Life Insurance Policies
A client wants cover that will still be in force at age ninety and a value that can be reached in the meantime. Which is indicated?
Answer and explanation
Answer: C. Only permanent insurance guarantees cover at an advanced age together with an accessible cash value. Each term form expires or becomes prohibitively expensive long before ninety and accumulates nothing.Source: PSI — New York DFS Insurance Candidate Information Bulletin — Outline, whole life and term compared
More life insurance policies questions
- An employee's group cover ends and the employee dies eighteen days later, having applied for no individual policy. What does section 3220 provide?
- An individual purchases a life insurance policy that provides coverage for exactly one year. At the end of the year, the policyowner can renew the coverage without proving insurability, but the premium will increase based on their attained age. What type of policy is this?
- An insured buys convertible term at age 30 and converts it to permanent insurance at age 40. Which age generally determines the new premium?
- An insured’s health deteriorates during a renewable term policy. At the end of the term, which feature is most valuable?
- An insured's health worsens before a renewable term policy expires. The renewal right is still available. Which outcome best reflects that feature?
- An owner aged fifty takes a loan against a single premium whole life policy. What is the tax result?
621 New York questions like this one.
Every answer explained, the ones you miss come back on a spaced schedule, and a plan built from your exam date.