NY Life Insurance Exam Review Questions and Answers 100% Pass

NY Life Insurance Exam Review Questions and Answers 100% Pass Based on the Human Life Value Approach, which of the following is NOT used to calculate an individual's life value? A. Insured's annual expenses B. Effect of inflation on income over time C. Predicted needs of the family after the insured's death D. Insured's current and future income C. Predicted needs of the family after the insured's death. The Human Life Value Approach to determining the value of an individual's life requires the calculation of probable future earnings of the insured, which involves wages, expenses, inflation, amount of time until retirement, and the time value of money. Predicted needs of the family after the insured's death are used in the needs approach Can the Superintendent investigate fraudulent claims if they occurred outside of the resident's state according to the Insurance Fraud Prevention Act? A. Yes. The Superintendent has the power to make an investigation within this state or outside of the state B. Yes, but only if it is a violation of another state's insurance law C. No. Because insurance is regulated by the state, all claims must occur within state boundaries D. No. If fraudulent acts are believed to have been committed, the Superintendent must notify the state's Superintendent or Commissioner. It will then become a federal matter A. Yes. The Superintendent has the power to make an investigation within this state or outside of the state If the insurance frauds bureau has reason to believe that a person is engaged or is about to engage in a fraudulent act, the Superintendent has the power to make an investigation within this state or outside the state Which settlement option allows the insurer to retain the face amount but pay some income based on gain on the proceeds to the beneficiary at regular intervals? A. Interest only B. Life income C. Fixed amount D. Fixed period A. Interest only Within the "interest only" option, the insurer retains policy proceeds and pays interest on the proceeds to the beneficiary at regular intervals. The insurer will usually guarantee an interest rate and even pay in excess of the rate quoted In order to be a licensed life settlement broker, a person must complete which of the following requirements? A. Post a surety bond B. Submit to a drug test C. Submit fingerprints D. Have been a licensed life producer for at least 6 months C. Submit fingerprints How long does a licensee have to notify the Superintendent of a change of address? A. 90 days B. Immediately C. 30 days D. 60 days C. 30 days The Superintendent must be notified within 30 days upon any of a change of primary residence or business address Which of the following would be deducted from the death benefit paid to a beneficiary, if a partial accelerated death benefit had been paid while the insured was still alive? A. Amount paid with the accelerated benefit, plus the earnings lost by the insurance company in interest income from the accelerated benefit B. There