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Life Insurance Exam Questions and Answers: 2025 Edition, Exams of Insurance law

New York University (NYU)Insurance law

A comprehensive set of questions and answers related to life insurance, covering various aspects such as policy types, riders, premium calculations, and legal considerations. It is a valuable resource for individuals preparing for life insurance exams or seeking to deepen their understanding of the subject.

Typology: Exams

2024/2025

Available from 11/04/2024

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New York Life Insurance/LATEST UPDATE
2025 Exam With certified Questions & 100%
Verified Correct Answers//100% Guaranteed
Success (GRADED A+)
What does a 401(k) plan generally provide its participants? - ✔✔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 - ✔✔employee benefits
What are premiums for a group credit life insurance based on? - ✔✔Flat rate unrelated to the
borrower's age
Which of these must be disclosed in a universal life policy? - ✔✔The policy's surrender charges
What is the guaranteed cash value of a whole life insurance policy when the insured turns 65
years old? - ✔✔Less than the policy's face amount
How is the insured protected if a payor benefit rider is attached to the life insurance policy? -
✔✔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) - ✔✔Life settlement
Under a fixed Life annuity, the purchasing power - ✔✔Decreases when the cost of living rises.
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Download Life Insurance Exam Questions and Answers: 2025 Edition and more Exams Insurance law in PDF only on Docsity!

New York Life Insurance/LATEST UPDATE

2025 Exam With certified Questions & 100%

Verified Correct Answers//100% Guaranteed

Success (GRADED A+)

What does a 401(k) plan generally provide its participants? - ✔✔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 - ✔✔employee benefits What are premiums for a group credit life insurance based on? - ✔✔Flat rate unrelated to the borrower's age Which of these must be disclosed in a universal life policy? - ✔✔The policy's surrender charges What is the guaranteed cash value of a whole life insurance policy when the insured turns 65 years old? - ✔✔Less than the policy's face amount How is the insured protected if a payor benefit rider is attached to the life insurance policy? - ✔✔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) - ✔✔Life settlement Under a fixed Life annuity, the purchasing power - ✔✔Decreases when the cost of living rises.

An insurer operating in the U.S. but headquartered outside the U.S is - ✔✔An alien insurer

When a 10 year renewable term life insurance policy issued at age 45 is renewed, the premium rate will be the current rate for - ✔✔Ten year term insurance for a person aged 55 Which of these life insurance policies does NOT contain a cash value provision - ✔✔Decreasing term life: Do not have the ability to gain cash value. The absolute assignment of a life insurance policy results in - ✔✔all incidents of ownership transferred to the assignee When determining the suitability of an annuity for a consumer, the insurance provider is obligated to - ✔✔Make reasonable efforts to fit the annuity with the consumer's needs In what way are insurance policies said to be aleatory? - ✔✔Involves the potential for the unequal exchange of values Accident and health insurance standard provisions require that - ✔✔Entire contract What could be the potential result of taking out a cash value loan under a life insurance policy?

  • ✔✔Reduces the amount receivable upon surrender of the contract Split-dollar - ✔✔Employer and employee share in the cost of purchasing a life insurance policy on the employee. The employee is also allowed to name the beneficiary. Which of the following is generally a form of group credit life insurance? - ✔✔Decreasing term insurance

Completed application - ✔✔Basic source of insurability information includes identity, age, and marital status etc. What life insurance policy is best suited for paying off an mortgage? - ✔✔Decreasing term life All of these are duties that a producer may be required to perform when delivering an insurance policy - ✔✔Acquire signature of good health Gather initial premium Review policy with applicant What point of time is conditional receipt given? - ✔✔Prior to a policy being issued. A licensee whose name or address changes must notify the Superintendent within - ✔✔ 30 days 一个月 When premiums are determined, one factor would be the expenses of the - ✔✔insurer A policyowner is permitted to take out a policy loan on a whole life policy at what point? - ✔✔When the policy has a cash value Which of the following describes the act of insuring a risk against possible loss? - ✔✔risk transfer Viatical Settlement - ✔✔the sale of a life insurance policy by a terminally ill insured to another party, typically to investors or investor groups, who hope to profit by the insured's early death

the policyowner on receipt of the cash value? - ✔✔$16,000 was received tax-free and $4,000 as ordinary income An applicant for life must be informed that testing for Human Immunodeficiency Virus (HIV) infection is used to help determine - ✔✔The insurability of the proposed insured When an insured under a group life insurance plan in New York elects the conversion option, the new policy is issued - ✔✔Without proving insurability A life insurance policy can be reinstated upon meeting company requirements within a maximum of - ✔✔ 3 years Which of the following disability buy-sell agreements is best suited for businesses with a limited number of partners - ✔✔Cross-purchase agreement: Allow a company's shareholders to purchase the interest or shares of a partner who dies, becomes incapacitated, or retires. A continuation planning. Term Life Insurance - ✔✔Does not provide cash benefit at the end of the policy period In what situation could an insurance policy's coverage be modified? - ✔✔Applicant is a substandard risk According to the law of large numbers, hoe would losses be affected if the number of similar insured units increases? - ✔✔Predictability of losses will be improved

What happens to a life insurance policy when the policy loan balance exceeds the cash value? - ✔✔Policy will no longer be in force