1. A fifty five 12 months vintage currently obtained a $30,000 distribution from a previous
business enterprise's 401k plan, minus $6,000 withholding. Which federal taxes practice
if none of the price range have been rolled over? - ANSWER-Income taxes plus a
ten% penalty tax on $30,000
2. A credit lifestyles insurance policy covers the life of the - ANSWER-Debtor
3. A foreign coverage enterprise can't conduct commercial enterprise in Missouri without a
1)approval of the NAIC
2)a certificate of authority to transact business in Missouri
three)a waiver from their domestic country
4)accomplishing a minimal degree of income - ANSWER-A certificate of authority to
transact commercial enterprise in Missouri
4. A Limited-Pay Life policy has - ANSWER-top rate payments restrained to a special
wide variety of years
5. A non disabled character is first eligible for a Medicare complement coverage at the age
of - ANSWER-sixty five
6. A policyowner's rights are constrained beneath which beneficiary designation? -
ANSWER-irrevocable
7. A capability consumer, age 40, would like to purchase a Whole Life coverage on the way
to collect coins value at a faster price inside the early years of the coverage. Which of
those statements made by way of the producer could be correct? - ANSWER-20-Pay
Life accumulates cash cost faster than Straight Life
8. A prehospitalization authorization software (pre-certification) is a superb example of -
ANSWER-controlled care
9. ABC Insurance Company has time-honored a lifestyles insurance application which
contains unanswered questions. The enterprise then makes the software a part of the
life agreement. In this example, the insurer has - ANSWER-waived one of its legal
rights
10.According to the Mandatory Uniform Policy Provisions, what is the most amount of time
after the top class due date for the duration of which the coverage remains in pressure
despite the fact that the top class has now not been paid? - ANSWER-31 days
11.According to the Time Payment of Claims provision, the insurer ought to pay Disability
Income benefits no much less often than which of the following options?
1)Annually
2)Semiannually
three)Quarterly
4)Monthly - ANSWER-Monthly
12.The time of charge for claims is usually laid out in special guidelines as 60 days, forty
five days, or 30 days. However, if the declare includes disability earnings benefits, the
benefits ought to be paid not much less regularly than month-to-month.
All of the subsequent statements about traditional person retirement bills are false
EXCEPT
1)10% penalty is applied to withdrawals after age 59 1/2
2)withdrawals are commonly tax loose to the recipient
three)10% penalty is implemented to withdrawals earlier than age 59 half of
, four)Contributions are not tax deductible - ANSWER-10% penalty is applied to
withdrawls before age fifty nine half
13.All of these statements regarding a licensee's obligation for premiums obtained are real
EXCEPT - ANSWER-The licensee need to hold them in a separate account earlier
than transmitting them to the coverage corporation.
14.An immediate annuity consists of a - ANSWER-Single Premium
15.An insurance business enterprise typically has 2 years to contest statistics supplied on
an twist of fate and health utility. This 2 yr length starts offevolved on the date that the:
1)medical examination is given
2)producer completes the application
three)insurer dates the policy
four)the first premium is made - ANSWER-Insurer dates the coverage
16.An insured need to notify an insurer of a scientific declare inside what number of days
after an twist of fate? - ANSWER-20
17.An insured will pay premiums on an annual basis for an individual medical insurance
coverage. What is the MINIMUM variety of days for the Grace Period provision?
1)7
2)10
3)20
4)31 - ANSWER-The grace duration is at the very least 31 days for guidelines hat
are paid for on an annual foundation.
18.An insured lately took out a most cancers insurance coverage. The time restrict on
certain defenses provision in this policy permits the insurer to
1)to cancel a policy for any reason for up to five years
2)to lessen the benefit for a loss happening after two years due to misstatements
3)to deny the amount of a claim for statements on the application
4)to deny the quantity of a declare for misstatements happening previous to the
expiration of the first 2 coverage years - ANSWER-To deny the amount of a declare
for missstatements happening previous to the expiration of the primary 2
coverage years
19.Business Overhead Expense Insurance - ANSWER-A shape of disability earnings
coverage designed to pay vital business overhead fees, including hire, should the
insured commercial enterprise owner emerge as disabled.
20.Chemical dependency coverage is needed in which type of coverage?
