NY LIFE, ACCIDENT, AND HEALTH INSURANCE AGENT ACTUAL

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NY LIFE, ACCIDENT, AND HEALTH INSURANCE AGENT ACTUAL

EXAM WITH QUESTIONS AND 100% VERIFIED ANSWERS

What is the contract provision that allows the insurer to nonrenew health coverage if certain events occur? - CORRECT ANSWER✔✔a) Optionally renewable

b) Noncancelable

c) Guaranteed renewable

d) Conditionally renewable

• - CORRECT ANSWER✔✔d)

Which Universal Life option has a gradually increasing cash value and a level death benefit? - CORRECT ANSWER✔✔a) Juvenile life

b) Term insurance

c) Option B

d) Option A

• - CORRECT ANSWER✔✔d)
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2 All of the following would be different between qualified and nonqualified retirement plans EXEPT - CORRECT ANSWER✔✔a) IRS approval requirements

b) Taxation on accumulation

c) Taxation of withdrawals

d) Taxation on contribution

• - CORRECT ANSWER✔✔b)

An insurance provider misses the due date for the license renewal fee. How long does the producer have to reinstate the license without passing a written exam? - CORRECT ANSWER✔✔a) 180 days

• 24 days
• 180 months
• 24 months

• - CORRECT ANSWER✔✔d)

According to agency law, the producer always represents the - CORRECT ANSWER✔✔a) Insurance company

b) Client 2 / 4

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c) Public

d) State Insurance Department

• - CORRECT ANSWER✔✔a)

Which of the following allows the insurer to relieve a minor insured from premium payments if the minor's parents have died or become disability? - CORRECT ANSWER✔✔a) Waiver of Premium

b) Payor Benefit

c) Jumping Juvenile

d) Juvenile Premium Provision

• - CORRECT ANSWER✔✔b)

When must insurable interest exist in a life insurance policy? - CORRECT ANSWER✔✔a) At the time of loss

b) At the time of application

c) At the time of policy delivery

d) When there is a change of the beneficiary

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• - CORRECT ANSWER✔✔b)

Which of the following best describes what the annuity period is? - CORRECT ANSWER✔✔a) The period of time from the accumulation period to the annuitization period

b) The period of time during which money is accumulated in an annuity

c) The period of time from the effective date of the contract to the date of its termination

d) The period of time during which accumulated money is converted into income payments

• - CORRECT ANSWER✔✔d)

What is the tax consequence of amounts received from a Traditional IRA after the money was left in the tax deferred account by the beneficiary? - CORRECT ANSWER✔✔a) Income tax on distributions plus 10% penalty

b) Capital gains tax on distributions and no penalty

c) Capital gains tax on distributions plus 10% penalty

d) Income tax on distributions and no penalty

• - CORRECT ANSWER✔✔d)
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