NY Life Insurance Exam Review QUESTIONs and Answers (Verified Answers)

NY Life Insurance Exam Review QUESTIONs and Answers (Verified Answers)
QUESTION 1: Based on the Human Life Value Approach,
which of the following is NOT used to calculate an
individual's life value?
A. Insured's annual expenses
B. Effect of inflation on income over time
C. Predicted needs of the family after the insured's death
D. Insured's current and future income
CORRECT ANSWER: C. Predicted needs of the family
after the insured's death
The Human Life Value Approach to determining the value of
an individual's life requires the calculation of probable future
earnings of the insured, which involves wages, expenses,
inflation, amount of time until retirement, and the time value
of money. Predicted needs of the family after the insured's
death are used in the needs approach

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