Erisa and qualified plans - Study guides, Class notes & Summaries

PSI life, accident, and health Exam (Questions and Answers A+ graded 100% verified)How long after being entitled to disability benefits will an individual be eligible to receive Medicare benefits? A. immediately B. 1 year C. 2 years D. At age 65 - ANSWER-2 years What is the return of premium rider? A. an increasing amount of term insurance that always equals the total of premiums paid up to the current point B. a provision that allows the insured to cancel the policy in the first two ye...

Maryland Life and Health General Exam Simulator Verified Answers A "premature distribution from a modified endowment contract (MEC) incurs a penalty tax of ️10% A business becoming incorporated is an example of risk ️transfer A certificate of coverage for a group health policy is best described as ️proof of coverage for the employee A contract is considered void in all of the following situations EXCEPT ️when consideration is unequal A description of a qualified plan's insurance...

CT Life & Health Insurance Exam (XCEL Solutions & Prometric) Qs&As Laura added a children's rider to her life insurance policy. What type of coverage was added? - AnswerLevel term With life insurance, the needs approach is used primarily in determining - Answer-How much life insurance a client should apply for A(n) __________ is a licensee who charges a fee for contracted insurance advisory services. - AnswerConsultant Jonas is covered with disability insurance through his employer. The...

All Ohio Life Insurance Exam Questions and Answers 100% Pass A condition increasing chance of loss, e.g. icy roads. - Answer- Hazard Immediate event causing loss, e.g. earthquake. - Answer- Peril Potential for loss. - Answer- Risk Presents chance for loss or gain, e.g. gambling. - Answer- Speculative Risk Insurable risk with potential for loss only, e.g. illness. - Answer- Pure Risk Criteria for insurable risk, e.g. definite and measurable loss. - Answer- Elements of Insurable Risk Cert...

CFP Exam 2024 | 665 QUESTIONS| WITH COMPLETE SOLUTIONS GRADED A+. CFP Standards of Conduct Sections (6) Correct Answer: A. Duties owed to clients. B. Fin. Planning and Application of Practice Standards C. Practice Standards for Fin. Planning Process D. Duties owed to firms/subordinates E. Duties owed to CFP Board F. Prohibition on Circumvention Section A of CFP Standards of Conduct Correct Answer: Duties owed to Client: 1. Fiduciary Duty 2. Integrity 3. Competence 4. Diligence 5. Dis...

Coinsurance - Answer- refers to a co-sharing agreement that is between an insured and an insures which provides that the insured will pay for a certain percentage of the covered expenses incurred. Non-Contributory - Answer- In a non-contributory plan, the employer pays the entire amount of the premium. Therefore, all eligible employees in the group must enroll in the group insurance plan. Employee Retirement Income Security Act (ERISA) The acronym ERISA stands for the Employee Retirement Inco...

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...

Describe an excess benefit plan. Excess benefit plans provide benefits that cannot be provided through qualified plans solely because of IRC Section 415 limits on benefits and contributions. If it is unfunded, an excess benefit plan is completely exempt from Title I of the ERISA. If it is funded, it is subject to Title I's reporting and disclosure, fiduciary responsibility and enforcement provisions. A supplemental plan providing benefits that a qualified plan cannot provide for reasons other ...

CT Life & Health Insurance Exam Questions and Answers 100% Pass Laura added a children's rider to her life insurance policy. What type of coverage was added? - Correct Answer ️️ -Level term With life insurance, the needs approach is used primarily in determining - Correct Answer ️️ -How much life insurance a client should apply for A(n) __________ is a licensee who charges a fee for contracted insurance advisory services. - Correct Answer ️️ -Consultant Jonas is covered with...

CFP Exam 2024 | 665 QUESTIONS| WITH COMPLETE SOLUTIONS GRADED A+. CFP Standards of Conduct Sections (6) Correct Answer: A. Duties owed to clients. B. Fin. Planning and Application of Practice Standards C. Practice Standards for Fin. Planning Process D. Duties owed to firms/subordinates E. Duties owed to CFP Board F. Prohibition on Circumvention Section A of CFP Standards of Conduct Correct Answer: Duties owed to Client: 1. Fiduciary Duty 2. Integrity 3. Competence 4. Diligence 5. Dis...