Accelerated death benefit Study guides, Class notes & Summaries

Life and Health Insurance - Ohio Licensing Exam 2024 with Verified Answers Absolute Assignment - CORRECT ANSWER-The assignment by the policy owner of all control and rights to a third party. This differs from collateral assignment, which allows all the rights and control to revert to the owner once a loan is paid off Accident - CORRECT ANSWER-A fortuitous event; unforeseen and unintended Accidental Death Insurance - CORRECT ANSWER-A form of health insurance that provides payment if ...

A beneficiary has just received a claim payment for a life insurance policy. Which of the following is TRUE regarding the federal income tax liability owed? A flat tax of 10% is owed on all proceeds Federal income tax is owed if proceeds exceed $250,000 No federal income tax is owed on life insurance proceeds Tax liability owed depends on the type of life insurance policy - Answer-No federal income tax is owed on life insurance proceeds A business will typically use which type of life ins...

ohio life insurance exam Questions and Answers (2024 / 2025) (Verified Answers) How soon can the benefit payments begin with a deferred annuity? - CORRECT ANSWER a minimum of 12 months after date of purchase which of these is considered to be a living benefit option in a life insurance policy - CORRECT ANSWER Accelerated death benefit An example of naming a beneficiary by class would be "To the children born of my union with Ned Jackson: David Jackson, Jennifer Jackson, and Scot...

401 k plan - ANSWER 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 - ANSWER 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 - ANSWER Policy provision that allows full or partial payment of the policy's de...

Virginia Life and Health Exam Review. Questions with accurate answers. 2022/2023. Document Content and Description Below Virginia Life and Health Exam Review. Questions with accurate answers. 2022/2023. What contract term means only one party to a contract's promises are legally enforceable? - Unilateral Mr. Jones, the insured, committed suicide after the expiration of the suicide clause in his life insurance policy. The insurer is obligated to: - Pay the death benefit. The benefit that encou...

Virginia Health Insurance Test Latest Update Graded A+ Absolute An assignment that occurs when the policy owner assigns all rights including cash values to another person or entity. Synonymous with voluntary assignment. Absolute Value A medical expense plan that pays a fixed maximum dollar amount for a procedure. Accelerated Benefit Rider Life insurance rider which allows the insured to receive a portion of the death benefit prior to death if the insured has a terminal illness. ...

concurrent review correct answers Which of the following is a Managed Care Provision used by insurers to monitor hospital stays AIDS correct answers All of the following are typical exclusions for coverage under an accelerated death benefit rider, except: The amount of the accelerated payment, the remaining death benefit and cash values correct answers In the event that an insured receives a periodic benefit as the result of exercising the Accelerated Death Benefit Rider, what information ...

FL Health and Life Insurance Exam Latest Update with Verified Solutions An insured is hospitalized with a back checking his disability income policy, he learns that he will not be eligible for benefits for at least 30 days. This indicates that his policy is written with a 30 day ______________. Elimination Period All of the following are examples of third-party ownership of a life insurance policy EXCEPT an insured borrows money from the bank and makes a collateral assignment of a part of the...

Primerica UCanPass Practice 2023 Questions and Answers with complete solution 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 ...

Final Exam - Michigan Life and Health Latest Update with Verified Solutions Making a statement that is false or maliciously critical of the financial condition of an insurer is known as defamation Which type of business insurance is meant to cover the costs of continuing to do business while the owner is disabled? Business overhead expense policy Dorian exercised a nonforfeiture option by using his life policy's cash value to purchase an extended term insurance option. When the ter...