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Utah Insurance Test Questions With All Correct Answers!!
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whole life insurance - Answer-Contracts which provide payments based on investment return of a segregated asset account are called: Reinstatement provision - Answer-provides that when a policy lapses due to nonpayment of premium, but the insured subsequently pays the renewal premium (which the i...

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  • March 19, 2024
  • 15
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • utah insurance

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  • Utah Insurance
  • Utah Insurance

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Utah Insurance Test whole life insurance - Answer -Contracts which provide payments based on investment return of a segregated asset account are called: Reinstatement provision - Answer -provides that when a policy lapses due to nonpayment of premium, but the insured subsequently pays the renewal premium (which the insurer accepts without requiring an application for a new policy), the policy will be reinstated with the same provisions and rights as before (with the exception of coverage for sickness -related losses within the first ten days after Section 529 Plans - Answer -In establishing this plan, the owner must designate a beneficiary. This selection can be changed. The owner controls the money at all times and decides when withdrawals are taken and for what purpose. If there is money left over or if the beneficiary does not attend college, the owner can change the beneficiary without penalty to an eligible member of the current beneficiary's family, which includes first cousins. limited policy - Answer -ecample: Prescription drug policies may be sold as supplements to individual policies or as stand -alone buy-sell plans - Answer -offers several advantages to the partners while they are all living. The partners know they will have a legal right to buy a deceased partner's share of the business, and the family and heirs of the partners know that the partnership interest will be disposed of at a fair price. Further, the money needed to purchase the deceased partner's interest will be available when needed. unilateral contract. - Answer -since only one party -the insurer -makes any kind of enforceable promise. The insurer promises to pay benefits if and when certain events, such as death or disability, occur. The insured's act of paying the premium is given in exchange for this promise. However, the insured is not obligated to make these payments and can let the policy lapse. 18 months - Answer -When an employee's coverage terminates under a group health policy, the employee must be offered continuation coverage for: Graded premium whole life - Answer -policy in which the premium at the inception of the policy is lower than the continuous premium whole life rate and then increases each year for the first five years of the policy period. After five years, the premium levels off. state guaranty associations - Answer -All states have established one, funds or associations. If an insurer becomes financially unable to pay its claims, this will cover the consumers' unpaid claims. Insurance companies fund this associations through assessments. managed care plans - Answer -HMOs, PPOs, and POS plans, offer comprehensive medical services to their members. They also apply financial incentives that encourage providers to keep both the quantity and cost of services in check and motivate members to select cost -effective providers. lump -sum cash payment settlement option - Answer -Most life insurance polices are distributed under this. The life insurance proceeds received under this settlement option are generally received income tax free and can be distributed between 2 or more beneficiaries in any proportion selected by the policyowner. The proceeds paid under this it would include the base policy death benefit, paid -up insurance additions, any accumulated dividends, and any applicable riders such as term insurance, accidental death, etc. When determining the amount of tax deduction that can be taken for unreimbursed medical expenses - Answer -premiums paid for group AD&D coverage are not considered qualifying medical expenses. The deduction is limited to the amount exceeding 10% of adjusted gross income, variable life or annuity - Answer -Unlike conventional life insurance, which is classified as a fixed product with a specific (guaranteed) benefit, this products provide insurance and benefits that vary according to the investment experience of their underlying accounts. These underlying accounts, which are separate accounts the insurer establishes and maintains, typically are made up of equities such as stocks, the values of which rise and fall and cannot be guaranteed. A purchaser of this incurs a degree of risk not associated with a fixed whole life policy. needs approach - Answer -is not limited to fulfilling objectives in the event of death only, such as final expenses and immediate debts that need to be paid. It also considers a family's (or business's) living needs, such as maintenance income for the family, providing for a child's education, and planning for the surviving spouse's retirement income. Replacement of the breadwinner's projected increasing annual salary is a factor that is taken into account when using the human life value approach to determine how much life insurance is needed. flexible spending accounts - Answer -benefit provided by an employer that allows an employee to deposit a certain amount of his or her paycheck into an account before paying income taxes. During the year, the employee is then directly reimbursed from this account for eligible health care and dependent care expenses. Only qualified medical expenses are reimbursable, not all medical expenses. Eligible expenses include certain medical expenses, health care plan deductibles, and co -
payments.

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