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How are Roth IRA distributions normally taxed? Distributions are received tax-free How can an insurance company minimize exposure to loss? Reinsurance All of the following statements about traditional individual retirement accounts are false EXCEPT 10% penalty is applied to withdrawals before age 59 1/2 All of these statements concerning universal life insurance are false EXCEPT Policy indicates how much of the premium is used toward company expenses A 55 year old recently re...

When may an insurance company arbitrarily increase the rate of premium charged to a particular policy owner? A. Whenever its board of director votes to do so B. Never C. When state laws permit D. Only within 30 days of insurance B. Never A spouse's conversion privileges under a group policy are the same as the group member's EXCEPT A. insurability B. Conversion must be applied for within one month C. Premiums are based on attained age D. The amount to convert is always...

kentucky life insurance Exam Questions With Correct Answers (Updated) .Accumulations - Answer-interest taxable .all of the following are taxation rules that apply to MEC's cash value - Answer-1; tax deferred accumulations 2; any distributions are taxable, including withdrawals and policy loans 3: distributions are taxed on LIFO basis (last in, first out) — known as "interest first" rule 4: distributions before age 59 1/2 are subject to a 10% penalty .amounts availabl...

Kentucky Life Insurance Exam Questions and Answers .1869 Paul v. Virginia - Answer-the U.S. Supreme Court ruled that insurance transactions crossing state lines are not interstate commerce. .1905 The Armstrong Investigation Act - Answer-gave the authority to the states to regulate insurance. .1944 United States v. South-Eastern Underwriters Association - Answer-ruled that insurance transactions crossing state lines are interstate commerce and are subject to federal regulation. Many fe...

Kentucky Life Insurance Exam Questions With 100% Correct Answers .4 Types of Life Insurance - Answer-Permanent, Term, Industrial, Group .Absolute, Voluntary, Complete Assignment - Answer-Policy is given as a gift, policy owner has no means of recovering surrendered rights .Accelerated Benefits Rider - Answer-A life insurance rider that allows for the early payment of some portion of the policy's face amount should the insured suffer from a terminal illness or injury. .Accident...

KY Health Insurance Exam Complete Questions and Verified Detailed Answers | Get it 100% Correct!! Social security taxes are paid by employees with - after tax dollars The premiums paid by a company for group health insurance for its employees are - Tax deductible by the company and not considered taxable income to the employees Premiums for individually-owned health insurance policies may be deductible if the taxpayers medical expenses exceed - 7.5% AGD Benefits paid by individuall...

Kentucky Health Insurance Exam Study Questions with 100% Correct Answers The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. When does the policy become effective? A. as of the application date B. As of the policy delivery date C. As of the first of the month after the policy issue date D. As of the policy issue date - A. As of the application date All of the following are true about group disability income ins...

"A 55 year old recently received a $30,000 distribution from a previous employer's 401k plan, minus $10,000 withholding. Which federal taxes apply if none of the funds were rolled over? - CORRECT ANSWER=> Income taxes plus a 10% penalty tax on $30,000" "An employee quits her job where she has a balance of $10,000 in qualified plan. If she decides to rollover her plan to a Traditional IRA, how much will she receive from the plan administrator, and how long does she have to compl...

Kentucky Life Insurance Exam with 100% Correct Answers | Verified | Latest Update 2024| Already Passed