Which of the following is usually the owner of the annuity? - The annuitant
Which of the following is not true of the straight life income option for annuities? - A beneficiary will receive any balance of the annuity upon the annuitant's death.
When an insurance policy is taken out, if the owner of the policy is someone other than the actual insured, the owner must be able to prove: - That he/she has an insurable interest
Tax-sheltered annuities (TSA) provide retirement income for employees who work for: - A nonprofit organization
Which of the following statements regarding policy loans from personal life insurance policies is not true? - When a personal life insurance policy endows, the amount of any unpaid loan plus interest is not deducted from the policy proceeds.
When the only logical beneficiary is a minor, all of the following options are available, EXCEPT: - The benefits can go directly to the estate of the insured
All of the following are major factors in the determination of premiums for life insurance, EXCEPT: - Marital status
Which of the following is true about policy loans? - They are subject to interest.
What requires that an individual have a valid concern for the continuation of the life or well being of the person insured? - Insurable interest
Which of the following is true regarding taxes on nonqualified annuities? - Premiums are not tax-deductible, but interest is tax-deferred
What is the time between when an annuity is purchased and the time when benefits begin? - The accumulation period
All of the statements are true about universal life policies, EXCEPT: - Universal life policies are only subject to the interest rates stated in the contract.
Universal life policies allow the policyowner to: - a. Take out a policy loan
b. Withdraw cash
(Both)
All of the following are federal income tax free transactions for a life insurance policy, EXCEPT: - Gain on policy surrender value
Which of the following pertains to Modified Endowment Contracts (MECs)? - a. Once a MEC, always a MEC.
b. Funds withdrawn are subject to LIFO (Last in first out) tax treatment.
c. Any policy exchanged for an MEC is automatically classified as an MEC.
(all)
Which of the following is not an assignment whereby someone would transfer legal rights as the policyowner of a life contract? - Total, complete, unconditional assignment
Which of the following statements is not true about a retirement income annuity? - It is an ordinary immediate annuity.
All of the following statements are true about an annuity certain, EXCEPT: - If the annuitant dies, the payments cease.
An applicant for insurance may pay an initial premium with the application and receive a document called: - Conditional Receipt
Which of the following statements is not true about the tax liabilities for individual life insurance policies? - Policy loans are taxable as income.
An adjustable life policyowner may do any of the following, EXCEPT: - The premium will vanish after 7 years
What type of life policy has premiums paid weekly to an agent who comes to your home to collect? - An industrial policy
What law requires that an applicant be notified that an insurance underwriter may request a report from an investigative agency? - Fair Credit Reporting Act
Which of the following is not true about the accelerated benefit rider? - Provides a monthly check when you become disabled.
All of the following are true about Roth IRAs, EXCEPT: - Contributions are tax deductible.
All of the following statements are true regarding the IRS early withdrawal penalty for nonqualified annuities, EXCEPT: - The IRS early withdrawal penalty is 10%.
A temporary insurance agent license can be issued for what maximum period of time? - 180 days
I am a student like you, I create notes to help my fellow students excel amidst tight deadlines and never ending responsibilities. Hope the study materials that you will find here will help reduce your college workload.
ati comprehensive comprehensive predictor computer science fundamentals health care health care / nursing health care/ nursing healthcare hesi hesi rn exit maternal newborn med surg medical nursing medical surgical mental health nurs nursing nursing & health nutrition pathophysiology pediatrics pharmacology test bank tncc
Knoowy is voor ons een extra verkoopkanaal en biedt de mogelijkheid samenvattingen online te verkopen.
Knoowy is een zeer goed platform voor samenvattingen en ik zou het aanraden.
De documenten zijn duidelijk en goed samengevat. Het is fijner leren dan vanuit het boek.
Online kun je studenten helpen met notities en samenvattingen terwijl je niet meer echt naar je samenvatting hoeft om te kijken. Het past goed bij je studie en je kunt tegelijk wat bijverdienen!
Het uploaden en verkopen van mijn documenten verloopt altijd super vlot, alles word eigenlijk al door Knoowy geregeld! Leuk dat medestudenten ook iets aan mijn documenten hebben!
Knoowy is zeker aan te raden. Goedkoop en je krijgt meteen je document!
Prima service, snelle afhandeling. Ik ga hiervan gebruik maken gedurende mijn hele studie.
Handig te gebruiken bij het leren en er is veel aanbod op de website.