1)Comprehensive main scientific
2)Cancer
3)Short term incapacity
4)Long time period care - ANSWER-Comprehensive foremost scientific
21.COBRA gives employees and their households whose employment has been terminated
the right too - ANSWER-Continue institution health benefits
22.Deductibles are used in fitness rules to decrease - ANSWER-overuse of medical
offerings
23.Elimination Period - ANSWER-The time between the onset of a disability, and while
you are eligible for benefits.
business enterprise's 401k plan, minus $6,000 withholding. Which federal taxes practice
if none of the price range have been rolled over? - ANSWER-Income taxes plus a
ten% penalty tax on $30,000
2. A credit lifestyles insurance policy covers the life of the - ANSWER-Debtor
3. A foreign coverage enterprise can't conduct commercial enterprise in Missouri without a
1)approval of the NAIC
2)a certificate of authority to transact business in Missouri
three)a waiver from their domestic country
4)accomplishing a minimal degree of income - ANSWER-A certificate of authority to
transact commercial enterprise in Missouri
4. A Limited-Pay Life policy has - ANSWER-top rate payments restrained to a special
wide variety of years
5. A non disabled character is first eligible for a Medicare complement coverage at the age
of - ANSWER-sixty five
6. A policyowner's rights are constrained beneath which beneficiary designation? -
ANSWER-irrevocable
7. A capability consumer, age 40, would like to purchase a Whole Life coverage on the way
to collect coins value at a faster price inside the early years of the coverage. Which of
those statements made by way of the producer could be correct? - ANSWER-20-Pay
Life accumulates cash cost faster than Straight Life
8. A prehospitalization authorization software (pre-certification) is a superb example of -
ANSWER-controlled care
9. ABC Insurance Company has time-honored a lifestyles insurance application which
contains unanswered questions. The enterprise then makes the software a part of the
life agreement. In this example, the insurer has - ANSWER-waived one of its legal
rights
10.According to the Mandatory Uniform Policy Provisions, what is the most amount of time
after the top class due date for the duration of which the coverage remains in pressure
despite the fact that the top class has now not been paid? - ANSWER-31 days
11.According to the Time Payment of Claims provision, the insurer ought to pay Disability
Income benefits no much less often than which of the following options?
1)Annually
2)Semiannually
three)Quarterly
4)Monthly - ANSWER-Monthly
12.The time of charge for claims is usually laid out in special guidelines as 60 days, forty
five days, or 30 days. However, if the declare includes disability earnings benefits, the
benefits ought to be paid not much less regularly than month-to-month.
All of the subsequent statements about traditional person retirement bills are false
EXCEPT
1)10% penalty is applied to withdrawals after age 59 1/2
2)withdrawals are commonly tax loose to the recipient
three)10% penalty is implemented to withdrawals earlier than age 59 half of
, four)Contributions are not tax deductible - ANSWER-10% penalty is applied to
withdrawls before age fifty nine half
13.All of these statements regarding a licensee's obligation for premiums obtained are real
EXCEPT - ANSWER-The licensee need to hold them in a separate account earlier
than transmitting them to the coverage corporation.
14.An immediate annuity consists of a - ANSWER-Single Premium
15.An insurance business enterprise typically has 2 years to contest statistics supplied on
an twist of fate and health utility. This 2 yr length starts offevolved on the date that the:
1)medical examination is given
2)producer completes the application
three)insurer dates the policy
four)the first premium is made - ANSWER-Insurer dates the coverage
16.An insured need to notify an insurer of a scientific declare inside what number of days
after an twist of fate? - ANSWER-20
17.An insured will pay premiums on an annual basis for an individual medical insurance
coverage. What is the MINIMUM variety of days for the Grace Period provision?
1)7
2)10
3)20
4)31 - ANSWER-The grace duration is at the very least 31 days for guidelines hat
are paid for on an annual foundation.
18.An insured lately took out a most cancers insurance coverage. The time restrict on
certain defenses provision in this policy permits the insurer to
1)to cancel a policy for any reason for up to five years
2)to lessen the benefit for a loss happening after two years due to misstatements
3)to deny the amount of a claim for statements on the application
4)to deny the quantity of a declare for misstatements happening previous to the
expiration of the first 2 coverage years - ANSWER-To deny the amount of a declare
for missstatements happening previous to the expiration of the primary 2
coverage years
19.Business Overhead Expense Insurance - ANSWER-A shape of disability earnings
coverage designed to pay vital business overhead fees, including hire, should the
insured commercial enterprise owner emerge as disabled.
20.Chemical dependency coverage is needed in which type of coverage?
1)Comprehensive main scientific
2)Cancer
3)Short term incapacity
4)Long time period care - ANSWER-Comprehensive foremost scientific
21.COBRA gives employees and their households whose employment has been terminated
the right too - ANSWER-Continue institution health benefits
22.Deductibles are used in fitness rules to decrease - ANSWER-overuse of medical
offerings
23.Elimination Period - ANSWER-The time between the onset of a disability, and while
you are eligible for benefits.
