Nonforfeiture law - Study guides, Class notes & Summaries

Life Insurance Practice Exam Questions with Verified Answers The ownership provision entities the policy owner to do all of the following EXCEPT a) Assign the policy. b) Designate a beneficiary. c) Set premium rates. d) Receive a policy loan. c) Set premium rates. The insurer sets premium rates based upon underwriting considerations. Which of the following protects consumers against the circulation of inaccurate or obsolete personal or financial information? a) The Guaranty...

SC INSURANCE FINAL EXAM QUESTIONS AND ANSWERS RATED A+ all of the following are typically included in a life insurance policy illustration EXCEPT: A. premium of the policy B. names of the beneficiaries C. interest charged for policy loans D. cash surrender value in 20 years B. names of the beneficiaries during the course of an insurance transaction, which of the following is NOT a duty of the producer? A. highlight the protections guaranteed by the guaranty association B. be fa...

Xcel Solutions Pennsylvania Insurance Test Questions and Answers Already Passed A nonparticipating company is sometimes called a Stock Insurer The Do Not Call Registry offers exemptions for calls placed from all the following EXCEPT Insurance Sales Calls Ken is a producer who has obtained Consumer Information Reports under false pretenses. Under the Fair Credit Reporting Act, what is the maximum penalty that may be imposed on Ken? $5,000 A plan in which an employer pays insura...

IDAHO Life Insurance Exam questions and answers already passed Which of the following statements describes one of the reasons individuals purchase life insurance? 2. It creates an immediate estate. How long is the grace period for an individual life insurance policy? 1 month In this state the owner gets a "free look" of a specified number of days from Delivery of the policy Which of the following would be likely to establish a SEP? Smalls employers If a soliciting producer ...

Under a traditional IRA, interest is taxed: Only if withdrawn prior to age 59 1/2 According to the capital gains rate Upon distribution During the accumulation phase - ANSWER-Upon distribution Which of these statements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 Earnings are not taxable when withdrawn Earnings are taxable when withdrawn Contribution are never tax deductible Contributions are always made by the employer - ANSWER-Earnings are taxable when withdrawn Wh...

A licensee just renewed his license. How much time will pass before he will have to renew it again? - 2 years How many eligible employees must be included in a contributory plan? - 75% All of the following are Nonforfeiture options EXCEPT - Interest only Federal law makes it illegal for any individual convicted of a crime involving dishonesty or breach of trust to work in the business of insurance affecting interstate commerce - Without receiving written consent from an insurance regulator...

Life Insurance Exam questions IDAHOWhich of the following statements describes one of the reasons individuals purchase life insurance? - correct answer 2. It creates an immediate estate. How long is the grace period for an individual life insurance policy? - correct answer 1 month In this state the owner gets a "free look" of a specified number of days from - correct answer Delivery of the policy Which of the following would be likely to establish a SEP? - correct answer Smalls employ...

Billy is the owner of a life insurance policy and has chosen a policy settlement option under which the company will pay the beneficiary (his widow) an income each month for as long as she lives. Payment stops at her death. Which settlement option has Billy selected? A. Fixed amount option B. Fixed period option C. Interest only option D. Life income option correct answers D. Life income option A man with an Accidental Death & Dismemberment (AD&D) policy having a Principal Sum of $100,0...

According to the state nonforfeiture law for life insurance policies, insurers must offer at least one of the following nonforfeiture options EXCEPT A) Shortened benefit period B) Reduction of premium C) Reduced paid-up D) Extended term - B) Reduction of premium Correct! Reduction of premium is not a nonforfeiture option (it's a dividend option). The other answer choices are the required nonforfeiture options in life insurance policies issued in this state. All advertisements are the re...

Life Insurance Practice Exam Questions and Answers (2023 / 2024) (Verified Answers) The ownership provision entities the policy owner to do all of the following EXCEPT a) Assign the policy. b) Designate a beneficiary. c) Set premium rates. d) Receive a policy loan. c) Set premium rates. The insurer sets premium rates based upon underwriting considerations. Which of the following protects consumers against the circulation of inaccurate or obsolete personal or financial information...