Annuity payout - Study guides, Class notes & Summaries

XCEL Life and Health Insurance Test ReviewPeriod Certain - correct answer Which annuity payout option allows the policy owner to choose a pre-determined number of benefit payments? Life only annuity - correct answer Which annuity payout option has no additional payouts regardless of when the annuitant dies Errors and Omissions - correct answer a professional liability for which producers can be sued for mistakes of putting a policy into effect irrevocable beneficiary - correct answer re...

OHIO LIFE ONLY EXAM 2024 WITH 100% CORRECT ANSWERS Which annuity payout option allows the policyowner to choose a pre-determined number of benefit payments? - correct answer Period certain What happens when an insurance policy is backdated? - correct answer The policy's probation period is earlier than the present What is an insurer required to do when faced with an error made under the Misstatement of Age provision? - correct answer Pay age-corrected benefits An insurer will acc...

Which of the following is a purpose of the annuity? A. The replacement of earnings upon the disability of an individual B. The distribution of a lifetime income C. The discounting of a principal sum back to its present value D. The creation of a fund at the earth of an individual Ans: B Why: the purpose of an annuity is the distribution of a lifetime income Annuity purchasers transfer to an insurance company their risk of A. Outliving their financial resources B. Becoming uninsurable C...

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...

AZ Life Insurance Exam Prep Study Guide with 100% Complete Solutions -Secondary - Correct Answer ️️ -A Contingent Beneficiary has the __________ right to collect an Insured's death benefit. -A uniform set of insurance regulations - Correct Answer ️️ -What does the Producer Licensing Model Act (PLMA) provide? -A uniform set of insurance regulations -Disability income -A double payout -Private Life Maturity Assets -They are known for their very flexible payment terms - Correct A...

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...

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...

NJ Life Insurance Study Set Questions with Correct Answers What waiver waives all future premiums in the event of total and permanent disability? - Answer-Waiver of premium Which rider guarantees that at specified ages, dates, or events, the insured may buy additional insurance without a med exam? - Answer-Guaranteed insurability Annuity Premium Determination Factors - Answer-1. Age 2. Sex 3. Assumed interest rate 4. Income amount & payment guarantee 5. Loading for company expenses ...

Errors and Omissions Insurance - 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? Waiver - Which of the following terms is known as the voluntary relinquishment of a given right or privilege? United States v. Southeastern Underwriters Association (1944) - This Supreme Court case placed the regulation of insurance within the authority of the federal government by defining insurance a...

Annuities CEWhich of the following is a purpose of the annuity? A. The replacement of earnings upon the disability of an individual B. The distribution of a lifetime income C. The discounting of a principal sum back to its present value D. The creation of a fund at the earth of an individual - correct answer B Why: the purpose of an annuity is the distribution of a lifetime income Annuity purchasers transfer to an insurance company their risk of A. Outliving their financial resour...