Which of the following statements about the reimbursement provision is true?

It requires the policy owner to pay all overdue premiums with interest before the policy is reinstated

An employer offers group life insurance to its employees for the amount of $10,000. Which of the following is true?

The cost of coverage is a deductible expense by the employer.

A person convicted of willfully violating an insurance law of Alabama is subject to

A fine up to $1,000.00 or imprisonment for not more than one year

Under the 401k bonus or thrift plan, the employer will contribute

an undetermined percentage for each dollar contribute by the employee

In the executive bonus plan, who is the owner of the policy, and who pays the premium?

Executive is the owner, and the executive pays the premium

In which of the following cases would a credit disability policy be issued ?

If an individual is in debt to a specific creditor, payments will be made for him/her until the return to work

Which of the following is an eligibility requirement for all social security disability income benefits?

Have attained fully insured status

Which of the following is NOT considered a misrepresentation as it pertains to unfair trade practices?

Making comparisons between different policies

From the youngest child's age 16 until the surviving spouses age 60

Which of the following is NOT true regarding an industrial life insurance policy in Alabama?

Premiums are payable on an annual or semi annual basis

How soon following the occurrence of a covered loss, or after the insurer becomes liable for periodic payments for income benefits, must an insured submit written proof of such loss to the insurance company?

Within 90 days or as soon as reasonably possible but not to exceed one year

Which of the following is NOT a government funded insurance program?

Federal deposit insurance corporation (FDIC)

Ultimately determines the interest rate paid to the owner of a fixed annuity

Insurers guaranteed minimum rate of interest

group disability income insurance premiums paid by the employer are

deductible by the employer as an ordinary business income

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Test cont.

Question	Answer
Which of the following statements about the reimbursement provision is true?	It requires the policy owner to pay all overdue premiums with interest before the policy is reinstated
units with the same or similar exposure to loss	Homogeneous
An employer offers group life insurance to its employees for the amount of $10,000. Which of the following is true?	The cost of coverage is a deductible expense by the employer.
A person convicted of willfully violating an insurance law of Alabama is subject to	A fine up to $1,000.00 or imprisonment for not more than one year
If $100,000 of life insurance proceeds were used in a settlement option, which paid $13,000 per year for ten years, which of the following would be taxable annually?	$3,000
Under the 401k bonus or thrift plan, the employer will contribute	an undetermined percentage for each dollar contribute by the employee
In the executive bonus plan, who is the owner of the policy, and who pays the premium?	Executive is the owner, and the executive pays the premium
In which of the following cases would a credit disability policy be issued ?	If an individual is in debt to a specific creditor, payments will be made for him/her until the return to work
Which of the following is an eligibility requirement for all social security disability income benefits?	Have attained fully insured status
Which of the following is NOT considered a misrepresentation as it pertains to unfair trade practices?	Making comparisons between different policies
Black out period	From the youngest child's age 16 until the surviving spouses age 60
Which of the following is NOT true regarding an industrial life insurance policy in Alabama?	Premiums are payable on an annual or semi annual basis
How soon following the occurrence of a covered loss, or after the insurer becomes liable for periodic payments for income benefits, must an insured submit written proof of such loss to the insurance company?	Within 90 days or as soon as reasonably possible but not to exceed one year
Which of the following is NOT a government funded insurance program?	Federal deposit insurance corporation (FDIC)
With consideration clause, which of the following would be considered consideration on the part of the applicant of the insurance?	Payment of premium
Under which of the following disability income plans would the benefits be subject to income tax?	Group
Ultimately determines the interest rate paid to the owner of a fixed annuity	Insurers guaranteed minimum rate of interest
group disability income insurance premiums paid by the employer are	deductible by the employer as an ordinary business income

Created by: Jenhickson

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