Exam (elaborations)
Ohio Life Insurance Final Exam 100% VERIFIED..
- Course
- Institution
Ohio Life Insurance Final Exam 100% VERIFIED..
[Show more]
Seller
Follow
EXAMQA
Reviews received
Content preview
Ohio Life Insurance Final Exam 100%VERIFIED.
Which of the following is usually the owner of the annuity? - CORRECT
ANSWER-The annuitant
Which of the following is not true of the straight life income option for annuities? -
CORRECT ANSWER-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: - CORRECT
ANSWER-That he/she has an insurable interest
Tax-sheltered annuities (TSA) provide retirement income for employees who
work for: - CORRECT ANSWER-A nonprofit organization
Which of the following statements regarding policy loans from personal life
insurance policies is not true? - CORRECT ANSWER-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: - CORRECT ANSWER-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: - CORRECT ANSWER-Marital status
Which of the following is true about policy loans? - CORRECT ANSWER-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? - CORRECT ANSWER-Insurable interest
, Which of the following is true regarding taxes on nonqualified annuities? -
CORRECT ANSWER-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? - CORRECT ANSWER-The accumulation period
All of the statements are true about universal life policies, EXCEPT: - CORRECT
ANSWER-Universal life policies are only subject to the interest rates stated in the
contract.
Universal life policies allow the policyowner to: - CORRECT ANSWER-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: - CORRECT ANSWER-Gain on policy surrender value
Which of the following pertains to Modified Endowment Contracts (MECs)? -
CORRECT ANSWER-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? - CORRECT ANSWER-Total,
complete, unconditional assignment
Which of the following statements is not true about a retirement income annuity?
- CORRECT ANSWER-It is an ordinary immediate annuity.
All of the following statements are true about an annuity certain, EXCEPT: -
CORRECT ANSWER-If the annuitant dies, the payments cease.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller EXAMQA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now