Adjustable whole life - Study guides, Class notes & Summaries

What type of reinsurance contract involves two companies automatically sharing their risk exposure? - Answer Treaty The stated amount or percent of liquid assets that an insurer must have on hand that will satisfy future obligations to its policyholders is called - Answer reserves When third-party ownership is involved, applicants who also happen to be the stated primary beneficiary are required to have - Answer insurable interest Statements made on an insurance application that are bel...

Under a traditional IRA, interest is taxed: Only if withdrawn prior to age 59 1/2 According to the capital gains rate Upon distribution During the accumulation phase - ANSWER-Upon distribution Which of these statements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 Earnings are not taxable when withdrawn Earnings are taxable when withdrawn Contribution are never tax deductible Contributions are always made by the employer - ANSWER-Earnings are taxable when withdrawn Wh...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 business will typically use which type of life insurance to cover their employees? - Group policy - Adjustable life policy - Whole life policy - Endowment policy - Answer-Group policy A life insurance policy that contains a guaranteed interest rate with the chance to earn a rate that is higher than the guaranteed rate is called - Whole life - Group life - Credit life - Universal life - Answer-Universal life A life insurance policy that has premiums fully paid up within a stated time...

NYS Insurance Licensing Exam Latest 2023 Graded A insurance transfers the risk of an loss for an individual or business to an insurance company which spreads out the costs to many individuals agency contract a contract that is held between insurer and an agent/producer containing the expressed authority given to the agent/producer, and the duties/responsibilities to the principal, any agent in violation of the agency contract may be held personally liable to the insurer agent legal representat...

Single Premium - Allows the person to pay entire lump sum, is covered for life, and has the highest cash value. Level term covers - Covers for a period of time with lowest premium pay Endowment at age 70 - P owns a $25,000 Life Policy that pays the face amount to him if he lives to age 70, or to his beneficiary if he dies before age 70. What kind of policy does P own? renewable - Level term may be Modify whole life - Premium stays fixed for 5yrs, premium increases yr 6, then levels out while...

Primerica Practice Exam Test A 75 Questions & Answers 2023 1. An annuity that is purchased with a lump sum premium and whose benefits begin after 12 months is called a: A. Single premium immediate annuity. B. Single premium deferred annuity. C. Level premium variable annuity. D. Flexible premium fixed annuity. - Correct answer-Single premium deferred annuity 2. A technique used to determine the amount of life insurance needed by focusing on the projected earning potential of an insured ...

ARKANSAS LIFE INSURANCE EXAM 2024 WITH 100% CORRECT ANSWERS A life insurance premium is paid each month. The insurer then subtracts a mortality and expense charge from the policy's cash value. This best describes which of the following life insurance policies? A. Whole Life B. Variable Whole Life C. Universal Life D. Adjustable Whole Life - correct answer C. Universal Life What is the name of a single policy covering two or more lives that pays benefits upon the death of the first i...

Arkansas Life Insurance Exam 2024 Questions and Answers 100% CorrectArkansas Life Insurance Exam 2024 Questions and Answers 100% CorrectArkansas Life Insurance Exam 2024 Questions and Answers 100% CorrectArkansas Life Insurance Exam 2024 Questions and Answers 100% Correct A life insurance premium is paid each month. The insurer then subtracts a mortality and expense charge from the policy's cash value. This best describes which of the following life insurance policies? A. Whole Life B. Varia...

Primerica - Exam test Questions With 100% Correct Answers 2023 An insurer has made all of the decisions regarding the provisions included in the insured's policy. The insured finds an objectionable provision and wants to negotiate it with the insurer but is not allowed to do so. Her only options are to reject the policy or accept it as is. Which contract feature does this describe? a) Unilateral b) Conditional c) Personal d) Adhesion - Correct answer-Adhesion An insurance policy that ...

Life & Health Insurance Exam Colorado Questions and Answers 100% Pass Traditional Whole Life - Correct Answer ️️ --Ordinary (Straight) Life -Limited-Pay & Single-Premium Whole Life -Adjustable Whole Life Ordinary (Straight) Life - Correct Answer ️️ --Until 100 or Death, whichever comes first -Permanent Protection -Rates & benefits based on law of large numbers (Mortality Rate) -Guaranteed, tax-deferred interest rate -Premium level, company's risk goes down as cash value goes up...