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Exam NY-Life-Accident-and-Health Topic 1 Question 72 Discussion

Actual exam question for Insurance Licensing's NY-Life-Accident-and-Health exam
Question #: 72
Topic #: 1
The limitation expressed in limited payment policies is a limit on the number of annual premiums or the

Suggested Answer: D Vote an answer

The correct answer is age beyond which premiums will no longer be required . A limited-payment life insurance policy is a form of permanent life insurance designed so that the insured pays premiums for only a specified period of time , rather than for their entire lifetime. The limitation refers either to a fixed number of premium payments (for example, 10-pay or 20-pay life) or to a specific age at which premium payments stop
, such as Life Paid-Up at Age 65. After the required premium period ends, the policy remains fully in force for the remainder of the insured's lifetime , and the death benefit continues without any additional premium obligations.
This structure is attractive to policyholders who want to complete their premium payments during their working years and avoid paying premiums later in life, such as during retirement. Although premiums for limited-payment policies are typically higher than those for ordinary life policies , they allow the policy to become fully paid-up earlier .
The other choices are incorrect because limited-payment provisions do not limit policy benefits, policy loan amounts, or the interest credited to policy cash values. The limitation strictly concerns the duration of premium payments .

by Georgia at May 20, 2026, 08:02 PM

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