Practice exam - New York Life Only questions and answers 100% Correct
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Course
New York Life
Institution
New York Life
What does a 401(k) plan generally provide its participants? - ANSWER-Salary-deferral option
When using the needs approach for life insurance planning, A lump sum on may be created to provide for all of the following EXCEPT - ANSWER-employee benefits
What are premiums for a group credit life i...
Practice exam - New York Life Only questions
and answers 100% Correct
What does a 401(k) plan generally provide its participants? - ANSWER-Salary-deferral
option
When using the needs approach for life insurance planning, A lump sum on may be
created to provide for all of the following EXCEPT - ANSWER-employee benefits
What are premiums for a group credit life insurance based on? - ANSWER-Flat rate
unrelated to the borrower's age
Which of these must be disclosed in a universal life policy? - ANSWER-The policy's
surrender charges
What is the guaranteed cash value of a whole life insurance policy when the insured
turns 65 years old? - ANSWER-Less than the policy's face amount
How is the insured protected if a payor benefit rider is attached to the life insurance
policy? - ANSWER-Premium payments are waived in the event the premium payor dies
or becomes disabled
An existing life insurance policy is sold by the policyowner to help finance the cost of a
terminal illness. This is an example of a(n) - ANSWER-Life settlement
Under a fixed Life annuity, the purchasing power - ANSWER-Decreases when the cost
of living rises.
An insurer operating in the U.S. but headquartered outside the U.S is - ANSWER-An
alien insurer
What is the name of the rider that provides in additional purchase option in a life
insurance policy - ANSWER-Guaranteed insurability rider
Which life insurance policy provision prohibits a beneficiary from "commuting,
encumbering, withdrawing, or assigning" any portion of the proceeds prior to actual
receipt from the company - ANSWER-Spendthrift clause :
Prevents a beneficiary from recklessly spending benefits.
The insurance coverage in a variable life insurance policy may vary based on the value
of - ANSWER-Underlying investment :
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