Accelerated benefit rider - Study guides, Class notes & Summaries

Absolute assignment - ANSWER Policy assignment under which the assignee (person to whom the policy is assigned) receives full control over the policy and also full rights to its benefits. Generally, when a policy is assigned to secure a debt, the owner retains all rights in the policy in excess of the debt, even though the assignment is absolute in form. (See assignment) Accelerated benefits rider - ANSWER A life insurance rider that allows for the early payment of some portion of the pol...

NJ Life Insurance Test Questions and Answers A reinstatement clause outlines reinstatement conditions that include - Answer-A. a higher premium charge. B. payment of outstanding loans within the year. C. proof of insurability. D. a decrease in policy limits. Answer C All of the following are characteristics of the Accelerated Death Benefit option EXCEPT - Answer-A. the maximum benefit is a percentage of the face amount of insurance, and there may also be a dollar limit B. s...

NY Life Insurance Exam Review, Questions and answers, 2022/2023. Rated A Based on the Human Life Value Approach, which of the following is NOT used to calculate an individual's life value? A. Insured's annual expenses B. Effect of inflation on income over time C. Predicted needs of the family after the insured's death D. Insured's current and future income - C. Predicted needs of the family after the insured's death. The Human Life Value Approach to determining the value of an individual's...

Legal Contract - Consideration, Legal Purpose, Offer (Made by Insured), Acceptance, Competent Parties A commissioner must give how many days advance notice of a hearing? - 21 Days (Guaranteed Association) Maximum benefits for any one life- Life insurance cash values - $100,000 (Guaranteed Association) Maximum benefits for any one life- Life insurance death benefits - $300,000 (Guaranteed Association) Maximum benefits for any one life- Other health insurance benefits - $100,000 (Guarante...

New Jersey Life and Health Final Exam Questions and Answers Already Passed Which type of long-term care benefit would be most appropriate for a stroke victim who requires speech therapy administered at her home? Home health care Which of the following is NOT a federal requirement of a qualified plan? Employee must be able to make unlimited contributions Why are dividends from a mutual insurer not subject to taxation? Because dividends are considered to be a return of premium The ...

Absolute - Answer An assignment that occurs when the policy owner assigns all rights including cash values to another person or entity. Synonymous with voluntary assignment. Absolute Value - Answer A medical expense plan that pays a fixed maximum dollar amount for a procedure. Accelerated Benefit Rider - Answer Life insurance rider which allows the insured to receive a portion of the death benefit prior to death if the insured has a terminal illness. Accidental Bodily Injury - ...

NJ Life Insurance Exam Questions with Revised Answers New Update Which is true about the cash surrender non-forfeiture option? - Answer-Funds exceeding the premium paid are taxable as ordinary income If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a - Answer-Settlement option The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called - Answer-Joint and Survivor ...

Absolute Assignment ~~> Policy assignment when assignee receives full control over the policy and full rights to its benefits. Accelerated benefits rider ~~> Life insurance rider that allow for early payment of some portion of policy's face amount, should the insured suffer from terminal illness/injury. adhesion ~~> Contract must be accepted by the insured exactly as it is written by the insurer. Terms of contract cannot be negotiated. Contract is offered on a take...

401 k plan A qualified retirement plan in which the employee can set aside a portion of their income with pre-tax dollars. Absolute Assignment v. Collateral Assignment Absolute: A permanent and irrevocable transfer of rights and/or benefits by the policyowner. Collateral: A temporary and/or revocable transfer of benefits by the policyowner. Accelerated Death Benefit Policy provision that allows full or partial payment of the policy's death benefit before the insured's death if he/she...

Michigan Life And Health Final Exam Questions & Answers, 100% Rated-What amount will be paid under a policy where the insured misstated his/her age? - 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 - 30 days which of these is considered to be a Living benefit option in a life insurance policy - Accelerated death benefit loans obtained by a poli...