Which of these is taxabl - Study guides, Class notes & Summaries

MICHIGAN LIFE INSURANCE STATE EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ Last document update:   ago

Michigan Life Insurance State Exam Under a traditional IRA, interest is taxed: Only if withdrawn prior to age 59 1/2 According to the capital gains rate Upon distribution During the accumulation phase Correct Answer: Upon distribution Which of these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 Earnings are not taxable when withdrawn Earnings are taxable when withdrawn Contribution are never tax deductible 2 Contributions are always made by the employer Correct Answer: Earn...

Michigan Life and Health Final Actual Exam questions and Correct Answers 2024 Last document update:   ago

Michigan Life and Health Final Actual Exam questions and Correct Answers 2024 What amount will be paid under a policy where the insured misstated his/her age? - Answer -an amount the premium would have purchased at the correct age the acceptance of a credit life application requires the submission of a certificate of insurance to the insured within_____ days - Answer -30 days which of these is considered to be a Living benefit option in a life insurance policy - Answer -Accelerated death ...

Life Insurance Policies - Provisions, Options and Riders - 2 Last document update:   ago

Which of these is NOT a characteristic of the Accelerated Death Benefit option? The face amount and policy premium are not affected by the payment Before payment of the benefit is made, specific conditions must exist, such as suffering from a terminal illness There may be a dollar limit on the maximum benefit The benefit can be offered as a rider at a specific extra cost or may be at no cost - Answer- The benefit can be offered as a rider at a specific extra cost or may be at no cost...