NY LIFE INSURANCE EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
1 view 0 purchase
Course
NY LIFE INSURANCE
Institution
NY LIFE INSURANCE
NY LIFE INSURANCE EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
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 th...
NY LIFE INSURANCE EXAM 2024/2025
WITH 100% ACCURATE SOLUTIONS
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 - Precise Answer ✔✔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
Can the Superintendent investigate fraudulent claims if they occurred
outside 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
Superintendent must notify the state's Superintendent or Commissioner.
It will then become a federal matter - Precise Answer ✔✔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
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 - Precise Answer ✔✔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
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 - Precise
Answer ✔✔C. Submit fingerprints
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 - Precise Answer ✔✔C. 30 days
The Superintendent must be notified within 30 days upon any of a
change of primary residence or business address
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
C. Penalty imposed for early withdrawal of the death benefit, plus the
amount of earnings lost by the insurance company in interest income
C. 10% federal death benefit income tax, plus the amount of the
accelerated benefit - Precise Answer ✔✔A. Amount paid with the
accelerated benefit, plus the earnings lost by the insurance company in
interest income from the accelerated benefit
If an insured withdraws a portion of the death benefit by the use of this
rider, the benefit payable at death will be reduced by that amount, plus
the amount of earnings lost by the insurance company in interest income
, Which of the following statements concerning a Simplified Employee
Pension plan (SEP) in INCORRECT?
A. SEPs allow the employer to make annual tax deductible contributions
up to 25% of an employee's earned income
B. SEPs have a higher tax deductible contribution limit than an IRA
C. Employer contributions are not included int he employee's gross
income
D. SEPs are suitable for large companies - Precise Answer ✔✔D. SEPs
are suitable for large companies
An employee is joining a group insurance plan. In order to avoid having
to prove insurability, what must the employee do?
A. Join during the open enrollment period
B. Provide medical records to the insurer
C. Sign a statement of contributed good health
D. Nothing: proof of insurability is never required in group policies -
Precise Answer ✔✔A. Join during the open enrollment period
If one applies for coverage after the open enrollment period, proof of
insurability may be required in order to avoid adverse selection
Which of the following best describes the MIB?
A. It is a nonprofit organization that maintains underwriting information
on applicants for life and health insurance
B. it is a government agency that collects
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 EAGLE5. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.49. You're not tied to anything after your purchase.
