WEBCE PRACTICE EXAM 100 Q 2023 QUESTIONS WITH COMPLETE ANSWERS GRADED A+

In general, what is the earliest age at which a person can take a distribution from a qualified plan without a tax penalty? - CORRECT ANS 59 1/2 Carol was 35 when she bought her deferred annuity. Now, at age 38, she wants to withdraw funds from the contract to take a vacation. Carol is likely to encounter all of the following consequences in making the withdrawal EXCEPT: - CORRECT ANS statutory minimum withholding requirements What kind of misrepresentation on an insurance application gives the insurer reason to terminate a policy? - CORRECT ANS material fact Which of the following riders attached to Debra's life insurance policy provides for a monthly income to be paid if she becomes disabled? - CORRECT ANS disability income benefit rider In calculating their life insurance premiums, which of the following statements generally guides insurance companies in determining the "loading" factor? - CORRECT ANS Total loading from all policies should cover total operating costs, provide a safety margin, and contribute to profits or surplus. What is the main difference between ordinary whole life and limited payment whole life insurance? - CORRECT ANS the length of time that the insured must pay premiums Abby lives in New Mexico, where she is licensed as an insurance agent and wants to apply for a nonresident license in Arizona. She holds a current license in good standing in New Mexico. When applying for a license in Arizona, Abby must prove her citizenship by submitting: - CORRECT ANS a valid driver's license