Keogh plan - Study guides, Class notes & Summaries

Under a traditional IRA, interest is taxed: Only if withdrawn prior to age 59 1/2 According to the capital gains rate Upon distribution During the accumulation phase - ANSWER-Upon distribution Which of these statements concerning Traditional IRAs is CORRECT? Earnings are not taxable when withdrawn Earnings are taxable when withdrawn Contribution are never tax deductible Contributions are always made by the employer - ANSWER-Earnings are taxable when withdrawn Wh...

What is an insurance contract that identifies individuals by relationship to a specific organization? - group insurance When an insured under a group life insurance plan in NM elects the conversation option, the new policy is issued - Without requiring evidence of insurability What is another name for a Keogh plan - HR 10 plan An insurance policy may be issued with a preferred insurance premium in all these situations EXEPT - Living in a rural area All of these statements concerning group...

Michigan Life Insurance State Exam Questions With Verified Answers Under a traditional IRA, interest is taxed: Only if withdrawn prior to age 59 1/2 According to the capital gains rate Upon distribution During the accumulation phase - answerUpon distribution Which of these statements concerning Traditional IRAs is CORRECT? Earnings are not taxable when withdrawn Earnings are taxable when withdrawn Contribution are never tax deductible Contributions are always made by the employer - an...

What is an insurance contract that identifies individuals by relationship to a specific organization? - group insurance When an insured under a group life insurance plan in NM elects the conversation option, the new policy is issued - Without requiring evidence of insurability What is another name for a Keogh plan - HR 10 plan An insurance policy may be issued with a preferred insurance premium in all these situations EXEPT - Living in a rural area All of these statements concerning group...

What is postmortem dividend? - A dividend earned, but not yet paid, in the year of the insured's death and paid with the death claim A life annuity with period certain pays the annuitant - Until death and then the beneficiary if the certain period has not been exceeded. A joint life policy can have many uses some of these could include? - 1. To cover two lives on the same policy 2. To pay estate taxes when the second spouse dies 3. To pay off a home mortgage should one of the working spo...

a group contract is between who? - the insurer and the employer what is a keogh plan? - a retirement plan for those who are self employed what is a illustration? - a presentation or depiction that includes non guaranteed elements of a policy of life insurance over a period of years in a life insurance policy illustration "non-guaranteed elements" means what? - the premiums, benefits, values, credits or charges under a policy of life insurance that are not guaranteed or not determined at ...

Michigan Life Insurance State Exam Questions And Answers Rated A+. Under a traditional IRA, interest is taxed: Only if withdrawn prior to age 59 1/2 According to the capital gains rate Upon distribution During the accumulation phase - correct answer. Upon distribution Which of these statements concerning Traditional IRAs is CORRECT? Earnings are not taxable when withdrawn Earnings are taxable when withdrawn Contribution are never tax deductible Contribu...

Taxable Answer - Unlike the dividend itself, the interest earned on dividends is Cancellable Answer - What type of policy allows the insurance company to cancel a policy at any time? Substandard risks are not insurable and are always rejected Answer - Regarding health insurance premiums, all of the following statements are true EXCEPT If paid by the individual, the premiums are tax deductible Answer - Which of the following is INCORRECT concerning taxation of disability income benefits?...

What is an insurance contract that identifies individuals by relationship to a specific organization? - group insurance When an insured under a group life insurance plan in NM elects the conversation option, the new policy is issued - Without requiring evidence of insurability What is another name for a Keogh plan - HR 10 plan An insurance policy may be issued with a preferred insurance premium in all these situations EXEPT - Living in a rural area All of these statements concerning group...

Life Insurance and Health Insurance Exam Questions with Correct Answers 2023 Section 529 Plans Correct Answer: - state provided - Can be funded by after tax dollars - Can pay prepaid tuition - All earnings exempt from federal taxes - If withdrawn for unqualified withdrawal, 10% penalty Roth IRA Correct Answer: private retirement plan that taxes income before it is saved, but which does not tax interest on that income when funds are used upon retirement Distributions don't have to st...