NYLAHI New York Life, Accident & Health Insurance exam - Set 3 - Part 1
Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.
Question 1: An annuity is best described as a contract that does which of the following for the person who owns it?
Question 2: In an annuity contract, the person whose life expectancy is used to set the income payments and on whose life the payout depends is known as which of the following?
Question 3: The phase of a deferred annuity during which the owner pays in money and the contract grows on a tax-deferred basis is known as which of the following?
Question 4: The phase of an annuity during which the insurer makes income payments to the annuitant is referred to as which of the following?
Question 5: An annuity purchased with a single payment that begins paying income to the owner within about a year of purchase is best described as which of the following?
Question 6: An annuity that delays income payments until a future date, allowing the contract value to grow first, is best described as which of the following?
Question 7: An annuity that credits a guaranteed minimum interest rate and pays a fixed, predictable income backed by the insurer's general account is which of the following?
Question 8: An annuity whose values rise and fall with investment subaccounts, requiring the producer to hold a securities registration to sell it, is which of the following?
Question 9: An annuity that credits interest linked to a market index while guaranteeing a minimum and keeping the owner's money in the general account is best described as which of the following?
Question 10: An annuity payout option that pays the largest periodic income for life but leaves nothing to a beneficiary when the annuitant dies is which of the following?
Question 11: An annuity option that pays the annuitant for life but guarantees payments continue to a beneficiary for a stated number of years if the annuitant dies early is which of the following?
Question 12: A married couple wants annuity income to continue to the surviving spouse after the first death. Which payout option best meets that goal?
Question 13: In an annuity, the party who receives any remaining value or guaranteed payments if the annuitant dies before payout is complete is known as which of the following?
Question 14: An annuity that pays a set income for a fixed number of years with no regard to whether the annuitant lives or dies is best described as which of the following?
Question 15: Which of the following is the primary reason an individual buys a deferred annuity during their working years?
Question 16: An annuity bought with after-tax dollars outside any employer retirement plan, so that only its growth is taxed at payout, is best described as which of the following?
Question 17: When a life insurance death benefit is paid to a named beneficiary in a lump sum, how is that amount generally treated for federal income tax?
Question 18: While a permanent life insurance policy stays in force, how is the annual growth of its cash value treated for federal income tax purposes?
Question 19: When an annuitant receives income from a nonqualified annuity, the portion treated as a tax-free return of the owner's investment is determined by which of the following?
Question 20: A life policy funded so quickly that it fails the seven-pay test loses favorable tax treatment on its loans and withdrawals. What is such a policy called?
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