VA State Life Insurance and Annuities Questions and Answers Already Passed

VA State Life Insurance and Annuities Questions and Answers Already Passed Which of these arrangements allows one to bypass insurable interest laws? investor originated life insurance Which of these is an element of a Variable Life policy? a fixed, level premium What does the insuring agreement in a Life insurance contract establish? an insurer's basic promise A person who issues false written or oral statements that are maliciously critical of the financial condition of an insurance company may be found guilty of defamation A policy loan provision is not required in which of the following types of policies? term life When an employee is terminated, which statement about a group term life conversion is true? policy proceeds will be paid if the employee dies during the conversion period What type of group insurance plan involves employees sharing the cost? contributory plan Which type of plan allows an employer to give money to an employee for buying a life insurance policy and also permits the employee to select the beneficiary? split-dollar plan Who is NOT required to sign a life insurance application? beneficiary What is the excise tax rate the IRS imposes on individuals aged 70 1/2 or older who do not take the required minimum distributions from their qualified retirement plan? 50% Q is severely injured in an automobile accident and becomes totally disabled. How many months must Q be disabled before being able to apply for Social Security disability benefits? 5 months The annuity that represents the largest possible monthly payment to an individual annuitant is a(n): The Straight Life Annuity pays the largest monthly benefit to a single annuitant because it is based only on life expectancy, but it creates a risk that the annuitant may die early and forfeit much of the value of the annuity to the insurance company. How does an indexed annuity differ from a fixed annuity? Indexed annuity owners receive credited interest tied to the fluctuations of the linked index. An indexed annuity differs from a fixed annuity in that indexed annuity owners receive credited interest tied to the fluctuations of the linked index. T took out a $50,000 life insurance policy with an Accidental Death and Dismemberment rider. Five years later, T commits suicide. The suicide occurred outside the Suicide clause period (normally 1-2 years), thus the face amount will be paid. During the appeal period, an agent may successfully appeal license termination due to continuing education requirements if: Proof of compliance is provided Agents may combine business funds and insured's premiums: Agents may combine business funds and insured's premiums when duly appointed and contractually authorized by an insurer. What is considered to be a characteristic of an immediate annuity? Benefit payments start within one payment period of purchase. An immediate annuity is designed to make its first benefit payment to the annuitant at one payment interval