New York State Life Insurance Series
17-51
$50,000 - ANS-All employer-paid premiums for amounts of group life insurance over
$__________ are reported as taxable income to the employee.
1- year - ANS-Lowest Term Life Insurance Policy in 1st-year annual premium, all other factors
being equal
2 years or less - ANS-Viatical Settlement life expectancy
24 - ANS-Accelerated Death Benefit
The prognosis of a physician must be a life expectancy of ___ months or less.
3 - ANS-In a whole life policy, cash value must be made available to borrow against after _____
years.
3 years - ANS-The period within which one may rightfully reinstate a lapsed life insurance policy
in New York is:
30 days - ANS-An agent is required to notify the Superintendent within ____ of a change in
address. This includes a business address, residence address, mailing address, or email
address.
5 Days - ANS-The expiring license will continue in full force until the renewal license is issued,
or _____ after the Superintendent refuses to issue the renewal license and has given notice of
the refusal to the applicant.
5 Years - ANS-Each covered entity must maintain records regarding the cybersecurity program,
including schedules and data supporting their compliance for
60 days - ANS-Any excess premium can be refunded by the insurer within ____ after the end of
the contract year.
61 day grace period - ANS-Policies with premiums that vary by amount and frequency
7-Pay Test Modified Endowment Contract - ANS-any time within the first seven years of a policy
(or of a material change to a policy, such as a death benefit increase or decrease) if the sum of
premiums paid exceeds the amount of premiums that would be paid in a 7-pay contract.
Absolute - ANS-An _________ assignment is considered permanent.
Accelerated Death Benefit - ANS-These benefits could be provided based on an insured
qualifying as catastrophic illness, such as the need for an organ transplant
These benefits do not include disability income
These benefits could be provided based on an insured qualifying for long-term care, if unable to
perform activities of daily living
Accidental Death Benefit (Double or Triple Indemnity) - ANS-benefit that is payable only if death
occurs before a specific age and within 90 days of the accident. It does not add any additional
values to the base policy.
, Amount, less any premiums due - ANS-The conversion period is also a grace period. In the
event a terminated or ineligible employee dies during the conversion period, whether they were
going to elect individual coverage or not, a death claim will be paid by the group policy, less the
premium due for the benefit.
Annual Renewable Term Premiums - ANS-Term premiums increase as the insured's age
increases.
Annuities and Life Insurance Policies Customer Name - ANS-Annuities- Annuitants
Life Insurance Policies- Insureds
Annuity can - ANS-Help fund college for a child or grandchild in an tax-efficient and effective
manner
Through systematic withdrawals or proper settlement option selection
Annuity purpose - ANS-Provide a steady stream of income to an individual, typically retirement.
It protects against outliving one's retirement income by providing an income for life.
Appointed - ANS-In order to act as an agent for an insurance company, a licensed producer
must be:
Assignor - ANS-The technical name of the person who makes a policy assignment is the:
Attained date - ANS-Insured's age at any point in time used at renewal or conversion
Automatic Premium Loan - ANS-Keeps a policy from lapsing
Backdating Policy Purpose - ANS-To save age. It will require back premiums to be paid as well
Bailout Provision - ANS-allows the policyowner an opportunity to consider other savings and
investing options if the insurer's interest crediting rate falls by a certain amount as specified in
the policy.
Blackout Period - ANS-Youngest child age 16 and the spouse is eligible for retirement benefits
at age 60.
Buy-Sell Agreement - ANS-The agreement contractually establishes a price with the intent to
purchase, at a predetermined value, the assets of a business should one of the contract
participants predecease the other participant(s). It is funded with life insurance to assure that
the funds are available to carry out the agreement, but it can be funded with permanent or term
insurance.
Buy-sell agreement life insurance premiums are: - ANS-Not deductible and proceeds are
income tax free
class designation - ANS-when the beneficiary is not directly identified by name.
Collateral Assignment - ANS-An insured goes to the bank for a business start-up loan. Asking
for more security, the bank agrees to accept a(n) __________ on a permanent life insurance
policy owned by the customer.
Partial transfer of the death benefit
Common Disaster Clause - ANS-It is designed to rule in such situations. If a contingent
beneficiary is named and is alive, he or she receives the proceeds. Otherwise they are paid to
the insured's estate.
conditional - ANS-When both parties must perform certain duties and follow certain rules of
conduct to make a contract enforceable, this is known as a(n) __________ contract.
17-51
$50,000 - ANS-All employer-paid premiums for amounts of group life insurance over
$__________ are reported as taxable income to the employee.
1- year - ANS-Lowest Term Life Insurance Policy in 1st-year annual premium, all other factors
being equal
2 years or less - ANS-Viatical Settlement life expectancy
24 - ANS-Accelerated Death Benefit
The prognosis of a physician must be a life expectancy of ___ months or less.
3 - ANS-In a whole life policy, cash value must be made available to borrow against after _____
years.
3 years - ANS-The period within which one may rightfully reinstate a lapsed life insurance policy
in New York is:
30 days - ANS-An agent is required to notify the Superintendent within ____ of a change in
address. This includes a business address, residence address, mailing address, or email
address.
5 Days - ANS-The expiring license will continue in full force until the renewal license is issued,
or _____ after the Superintendent refuses to issue the renewal license and has given notice of
the refusal to the applicant.
5 Years - ANS-Each covered entity must maintain records regarding the cybersecurity program,
including schedules and data supporting their compliance for
60 days - ANS-Any excess premium can be refunded by the insurer within ____ after the end of
the contract year.
61 day grace period - ANS-Policies with premiums that vary by amount and frequency
7-Pay Test Modified Endowment Contract - ANS-any time within the first seven years of a policy
(or of a material change to a policy, such as a death benefit increase or decrease) if the sum of
premiums paid exceeds the amount of premiums that would be paid in a 7-pay contract.
Absolute - ANS-An _________ assignment is considered permanent.
Accelerated Death Benefit - ANS-These benefits could be provided based on an insured
qualifying as catastrophic illness, such as the need for an organ transplant
These benefits do not include disability income
These benefits could be provided based on an insured qualifying for long-term care, if unable to
perform activities of daily living
Accidental Death Benefit (Double or Triple Indemnity) - ANS-benefit that is payable only if death
occurs before a specific age and within 90 days of the accident. It does not add any additional
values to the base policy.
, Amount, less any premiums due - ANS-The conversion period is also a grace period. In the
event a terminated or ineligible employee dies during the conversion period, whether they were
going to elect individual coverage or not, a death claim will be paid by the group policy, less the
premium due for the benefit.
Annual Renewable Term Premiums - ANS-Term premiums increase as the insured's age
increases.
Annuities and Life Insurance Policies Customer Name - ANS-Annuities- Annuitants
Life Insurance Policies- Insureds
Annuity can - ANS-Help fund college for a child or grandchild in an tax-efficient and effective
manner
Through systematic withdrawals or proper settlement option selection
Annuity purpose - ANS-Provide a steady stream of income to an individual, typically retirement.
It protects against outliving one's retirement income by providing an income for life.
Appointed - ANS-In order to act as an agent for an insurance company, a licensed producer
must be:
Assignor - ANS-The technical name of the person who makes a policy assignment is the:
Attained date - ANS-Insured's age at any point in time used at renewal or conversion
Automatic Premium Loan - ANS-Keeps a policy from lapsing
Backdating Policy Purpose - ANS-To save age. It will require back premiums to be paid as well
Bailout Provision - ANS-allows the policyowner an opportunity to consider other savings and
investing options if the insurer's interest crediting rate falls by a certain amount as specified in
the policy.
Blackout Period - ANS-Youngest child age 16 and the spouse is eligible for retirement benefits
at age 60.
Buy-Sell Agreement - ANS-The agreement contractually establishes a price with the intent to
purchase, at a predetermined value, the assets of a business should one of the contract
participants predecease the other participant(s). It is funded with life insurance to assure that
the funds are available to carry out the agreement, but it can be funded with permanent or term
insurance.
Buy-sell agreement life insurance premiums are: - ANS-Not deductible and proceeds are
income tax free
class designation - ANS-when the beneficiary is not directly identified by name.
Collateral Assignment - ANS-An insured goes to the bank for a business start-up loan. Asking
for more security, the bank agrees to accept a(n) __________ on a permanent life insurance
policy owned by the customer.
Partial transfer of the death benefit
Common Disaster Clause - ANS-It is designed to rule in such situations. If a contingent
beneficiary is named and is alive, he or she receives the proceeds. Otherwise they are paid to
the insured's estate.
conditional - ANS-When both parties must perform certain duties and follow certain rules of
conduct to make a contract enforceable, this is known as a(n) __________ contract.
