New York State Life Insurance
Series 17-51 Questions and
Answers 100% PASS
Dividends—ANSWER--are considered a return of unearned premium which is why are they
are paid out income tax free.
24—ANSWER--Accelerated Death Benefit
The prognosis of a physician must be a life expectancy of ___ months or less.
The individual states—ANSWER--Highest authority for insurance regulation. No interference
from federal regulation, unless federal law specifically provides otherwise.
Fixed Annuities payments are level—ANSWER--Premiums are allocated to the insurer's
general account. The insurer has the investment risk, and fixed annuities pay out a fixed level
income benefit payment.
Market Value Adjustment Annuity—ANSWER--an annuity product that features fixed interest
rate guarantees combined with an interest rate adjustment factor that can cause the
surrender value to fluctuate in response to market conditions.
2 years or less—ANSWER--Viatical Settlement life expectancy
, Pre-need—ANSWER--A type of coverage with a small face amount, typically purchased to
pay the burial expenses of the insured is called ____.
Option B—ANSWER--With an _____ death benefit, the beneficiary will receive the face
amount plus the cash value as of the date of death.
Option A—ANSWER--Pays the face amount of the policy and provides a level death benefit.
As the cash value increases, the company's risk decreases. A universal life policy must
include an amount at risk. If the cash value approaches the face amount, the death benefit
must increase so as to provide for this amount at risk. This minimum separation between
the cash value and the death benefit is called the "risk corridor." This corridor of insurance is
automatic and does not require insurability. This prevents the policy from maturing too
early. Pays the face amount of the policy and provides a level death benefit. As the cash
value increases, the company's risk decreases. A universal life policy must include an amount
at risk. If the cash value approaches the face amount, the death benefit must increase so as
to provide for this amount at risk. This minimum separation between the cash value and the
death benefit is called the "risk corridor." This corridor of insurance is automatic and does
not require insurability. This prevents the policy from maturing too early.
Fair Credit Reporting Act (FCRA)—ANSWER--An insurance company must adhere to the
__________ when gathering information about an applicant from third parties.
Entity Purchase Plan—ANSWER--The business enters into an agreement to purchase the
deceased's interest in the business
conditional—ANSWER--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.
© 2026 Copyright. All Rights Reserved. This document is
protected by copyright law, Copyrighted By Brittie Donald
Series 17-51 Questions and
Answers 100% PASS
Dividends—ANSWER--are considered a return of unearned premium which is why are they
are paid out income tax free.
24—ANSWER--Accelerated Death Benefit
The prognosis of a physician must be a life expectancy of ___ months or less.
The individual states—ANSWER--Highest authority for insurance regulation. No interference
from federal regulation, unless federal law specifically provides otherwise.
Fixed Annuities payments are level—ANSWER--Premiums are allocated to the insurer's
general account. The insurer has the investment risk, and fixed annuities pay out a fixed level
income benefit payment.
Market Value Adjustment Annuity—ANSWER--an annuity product that features fixed interest
rate guarantees combined with an interest rate adjustment factor that can cause the
surrender value to fluctuate in response to market conditions.
2 years or less—ANSWER--Viatical Settlement life expectancy
, Pre-need—ANSWER--A type of coverage with a small face amount, typically purchased to
pay the burial expenses of the insured is called ____.
Option B—ANSWER--With an _____ death benefit, the beneficiary will receive the face
amount plus the cash value as of the date of death.
Option A—ANSWER--Pays the face amount of the policy and provides a level death benefit.
As the cash value increases, the company's risk decreases. A universal life policy must
include an amount at risk. If the cash value approaches the face amount, the death benefit
must increase so as to provide for this amount at risk. This minimum separation between
the cash value and the death benefit is called the "risk corridor." This corridor of insurance is
automatic and does not require insurability. This prevents the policy from maturing too
early. Pays the face amount of the policy and provides a level death benefit. As the cash
value increases, the company's risk decreases. A universal life policy must include an amount
at risk. If the cash value approaches the face amount, the death benefit must increase so as
to provide for this amount at risk. This minimum separation between the cash value and the
death benefit is called the "risk corridor." This corridor of insurance is automatic and does
not require insurability. This prevents the policy from maturing too early.
Fair Credit Reporting Act (FCRA)—ANSWER--An insurance company must adhere to the
__________ when gathering information about an applicant from third parties.
Entity Purchase Plan—ANSWER--The business enters into an agreement to purchase the
deceased's interest in the business
conditional—ANSWER--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.
© 2026 Copyright. All Rights Reserved. This document is
protected by copyright law, Copyrighted By Brittie Donald
