Life Insurance Basics
Which characteristic of the granting organisation makes a senior designation a prohibited one under Regulation 199?
Answer and explanation
Answer: B. Regulation 199 looks to whether the organisation primarily provides sales or marketing instruction, lacks procedures for assuring competency, does not monitor ethical violations, and requires no continuing education. Fees, the age of the body and multistate reach are not disqualifying.Source: New York Reg. 199, 11 NYCRR 225 — 11 NYCRR 225
More life insurance basics questions
- A family will need income for the twelve years until the youngest child finishes school. What is that period usually called?
- A parent buys life insurance so the family can keep the house if he dies. Which personal use is that?
- A planner totals a family's final expenses, mortgage balance, and income needs, then subtracts savings and Social Security benefits. Which method is being used?
- A producer adopts the title 'Certified Senior Retirement Specialist', which no organisation confers. How does Regulation 199 treat that?
- A variable whole life owner reallocates policy value among available stock and bond choices. Which account description should the producer use?
- A young professional with modest savings buys a large policy. Which personal use does that serve?
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