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Life and Health Insurance Producer Exam

Suitability (NY): practice questions

Our Life & Health Insurance bank has 11 questions on this topic. Here are 4 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · New York

Which information may be part of a New York consumer's suitability profile?

  1. The consumer's political views
  2. Age, income, financial situation and objectives, liquidity needs, risk tolerance and tax status
  3. Only the consumer's name and address
  4. The consumer's social media accounts
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B. Age, income, financial situation and objectives, liquidity needs, risk tolerance and tax status — For term insurance without cash value, only relevant items are needed.

Question 2 · New York

Whose best interest must a New York producer serve when the policy owner and insured are different people?

  1. The insurer's
  2. The owner's
  3. The beneficiary's
  4. The insured's
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B. The owner's — The owner is the consumer under Regulation 187.

Question 3 · New York

How long must records under Regulation 187 generally be kept?

  1. One year
  2. Ten years after the producer's license ends, then destroyed
  3. Until the policy is issued
  4. Six calendar years after the policy is no longer in force
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D. Six calendar years after the policy is no longer in force — Longer if needed for an examination. Retention follows Regulation 152.

Question 4 · New York

When did New York's Regulation 187 best-interest rules take effect for annuities and for life insurance?

  1. They haven't taken effect yet
  2. 1 July 2024 for both
  3. 1 August 2019 for annuities and 1 February 2020 for life insurance
  4. 1 January 2000 for both
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C. 1 August 2019 for annuities and 1 February 2020 for life insurance — The rule is principles-based.

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