6/23/25, 8:39 AM NY Life Insurance Exam Review (2025) COMPLETE QUESTIONS With 100% Verified Solutions, Flashcards | Quizlet
NY Life Insurance Exam Review (2025)
COMPLETE QUESTIONS With 100% Verified
Solutions,
Save
Terms in this set (76)
Based on the Human Life C. Predicted needs of the family after the insured's
Value Approach, which of death.
the following is NOT used The Human Life Value Approach to determining the
to calculate an individual's value of an individual's life requires the calculation of
life value? probable future earnings of the insured, which
A. Insured's annual involves wages, expenses, inflation, amount of time
expenses until retirement, and the time value of money.
B. Effect of inflation on Predicted needs of the family after the insured's death
income over time are used in the needs approach
C. Predicted needs of the
family after the insured's
death
D. Insured's current and
future income
https://quizlet.com/1056318329/ny-life-insurance-exam-review-2025-complete-questions-with-100-verified-solutions-flash-cards/?new 1/33
,6/23/25, 8:39 AM NY Life Insurance Exam Review (2025) COMPLETE QUESTIONS With 100% Verified Solutions, Flashcards | Quizlet
Can the Superintendent A. Yes. The Superintendent has the power to make an
investigate fraudulent investigation within this state or outside of the state
claims if they occurred If the insurance frauds bureau has reason to believe
outside of the resident's that a person is engaged or is about to engage in a
state according to the fraudulent act, the Superintendent has the power to
Insurance Fraud make an investigation within this state or outside the
Prevention Act? state
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
https://quizlet.com/1056318329/ny-life-insurance-exam-review-2025-complete-questions-with-100-verified-solutions-flash-cards/?new 2/33
,6/23/25, 8:39 AM NY Life Insurance Exam Review (2025) COMPLETE QUESTIONS With 100% Verified Solutions, Flashcards | Quizlet
Which settlement option A. Interest only
allows the insurer to retain Within the "interest only" option, the insurer retains
the face amount but pay policy proceeds and pays interest on the proceeds to
some income based on the beneficiary at regular intervals. The insurer will
gain on the proceeds to usually guarantee an interest rate and even pay in
the beneficiary at regular excess of the rate quoted
intervals?
A. Interest only
B. Life income
C. Fixed amount
D. Fixed period
In order to be a licensed C. Submit fingerprints
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
How long does a licensee C. 30 days
have to notify the The Superintendent must be notified within 30 days
Superintendent of a upon any of a change of primary residence or
change of address? business address
A. 90 days
B. Immediately
C. 30 days
D. 60 days
https://quizlet.com/1056318329/ny-life-insurance-exam-review-2025-complete-questions-with-100-verified-solutions-flash-cards/?new 3/33
, 6/23/25, 8:39 AM NY Life Insurance Exam Review (2025) COMPLETE QUESTIONS With 100% Verified Solutions, Flashcards | Quizlet
Which of the following A. Amount paid with the accelerated benefit, plus the
would be deducted from earnings lost by the insurance company in interest
the death benefit paid to a income from the accelerated benefit
beneficiary, if a partial If an insured withdraws a portion of the death benefit
accelerated death benefit by the use of this rider, the benefit payable at death
had been paid while the will be reduced by that amount, plus the amount of
insured was still alive? earnings lost by the insurance company in interest
A. Amount paid with the income
accelerated benefit, plus
the earnings lost by the
insurance company in
interest income from the
accelerated benefit
B. There are no deductions
taken from death benefits
C. Penalty imposed for
early withdrawal of the
death benefit, plus the
amount of earnings lost by
the insurance company in
interest income
C. 10% federal death
benefit income tax, plus
the amount of the
accelerated benefit
https://quizlet.com/1056318329/ny-life-insurance-exam-review-2025-complete-questions-with-100-verified-solutions-flash-cards/?new 4/33
NY Life Insurance Exam Review (2025)
COMPLETE QUESTIONS With 100% Verified
Solutions,
Save
Terms in this set (76)
Based on the Human Life C. Predicted needs of the family after the insured's
Value Approach, which of death.
the following is NOT used The Human Life Value Approach to determining the
to calculate an individual's value of an individual's life requires the calculation of
life value? probable future earnings of the insured, which
A. Insured's annual involves wages, expenses, inflation, amount of time
expenses until retirement, and the time value of money.
B. Effect of inflation on Predicted needs of the family after the insured's death
income over time are used in the needs approach
C. Predicted needs of the
family after the insured's
death
D. Insured's current and
future income
https://quizlet.com/1056318329/ny-life-insurance-exam-review-2025-complete-questions-with-100-verified-solutions-flash-cards/?new 1/33
,6/23/25, 8:39 AM NY Life Insurance Exam Review (2025) COMPLETE QUESTIONS With 100% Verified Solutions, Flashcards | Quizlet
Can the Superintendent A. Yes. The Superintendent has the power to make an
investigate fraudulent investigation within this state or outside of the state
claims if they occurred If the insurance frauds bureau has reason to believe
outside of the resident's that a person is engaged or is about to engage in a
state according to the fraudulent act, the Superintendent has the power to
Insurance Fraud make an investigation within this state or outside the
Prevention Act? state
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
https://quizlet.com/1056318329/ny-life-insurance-exam-review-2025-complete-questions-with-100-verified-solutions-flash-cards/?new 2/33
,6/23/25, 8:39 AM NY Life Insurance Exam Review (2025) COMPLETE QUESTIONS With 100% Verified Solutions, Flashcards | Quizlet
Which settlement option A. Interest only
allows the insurer to retain Within the "interest only" option, the insurer retains
the face amount but pay policy proceeds and pays interest on the proceeds to
some income based on the beneficiary at regular intervals. The insurer will
gain on the proceeds to usually guarantee an interest rate and even pay in
the beneficiary at regular excess of the rate quoted
intervals?
A. Interest only
B. Life income
C. Fixed amount
D. Fixed period
In order to be a licensed C. Submit fingerprints
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
How long does a licensee C. 30 days
have to notify the The Superintendent must be notified within 30 days
Superintendent of a upon any of a change of primary residence or
change of address? business address
A. 90 days
B. Immediately
C. 30 days
D. 60 days
https://quizlet.com/1056318329/ny-life-insurance-exam-review-2025-complete-questions-with-100-verified-solutions-flash-cards/?new 3/33
, 6/23/25, 8:39 AM NY Life Insurance Exam Review (2025) COMPLETE QUESTIONS With 100% Verified Solutions, Flashcards | Quizlet
Which of the following A. Amount paid with the accelerated benefit, plus the
would be deducted from earnings lost by the insurance company in interest
the death benefit paid to a income from the accelerated benefit
beneficiary, if a partial If an insured withdraws a portion of the death benefit
accelerated death benefit by the use of this rider, the benefit payable at death
had been paid while the will be reduced by that amount, plus the amount of
insured was still alive? earnings lost by the insurance company in interest
A. Amount paid with the income
accelerated benefit, plus
the earnings lost by the
insurance company in
interest income from the
accelerated benefit
B. There are no deductions
taken from death benefits
C. Penalty imposed for
early withdrawal of the
death benefit, plus the
amount of earnings lost by
the insurance company in
interest income
C. 10% federal death
benefit income tax, plus
the amount of the
accelerated benefit
https://quizlet.com/1056318329/ny-life-insurance-exam-review-2025-complete-questions-with-100-verified-solutions-flash-cards/?new 4/33
