NY LIFE INSURANCE EXAM REVIEW 2024 WITH 100% CORRECT ANSWERS

NY LIFE INSURANCE EXAM REVIEW 2024 WITH 100% CORRECT ANSWERS 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 - correct answer 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 - correct answer A. Yes. The Superintendent has the power to make an investigation within this state or outside of the state If th