Which of the following most correctly describes the nonforfeiture option(s) available
with universal life insurance
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surrender the policy for its cash value or stop paying premiums and
continue coverage as long as the cash value will support it
With respect to group life conversion, which of the following statements is NOT
correct?
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, The terminating employee's new policy will become effective after a 60 day
waiting period following the date of termination.
All of the following are considered qualified retirement plans EXCEPT
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deferred compensation plans
All the following statements about increasing term insurance policies are correct
EXCEPT
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The premium increases over the term of the policy.
Which of the following types of whole life policy would be appropriate for someone
concerned about affording the premium during the early years when the policy is in
force?
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graded premium whole life
,When received in a lump sum, how are life insurance death benefits commonly taxed
to the beneficiary?
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Death benefits from a life insurance policy are generally not taxable to the
beneficiary.
Donald's indexed annuity has an 80 percent participation rate, and the selected index
experienced a 10 percent gain during the year. What amount of interest will be
credited to the annuity if there is no cap or other adjustment factors?
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8 percent
Emily, age 48, withdrew $8,000 from her SIMPLE plan to buy a car. How much penalty
tax will she owe?
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$800
Paul reached age 70' this year and has a Roth IRA worth $100,000. Which of the
following statements best describes his distribution options?
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, Paul is not required to take any distributions from his Roth IRA at any age.
George's wife, Ellen, will receive income payments from George's annuity when he
dies. Under the annuity contract, what is Ellen?
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the beneficiary
An entity purchase buy-sell agreement used with a close corporation is called a(n)
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stock redemption agreement
Deloris is planning to buy a deferred annuity. When can she select a settlement
option?
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She can choose the settlement option when the deferred contract
annuitizes or when she buys the annuity.
Fran has an agency contract with ABC Insurance Company to represent the company.
The contract gives her express authority to perform certain duties. Which is correct
with respect to Fran's actions?
with universal life insurance
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surrender the policy for its cash value or stop paying premiums and
continue coverage as long as the cash value will support it
With respect to group life conversion, which of the following statements is NOT
correct?
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, The terminating employee's new policy will become effective after a 60 day
waiting period following the date of termination.
All of the following are considered qualified retirement plans EXCEPT
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deferred compensation plans
All the following statements about increasing term insurance policies are correct
EXCEPT
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The premium increases over the term of the policy.
Which of the following types of whole life policy would be appropriate for someone
concerned about affording the premium during the early years when the policy is in
force?
Give this one a try later!
graded premium whole life
,When received in a lump sum, how are life insurance death benefits commonly taxed
to the beneficiary?
Give this one a try later!
Death benefits from a life insurance policy are generally not taxable to the
beneficiary.
Donald's indexed annuity has an 80 percent participation rate, and the selected index
experienced a 10 percent gain during the year. What amount of interest will be
credited to the annuity if there is no cap or other adjustment factors?
Give this one a try later!
8 percent
Emily, age 48, withdrew $8,000 from her SIMPLE plan to buy a car. How much penalty
tax will she owe?
Give this one a try later!
$800
Paul reached age 70' this year and has a Roth IRA worth $100,000. Which of the
following statements best describes his distribution options?
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, Paul is not required to take any distributions from his Roth IRA at any age.
George's wife, Ellen, will receive income payments from George's annuity when he
dies. Under the annuity contract, what is Ellen?
Give this one a try later!
the beneficiary
An entity purchase buy-sell agreement used with a close corporation is called a(n)
Give this one a try later!
stock redemption agreement
Deloris is planning to buy a deferred annuity. When can she select a settlement
option?
Give this one a try later!
She can choose the settlement option when the deferred contract
annuitizes or when she buys the annuity.
Fran has an agency contract with ABC Insurance Company to represent the company.
The contract gives her express authority to perform certain duties. Which is correct
with respect to Fran's actions?
