NY Life Insurance Exam Review (2026)
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Terms in this set (76)
Based on the Human Life Value C. Predicted needs of the family after the
Approach, which of the following is insured's death.
NOT used to calculate an The Human Life Value Approach to determining
individual's life value? the value of an individual's life requires the
A. Insured's annual expenses calculation of probable future earnings of the
B. Effect of inflation on income over insured, which involves wages, expenses,
time inflation, amount of time until retirement, and the
C. Predicted needs of the family time value of money. Predicted needs of the
after the insured's death family after the insured's death are used in the
D. Insured's current and future needs approach
income
,Can the Superintendent investigate A. Yes. The Superintendent has the power to
fraudulent claims if they occurred make an investigation within this state or outside
outside of the resident's state of the state
according to the Insurance Fraud If the insurance frauds bureau has reason to
Prevention Act? believe that a person is engaged or is about to
A. Yes. The Superintendent has the engage in a fraudulent act, the Superintendent
power to make an investigation has the power to make an investigation within this
within this state or outside of the state or outside the state
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
Which settlement option allows the A. Interest only
insurer to retain the face amount Within the "interest only" option, the insurer
but pay some income based on retains policy proceeds and pays interest on the
gain on the proceeds to the proceeds to the beneficiary at regular intervals.
beneficiary at regular intervals? The insurer will usually guarantee an interest rate
A. Interest only and even pay in excess of the rate quoted
B. Life income
C. Fixed amount
D. Fixed period
, In order to be a licensed life C. Submit fingerprints
settlement broker, a person must
complete which of the following
requirements?
A. Post a surety bond
B. Submit to a drug test
C. Submit fingerprints
D. Have been a licensed life
producer for at least 6 months
How long does a licensee have to C. 30 days
notify the Superintendent of a The Superintendent must be notified within 30
change of address? days upon any of a change of primary residence
A. 90 days or business address
B. Immediately
C. 30 days
D. 60 days
COMPLETE QUESTIONS With 100% Verified
Solutions,
Save
Terms in this set (76)
Based on the Human Life Value C. Predicted needs of the family after the
Approach, which of the following is insured's death.
NOT used to calculate an The Human Life Value Approach to determining
individual's life value? the value of an individual's life requires the
A. Insured's annual expenses calculation of probable future earnings of the
B. Effect of inflation on income over insured, which involves wages, expenses,
time inflation, amount of time until retirement, and the
C. Predicted needs of the family time value of money. Predicted needs of the
after the insured's death family after the insured's death are used in the
D. Insured's current and future needs approach
income
,Can the Superintendent investigate A. Yes. The Superintendent has the power to
fraudulent claims if they occurred make an investigation within this state or outside
outside of the resident's state of the state
according to the Insurance Fraud If the insurance frauds bureau has reason to
Prevention Act? believe that a person is engaged or is about to
A. Yes. The Superintendent has the engage in a fraudulent act, the Superintendent
power to make an investigation has the power to make an investigation within this
within this state or outside of the state or outside the state
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
Which settlement option allows the A. Interest only
insurer to retain the face amount Within the "interest only" option, the insurer
but pay some income based on retains policy proceeds and pays interest on the
gain on the proceeds to the proceeds to the beneficiary at regular intervals.
beneficiary at regular intervals? The insurer will usually guarantee an interest rate
A. Interest only and even pay in excess of the rate quoted
B. Life income
C. Fixed amount
D. Fixed period
, In order to be a licensed life C. Submit fingerprints
settlement broker, a person must
complete which of the following
requirements?
A. Post a surety bond
B. Submit to a drug test
C. Submit fingerprints
D. Have been a licensed life
producer for at least 6 months
How long does a licensee have to C. 30 days
notify the Superintendent of a The Superintendent must be notified within 30
change of address? days upon any of a change of primary residence
A. 90 days or business address
B. Immediately
C. 30 days
D. 60 days
