1. For a New York life insurance policy, insurable interest must exist:

At the time the contract is made (inception)

New York requires insurable interest at the inception of the life contract, not necessarily at the time of loss.

2. A person who negotiates the sale of an existing New York life policy to a third-party purchaser must hold a:

Life settlement broker license

Negotiating a life settlement requires a life settlement broker license in New York.

3. Which party automatically has an insurable interest in an applicant's life?

The applicant in their own life, and close family or business partners

A person has insurable interest in their own life and typically in the lives of close family members or business associates.

4. The primary personal use of life insurance is to:

Replace income and provide financial security for dependents after death

Life insurance primarily protects dependents by replacing lost income and covering financial obligations at death.