Spendthrift clause - Study guides, Class notes & Summaries

Which of the following is NOT a dividend option for a life insurance policy? -Elect to take the dividends in cash -Allow the dividends to accumulate with interest -Use the dividends to pay all or part of the next premium due -Receiving the entire policy cash value - ANSWERReceiving the entire cash value A life insurance policy provision that has the ability to reduce the death benefit is called the -accelerated (living) benefit -insuring clause -payor benefit -spendthrift clause -...

Florida 2-15 Insurance Exam Prep Quiz with correct Answers. In a 3 partner cross-purchase plan, how many policies need to be purchased in order to protect each partner against the loss of any other partner? ️ 6 According to the NAIC Life Insurance Solicitation Model, when soliciting life insurance, a producer is required to provide a prospect with a ______ and a _______ specific to the product being marketed. ️ general buyer's guide; policy summary The Incontestable Clause states t...

PSI Practice Exam NJ Questions and Answers Graded A+ all of the following are ownership rights EXCEPT: A: changing the beneficiary of the policy B: borrowing funds against cash value C: switching the policy from on insured to another D: assigning all of the rights of the policy to another person C: switching the policy from on insured to another which of the following is characteristic of a non qualified plan: A: defined vesting schedule B: plan established by the employer C: pl...

Under a traditional IRA, interest is taxed: Only if withdrawn prior to age 59 1/2 According to the capital gains rate Upon distribution During the accumulation phase - ANSWER-Upon distribution Which of these statements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 Earnings are not taxable when withdrawn Earnings are taxable when withdrawn Contribution are never tax deductible Contributions are always made by the employer - ANSWER-Earnings are taxable when withdrawn Wh...

SC Life Insurance ExamThe balance of the loan will be taken out of the death benefit - correct answer If a policy has a automatic loan provision, what happens if the insured dies before the loan is paid back? Inspection Report - correct answer An insurer receives a report regarding potential insured that includes financial status, hobbies, and habits. What type of report is that? Spendthrift Clause - correct answer The clause that protects the proceeds of a life insurance policy from credi...

The balance of the loan will be taken out of the death benefit - correct answer If a policy has a automatic loan provision, what happens if the insured dies before the loan is paid back? Inspection Report - correct answer An insurer receives a report regarding potential insured that includes financial status, hobbies, and habits. What type of report is that? Spendthrift Clause - correct answer The clause that protects the proceeds of a life insurance policy from creditors after the death o...

The balance of the loan will be taken out of the death benefit - correct answer If a policy has a automatic loan provision, what happens if the insured dies before the loan is paid back? Inspection Report - correct answer An insurer receives a report regarding potential insured that includes financial status, hobbies, and habits. What type of report is that? Spendthrift Clause - correct answer The clause that protects the proceeds of a life insurance policy from creditors after the death o...

Inspection Report - ANSWER-An insurer receives a report regarding potential insured that includes financial status, hobbies, and habits. What type of report is that? Spendthrift Clause - ANSWER-The clause that protects the proceeds of a life insurance policy from creditors after the death of the insured is known as Term - ANSWER-Children's riders attached to whole life policies are usually issued as what type of insurance? Decreasing Term - ANSWER-An individual has just borrowed $10,00...

NC Life Insurance Exam Practice Questions and Answers 100% Pass Fraternal Benefit Society - Correct Answer ️️ -An organization of people who share a month ethnic, religious or vocational affiliation. They are entities they have no capital stock, have a representative form of government. They exist not for profit but solely for the benefit of their members and their beneficiaries and operate on a lodge system. Fraternal Benefit Societies - Correct Answer ️️ -Agents of these societie...

Pennsylvania Life Insurance – Provisions Questions and Answers Already Passed Which of these is NOT a typical life insurance nonforfeiture option? Reduced paid-up option Extended term option Cash surrender option Life income settlement option Life Income Settlement Option A life insurance policy's waiver of premium rider has the ability to waive the premium payments in the event the insured becomes financially insolvent waive the premium payments in the event the insured becom...