Question 1

Which of the following products is designed to pay benefits that can provide a stream of retirement income to the purchaser?

Options :

A : annuity contract

B : tax-deferred growth

C : variable life insurance

D : modified endowment contract

Answer: A

Question 2

An annuity that guarantees a given number of income payments, whether or not the annuitant is alive to receive them, is referred to as

Options :

A : a life annuity certain.

B : an assured life annuity.

C : a guaranteed survivor annuity.

D : an Irrevocable endowed annuity.

Answer: A

Question 3

Stranger originated life insurance violates which of the following statutory requirements?

Options :

A : Trust ownership.

B : Right of rescission.

C : Insurable interest.

D : Commission sharing.

Answer: C

Question 4

Which statement is NOT a characteristic of a Group Life Insurance Plan?

Options :

A : A master contract.

B : Probationary periods.

C : Individual underwriting.

D : Certificate of Insurance.

Answer: C

Question 5

Which of the following producers, who have been licensed for a full biennial period, MUST complete continuing education requirements as a condition of renewing a license in New York?

Options :

A : Personal Lines agents

B : Independent adjusters

C : Baggage agents

D : Travel accident agents

Answer: A