100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
NY Life Insurance Exam Review 2025 Questions and Answers (Verified Answers) $12.49
Add to cart
Quickly navigate to
Preview
  2.  
  3. NY Life Insurance
  4.  
  5. NY Life Insurance

Exam (elaborations)

NY Life Insurance Exam Review 2025 Questions and Answers (Verified Answers)
 4 purchases
  • Course
  • NY Life Insurance
  • Institution
  • NY Life Insurance

1. Based on the Human Life Value Approach, which of the following is NOT used to calculate an individual's life value? A. Insured's annual expenses B. Effect of inflation on income over time C. Predicted needs of the family after the insured's death D. Insured's current and future income: C. Pr...

[Show more]

Preview 4 out of 54  pages

Document information

  • January 21, 2024
  • 54
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

  • NY Life Insurance
  • NY Life Insurance

Seller

avatar-seller
TIPSCORE

Reviews received

Content preview

NY Life Insurance Exam Review
1.Based on the Human Life Value Approach, which of the following is

NOT used to calculate an individual's life value?

A. Insured's annual expenses

B. Effect of inflation on income over time

C. Predicted needs of the family after the insured's death

D. Insured's current and future income: C. Predicted needs of the family

after the insured's death.

The Human Life Value Approach to determining the value of an

individual's life requires the calculation of probable future earnings of

the insured, which involves wages, expenses, inflation, amount of time

until retirement, and the time value of money. Predicted needs of the

family after the insured's death are used in the needs approach

2.Can the Superintendent investigate fraudulent claims if they occurred out-

side of the resident's state according to the Insurance Fraud Prevention

Act? A. Yes. The Superintendent has the power to make an investigation

within this state or outside of the 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 Superin-

tendent must notify the state's Superintendent or Commissioner. It will then

become a federal matter: A. Yes. The Superintendent has the power to

make an investigation within this state or outside of the state

If the insurance frauds bureau has reason to believe that a person is

engaged or is about to engage in a fraudulent act, the Superintendent

has the power to make an investigation within this state or outside the

state

3.Which settlement option allows the insurer to retain the face amount but

pay some income based on gain on the proceeds to the beneficiary at

regular intervals?

A. Interest only

B. Life income

C. Fixed amount

D. Fixed period: A. Interest only

Within the "interest only" option, the insurer retains policy proceeds and

pays interest on the proceeds to the beneficiary at regular intervals. The



,insurer will usually guarantee an interest rate and even pay in excess of

the rate quoted

4.In order to be a licensed life 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: C. Submit

finger- prints

5.How long does a licensee have to notify the Superintendent of a change

of address?

A. 90 days

B. Immediately

C. 30 days

D. 60 days: C. 30 days

The Superintendent must be notified within 30 days upon any of a

change of primary residence or business address

6.Which of the following would be deducted from the death benefit paid

to a beneficiary, if a partial accelerated death benefit had been paid while

the insured was still alive?

A. Amount paid with the accelerated benefit, plus the earnings lost by

the insurance company in interest income from the accelerated benefit

B. There are no deductions taken from death benefits

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller TIPSCORE. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

68175 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$12.49  4x  sold
  • (0)
Add to cart
Added