Cash nonforfeiture option - Study guides, Class notes & Summaries

What kind of retirement plan can a 75-employee for profit corporation establish? - ANSWER-Simple IRA The taxable portion of a monthly income benefit paid during the annuity phase from a nonqualified annuity is calculated using the - ANSWER-Exclusion ratio Unfair claims settlement methods and practices by an insurance company include all of the following acts EXCEPT - ANSWER-failure to pay all claims that are reported within 90 days after a loss occurs The settlement option that allows p...

primerica exam review Questions and Answers 2023 If an insurer meets the state's financial requirements and is approved to transact business in the state, it is considered to be Authorized A participating insurance policy may do which of the following? Pay dividends to the policy owner An insured owns a life insurance policy. To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. There is a limit for a withdrawal and the insurer charge...

At what point must a life insurance applicant be informed of their rights that fall under the Fair Credit Reporting Act? - ANSWER Upon completion of the application Who elects the governing body of a mutual insurance company? - ANSWER policyholders An insurance applicant MUST be informed of an investigation regarding his/her reputation and character according to the - ANSWER Fair Credit Reporting Act What type of reinsurance contract involves two companies automatically sharing their ri...

NJ ACCIDENT AND HEALTH PRODUCER EXAM 2024/2025 Life income joint and survivor settlement option guarantees... - Precise Answer Income for 2 or more recipents A participating insurance policy may do which of the following:... - Precise Answer Pay dividends to the policy owner What is TRUE about the cash surrender nonforfeiture option? - Precise Answer Funds exceeding the premiums paid are taxable as ordinary income Participating Insurance policy will... - Precise Answer pay dividend...

XCEL TESTING SOLUTIONS- LIFE AND HEALTH INSURANCE- WEIGHTED EXAM WITH 400 QUESTIONS AND CORRECT ANSWERS WITH RATIONALES (100% CORRECT DETAILED ANSWERS) A whole life policy option where extended term insurance is selected is called a(n) - ANSWER-nonforfeiture option A nonforfeiture provision in a whole life policy that uses cash value to purchase term insurance equal to the existing amount of life insurance is called the extended term option. What happens if the insurer discovers th...

Exam FX Insurance- Wisconsin Life questions (Answered). 100% Accurate, Graded A An insurer decides to renew a policy but at a higher premium rate, starting on the renewal date. How many days in advance must the insured be notified? a) 30 b) 60 c) 90 d) 100 - -b How is the Commissioner of Insurance placed in office? a)By NAIC nomination b)Through a bid process c)An election at the same time that other state officials are selected d)An appointment by the Governor - -d An ins...

Life income joint and survivor settlement option guarantees... Income for 2 or more recipents A participating insurance policy may do which of the following:... Pay dividends to the policy owner What is TRUE about the cash surrender nonforfeiture option? Funds exceeding the premiums paid are taxable as ordinary income Participating Insurance policy will...

Xcel Life Policies Exam Which type of multiple protection policy pays on the death of the last person? A. Joint Life Policy B. Dual Life Policy C. Multiple Life Policy D. Survivorship Life Policy - D. Survivorship Life Policy A policy owner may change two policy features on what type of life insurance? A. Adjustable Life B. Modified Whole Life C. Decreasing Term Life D. Whole Life - A. Adjustable Life Adjustable Life allows the policyowner to change two policy features: prem...

NEBRASKA INSURANCE EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS Who is protected with the "other insurance with this insurer" provision? - Precise Answer Insurance company A nonparticipating whole life insurance policy was surrendered for its $20,000 cash value. The total premiums paid had totaled $16,000. What were the federal income tax consequences to the policyowner on receipt of the cash value? - Precise Answer $16,000 was received tax-free and $4,000 as ordinary income After th...

defamation - Answer-Making a statement that is false or maliciously critical of the financial condition of an insurer is known as Business overhead expense policy - Answer-Which type of business insurance is meant to cover the costs of continuing to do business while the owner is disabled? the protection ends - Answer-Dorian exercised a nonforfeiture option by using his life policy's cash value to purchase an extended term insurance option. When the term insurance expires, must have an...