Modified cobra - Study guides, Class notes & Summaries

P wants to name her husband as the beneficiary of her life policy. However, she wishes to retain all of the rights of ownership. P should have her husband named as the: a: irrevocable beneficiary b: revocable beneficiary c: secondary beneficiary - ANSWER-B A contract that has as its basic function the systematic liquidation of accumulated assets through periodic payments is called an: A. indemnity contract B. investment contract C. endowment D. annuity - ANSWER-D An insurance produc...

Which of the following is NOT a characteristic of a Variable Annuity? A. Premium Payments may be level or flexible or single premium B. The cash values are invested in securities. C. The non-forfeiture values will provide for the return of the cash value should the annuitant die during the accumulation period. D. It provides for a tax-free death benefit. - correct answer D. It provides for a tax-free death benefit. All of the following policies provide for the tax deferred accumulation ...

Pearson Vue Life Insurance Practice Exam Guaranteed Success 1. P wants to name her husband as the beneficiary of her life policy. However, she wishes to retain all of the rights of ownership. P should have her husband named as the: - A. Irrevocable beneficiary - B. Revocable beneficiary ️ - C. Secondary beneficiary 2. A contract that has as its basic function the systematic liquidation of accumulated assets through periodic payments is called an: - A. Indemnity contract - B. Investment...

Indiana Life Insurance Exam With Correct Questions & Answers Latest UPDATED 2024 Which of the following statements is true about the Group Life conversion privilege? a. Death during the conversion period is covered even if the departing employee chooses NOT to convert to an individual policy. b. The departing employee must pay the premium if they elect to be covered during the conversion period. c. If a departing employee elects to convert their life insurance, the company must offer T...

Pearson Vue Life + Health Insurance Practice Exam Questions And Correct Answers P wants to name her husband as the beneficiary of her life policy. However, she wishes to retain all of the rights of ownership. P should have her husband named as the: a: irrevocable beneficiary b: revocable beneficiary c: secondary beneficiary B A contract that has as its basic function the systematic liquidation of accumulated assets through periodic payments is called an: A. indemnity contract B. inve...

A Modified Endowment Contract (MEC) is best described as - ANSWER-A life insurance contract which accumulates cash values higher than the IRS will allow According to life insurance contract law, insurable interest exists - ANSWER-At the Time of the application Under Workers' Compensation, injured employees are covered for all of the following issues EXCEPT - ANSWER-Pain and suffering What happens when an insurance policy is backdated? - ANSWER-The policy's effective date is earlier th...

A Modified Endowment Contract (MEC) is best described as Correct Answer: A life insurance contract which accumulates cash values higher than the IRS will allow According to life insurance contract law, insurable interest exists Correct Answer: At the Time of the application Under Workers' Compensation, injured employees are covered for all of the following issues EXCEPT Correct Answer: Pain and suffering What happens when an insurance policy is backdated? Correct Answer: The policy's ef...

LIFE, ACCIDENT, & HEALTH STATE EXAM SIMULATOR | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ A Modified Endowment Contract (MEC) is best described as Correct Answer: A life insurance contract which accumulates cash values higher than the IRS will allow According to life insurance contract law, insurable interest exists Correct Answer: At the Time of the application Under Workers' Compensation, injured employees are covered for all of the following issues EXCEPT Correct...

When are group disability benefits considered to be tax-free to the insured? - Answer-When the recipient pays the premiums An insurable interest in each other's lives may exist in absence of an economic interest when the individuals are - Answer-Marriage partners What is the elimination period of an individual disability policy? - Answer-Time period a disabled person must wait before benefits are paid What happens to interest earned if the annuitant dies before the payout start date? - An...

Life and Health Insurance- Florida 2-15 Questions and Answers Which of these arrangements allows one to bypass insurable interest laws? - Ans: - Investor-Originated Life Insurance What kind of Accidental Death and Dismemberment (AD&D) insurance beneficiary requires his/her consent when a change of beneficiary is made? - Ans: - Irrevocable beneficiary The Florida Employee Health Care Access Act was established to make - Ans: - group health insurance available to employer with up to 5...