Life insurance exam questions WI Questions and Correct Answers | Latest Update
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Course
Life Insurance
Institution
Life Insurance
What is the purpose of the Wisconsin State Life Insurance Fund?
a) to offer low-cost life insurance to state residents
b) To protect insured against insolvent insurers
c) To advertise different types of life insurance policies available in the state
d) To provide life insurance through licensed...
60-year-old participant in a 401(k) plan takes a distribution and rolls it over to an IRA within
60 days. Which of the following is true?
a) The amount of the distribution is reduced by the amount of a 20% withholding tax
b) No taxes are due since the plan participant is over age 59 1/2
c) There is a 10% early withdrawal penalty
d) The amount distributed is subject to ordinary income tax
✓ -:- a
All of the following are true regarding the guaranteed insurability rider EXCEPT
a) this rider is available to all insureds with no additional premium
b) The insured may purchase additional coverage at the attained age
c) The insured may purchase additional insurance up to the amount specified in the base
policy
d) It allows the insured to purchase additional amounts of insurance without providing
insurability only at specified dates or events
✓ -:- a
4 | P a g e | G r a d e A + | 2 0 0 2 5
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