Annuitization is Study guides, Class notes & Summaries

Primerica Practice Exam Test A 75 Questions & Answers 2023 1. An annuity that is purchased with a lump sum premium and whose benefits begin after 12 months is called a: A. Single premium immediate annuity. B. Single premium deferred annuity. C. Level premium variable annuity. D. Flexible premium fixed annuity. - Correct answer-Single premium deferred annuity 2. A technique used to determine the amount of life insurance needed by focusing on the projected earning potential of an insured ...

Primerica - Exam test Questions With 100% Correct Answers 2023 An insurer has made all of the decisions regarding the provisions included in the insured's policy. The insured finds an objectionable provision and wants to negotiate it with the insurer but is not allowed to do so. Her only options are to reject the policy or accept it as is. Which contract feature does this describe? a) Unilateral b) Conditional c) Personal d) Adhesion - Correct answer-Adhesion An insurance policy that ...

Xcel Life Insurance Exam Actual Test Questions and Answers with complete solution Replacement regulation is designed to protect Answers>> Policyowners from mirepresentation and loss of benefits All Health Benefit Plans issued after January 1, 2014 must provide Answers>> Preventative health services Which of these will have the highest monthly payout upon annuitization Answers>> Straight life Which of the following is included in the entire contract according t...

Insurance (General concept) - ANSWER - transfers the risk of loss from an individual to an insurer - based on the principle of indemnity - based on the principle of risk (risk pooling) insurable interest (General Concept) - ANSWER - must exist at the time of the application - insuring one's own life, family member, or a business partner Solicitation and sales presentation - ANSWER - illustration- presentation of nonguaranteed elements - buyer's guide is generic information abo...

A deferred annuity is surrendered prior to annuitization. Which of the following best describes the nonforfeiture value of the annuity? a. The surrender value should be equal to 100% of the premium paid, minus any prior withdrawals and surrender charges. b. A deferred annuity cannot be surrendered prior to annuitization. The owner must wait until the annuitization period begins to receive any payments. Answer - The surrender value should be equal to 100% of the premium paid, minus any prior with...

Arizona Life Insurance Exam Questions and Answers (Latest Update 2023) Verified Answers a whole life policy that provides a choice of dividend options include the following statement about dividends they accrue at a guaranteed rate they are deferred for one year they are not guaranteed they are guaranteed after the first year - Correct Answers they are not guaranteed When there is a named beneficiary on a life insurance policy, the death benefits 1. are directed to a trustee ...

ARKANSAS LIFE INSURANCE EXAM 2024 J is a producer who has induced an insured through misrepresentation to surrender an existing insurance policy. What is J guilty of? - correct answer Twisting What is implied authority defined as? - correct answer Authority that is not specifically given to an agent contract, but that an agent can reasonably assume to carry out his/her duties A person who is a nonsmoker, average weight, excellent health would fall into what risk classification? - corr...

LIFE PRODUCER EXAM (MI) QUESTIONS AND ANSWERS ALREADY PASSED Which of the following is NOT true regarding a Certificate of Authority? a)It may be necessary for transacting business in a specific state. b)It is equivalent to an insurance license. c)It is issued by the state department of insurance. d)It is issued to group insurance participants. d) It is issued to group insurance participants. Before insurers may transact business in a specific state, they must apply for a licen...

PA LIFE, HEALTH AND ACCIDENT FINAL EXAM 2024 WITH 100% ACCURATE SOLUTIONS Which of these factors is NOT taken into consideration when determining the cost of a long-term care policy? - ANSWER ☑☑Personal Income What is the nonforfeiture value of an annuity before annuitization? - ANSWER ☑☑All premiums paid, plus interest, minus any withdrawals and surrender charges In an employer sponsored contributory group disability income plan the employer pays 60% of the premium and each...

Which of these factors is NOT taken into consideration when determining the cost of a long-term care policy? - ANSWER ☑☑Personal Income What is the nonforfeiture value of an annuity before annuitization? - ANSWER ☑☑All premiums paid, plus interest, minus any withdrawals and surrender charges In an employer sponsored contributory group disability income plan the employer pays 60% of the premium and each employee pays 40% of the premium. Any income benefits paid are taxed to the em...