Adjustable life - Study guides, Class notes & Summaries

Agent Thompson received a letter from the Department of Insurance asking her to provide proof of completing the continuing education requirements. Within how many days must Agent Thompson respond to the Department's inquiry? 20 30 10 45 - ANSWER-10 days Abby lives in Ohio, where she is licensed as an insurance producer. She wants to apply for a nonresident license in Pennsylvania. Which of the following conditions must she satisfy? She must move to Pennsylvania. She must surrende...

Under a traditional IRA, interest is taxed: Only if withdrawn prior to age 59 1/2 According to the capital gains rate Upon distribution During the accumulation phase - ANSWER-Upon distribution Which of these statements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 Earnings are not taxable when withdrawn Earnings are taxable when withdrawn Contribution are never tax deductible Contributions are always made by the employer - ANSWER-Earnings are taxable when withdrawn Wh...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

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...

New York Life Insurance Questions and Answers Already Passed Accelerated Benefits Riders attached to life insurance policies which allow death benefits to be used to cover nursing or convalescent home expenses. Accidental Death Benefits A policy rider that states that the cause of death will be analyzed to determine if it complies with the policy description of accidental death. Accidental Death Insurance An insurance policy that provides payment if the insured's death is the result of an acc...

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...

Kentucky Life and Health Insurance Exam (Latest 2024/ 2025 Update) Questions and Verified Answers| 100 % Correct| Grade A Q: Which type of life policy contains a monthly mortality charge as well as self-directed investment choices? Joint Life Adjustable Life Variable Universal Life Universal Life Answer: Variable Universal Life Q: Two agencies are competing for a new client. Agency A mentions to the prospective client that all of the companies with which it does busin...

AZ LIFE INSURANCE EXAM 2024 WITH 100% CORRECT ANSWERS -Secondary - correct answer A Contingent Beneficiary has the __________ right to collect an Insured's death benefit. -A uniform set of insurance regulations - correct answer What does the Producer Licensing Model Act (PLMA) provide? -A uniform set of insurance regulations -Disability income -A double payout -Private Life Maturity Assets -They are known for their very flexible payment terms - correct answer All but which of ...

Secondary - ANSWER A Contingent Beneficiary has the __________ right to collect an Insured's death benefit. -A uniform set of insurance regulations - ANSWER What does the Producer Licensing Model Act (PLMA) provide? -A uniform set of insurance regulations -Disability income -A double payout -Private Life Maturity Assets -They are known for their very flexible payment terms - ANSWER All but which of the following are true about Whole life insurance policies? -They are a traditi...

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...