Nevada Life and Health Exam Simulator (200 questions) with Correct Answers(RATED A+)

Z owns a disability income policy with a 30 day elimination period. Z contracts pneumonia that leaves him unable to work from January 1 until January 15. He then becomes disabled from an accident on February 1 and the disability last until July 1 the same year. She will become eligible to receive benefits starting on? - ANSWER-March 1. The elimination period is the period of time between the onset of a disability, and the time you're eligible for benefits. It is best thought of as a deductible. For your policy. After a 30 day elimination. Z will become eligible for receiving benefits on March 1. Which of the following best describes how pre-administration certifications are used? - ANSWER-Used to prevent nonessential medical costs. Pre-administration certification is used to prevent unnecessary medical costs When an insurance company sends a policy to the insured with an attached application, the element that makes the application part of the contract between the insured and the insurer is called: - ANSWER-Entire Contract provision At the age of 45, an individual with draws $50,000 from his qualified profit-sharing plan and then deposit this amount into a personal savings account. This action would result in: - ANSWER-Income tax and a 10% penalty assessed upon funds withdrawn from the qualified plan. The IRS says that withdraws of funds from a profit sharing plan may be subject to a 10% tax penalty in addition to income taxes if they are made before the age of 59 1/2. This same early withdrawal penalty applies to funds taken out of for 401(k) plans and traditional individual retirement accounts. If, at a time of an insured's death, the insurance company discovers that the insured's age was missed stated on the application for life insurance, the company will most likely: - ANSWER-Pay the policy proceeds in the amount the premiums would have purchased at the intrudes actual age An insurance company must clearly specify questions design to obtain information solely for marketing research: - ANSWER-In any insurance transaction. An insurance company must clearly specify questions designed to obtain information for marketing research in Nevada Life and Health Exam Simulator (200 questions) with Correct Answers(RATED A+)