NY LIFE INSURANCE AGENT/BROKER EXAM SERIES 17-51 2026 SUMMER-FALL EDITION
WITH ACCURATE SOLUTIONS (GRADED A+)
According to the entire contract provision, what document must be made part of the
insurance policy?
Copy of the original application
Which of the following will NOT be an appropriate use of a deferred annuity?
Creating an estate.
"Whose responsibility is it to make certain that an application for insurance is filled out
completely and correctly?"
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
1035 exchange
Which of the following will be included in a policy summary?
Premium amounts and surrender values
Which of the following statements is TRUE concerning irrevocable beneficiaries?
,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?
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?
Warranty
Death benefits payable to a beneficiary under a life insurance policy are generally
Not subject to income taxation by the Federal Government.
Annually renewable term policies provide a level death benefit for a premium that
Increases annually.
All of the following are true regarding the guaranteed insurability rider EXCEPT
This rider is available to all insureds with no additional premium.
Which of the following is true about warranties?
, 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?
The surviving beneficiary will continue receiving 2/3 of the benefit paid when both
beneficiaries were alive.
Which is NOT true about beneficiary designations?
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?
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?
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?
WITH ACCURATE SOLUTIONS (GRADED A+)
According to the entire contract provision, what document must be made part of the
insurance policy?
Copy of the original application
Which of the following will NOT be an appropriate use of a deferred annuity?
Creating an estate.
"Whose responsibility is it to make certain that an application for insurance is filled out
completely and correctly?"
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
1035 exchange
Which of the following will be included in a policy summary?
Premium amounts and surrender values
Which of the following statements is TRUE concerning irrevocable beneficiaries?
,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?
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?
Warranty
Death benefits payable to a beneficiary under a life insurance policy are generally
Not subject to income taxation by the Federal Government.
Annually renewable term policies provide a level death benefit for a premium that
Increases annually.
All of the following are true regarding the guaranteed insurability rider EXCEPT
This rider is available to all insureds with no additional premium.
Which of the following is true about warranties?
, 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?
The surviving beneficiary will continue receiving 2/3 of the benefit paid when both
beneficiaries were alive.
Which is NOT true about beneficiary designations?
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?
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?
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?
