Life and Health Insurance Exam Webce
$1470 - ANS-1 Quarter of coverage is
$255 lump sum and monthly income benefit to survivors - ANS-Survivor Benefit
50% penalty tax annually on undistributed - ANS-Traditional IRA required minimum distributions
penalty
66 as of 2021 - ANS-Fully Retired Age
a condition that increases the chance of peril - ANS-Hazard
a contract between an individual and life insurance company to accumulate and distribute a sum
of money - ANS-Annuity
A covered worker who has at least 6 quarters of coverage over the past 13 quarters making
them eligible for survivor benefits only - ANS-Currently insured
a deferred annuity that permits insurer to retroactively adjust the interest credited to amounts
withdrawn - ANS-Market Value Adjusted Annuity
a deferred annuity where interest rate is tied to performance of selected stock index -
ANS-Indexed Annuity
A federal program of health insurance for persons 65 years of age and older - ANS-Medicare
a fixed amount is periodically paid to owner or beneficiary upon death - ANS-fixed amount
option
A qualified retirement plan that specifies the amount of benefit the employee will receive at
retirement. - ANS-Defined benefit plan
accumulates the owners premiums over time on tax deferred basis until annuitized or distributed
- ANS-Deferred Annuity
all distributions are income taxable and can be taken out in lump sum or annuitized income -
ANS-Qualified distribution retirement plans
ambiguities in the contract that are interpreted to the benefit of the policyowner - ANS-Contract
of Adhesion
, amount of retirement benefits the worker will receive when they reach full retirement -
ANS-Primary Insurance Amount (PIA)
An interim agreement that covers from sign date and if uninsured then not liable for any claims
and gives back premiums - ANS-Conditional Receipt
An organization formed to provide insurance benefits for affiliated members - ANS-Fraternal
benefit society
annuitization date, payout options, beneficiary, surrender and assign contract - ANS-Annuity
Owner rights
anyone with earned income under 70 1/2 can set up and contribute to - ANS-Traditional IRA
applicant must complete and sign, cover general information - ANS-Application for health care
insurance
applicants truthful statements on application - ANS-Representations
assessing applicant to determine insurability - ANS-Underwriting
based on how much one pays into their social security - ANS-Social Security Benefits
basic unit for determining if a worker is covered by social security - ANS-Quarters of Coverage
basic unit for determining if a workers is covered by social security - ANS-Quarters of coverage
benefits to workers who become sick or injured because of job related event - ANS-State
workers compensation
blend of commercial and medical insurance like blue cross blue shield - ANS-Managed Care
Service Providers
Buyer's guide and policy summary - ANS-Required Disclosures
buying insurance to shift the risk to insurance company - ANS-Risk Transfer
calculated by average indexed month earnings plus primary insurance amount - ANS-Benefit
Amount
can choose if receive martial benefit or working benefit - ANS-SS Spouse Benefit (employed)
cause of loss - ANS-Peril
$1470 - ANS-1 Quarter of coverage is
$255 lump sum and monthly income benefit to survivors - ANS-Survivor Benefit
50% penalty tax annually on undistributed - ANS-Traditional IRA required minimum distributions
penalty
66 as of 2021 - ANS-Fully Retired Age
a condition that increases the chance of peril - ANS-Hazard
a contract between an individual and life insurance company to accumulate and distribute a sum
of money - ANS-Annuity
A covered worker who has at least 6 quarters of coverage over the past 13 quarters making
them eligible for survivor benefits only - ANS-Currently insured
a deferred annuity that permits insurer to retroactively adjust the interest credited to amounts
withdrawn - ANS-Market Value Adjusted Annuity
a deferred annuity where interest rate is tied to performance of selected stock index -
ANS-Indexed Annuity
A federal program of health insurance for persons 65 years of age and older - ANS-Medicare
a fixed amount is periodically paid to owner or beneficiary upon death - ANS-fixed amount
option
A qualified retirement plan that specifies the amount of benefit the employee will receive at
retirement. - ANS-Defined benefit plan
accumulates the owners premiums over time on tax deferred basis until annuitized or distributed
- ANS-Deferred Annuity
all distributions are income taxable and can be taken out in lump sum or annuitized income -
ANS-Qualified distribution retirement plans
ambiguities in the contract that are interpreted to the benefit of the policyowner - ANS-Contract
of Adhesion
, amount of retirement benefits the worker will receive when they reach full retirement -
ANS-Primary Insurance Amount (PIA)
An interim agreement that covers from sign date and if uninsured then not liable for any claims
and gives back premiums - ANS-Conditional Receipt
An organization formed to provide insurance benefits for affiliated members - ANS-Fraternal
benefit society
annuitization date, payout options, beneficiary, surrender and assign contract - ANS-Annuity
Owner rights
anyone with earned income under 70 1/2 can set up and contribute to - ANS-Traditional IRA
applicant must complete and sign, cover general information - ANS-Application for health care
insurance
applicants truthful statements on application - ANS-Representations
assessing applicant to determine insurability - ANS-Underwriting
based on how much one pays into their social security - ANS-Social Security Benefits
basic unit for determining if a worker is covered by social security - ANS-Quarters of Coverage
basic unit for determining if a workers is covered by social security - ANS-Quarters of coverage
benefits to workers who become sick or injured because of job related event - ANS-State
workers compensation
blend of commercial and medical insurance like blue cross blue shield - ANS-Managed Care
Service Providers
Buyer's guide and policy summary - ANS-Required Disclosures
buying insurance to shift the risk to insurance company - ANS-Risk Transfer
calculated by average indexed month earnings plus primary insurance amount - ANS-Benefit
Amount
can choose if receive martial benefit or working benefit - ANS-SS Spouse Benefit (employed)
cause of loss - ANS-Peril
