NY Life Insurance Agent/Broker Exam Series 17-
51 all needed to pass 2026
According to the en re contract provision, what document must be made part of the
insurance policy?
Copy of the original applica on
Which of the following will NOT be an appropriate use of a deferred annuity?
Crea ng an estate.
"Whose responsibility is it to make certain that an applica on 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 transac on 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 wri-en consent of that beneficiary.
If an insured withdraws a por on 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 taxa on 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 addi onal premium.
Which of the following is true about warran es?
They are guaranteed to be true.
An insured has chosen the Joint and 2/3 Survivor se-lement op on. What does this mean to
the beneficiaries?
The surviving beneficiary will con nue receiving 2/3 of the benefit paid when both
beneficiaries were alive.
Which is NOT true about beneficiary designa ons?
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 addi onal 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 sta onery 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.
A>er 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?
Surrender charge.
All of the following en es regulate variable life policies EXCEPT
The Guaranty Associa on.
What does "level" refer to in level term insurance?
Premium.
A 403(b) plan, commonly referred to as a TSA, is available to be used by
Teachers and not-for-profit organiza ons.
For variable products, underlying assets must be kept in
A separate account.
, Which of the following premium modes would result in the highest annual cost for an
insurance policy?
Monthly.
An annuity owner is funding an annuity that will supplement her re rement. Because she
does not know what effect infla on may have on her re rement dollars, she would like a
return that will equal the performance of the Standard and Poor's 500 Index. She would
likely purchase a(n)
Equity Indexed Annuity.
For the protec on of public interest, the Superintendent may examine the books and
records of any of the following EXCEPT
Policyowners
An individual was involved in a head-on collision while driving home one day. His injuries
were not serious, and he recovered. However, he decided that in order to never be involved
in another accident, he would not drive or ride in a car ever again. Which method of risk
management does this describe?
Avoidance.
When an insurer begins underwri ng procedures for an applicant, what will be the main
source for its underwri ng informa on?
Applica on.
Following a career change, an insured is no longer required to perform many physical
ac vi es, so he has implemented a program where he walks and jogs for 45 minutes each
morning. The insured has also eliminated most fa-y foods from his diet. Which method of
dealing with risk does this scenario describe?
Reduc on.
Most agents try to collect the ini al premium for submission with the applica on. When an
agent collects the ini al premium from the applicant, the agent should issue the applicant a
Premium receipt.
An agent selling variable annui es must be registered with
FINRA
All of the following are dividend op ons EXCEPT
Fixed-period installments.
Which type of life insurance policy generates immediate cash value?
51 all needed to pass 2026
According to the en re contract provision, what document must be made part of the
insurance policy?
Copy of the original applica on
Which of the following will NOT be an appropriate use of a deferred annuity?
Crea ng an estate.
"Whose responsibility is it to make certain that an applica on 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 transac on 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 wri-en consent of that beneficiary.
If an insured withdraws a por on 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 taxa on 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 addi onal premium.
Which of the following is true about warran es?
They are guaranteed to be true.
An insured has chosen the Joint and 2/3 Survivor se-lement op on. What does this mean to
the beneficiaries?
The surviving beneficiary will con nue receiving 2/3 of the benefit paid when both
beneficiaries were alive.
Which is NOT true about beneficiary designa ons?
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 addi onal 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 sta onery 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.
A>er 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?
Surrender charge.
All of the following en es regulate variable life policies EXCEPT
The Guaranty Associa on.
What does "level" refer to in level term insurance?
Premium.
A 403(b) plan, commonly referred to as a TSA, is available to be used by
Teachers and not-for-profit organiza ons.
For variable products, underlying assets must be kept in
A separate account.
, Which of the following premium modes would result in the highest annual cost for an
insurance policy?
Monthly.
An annuity owner is funding an annuity that will supplement her re rement. Because she
does not know what effect infla on may have on her re rement dollars, she would like a
return that will equal the performance of the Standard and Poor's 500 Index. She would
likely purchase a(n)
Equity Indexed Annuity.
For the protec on of public interest, the Superintendent may examine the books and
records of any of the following EXCEPT
Policyowners
An individual was involved in a head-on collision while driving home one day. His injuries
were not serious, and he recovered. However, he decided that in order to never be involved
in another accident, he would not drive or ride in a car ever again. Which method of risk
management does this describe?
Avoidance.
When an insurer begins underwri ng procedures for an applicant, what will be the main
source for its underwri ng informa on?
Applica on.
Following a career change, an insured is no longer required to perform many physical
ac vi es, so he has implemented a program where he walks and jogs for 45 minutes each
morning. The insured has also eliminated most fa-y foods from his diet. Which method of
dealing with risk does this scenario describe?
Reduc on.
Most agents try to collect the ini al premium for submission with the applica on. When an
agent collects the ini al premium from the applicant, the agent should issue the applicant a
Premium receipt.
An agent selling variable annui es must be registered with
FINRA
All of the following are dividend op ons EXCEPT
Fixed-period installments.
Which type of life insurance policy generates immediate cash value?
