Exam (elaborations)
NEW YORK LIFE INSURANCE 2024 QUESTIONS AND ANSWERS
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NEW YORK LIFE INSURANCE 2024 QUESTIONS AND ANSWERS
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NEW YORK LIFE INSURANCEErrors and Omissions Policy (E&O) - ANSWERS-A professional liability insurance
that protects the insurer from claims by the insured for errors or oversights on
the part of the insurer.
Estoppel - ANSWERS-- A legal impediment to denying a fact or restoring a right
that has been previously waived.
Excess Insurance - ANSWERS-Insurance that pays over and above or in addition to
basic policy limits.
Exclusions - ANSWERS-Causes of loss, exposures, conditions, etc. listed in the
policy for which the benefits will not be paid.
Executory Contract - ANSWERS-A contract which has not yet been fulfilled by one
or both parties that promises action in the event of a specified future occurrence.
Expiration - ANSWERS-The date specified in the policy as the date of termination.
Express Authority - ANSWERS-- The authority granted to an agent by means of the
agent's written contract.
,Extension of Benefits - ANSWERS-A provision that allows coverage to continue
beyond the policy's expiration date for employees who are not actively at work
due to disability or who have dependents hospitalized on that date. This coverage
continues only until the employee returns to work or the dependent leaves the
hospital.
Face - ANSWERS-The first page of a policy.
Fair Credit Reporting Act - ANSWERS-A federal law that established procedures
that consumer-reporting agencies must follow in order to ensure that records are
confidential, accurate, relevant and properly used.
Fiduciary - ANSWERS-An agent/broker who handles insurer's funds in a trust
capacity.
Fixed Annuity - - ANSWERS-An annuity that offers fixed payments and guarantees
a minimum rate of interest to be credited to the purchase payment or payments.
Flexible Premium - ANSWERS-A policy feature that allows the policyholder to vary
premium payments in the amount and/or timing.
Foreign Insurer - ANSWERS-An insurance company that is incorporated in another
state.
,Fraternal Benefit Societies - ANSWERS-Life or health insurance companies formed
to provide insurance for members of an affiliated lodge, religious organization, or
fraternal organization with a representative form of government.
Fraud - ANSWERS-Intentional misrepresentation or deceit with the intent to
induce a person to part with something of value.
Free Look - ANSWERS-A period of time, usually required by law, during which a
policyowner may inspect a newly issued individual life or health insurance policy
for a stated number of days and surrender it in exchange for a full refund of
premium if not satisfied for any reason.
Front-End Load - ANSWERS-a fee or commission charged at the time of purchase
of an annuity or a security.
Grace Period - ANSWERS-Period of time after the premium due date during which
premiums may still be paid, and the policy and its riders remain in force.
Accelerated Benefits - ANSWERS-Riders attached to life insurance policies which
allow death benefits to be used to cover nursing or convalescent home expenses.
Accidental Death Benefits - ANSWERS-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 - ANSWERS-An insurance policy that provides
payment if the insured's death is the result of an accident.
Accumulation Period - ANSWERS-The time before an annuitant's retirement
during which the annuitant is making payments or investments in an annuity.
Acquired Immunodeficiency Syndrome (AIDS) - - ANSWERS-An infectious and
incurable disease caused by the human immunodeficiency virus (HIV).
Actual Cash Value (ACV) - ANSWERS-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 - ANSWERS-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 - ANSWERS-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 - ANSWERS-Life insurance which permits changes in the face
amount, premium amount, period of protection, and the duration of the premium
payment period.
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