Life/Health Insurance
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| show | It is a period during which the payments into the annuity grow taxed deferred
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| Why is an equity indexed annuity considered to be a fixed annuity? | show 🗑
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| show | They earn lower interest rates than fixed rates
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| show | An index like Standard & Poor's 500
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| show | Benefits stop at the annuitant's death
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| Under which installment options does the annuitant select the amount of each payment and the insurer determines how long they will pay the benefits? | show 🗑
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| An individual buys a flexible premium deferred life annuity with 20 year period certain. What would his beneficiary receive if he died 5 years after beginning the annuity phase? | show 🗑
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| show | Annuity certain
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| show | Only for the life of the annuiant
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| Under a straight life annuity, if the annuitant dies before the principal amount is paid out, the beneficiary will receive | show 🗑
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| Which of the following is NOT true regarding the Life with Guaranteed Minimum annuity settlement option? | show 🗑
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| show | Joint life annuity.
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| show | Pure life provides payments for as long as the annuitant is alive.
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| All of the following statements are true regarding installments for a fixed period annuity settlement option EXCEPT | show 🗑
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| A rider that may be attached to a life insurance policy that will adjust the face amount based upon a specific index, such as the Consumer Price Index, is called | show 🗑
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| show | Insuring clause
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| show | Cost of Living Rider
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| The interest earned on policy dividends is | show 🗑
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| show | Paid-up option
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| show | They are required by state law to be included in the policy.
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| Which nonforfeiture option provides coverage for the longest period of time? | show 🗑
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| show | 6 months
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| show | It has the highest amount of insurance protection.
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| show | 2 years
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| Which of the following settlement options in life insurance is known as straight life? | show 🗑
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| An insured receives an annual life insurance dividend check. What term best describes this arrangement? | show 🗑
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| When an insured under a life insurance policy died, the designated beneficiary received the face amount of the policy, as well as a refund of all of the premiums paid. Which rider is attached to the policy? | show 🗑
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| Which of the following protects the insured from an unintentional policy lapse due to a nonpayment of premium? | show 🗑
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| What is the advantage of reinstating a policy instead of applying for a new one? | show 🗑
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| show | Lump sum
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| show | Reduction of premium
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| Nonforfeiture values guarantee which of the following for the policyowner? | show 🗑
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| Which of the following best describes fixed-period settlement option? | show 🗑
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| show | They are required by state law to be included in the policy.
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| The dividend option in which the policyowner uses dividends to purchase a term policy for one year is referred to as the | show 🗑
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| show | Interest only
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| show | Cash values can be borrowed at any time.
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| show | 5
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| show | The insured may choose to convert to term or permanent individual coverage.
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| show | The benefit is received tax free.
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| In life insurance policies, cash value increases | show 🗑
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| Employer contributions made to a qualified plan | show 🗑
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| show | Taxation on accumulation
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| show | Premiums are determined by the age, sex and occupation of each individual certificate holder.
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| In which of the following instances would the premium be tax deductible? | show 🗑
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| All of the following employees may use a 403(b) plan for their retirement EXCEPT | show 🗑
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| All of the following are requirements of eligibility for Social Security disability income benefits EXCEPT | show 🗑
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| show | Taxation on accumulation
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| Which of the following applicants would NOT qualify for a Keogh Plan? | show 🗑
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| show | 75%
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| show | Fully insured.
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| Employer contributions made to a qualified plan | show 🗑
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| An insured decides to surrender his $100,000 Whole Life policy. The premiums paid into the policy added up to $15,000. At policy surrender, the cash surrender value was $18,000. What part of the surrender value would be income taxable? A$50,000 | show 🗑
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| show | To create an estate
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| 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 | show 🗑
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| Death benefits payable to a beneficiary under a life insurance policy are generally | show 🗑
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| show | Blackout Period
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| All of the following would be eligible to establish a Keogh retirement plan EXCEPT | show 🗑
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| Which of the following statements regarding the taxation of Modified Endowment Contracts is FALSE? | show 🗑
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| show | Life expectancy
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| Employer contributions made to a qualified plan | show 🗑
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| show | It is only taxable if the cash value exceeds the amount paid for premiums.
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| show | An insured borrows money from the bank and makes a collateral assignment of a part of the death benefit to secure the loan.
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| show | At the time of application
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| Underwriting is a major consideration when an insured wishes to replace her current policy for all of the following reasons EXCEPT | show 🗑
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| show | Attending Physician’s Statement
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| show | The applicant must be informed of the sources contacted and how the information is being gathered.
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| An agent is ready to deliver a policy to an applicant but has not yet received payment. Upon delivery, the agent collects the applicant's premium check, answers any questions the applicant may have, and then leaves. What did he forget to do? | show 🗑
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| Who must pay for the cost of a medical examination required in the process of underwriting? | show 🗑
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| show | Insurer
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| An agent is ready to deliver a policy to an applicant but has not yet received payment. Upon delivery, the agent collects the applicant's premium check, answers any questions the applicant may have, and then leaves. What did he forget to do? | show 🗑
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| show | Premiums always stay the same.
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| show |
Individual insurance does not require medical examinations, while group insurance does require medical examinations.
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| show | The employer
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| show | Sleeping
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| Which of the following statements about HRAs is TRUE? | show 🗑
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| Employers can reduce health plan costs by coupling a Health Reimbursement Account (HRA) with | show 🗑
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| show | Hospital, Surgical, Medical
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| show | Talking
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| The period of time immediately following a disability during which benefits are not payable is | show 🗑
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| What is necessary in order to be eligible to receive benefits from a long term care policy | show 🗑
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| A guaranteed renewable disability insurance policy | show 🗑
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| show | Impairment rider
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| The insuring clause of a disability policy usually states all of the following EXCEPT | show 🗑
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| show | 45 days
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| Under an individual disability policy, the MINIMUM schedule of time in which claim payments must be made to an insured i | show 🗑
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| show | Unearned premiums are retained by the insurance company.
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| How soon following the occurrence of a covered loss must an insured submit written proof of such loss to the insurance company? | show 🗑
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| show | Pay the claim.
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| Under the mandatory uniform provision Notice of Claim, the first notice of injury or sickness covered under an accident and health policy must contain | show 🗑
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| show | The insurer can increase the policy premium on an individual basis.
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| An insured pays a monthly premium of $100 for her health insurance. What would be the duration of the grace period under her policy? | show 🗑
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| Which of the following is NOT an exclusion in medical expense insurance policies? | show 🗑
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Created by:
Marshall.hayley1992