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Zahn Review CFP - Insurance Planning Questions and Answers| Latest Update
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Zahn Review CFP - Insurance Planning Questions and Answers| Latest Update
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Zahn Review CFP - Insurance Planning Questions andAnswers| Latest Update
Life policy provisions Incontestable period
Suicide clause
Grace period
Conversion
APL provision - automatic premium loan (WL)
Reinstatement - with proof of insurability
Dividend Options 1. Cash
2. Reduced Premium
3. Accumulate with interest
4. Paid-up additions
5. One-year term (5th dividend option)
Whole Life (ordinary life) Adv:
- permanent protection
- level/fixed premium
- CV with protection
Dis:
- premiums paid for lifetime
- premiums higher than term at beginning
- not flexible
Universal Life Adv:
, - perm benefit
- value paid at current interest rates (min guaranteed)
Level death benefit option (option A)
Increasing death benefit option (Option B)
Variable Universal life - regulated by SEC and state insurance commissioner
- CV not guaranteed
- invested in separate accounts
Modified Endowment Contract (MEC) - fails the 7 pay test (after 1988)
Distributions LIFO
Before 59.5 - penalty of 10%
NAIC applies only to non-variable life insurance policies
Buy Sell Agreements 1. Stock Redemption (Entity Purchase)
2. Cross-Purchase (Stockholder Purchase)
Transfer for value (ordinary income) exemptions: 1. Sale/transfer to the insured
2. sale/transfer to partner or partnership where insured is a partner
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