Life Only Agent Exam

a group contract is between who? - Answer- the insurer and the employer what is a keogh plan? - Answer- a retirement plan for those who are self employed what is a illustration? - Answer- a presentation or depiction that includes non guaranteed elements of a policy of life insurance over a period of years in a life insurance policy illustration "non-guaranteed elements" means what? - Answer- the premiums, benefits, values, credits or charges under a policy of life insurance that are not guaranteed or not determined at issue a stock redemption buy/sell agreement does what? - Answer- facilitates the purchase of a deceased shareholders shares from the shareholders heirs bu a corporation a widow or widower without children would be eligible for social security survivors benefits at what age? - Answer- 60 if a senior has purchased an annuity which is invested in a mutual fund and they cancel during the free look period, the CIC requires what? - Answer- they be refunded the value of the account how must the free look notice for seniors be printed? - Answer- 10-point uppercase type, on the cover page of the policy or certificate and the outline of coverage a collateral assignment can be utilized to what? - Answer- obtain a loan a policy loan is outstanding when what? - Answer- when the insured dies and the beneficiary selects the fixed period settlement option, the outstanding loan will effect the amount of the payments received, not the length they received for. an equity idexed annuity has what? - Answer- a fixed minimum interest rate, and the chance to get a higher rate of return like that of the stock market a modified endowment contract has a? - Answer- 10% IRS early withdrawal penalty Where does the agents commission come from? - Answer- the insurer expenses portion of the premium charged life insurance policy illustration regulations were NOT created for what? - Answer- to eliminate disclosure