Life, health & annuities NE insurance exam Questions and Answers 100% Correct

Life, health & annuities NE insurance exam Questions and Answers 100% Correct Not regarding deferred annuities - Answer- Accumulated funds cannot be out assessed until the pay out. Using the needs approach you wouldn't need - Answer- Prospects employment history Not common use for life insurance - Answer- Liquidate and estate it usually only creates an estate The exclusion ratio applies until all principal and annuity contract has been paid out after that what will happen - Answer- The full amount a future annuity payments are treated as taxable income In some states employers can buy a group life insurance for their employees through NMET what is not true about that - Answer- Each individual employer is issued a separate policy Not true about annuities death benefit - Answer- Income tax free When a deferred annuity is annuitized which one of the following most correctly describes the tax treatment of the contracts gain accumulated interest - Answer- Taxable at annuitants marginal income tax rate Difference between MEWA and MET ? - Answer- NMET requires a minimum of 10 employers wall and MEWA may be established within two employees What is an MIB - Answer- Information submitted to it by one of insurers is available for review by other insurers Regulates life companies - Answer- State which it is domiciled in Does benefit option three under the variable universal life pays a death benefit when - Answer- The policy specified amount plus greater of total premiums paid or actual cash value If an insured did not pay the premium the insured can cancel within - Answer- 10 days notice Declared rate for a fixed annuity - Answer- Guaranteed minimum and current The spendthrift keeps the beneficiary creditors from forcing the insured to pay them the death benefit - Answer- Section 529 college savings - Answer- Are available and just about every state Conditionally renewable - Answer- Continue policy to a specified age usually 65 by paying the premiums on time the insurance company can decline renewal for specific items such as retirement but not bad health Close corporations - Answer- Stock redemption agreement is a form of energy purchase by sell Intermediate premium whole life - Answer- Has a lower introductory rate premium may fluctuate and can never exceed the guaranteed maximum rate Renewable at insurers option - Answer- And ensure can cancel only on an anniversary and increased premium A fiduciary must be named to administer a health plan in a financially responsible manner and in the best interest of its enrollees in accordance with ERSIAS requirements for - Answer- Accountability Not associated with interest adjusted net cost method of life comparison - Answer- Separate investment account Non-contributory is 100% - Answer- Contributory is 75% Considered in determining the amount payable under the interest only settlement option and life insurance it is - Answer- The amount of policy proceeds The taxation of flexible spending account and group health is - Answer- Contributions are made on a pretax basis Social Security benefits are funded through payroll tax called - Answer- FICA Traditional medical expense insurance policy pays each healthcare provider for services rendered and ensure reimburses him or her for the cost incurred is - Answer- Fee for service Young children of a retired workers are eligible to receive a monthly benefit like the spouses benefit the child benefit is 50% of the workers PIA children must be unmarried and under 18 or 20 if it is a student no age limit for kids disabled before age 22 - Answer- Insurance policy provides financial protection against - Answer- Loss is covered by perils When can a disability income policy owner exercise the future increase option rider - Answer- Atf specified dates in the future without the need to prove evidence of insurability Health differs from life insurance because - Answer- Health coordinates benefits with similar policies covering the insured while life insurance does not In order for Medicare part A to pay for hospital services the service must be - Answer- For any reason medically necessary and reasonable treatment with a benefit. That begins on the day of admission to the hospital in and the 60 days after release