Section 529 plans - Study guides, Class notes & Summaries

Life Insurance and Health Insurance Exam Answers All 100% Correct Section 529 Plans - Answer - - state provided - can be funded by after tax dollars - can pay prepaid tuition - All earnings exempt from federal taxes - If withdrawn for unqualified withdrawl, 10% penalty Roth IRA - Answer - private retirement plan that taxes income before it is saved, but which does not tax interest on that income when funds are used upon retirement Distributions don't have to start before 70.5 40...

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 - 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. Under the misstatement of age or gender provision, what happens if it is determined at death that t...

Calculating Buying Power (Margin Account) Buying Power is 2x SMA. A pattern day trader is 4x min maintenance. Securities exempt from Regulation T margin requirements USTs/Notes/Bonds Munis Government Agencies List of Qualified Retirement Plans IRA's (tax deductible, gains tax deferred until withdrawn) Roth IRA (non-tax deductible, after-tax income) Keogh Plan (self-employed) Tax-Sheltered Annuities (for public sector only) Defined Benefit Plans (benefits employees closer to retireme...

A consumer report used to determine eligibility for insurance may include all of the following EXCEPT - Medical underwriting exam A group conversion option may be used in all the following instances EXCEPT - a life-changing event, such as marriage, divorce, or childbirth According to the Time Payment of Claims provision, the insurer must make the payment immediately after receiving proof of loss EXCEPT - for claims involving periodic payments All of the following are characteristics of var...

Under which situation must insurable interest exist between the applicant and insured at the time of application? When a third-party applicant names themselves beneficiary. Which of the following is true about a decreasing term life policy? The face amount reaches zero at policy expiration. Which of the following occurs immediately after the application is submitted and the initial premium paid? The underwriting process begins For an individual long-term care policy there...

Introduction to Insurance - ANSWER-Types of Insurance, Types of Insurers, Domicile and Authorization, Types of Distribution Systems Insurance Regulation - ANSWER-Regulation of Insurance Business Insurance Law - ANSWER-Agency Law, Formation of a Life or Health Insurance Contract, Legal Requirement Underwriting Basics - ANSWER-Classification of Risks, Determining Premiums or Rating Considerations, Reserves Group Insurance - ANSWER-Third Party Ownership, Types of Groups, Premiums, Group...

PSI Practice Exam - Life Insurance Questions and Answers Rated A+ Age - Answer ️️ -For an individual long-term care policy there is an annual dollar limit for tax deductions that is based on which of the following? 1. age 2. cost of care 3. policy value 4. premium cost 4 - Answer ️️ -The group conversion option is allowed for all of the following EXCEPT 1. termination of the master policy . 2. loss of group coverage due to termination of employment. 3. upon the loss of eligib...

PSI Life Insurance Practice Exam with Approved Answers | Latest 2023/2024 For an individual long-term care policy there is an annual dollar limit for tax deductions that is based on which of the following? 1. age 2. cost of care 3. policy value 4. premium cost ️ 1 The group conversion option is allowed for all of the following EXCEPT 1. termination of the master policy . 2. loss of group coverage due to termination of employment. 3. upon the loss of eligibility on the part of a clas...

PSI EXAM Questions and Answers Updated 2024/2025 (Graded A+) What is the primary advantage for obtaining a reinstatement of a policy rather than obtaining a new one? - ANSWER insured original issue age is used How does a noncancelable policy differ from a guaranteed renewable policy? - ANSWER With the noncancelable policy the insurer may increase premiums only based on the terms of the policy. What does first dollar coverage mean? - ANSWER As soon as covered medical expenses are incurred, ...

SIE Mastery Exam Questions With Verified And Updated Solutions. Which of the following may be considered suspicious? - answerA customer unconcerned about losses A corporate stock transaction occurs regular way on Monday, August 3. Ownership of the securities is recognized as changing hands between buyer and seller on - answerWednesday, August 5. (T+2) Your customers, Frank and Gracia Chen, are considering investing in a private placement to add to their portfolio. They mention they are a...