New York Life
New York Life is one of the largest companies in the U.S. that operates under this ownership structure, meaning it is owned by its policyholders rather than shareholders.
What is a mutual company?
Should you sell a product that has not been approved by your firm?
No.
Before making an investment recommendation, what must you understand about the client?
Their objectives and risk tolerance.
Who is the insurance carrier for the program?
Berkshire Hathaway Specialty Insurance Company.
This is the most used word in the English Language.
What is "the"?
In 2020, New York Life acquired this company's Group Life and Disability Insurance business, creating New York Life Group Benefit Solutions.
What is Cigna?
Before engaging in an outside business activity, what must you do?
Disclose and obtain approval if required.
What document helps demonstrate that advice was suitable for the client?
Client notes/documentation.
Can I change my coverage limits during the plan year?
No, limit changes (increases/decreases) can only be made during annual enrollment.
This city is where The Beatles were formed.
What is Liverpool?
New York Life has paid eligible policyholder dividends every year since this year.
What is 1854?
What is the best defense when a client says, "You never told me that"?
Written documentation.
If a client's goals change, what should happen to the financial plan?
It should be updated.
Does the policy provide cybersecurity coverage?
Yes, coverage is provided for client claims, regulatory actions, and expenses you incur responding to losses of unauthorized disclosures. Expenses include notification costs and credit monitoring services for affected clients.
The first iPhone was released in this year.
What is 2007?
Before becoming New York Life in 1849, the company operated under this original name.
What is The Nautilus Insurance Company?
Should recommendations be based on a client's current situation or last year's information?
Current situation.
When discussing recommendations, what should be explained clearly to the client?
Risks and benefits.
Does the policy cover losses resulting from fraudulently induced transfers?
Yes, coverage applies to losses resulting from a deceptive communication to transfer client funds to a third party.
Before moving to the United States, Albert Einstein lived in this country.
What is Germany?
New York Life's headquarters at 51 Madison Avenue was built on the site of this famous New York City landmark.
What is the original Madison Square Garden?
What should you do if you receive a subpoena requesting documents related to a client?
Report receipt of the subpoena to Aon.
What if a client says he/she will drop a submitted complaint if you pay the client directly for the loss?
Report this information to Aon or counsel if you are represented. Do not make any payment or admission of liability.
What if you discover a trade error which impacted a client and client is unaware of the error?
Correct the error and report it to Aon and Corporate Insurance.
Stonehenge is located in this English town.
What is Salisbury?