of Premium rider? - ANSWER-
Increasing Term
To sell variable life insurance policies, an agent must receive all of the following
EXCEPT - ANSWER-SEC registration
Which Universal Life option has a gradually increasing cash value and a level death
benefit? - ANSWER-Option A
All of the following are true of key person insurance except - ANSWER-The plan is
funded by permanent insurance only.
Which services are associated with standard & poor's and am best - ANSWER-Rating
the financial strength of insurance companies
Which of the following best describes annually renewable term insurance - ANSWER-It
is level term insurance
, The validity of coverage under a life insurance policy may not be contested except for
nonpayment of premium after the policy has been in force for at least how many years -
ANSWER-2 years
All of the following apply to defined benefit plans except - ANSWER-Contributions are
tied to the company profits.
What method is used to determine the taxable portion of each annuity payment -
ANSWER-Exclusion ratio
Which nonforfeiture option provides coverage for the longest period of time? -
ANSWER-Reduced Paid-Up
Which of the following is incorrect regarding a $100,000 20 year level term policy -
ANSWER-At the end of 20 years, the policy's cash value will equal $100,000.
Which of the following is true of a qualified plan - ANSWER-It has a tax benefit for both
employer and employee.
Which of the following is a short-term annuity that limited the amounts paid to a specific
fixed period or until a specific fixed amount is liquidated - ANSWER-Annuity certain
Which of the following insurance options would be considered a risk sharing
arrangement - ANSWER-reciprocal
What does "level" refer to in level term insurance? - ANSWER-Face amount
In life insurance policies cash value increases - ANSWER-Grow tax deferred.
If the owner of a whole life policy who is also the insured dies at age 80, and there are
no outstanding loans on the policy, what portion of the death benefit will be paid to the
beneficiary? - ANSWER-The full death benefit
