Life Insurance Policies
What licence does the sale of a fixed indexed life policy require?
Answer and explanation
Answer: D. Because the assets stay in the general account and the owner bears no direct market loss, an indexed policy is insurance rather than a security and needs only the life licence. Variable products are what require the additional securities registration.Source: PSI — New York DFS Insurance Candidate Information Bulletin — Outline, indexed life licensing
More life insurance policies questions
- Why is the annual premium for continuous premium whole life lower than for limited payment whole life at the same age and face amount?
- Why is the annual premium of a twenty payment whole life policy higher than that of continuous premium whole life?
- Why is the premium for a $1,000,000 survivorship life policy lower than for a $1,000,000 joint first-to-die policy on the same two lives?
- Within what period must a member apply to convert group life insurance to an individual policy in New York?
- A 20-year term policy allows conversion only during its first 12 years. What happens to the conversion privilege after year 12?
- A 20-year term policy permits conversion only during its first 12 years. Which statement correctly describes the feature?
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