Non forfeiture options - Study guides, Class notes & Summaries

PSI Life Accident and Health Final Practice Exam Questions and Answers Dividends that are received by a life insurance policy holder can be taxed in what situation(s): I - When the dividend amount received exceeds the amount that the policy holder paid in premiums - CORRECT ANSWER-The amount received that is over and above the amount paid into the policy via premiums is considered to be gain and is therefore taxable. There are no dividends paid on term life insurance policies. Unde...

Florida Statutes, Rules, and Regulations, Pertinent to Life Insurance Products Rated A+ Marketing Practices Insurance agents are required to be familiar with ALL Florida insurance regulations. The MOST important of these are: 1. Florida Life Insurance Solicitation Law - details information and procedures required of agents and insurers when proposing life insurance to a prospective buyer. 2. The Florida Replacement Rule - establishes requirements and procedures that the agents and insurers MUS...

PSI: LIFE, ACCIDENT, AND HEALTH PRACTICE EXAM QUESTIONS AND ANSWERS GRADED A+ Under the misstatement of age or gender provision, what happens if it is determined at death that the insured's age or gender was misstated on a life insurance policy application? Benefits are adjusted to an amount that the premium would have purchased at the correct age or gender. Which of the following must be given to the insurer within 20 days after occurrence or commencement of any loss covered by th...

Ohio Life insurance Exam Questions & Answers 2023-24 A life insurance company has transferred some of its risk to another insure. The insurer assuming the risk is called - ANSWER- all of the following are examples of business continuation plan except - ANSWER-Deffered Compensation All of these are valid options for an Adjustable Life Policy EXCEPT The policy's premium can be increased or decreased The policy's death benefit can be increased or decreased A nonforfeiture option ...

A 20 year family income policy was purchased effective april 1 2001. The insured died 4 months later, on august 1, 2001. The beneficiary receives monthly income for - 19 years 8 months A deferred annuity is surrendered prior to annuitization. Which of the following best describes the non forfeiture value of the annuity? - the surrender value should be equal to 100% of the premium paid minus any prior withdrawals and surrender charges A man decided to purchase $100,000 annually renewable ter...

1 OHIO LIFE INSURANCE EXAM REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE/ A life insurance company has transferred some of its risk to another insure. The insurer assuming the risk is called - - all of the following are examples of business continuation plan except - -Deffered Compensation All of these are valid options for an Adjustable Life Policy EXCEPT The policy's premium can be increased or decreased The policy's death benefit can be increased or decreased A nonforfeiture option ...

A life insurance company has transferred some of its risk to another insurer. The insurer assuming the risk is called - CORRECT ANSWERall of the following are examples of business continuity plan except - CORRECT ANSWER-Deferred Compensation All of these are valid options for an Adjustable Life Policy EXCEPT The policy's premium can be increased or decreased The policy's death benefit can be increased or decreased A nonforfeiture option can be used to increase the death benefit The poli...

Under the misstatement of age or gender provision, what happens if it is determined at death that the insured's age or gender was misstated on a life insurance policy application? - CORRECT ANSWER Benefits are adjusted to an amount that the premium would have purchased at the correct age or gender. Which of the following must be given to the insurer within 20 days after occurrence or commencement of any loss covered by the policy, or as thereafter as is reasonably possible? - CORRECT...

Insured - DEFINITION- The person covered by the insurance policy. Rider - DEFINITION- A written modification attached to a policy that increases or decreases coverage and/or premiums. What is a unilateral contract? - DEFINITION- A contract in which only one of the parties is legally bound to fulfill its obligations. What law protects consumers from the circulation of inaccurate or obsolete information? - DEFINITION- The Fair Credit Reporting Act. What are the three types of agent authorit...

A life insurance company has transferred some of its risk to another insure. The insurer assuming the risk is called - Answer all of the following are examples of business continuation plan except - Answer Deffered Compensation All of these are valid options for an Adjustable Life Policy EXCEPT The policy's premium can be increased or decreased The policy's death benefit can be increased or decreased A nonforfeiture option can be used to increase the death benefit The poli...