STUDY GUIDE FOR NYS LIFE INSURANCE AGENT EXAM 17-51 (ADD ONTO) Questions And Answers

all of the following information about a customer must be used in determining annuity suitability EXCEPT - ANS Beneficiaries age how must a replacing producer respond to an applicant wishing to replace existing life insurance? - ANS the producer must provide the applicant with a notice regarding replacement Which of the following is the basic source of information used by the company in the risk selection process? - ANS application Which of the following statements regarding hiv testing for life insurance purposes is NOT true? - ANS insurers are barred from requesting HIV testing What is the time period called during which the surviving spouse of the insured does not receive social security income benefits? - ANS blackout period What is the purpose of a conditional receipt? - ANS is it intended to provide coverage on a date prior to the policy issue What does liquidity refer to in a life insurance policy? - ANS cash values can be borrowed at any time Which of the following applicants could the insurer charge a higher rate of premium and not violate regulations regarding unfair discrimination? - ANS an applicant who is a smoker part 2 of the application for life insurance provides questions regarding all of the following EXCEPT - ANS other insurance coverages Which of the following statements is correct about a standard risk classification in the same age group and with similar lifestyles? - ANS standard risk is representative of the majority of people which part of an insurance application would contain information regarding the cause of death of the applicant's deceased relatives? - ANS medical information the mode of premium payment - ANS is defined as the frequency and the amount of the premium payment when j applied for a life insurance policy, the agent informed him that a medical exam would be required, exam may be completed by - ANS a paramedic or examining physician at the insurer's expense a key person insurance policy can pay for which of the following - ANS costs a training a replacement which is not part of consent form to HIV related test given in NY - ANS applicants sexual history which of the following is the best reason to purchase life insurance rather than an annuity - ANS to create an estate adverse selection - ANS tendency of individuals with higher probability of loss to purchase insurance more often than those who present a lower risk death benefit - ANS the amount paid upon the death of the insured in a life insurance policy cash value - ANS equity amount accumulated in permanent life insurance estate - ANS a person's net worth illustrations - ANS presentation or depiction of non guaranteed elements of a life insurance policy