New York Life Insurance Exam Questions and Answers 100% Correct
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New York Life Insurance
New York Life Insurance Exam Questions and Answers 100% CorrectNew York Life Insurance Exam Questions and Answers 100% CorrectAccelerated Benefits - ANSWER-Riders attached to life insurance policies which allow death benefits to be used to cover nursing or convalescent home expenses.
Accidental ...
New York Life Insurance Exam Questions and Answers 100% Correct
Accelerated Benefits - ANSWER-Riders attached to life insurance policies which allow death benefits to be used to cover nursing or convalescent home expenses.
Accidental Death Benefits - ANSWER-A policy rider that states that the cause of death will be analyzed to determine if it complies with the policy description of accidental death.
Accidental Death Insurance - ANSWER-An insurance policy that provides payment if the insured's death is the result of an accident.
Accumulation Period - ANSWER-The time before an annuitant's retirement during which
the annuitant is making payments or investments in an annuity.
Acquired Immunodeficiency Syndrome (AIDS) - - ANSWER-An infectious and incurable disease caused by the human immunodeficiency virus (HIV).
Actual Cash Value (ACV) - ANSWER-The required amount to pay damages or for property loss. This amount is calculated based on the property's current replacement value minus depreciation.
Actuary - ANSWER-A person trained in the technical aspects of insurance and related fields, particularly in the mathematics of insurance; a person who, on behalf of the company, determines the mathematical probability of loss.
Adhesion - ANSWER-A contract offered on a "take-it-or leave-it" basis by an insurer, in which the insured's only option is to either accept or reject the contract. Any ambiguities in the contract will be settled in favor of the insured.
Adjustable Life - ANSWER-Life insurance which permits changes in the face amount, premium amount, period of protection, and the duration of the premium payment period.
Adjuster - ANSWER-A representative of an insurance company who investigates and acts on the behalf of the company to obtain agreements for the amount of the insurance
claim.
Administrator - ANSWER-An individual appointed by a court as a fiduciary to settle the financial affairs and estate of a deceased person.
Admitted (Authorized) Insurer - ANSWER-An insurance company authorized and licensed to transact business in a particular state. Adult Day Care - ANSWER-A program for impaired adults that attempts to meet their health, social, and functional needs in a setting away from their homes.
Adverse Selection - ANSWER-The tendency of risks with higher probability of loss to purchase and maintain insurance more often than the risks who present lower probability.
Agency - ANSWER-An insurance sales office or company.
Agent - ANSWER-An individual who is licensed to sell, negotiate, or effect insurance contracts on behalf of the insurer.
Agent's Authority - ANSWER-Special powers granted to an agent by his or her agency contract.
Aleatory - ANSWER-A contract in which participating parties exchange unequal amounts. Insurance contracts are aleatory in that the amount the insured will pay in premiums is unequal to the amount the insurer will pay in the event of a loss.
Alien Insurer - ANSWER-An insurance company that is incorporated outside the United States.
Alzheimer's Disease - ANSWER-A disease that causes the victim to become dysfunctional due to degeneration of brain cells and severe memory loss.
Ancillary - ANSWER-Additional, miscellaneous services provided by a hospital, such as x-rays, anesthesia, and lab work, but not hospital room and board expenses.
Annual Statement - ANSWER-A detailed financial report that an insurance company must submit every year to the insurance department of state(s) in which it conducts business.
Annuity - ANSWER-A contract that provides income for a specified period of years, or for life.
Apparent Authority - ANSWER-The appearance or the assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created.
Applicant - ANSWER-A person making application for, or offering him/herself or another
to be insured under an insurance contract.
Application - ANSWER-A document that provides information for underwriting purposes.
After the policy is issued, any unanswered questions are considered waived by the insurer. Assignment - ANSWER-The transfer of ownership rights of a life insurance policy from one person to another.
Attained Age - ANSWER-The age of the insured at a determined date.
Attending Physician's Statement (APS) - ANSWER-A statement usually obtained from the applicant's doctor.
Authorized (Admitted) Insurer - ANSWER-An insurance company authorized and licensed to transact business in a particular state.
Avoidance - ANSWER-A method of dealing with risk by deliberately keeping away from it (e.g. if a person wanted to avoid the risk of being killed in an airplane crash, he/she might choose never to fly in a plane).
Back-End Load - ANSWER-a fee charged at the time of a sale, transfer or withdrawal from an annuity or a life insurance policy.
Basic Illustration - ANSWER-A ledger or proposal used in the sale of a life insurance policy that shows both guaranteed and nonguaranteed elements.
Beneficiary - ANSWER-The person who receives the proceeds from the policy when the
insured dies.
Binder (Binding Receipt) - ANSWER-A temporary contract that puts an insurance policy into force before the premium has been paid.
Birthday Rule - ANSWER-The method of determining primary coverage for a dependent
child, under which the plan of the parent whose birthday occurs first in the calendar year
is designated as primary.
Broker - ANSWER-An individual who represents an insured in the process of purchasing and negotiating a contract of insurance.
Buy-Sell Agreement - ANSWER-A legal contract that determines what will be done with a business in the event that an owner dies or becomes disabled.
Buyer's Guide - ANSWER-A booklet that describes insurance policies and concepts, and provides general information to help an applicant make an informed decision.
Cash Value - ANSWER-The amount to which a policyowner is entitled if the policy is surrendered before maturity.
Certificate - ANSWER-A statement or booklet that confirms that a policy has been written and that describes the coverage in general.
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