Life Insurance Exam Missouri questions and (VERIFIED) answers rated A

Requirements for the life insurance illustrations - They may only be used as approved, they must identify non guaranteed values, they must differentiate between guaranteed and projected amounts Which life insurance settlement option guarantees payments for the lifetime of the recipient, but also specifies a guaranteed period, during which , if the original recipient dies, the payments will continue to a designated beneficiary - life income with period certain What term means a result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors - life expectancy Under which of the following circumstances would an insurer pay accelerated benefits - an insured is diagnosed with cancer and needs help paying for her medical treatment What are 3 qualities of the federal tax advantage of a qualified plan - funds accumulate on a taxdeferred basis, employee and employer contributions are not counted as income to the employee for income tax purposes, employer contributions are tax deductible business expense what option is being utilized when the insurer accumulates dividends at interest and the uses the accumulated dividends, plus interest, and the policy cash value top pay the policy up early? - paid-up option which of the following is an example of a limited pay life policy - life paid up at age 65 traditional IRA contributions are tax deductible based on which of the following? - owners income a man purchased $90,000 annuity with a single premium, and began receiving payments 2 months after that. What type of annuity is it? - immediate group life insurance policies delivered in this state must contain all of the following provisions EXCEPTA: Statements of the applicant are considered warranties B: A grace period of 31 days C: Contestability period of 2 years D: a copy of the application is considered part of the policy - statements of the applicant are considered warranties List three examples of rebating1 - an agent offers the use of his lake house to client as an inducement to buy an insurance policy from him, an agent offers to share his commission with a policyholder, an agent offers tickets to a baseball game as an inducement to buy insurance