Massachusetts Insurance Practice Exam with best Solutions 100% verified 2025

Massachusetts Insurance Practice Exam with best Solutions 100% verified 2025 A large corporation pension plan purchased an accumulation annuity contract where all of the participating employees received certificates of participation. What is this contract called? - Correct Answer Group deferred annuity When a ten year renewable term life insurance policy issued at age 45 is renewed, the premium rate will be the current rate for - Correct Answer Ten year term insurance for a person aged 55 Which of the following is an unincorporated association whose members provide coverage for one another? - Correct Answer Reciprocal When testing for the Human Immunodeficiency Virus (HIV), Massachusetts law requires a consent form - Correct Answer that discloses who may receive a copy of the results 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? - Correct Answer 50% How are qualified Roth IRA distributions normally treated for tax purposes? - Correct Answer Received income tax-free A life insurance policy's contingent beneficiary is the - Correct Answer person who receives the death benefits if the primary beneficiary dies before the insured When a policy loan is requested by a policyowner and it requires the consent of the beneficiary, what kind of beneficiary designation is this? - Correct Answer Irrevocable beneficiary How are monthly life annuity benefit payments treated under a tax sheltered annuity (TSA)? - Correct Answer Taxed as ordinary income in the year received