401 k plan - Study guides, Class notes & Summaries

Apparent Authority - correct answer -producer is exposed to telephone prospects on the insurer's behalf to arrange sales appointments Bud, age 68, whose income consists of his pension and Social Security benefits - correct answer -All of the following are eligible to make contributions (tax-deductible or otherwise) to a traditional IRA EXCEPT: Pete, age 19, who works part time delivering pizzas while attending school Derek, age 32, who is covered by his employer's 401(k) plan Lyndie, age...

What kind of retirement plan can a 75-employee for profit corporation establish? - ANSWER-Simple IRA The taxable portion of a monthly income benefit paid during the annuity phase from a nonqualified annuity is calculated using the - ANSWER-Exclusion ratio Unfair claims settlement methods and practices by an insurance company include all of the following acts EXCEPT - ANSWER-failure to pay all claims that are reported within 90 days after a loss occurs The settlement option that allows p...

Apparent Authority - correct answer -producer is exposed to telephone prospects on the insurer's behalf to arrange sales appointments Bud, age 68, whose income consists of his pension and Social Security benefits - correct answer -All of the following are eligible to make contributions (tax-deductible or otherwise) to a traditional IRA EXCEPT: Pete, age 19, who works part time delivering pizzas while attending school Derek, age 32, who is covered by his employer's 401(k) plan Lyndie, age...

401 k plan A qualified retirement plan in which the employee can set aside a portion of their income with pre-tax dollars. Absolute Assignment v. Collateral Assignment Absolute: A permanent and irrevocable transfer of rights and/or benefits by the policyowner. Collateral: A temporary and/or revocable transfer of benefits by the policyowner. Accelerated Death Benefit Policy provision that allows full or partial payment of the policy's death benefit before the insured's death if he/she...

LIFE ACCIDENT INSURANCE EXAM 2024/LATEST UPDATE WITH CORRECT DETAILED & COMPLETE SOLUTION/100% VERIFIED 401(k) Plan - answerCODA plan in which plan participants make contributions via salary reductions, cash bonuses or thrift plans. 403(b) Tax-sheltered Annuity - answer401(k) plan for employees of nonprofit organizations and public schools. 408(k) Plan - answerQualified plans for small employers. A mix of an IRA and profit-sharing plan. More commonly referred to as a SEP. Absol...

Which type of insurance protects an agent and even pays claims if a lawsuit is brought against the agent as a result of failing to provide a service to a client? - Errors and Omissions Insurance Which of the following terms is known as the voluntary relinquishment of a given right or privilege? - Waiver This Supreme Court case placed the regulation of insurance within the authority of the federal government by defining insurance as a form of interstate commerce? - United States v. Southeastern...

Whole Life Policies - Answer also called permanent insurance, builds cash value, policy endows at age 100 401(k) - Answer a Cash or Deferred Arrangement (CODA) plan that is a modified profit-sharing or pension plan. 403(b) - Answer a Cash or Deferred Arrangement (CODA) plan that is a modified profit-sharing or pension plan. Limit of Liability - Answer The total amount the insurer will pay for an insured risk. -Flexible premiums, -Guaranteed minimum death benefit -Guarantee...

What information must be disclosed by a broker dealer in a research report? - Any investment banking compensation paid in past 12 months, anticipated price target, if analyst is a director of the company, any ownership in the company held by the analyst or analyst family members. Subordinated Debenture Bonds - Unsecured bonds, secured by the full faith and credit and no specific collateral of the corporation. Section 457 Plan - Retirement plan used by public sector workers. Similar to 4...

An insurer neglects to pay a legitimate claim that is covered under the terms of the policy. Which of the following insurance principles has the insurer violated? - Ans: Consideration Which of the following statements regarding HIV testing for insurance purposes is NOT true? - Ans: Insurers are barred from requesting HIV testing. All of the following are dividend options EXCEPT - Ans: Fixed period installments Which of the following documents delivered to the policyowner includes inform...

Which type of insurance protects an agent and even pays claims if a lawsuit is brought against the agent as a result of failing to provide a service to a client? - Errors and Omissions Insurance Which of the following terms is known as the voluntary relinquishment of a given right or privilege? - Waiver This Supreme Court case placed the regulation of insurance within the authority of the federal government by defining insurance as a form of interstate commerce? - United States v. Southeastern...