Nys Life, Accident, And Health Insurance Study Guide Graded A+

An agent recommends that Joanie add this provision to her disability policy that can pay partial income benefits again after an initial episode of total disability is called: A. Recurrent Disability B. Residual Disability C. Presumptive Disability D. Total Disability {Ans: Answer: B. Residual Disability}Which relationship would constitute a STOLI (Stranger Originated Life Insurance) transaction? A. A business taking out insurance on a key employer B. A mother taking out insurance on her daughter C. An individual wishing to take out an insurance policy on another individual in which there is no discernible relationship D. A Life Settlement transaction {Ans: Answer: C. An individual wishing to take out an insurance policy on another individual in which there is no discernible relationship *We do not work with STOLIs* Insurable interest must be present at the time of the application- before any information is even written down.}Which type of whole life policy would pay level premiums for life, and the policy endows at age 100? A. Limited pay whole life B. Modified premium whole life C. Straight or continuous pay whole life D. Equity indexed whole life {Ans: Answer: C. Straight or continuous pay whole life}Who can share commissions?