Free Annuities Practice Questions
New York Life, Accident & Health exam (series 17-55) — 60 practice questions.
Subtopics: Annuity grace period, Annuity incontestability, Annuity misstatement, Annuity reinstatement, Annuity suitability, Annuity replacement free look, Paid-up deferred annuity disclosure, Principles, Immediate vs deferred, Products, Payment options, Uses, Taxation, Parties to an annuity, Flexible premium annuity, Cash refund option, Installment refund option, Period certain option, Annuity units, Separate account, Tax-deferred accumulation, Exclusion ratio, Early withdrawal penalty, Annuitization, Death before annuitization, Qualified vs nonqualified, Structured settlement, Annuity exclusion ratio, Indexed annuities, Market value adjustment, Variable annuities, Payout options, Bonus annuities, Annuity disclosure, Annuity death benefit, Annuity taxation, 1035 exchanges, Surrender charges, Parties, Suitability
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Sample questions & answers
1. A New York individual annuity contract requiring periodic payments must provide a grace period of:
31 days
Annuity contracts requiring payments must allow a 31-day grace period after each payment due date following the first.
2. A New York annuity contract becomes incontestable after two years, except as to statements about the annuitant's:
Age, sex, and identity
Annuities are incontestable after two years as to statements other than those relating to age, sex and identity.
3. If the annuitant's age or sex was misstated in a New York annuity, the insurer:
Adjusts payments to the correct age or sex
Amounts payable are adjusted to what the payments would have bought at the correct age or sex, with interest on over- or underpayments up to 6%.
4. A New York annuity contract on which payments have stopped may be reinstated, if the cash value has not been paid out, within:
Three years of default
The contract may be reinstated within three years of default by paying overdue payments with interest not over 6%, plus any required evidence of insurability.
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Practice: Annuities
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
