CRPC UPGRADED EXAM QUESTIONS AND ANSWERS

CRPC UPGRADED EXAM QUESTIONS AND ANSWERS In order to be considered a "qualified" policy, a long-term care policy must A)include a determination of medical necessity by a physician. B)be conditionally renewable C)include a return of premium. D)provide for nonforfeiture options. - CORRECT ANSWER -D)provide for nonforfeiture options. To be classified as a qualified policy, cognitive impairment must be covered, it must provide for nonforfeiture options, and it must be guaranteed renewable and conform to the National Association of Insurance Commissioners Model Act. It cannot include a determination of medical necessity by a physician nor can it include return of premium. Which of the following are correct statements about the legal requirements for a loan to a participant from a retirement plan? The term of a loan for a medical emergency must not exceed five years. Loans from SEP IRAs are not permitted. The term of a loan used to acquire a principal residence may exceed five years. Loans from a SIMPLE 401(k) plan are permitted. A)I and IV B)I, II, and III C)I and II D)I, II, III, and IV - CORRECT ANSWER -D)I, II, III, and IV