Keogh plan - Study guides, Class notes & Summaries

Michigan Life insurance State Exam>> Questions and answers Updated 2024 Under a traditional IRA, interest is taxed: Only if withdrawn prior to age 59 1/2 According to the capital gains rate Upon distribution During the accumulation phase Upon distribution Which of these statements concerning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 Earnings are not taxable when withdrawn Earnings are taxable when withdrawn Contribution are never tax deductible Contributions ...

Life, Health and Accident Insurance Exam and Notes Key Topics in Life Insurance 1. Insurance Application Process - The agent does not set final rates. - If a question is missed, schedule another appointment. - The underwriter or beneficiary does not need to sign the application. 2. Insurability and Coverage - The definition of insurance as risk transfer. - Coverage dates based on conditional receipts. - Requirements for signatures on applications. 3. Types of Insurance - Differences betw...

A disability policy that must be renewed, cannot be cancelled until age 65, and may not have an increase in premium for any reason is called a(n): - noncancellable policy According to Required Provision 4, when an insured applies for reinstatement of a health policy and receives a conditional receipt, how long does the insurer have to approve or deny? - within 45 days of the date of application A husband and wife purchases a life insurance policy that covers both of them. The policy paid no...

Chapter 20: Retirement Plans, ERISA Issues, & Education Funding Exam 2023 Qualified Retirement Plans - ANSWER-- Contributions are Tax Deductible - Approved by IRS - Cannot Discriminate - Tax on Accumulation is deferred - All withdrawals taxed - Plan operates as a Trust 1) Keogh (HR-10) 2) 403(b) