NY Life Insurance Exam Review / of Key Quizzes &
Correct Answers.
Terms in this set (76)
Based on the Human Life C. Predicted needs of the family after the insured's death.
Value Approach, which of The Human Life Value Approach to determining the value of
the following is NOT used to an individual's life requires the calculation of probable
calculate an individual's life future earnings of the insured, which involves wages,
value? expenses, inflation, amount of time until retirement, and
A. Insured's the time value of money.
annualexpenses Predicted needs of the family after the insured's death are used
B. Effect of inflation in the needs approach
onincome over time
C. Predicted needs of
thefamily after the insured's
death
D. Insured's current
andfuture income
,Can the Superintendent A. Yes. The Superintendent has the power to make an
investigate fraudulent investigation within this state or outside of the state If the
insurance frauds bureau has reason to believe that a
claims if they occurred
person is engaged or is about to engage in a fraudulent
outside of the resident's act, the Superintendent has the power to make an
state according to the investigation within this state or outside the state
Insurance Fraud Prevention
Act?
A. Yes. The
Superintendenthas the
power to make an
investigation within this state
or outside of the state
B. Yes, but only if it is
aviolation of another state's
insurance law
C. No. Because
insuranceis 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
,Which settlement option A. Interest only
allows the insurer to retain Within the "interest only" option, the insurer retains policy
the face amount but pay proceeds and pays interest on the proceeds to the
beneficiary at regular intervals. The insurer will usually
some income based on gain
guarantee an interest rate and even pay in excess of the
on the proceeds to the rate quoted
beneficiary at regular
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 fingerprintsD.
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
upon any of a change of primary residence or business
Superintendent of a change
address
of address?
A. 90 days
B. Immediately
C. 30 days
D. 60 days
, Which of the following would A. Amount paid with the accelerated benefit, plus the earnings
be deducted from the death lost by the insurance company in interest income from the
benefit paid to a beneficiary, accelerated benefit
if a partial accelerated death If an insured withdraws a portion of the death benefit by the
benefit had been paid while use of this rider, the benefit payable at death will be reduced
by that amount, plus the amount of earnings lost by the
the insured was still alive?
insurance company in interest income
A. Amount paid with
theaccelerated benefit, plus
the earnings lost by the
insurance company in
interest income from the
accelerated benefit
B. There are no
deductionstaken 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
deathbenefit income tax, plus
the amount of the
accelerated benefit
Correct Answers.
Terms in this set (76)
Based on the Human Life C. Predicted needs of the family after the insured's death.
Value Approach, which of The Human Life Value Approach to determining the value of
the following is NOT used to an individual's life requires the calculation of probable
calculate an individual's life future earnings of the insured, which involves wages,
value? expenses, inflation, amount of time until retirement, and
A. Insured's the time value of money.
annualexpenses Predicted needs of the family after the insured's death are used
B. Effect of inflation in the needs approach
onincome over time
C. Predicted needs of
thefamily after the insured's
death
D. Insured's current
andfuture income
,Can the Superintendent A. Yes. The Superintendent has the power to make an
investigate fraudulent investigation within this state or outside of the state If the
insurance frauds bureau has reason to believe that a
claims if they occurred
person is engaged or is about to engage in a fraudulent
outside of the resident's act, the Superintendent has the power to make an
state according to the investigation within this state or outside the state
Insurance Fraud Prevention
Act?
A. Yes. The
Superintendenthas the
power to make an
investigation within this state
or outside of the state
B. Yes, but only if it is
aviolation of another state's
insurance law
C. No. Because
insuranceis 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
,Which settlement option A. Interest only
allows the insurer to retain Within the "interest only" option, the insurer retains policy
the face amount but pay proceeds and pays interest on the proceeds to the
beneficiary at regular intervals. The insurer will usually
some income based on gain
guarantee an interest rate and even pay in excess of the
on the proceeds to the rate quoted
beneficiary at regular
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 fingerprintsD.
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
upon any of a change of primary residence or business
Superintendent of a change
address
of address?
A. 90 days
B. Immediately
C. 30 days
D. 60 days
, Which of the following would A. Amount paid with the accelerated benefit, plus the earnings
be deducted from the death lost by the insurance company in interest income from the
benefit paid to a beneficiary, accelerated benefit
if a partial accelerated death If an insured withdraws a portion of the death benefit by the
benefit had been paid while use of this rider, the benefit payable at death will be reduced
by that amount, plus the amount of earnings lost by the
the insured was still alive?
insurance company in interest income
A. Amount paid with
theaccelerated benefit, plus
the earnings lost by the
insurance company in
interest income from the
accelerated benefit
B. There are no
deductionstaken 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
deathbenefit income tax, plus
the amount of the
accelerated benefit
