Study guides, Class notes & Summaries

CRPC UPGRADED EXAM QUESTIONS AND ANSWERS In order to be considered a "qualified" policy, a long-term care policy must A)include a determination of medical necessity by a physician. B)be conditionally renewable C)include a return of premium. D)provide for nonforfeiture options. - CORRECT ANSWER -D)provide for nonforfeiture options. To be classified as a qualified policy, cognitive impairment must be covered, it must provide for nonforfeiture options, and it must be guaranteed...

CRPC UPGRADED EXAM QUESTIONS AND ANSWERS In order to be considered a "qualified" policy, a long-term care policy must A)include a determination of medical necessity by a physician. B)be conditionally renewable C)include a return of premium. D)provide for nonforfeiture options. - CORRECT ANSWER -D)provide for nonforfeiture options. To be classified as a qualified policy, cognitive impairment must be covered, it must provide for nonforfeiture options, and it must be guaranteed...

CRPC DAMAGE CONTROL EXAM QUESTIONS AND ANSWERS This year, your 63-year-old client had $17,025 of earned income and $30,000 of investment income. He was also drawing Social Security benefits. Which one of the following correctly describes the impact on his Social Security benefits? He loses $1 of benefits for every $1 above the "allowable limit." He loses $1 of benefits for every $2 above the "allowable limit." He loses $1 of benefits for every $3 above the "allowable li...

CRPC DAMAGE CONTROL EXAM QUESTIONS AND ANSWERS This year, your 63-year-old client had $17,025 of earned income and $30,000 of investment income. He was also drawing Social Security benefits. Which one of the following correctly describes the impact on his Social Security benefits? He loses $1 of benefits for every $1 above the "allowable limit." He loses $1 of benefits for every $2 above the "allowable limit." He loses $1 of benefits for every $3 above the "allowable li...

CRPC DAMAGE CONTROL EXAM QUESTIONS AND ANSWERS This year, your 63-year-old client had $17,025 of earned income and $30,000 of investment income. He was also drawing Social Security benefits. Which one of the following correctly describes the impact on his Social Security benefits? He loses $1 of benefits for every $1 above the "allowable limit." He loses $1 of benefits for every $2 above the "allowable limit." He loses $1 of benefits for every $3 above the "allowable li...

CRPC DAMAGE CONTROL EXAM QUESTIONS AND ANSWERS This year, your 63-year-old client had $17,025 of earned income and $30,000 of investment income. He was also drawing Social Security benefits. Which one of the following correctly describes the impact on his Social Security benefits? He loses $1 of benefits for every $1 above the "allowable limit." He loses $1 of benefits for every $2 above the "allowable limit." He loses $1 of benefits for every $3 above the "allowable li...

CRPC EXAM EVALUATED QUESTIONS AND ANSWERS Richard wants to have an annual retirement income of $100,000 (payable at the beginning of each year) protected against 3% inflation. Assuming a 7% after-tax rate of return and a retirement period of 30 years, how much money (rounded) does Richard need in order to meet his goal? - CORRECT ANSWER -B) $1,822,043 To determine how much money Richard needs, calculate the inflation-adjusted rate of return: (1.07 1.03) - 1 100 = 3.8835. Next, clear yo...

CRPC EXAM EVALUATED QUESTIONS AND ANSWERS Richard wants to have an annual retirement income of $100,000 (payable at the beginning of each year) protected against 3% inflation. Assuming a 7% after-tax rate of return and a retirement period of 30 years, how much money (rounded) does Richard need in order to meet his goal? - CORRECT ANSWER -B) $1,822,043 To determine how much money Richard needs, calculate the inflation-adjusted rate of return: (1.07 1.03) - 1 100 = 3.8835. Next, clear yo...

CRPC EXAM EVALUATED QUESTIONS AND ANSWERS Richard wants to have an annual retirement income of $100,000 (payable at the beginning of each year) protected against 3% inflation. Assuming a 7% after-tax rate of return and a retirement period of 30 years, how much money (rounded) does Richard need in order to meet his goal? - CORRECT ANSWER -B) $1,822,043 To determine how much money Richard needs, calculate the inflation-adjusted rate of return: (1.07 1.03) - 1 100 = 3.8835. Next, clear yo...

CRPC EXAM EVALUATED QUESTIONS AND ANSWERS Richard wants to have an annual retirement income of $100,000 (payable at the beginning of each year) protected against 3% inflation. Assuming a 7% after-tax rate of return and a retirement period of 30 years, how much money (rounded) does Richard need in order to meet his goal? - CORRECT ANSWER -B) $1,822,043 To determine how much money Richard needs, calculate the inflation-adjusted rate of return: (1.07 1.03) - 1 100 = 3.8835. Next, clear yo...