NY LIFE INSURANCE EXAM 2024/2025
Which authority is NOT stated in an agent's contract but is required for the agent to conduct business? -
Precise Answer ✔✔implied
Life settlement contracts must be approved by - Precise Answer ✔✔The superintendent of insurance
What characteristic makes whole life permanent protection - Precise Answer ✔✔Coverage until death
or age 100
What type of insurance would be used for a Return of Premium rider? - Precise Answer ✔✔Increasing
Term
To sell variable life insurance policies, an agent must receive all of the following EXCEPT - Precise Answer
✔✔SEC registration
Which Universal Life option has a gradually increasing cash value and a level death benefit? - Precise
Answer ✔✔Option A
All of the following are true of key person insurance except - Precise Answer ✔✔The plan is funded by
permanent insurance only.
Which services are associated with standard & poor's and am best - Precise Answer ✔✔Rating the
financial strength of insurance companies
Which of the following best describes annually renewable term insurance - Precise Answer ✔✔It is level
term insurance
The validity of coverage under a life insurance policy may not be contested except for nonpayment of
premium after the policy has been in force for at least how many years - Precise Answer ✔✔2 years
, All of the following apply to defined benefit plans except - Precise Answer ✔✔Contributions are tied to
the company profits.
What method is used to determine the taxable portion of each annuity payment - Precise Answer
✔✔Exclusion ratio
Which nonforfeiture option provides coverage for the longest period of time? - Precise Answer
✔✔Reduced Paid-Up
Which of the following is incorrect regarding a $100,000 20 year level term policy - Precise Answer
✔✔At the end of 20 years, the policy's cash value will equal $100,000.
Which of the following is true of a qualified plan - Precise Answer ✔✔It has a tax benefit for both
employer and employee.
Which of the following is a short-term annuity that limited the amounts paid to a specific fixed period or
until a specific fixed amount is liquidated - Precise Answer ✔✔Annuity certain
Which of the following insurance options would be considered a risk sharing arrangement - Precise
Answer ✔✔reciprocal
What does "level" refer to in level term insurance? - Precise Answer ✔✔Face amount
In life insurance policies cash value increases - Precise Answer ✔✔Grow tax deferred.
If the owner of a whole life policy who is also the insured dies at age 80, and there are no outstanding
loans on the policy, what portion of the death benefit will be paid to the beneficiary? - Precise Answer
✔✔The full death benefit
An insured receives an annual life insurance dividend check. What term best describes this
arrangement? - Precise Answer ✔✔Cash option
Which authority is NOT stated in an agent's contract but is required for the agent to conduct business? -
Precise Answer ✔✔implied
Life settlement contracts must be approved by - Precise Answer ✔✔The superintendent of insurance
What characteristic makes whole life permanent protection - Precise Answer ✔✔Coverage until death
or age 100
What type of insurance would be used for a Return of Premium rider? - Precise Answer ✔✔Increasing
Term
To sell variable life insurance policies, an agent must receive all of the following EXCEPT - Precise Answer
✔✔SEC registration
Which Universal Life option has a gradually increasing cash value and a level death benefit? - Precise
Answer ✔✔Option A
All of the following are true of key person insurance except - Precise Answer ✔✔The plan is funded by
permanent insurance only.
Which services are associated with standard & poor's and am best - Precise Answer ✔✔Rating the
financial strength of insurance companies
Which of the following best describes annually renewable term insurance - Precise Answer ✔✔It is level
term insurance
The validity of coverage under a life insurance policy may not be contested except for nonpayment of
premium after the policy has been in force for at least how many years - Precise Answer ✔✔2 years
, All of the following apply to defined benefit plans except - Precise Answer ✔✔Contributions are tied to
the company profits.
What method is used to determine the taxable portion of each annuity payment - Precise Answer
✔✔Exclusion ratio
Which nonforfeiture option provides coverage for the longest period of time? - Precise Answer
✔✔Reduced Paid-Up
Which of the following is incorrect regarding a $100,000 20 year level term policy - Precise Answer
✔✔At the end of 20 years, the policy's cash value will equal $100,000.
Which of the following is true of a qualified plan - Precise Answer ✔✔It has a tax benefit for both
employer and employee.
Which of the following is a short-term annuity that limited the amounts paid to a specific fixed period or
until a specific fixed amount is liquidated - Precise Answer ✔✔Annuity certain
Which of the following insurance options would be considered a risk sharing arrangement - Precise
Answer ✔✔reciprocal
What does "level" refer to in level term insurance? - Precise Answer ✔✔Face amount
In life insurance policies cash value increases - Precise Answer ✔✔Grow tax deferred.
If the owner of a whole life policy who is also the insured dies at age 80, and there are no outstanding
loans on the policy, what portion of the death benefit will be paid to the beneficiary? - Precise Answer
✔✔The full death benefit
An insured receives an annual life insurance dividend check. What term best describes this
arrangement? - Precise Answer ✔✔Cash option
