New York State Life
Insurance Series
A
17-51: Already Passed
VI
TU
Questions and
IS
Correct Solutions
M
O
A
N
JP
, Dividends - ANSWER are considered a return of unearned premium which is why
are they are paid out income tax free.
24 - ANSWER Accelerated Death Benefit
The prognosis of a physician must be a life expectancy of ___ months or less.
The individual states - ANSWER Highest authority for insurance regulation. No
interference from federal regulation, unless federal law specifically provides otherwise.
A
Fixed Annuities payments are level - ANSWER Premiums are allocated to the
insurer's general account. The insurer has the investment risk, and fixed annuities pay
VI
out a fixed level income benefit payment.
Market Value Adjustment Annuity - ANSWER an annuity product that features fixed
TU
interest rate guarantees combined with an interest rate adjustment factor that can cause
the surrender value to fluctuate in response to market conditions.
2 years or less - ANSWER Viatical Settlement life expectancy
IS
Pre-need - ANSWER A type of coverage with a small face amount, typically
purchased to pay the burial expenses of the insured is called ____.
M
Option B - ANSWER With an _____ death benefit, the beneficiary will receive the
face amount plus the cash value as of the date of death.
O
Option A - ANSWER Pays the face amount of the policy and provides a level death
benefit. As the cash value increases, the company's risk decreases. A universal life
A
policy must include an amount at risk. If the cash value approaches the face amount,
the death benefit must increase so as to provide for this amount at risk. This minimum
N
separation between the cash value and the death benefit is called the "risk corridor."
This corridor of insurance is automatic and does not require insurability. This prevents
JP
the policy from maturing too early. Pays the face amount of the policy and provides a
level death benefit. As the cash value increases, the company's risk decreases. A
universal life policy must include an amount at risk. If the cash value approaches the
face amount, the death benefit must increase so as to provide for this amount at risk.
This minimum separation between the cash value and the death benefit is called the
"risk corridor." This corridor of insurance is automatic and does not require insurability.
This prevents the policy from maturing too early.
Insurance Series
A
17-51: Already Passed
VI
TU
Questions and
IS
Correct Solutions
M
O
A
N
JP
, Dividends - ANSWER are considered a return of unearned premium which is why
are they are paid out income tax free.
24 - ANSWER Accelerated Death Benefit
The prognosis of a physician must be a life expectancy of ___ months or less.
The individual states - ANSWER Highest authority for insurance regulation. No
interference from federal regulation, unless federal law specifically provides otherwise.
A
Fixed Annuities payments are level - ANSWER Premiums are allocated to the
insurer's general account. The insurer has the investment risk, and fixed annuities pay
VI
out a fixed level income benefit payment.
Market Value Adjustment Annuity - ANSWER an annuity product that features fixed
TU
interest rate guarantees combined with an interest rate adjustment factor that can cause
the surrender value to fluctuate in response to market conditions.
2 years or less - ANSWER Viatical Settlement life expectancy
IS
Pre-need - ANSWER A type of coverage with a small face amount, typically
purchased to pay the burial expenses of the insured is called ____.
M
Option B - ANSWER With an _____ death benefit, the beneficiary will receive the
face amount plus the cash value as of the date of death.
O
Option A - ANSWER Pays the face amount of the policy and provides a level death
benefit. As the cash value increases, the company's risk decreases. A universal life
A
policy must include an amount at risk. If the cash value approaches the face amount,
the death benefit must increase so as to provide for this amount at risk. This minimum
N
separation between the cash value and the death benefit is called the "risk corridor."
This corridor of insurance is automatic and does not require insurability. This prevents
JP
the policy from maturing too early. Pays the face amount of the policy and provides a
level death benefit. As the cash value increases, the company's risk decreases. A
universal life policy must include an amount at risk. If the cash value approaches the
face amount, the death benefit must increase so as to provide for this amount at risk.
This minimum separation between the cash value and the death benefit is called the
"risk corridor." This corridor of insurance is automatic and does not require insurability.
This prevents the policy from maturing too early.
