NY Life Insurance Agent/Broker Exam
Series 17-51 Test Questions All
Answered Correctly 2026/2027 Updated.
According to the entire contract provision, what document must be made part of the insurance
policy? - Answer Copy of the original application
Which of the following will NOT be an appropriate use of a deferred annuity? - Answer
Creating an estate.
"Whose responsibility is it to make certain that an application for insurance is filled out
completely and correctly?" - Answer The producer
A policyowner cancels his life policy but instructs the insurance company to transfer the cash
value of his policy to an annuity. This nontaxable transaction is - Answer 1035 exchange
Which of the following will be included in a policy summary? - Answer Premium amounts and
surrender values
Which of the following statements is TRUE concerning irrevocable beneficiaries? - Answer
They can be changed only with the written consent of that beneficiary.
If an insured withdraws a portion of the face amount in the form of accelerated benefits
because of a terminal illness, how will that affect the payable death benefit from the policy? -
Answer The death benefit will be smaller.
Which of the following is a statement that is guaranteed to be true, and if untrue, may breach
an insurance contract? - Answer Warranty
Death benefits payable to a beneficiary under a life insurance policy are generally - Answer
Not subject to income taxation by the Federal Government.
Annually renewable term policies provide a level death benefit for a premium that - Answer
Increases annually.
All of the following are true regarding the guaranteed insurability rider EXCEPT - Answer This
rider is available to all insureds with no additional premium.
, Which of the following is true about warranties? - Answer They are guaranteed to be true.
An insured has chosen the Joint and 2/3 Survivor settlement option. What does this mean to
the beneficiaries? - Answer The surviving beneficiary will continue receiving 2/3 of the benefit
paid when both beneficiaries were alive.
Which is NOT true about beneficiary designations? - Answer The beneficiary must have
insurable interest in the insured.
Monty has late-stage leukemia and is now under hospice care. He is expected to live for only a
few more weeks. His medical bills are extensive, so he needs an additional source of funding.
What life insurance provision would pay part of his death benefit early, in order to provide extra
funding for his medical bills? - Answer Accelerated Death Benefit.
Because an agent is using stationery with the logo of an insurance company, applicants for
insurance assume that the agent is authorized to transact on behalf of that insurer. What type
of agent authority does this describe? - Answer Apparent.
After three years of making payments into a flexible premium deferred annuity, the owner
decides to surrender the annuity. The insurer returns all the premium payments to the owner,
except for a predetermined percentage. What is this percentage called? - Answer Surrender
charge.
All of the following entities regulate variable life policies EXCEPT - Answer The Guaranty
Association.
What does "level" refer to in level term insurance? - Answer Premium.
A 403(b) plan, commonly referred to as a TSA, is available to be used by - Answer Teachers and
not-for-profit organizations.
For variable products, underlying assets must be kept in - Answer A separate account.
Which of the following premium modes would result in the highest annual cost for an insurance
policy? - Answer Monthly.
An annuity owner is funding an annuity that will supplement her retirement. Because she does
not know what effect inflation may have on her retirement dollars, she would like a return that
will equal the performance of the Standard and Poor's 500 Index. She would likely purchase a(n)
- Answer Equity Indexed Annuity.
Series 17-51 Test Questions All
Answered Correctly 2026/2027 Updated.
According to the entire contract provision, what document must be made part of the insurance
policy? - Answer Copy of the original application
Which of the following will NOT be an appropriate use of a deferred annuity? - Answer
Creating an estate.
"Whose responsibility is it to make certain that an application for insurance is filled out
completely and correctly?" - Answer The producer
A policyowner cancels his life policy but instructs the insurance company to transfer the cash
value of his policy to an annuity. This nontaxable transaction is - Answer 1035 exchange
Which of the following will be included in a policy summary? - Answer Premium amounts and
surrender values
Which of the following statements is TRUE concerning irrevocable beneficiaries? - Answer
They can be changed only with the written consent of that beneficiary.
If an insured withdraws a portion of the face amount in the form of accelerated benefits
because of a terminal illness, how will that affect the payable death benefit from the policy? -
Answer The death benefit will be smaller.
Which of the following is a statement that is guaranteed to be true, and if untrue, may breach
an insurance contract? - Answer Warranty
Death benefits payable to a beneficiary under a life insurance policy are generally - Answer
Not subject to income taxation by the Federal Government.
Annually renewable term policies provide a level death benefit for a premium that - Answer
Increases annually.
All of the following are true regarding the guaranteed insurability rider EXCEPT - Answer This
rider is available to all insureds with no additional premium.
, Which of the following is true about warranties? - Answer They are guaranteed to be true.
An insured has chosen the Joint and 2/3 Survivor settlement option. What does this mean to
the beneficiaries? - Answer The surviving beneficiary will continue receiving 2/3 of the benefit
paid when both beneficiaries were alive.
Which is NOT true about beneficiary designations? - Answer The beneficiary must have
insurable interest in the insured.
Monty has late-stage leukemia and is now under hospice care. He is expected to live for only a
few more weeks. His medical bills are extensive, so he needs an additional source of funding.
What life insurance provision would pay part of his death benefit early, in order to provide extra
funding for his medical bills? - Answer Accelerated Death Benefit.
Because an agent is using stationery with the logo of an insurance company, applicants for
insurance assume that the agent is authorized to transact on behalf of that insurer. What type
of agent authority does this describe? - Answer Apparent.
After three years of making payments into a flexible premium deferred annuity, the owner
decides to surrender the annuity. The insurer returns all the premium payments to the owner,
except for a predetermined percentage. What is this percentage called? - Answer Surrender
charge.
All of the following entities regulate variable life policies EXCEPT - Answer The Guaranty
Association.
What does "level" refer to in level term insurance? - Answer Premium.
A 403(b) plan, commonly referred to as a TSA, is available to be used by - Answer Teachers and
not-for-profit organizations.
For variable products, underlying assets must be kept in - Answer A separate account.
Which of the following premium modes would result in the highest annual cost for an insurance
policy? - Answer Monthly.
An annuity owner is funding an annuity that will supplement her retirement. Because she does
not know what effect inflation may have on her retirement dollars, she would like a return that
will equal the performance of the Standard and Poor's 500 Index. She would likely purchase a(n)
- Answer Equity Indexed Annuity.
