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Chapter 4-Primerica
| Questio | Answer |
|---|---|
| If an insured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is | Fully insured |
| What best defines the "owner" as it pertains to life settlement contracts? | The policyowner of the life insurance policy |
| Who is the owner and who is the beneficiary on a Key Person Life Insurance Policy? | The employer is the owner and beneficiary |
| If a company has a Simplified Employee Pension plan, what type of plan is it? | A qualified plan for a small business |
| For a retirement plan to be qualified, it must be designed for the benefit of | Employees |
| A key person insurance policy can pay for what? | Costs of training a replacement |
| Two attorneys at law and operate their practice as a partnership. They want to start a program through their practice that will provide retirement benefits for themselves and three employees. What would they likely choose? | HR-10 (Keogh Plan) |
| When an employee terminates coverage under a group insurance policy, coverage continues in force for how many days? | 31 |
| Which type of retirement account allows contributions to continue beyond age 70 1/2 and does not force distributions to start at 70 1/2? | Roth IRA |
| An employee quits his job and converts his group policy to an individual policy; the premium for the individual policy will be based on his... | Attained Age |
| An employee quits his job on May 15th and doesn't convert his Group Life policy to an individual policy for 2 weeks. He dies in a freak accident on June 1st. What will happen? | The insurer will pay the full death benefit from the group policy to the beneficiary |
| In a single employer group plan, what is the name of the policy issued to the employer? | Master Contract |
| If an employee wants to enter the group outside of the open enrollment period, to reduce adverse selection, the insurer may | Require evidence of insurability |
| In a life settlement contract, whom does the life settlement represent? | The owner |
| Who is the third-party owner? | A policyowner who is not the insured |
| What is the name of the insured who enters into a viatical settlement? | Viator |
| A tax sheltered annuity is a special tax favorite retirement plan available to | Certain groups of employees only |
| What type of insurance arrangements will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? | Third party ownership |
| What term is used to name the nontaxed return of unused premiums? | Dividend |
| For an individual who is NOT covered by an employer-sponsored plan, IRA contributions are? | Tax deductible |
| A corporation is the owner and beneficiary of the key person life policy. If the corporation collects the policy benefit, then | The benefit is received tax free |
| Who can make a fully deductible contribution to a traditional IRA? | An individual not covered by an employer-sponsored who has earned income |
| A 60 year old participant in a 410(k) plan takes a distribution and rolls it over to an IRA within 60 days.What happens? | The amount of the distribution is reduced by the amount of a 20% withholding tax. If he would've gone through an agency he wouldn't have been taxed |
Created by:
Cbarg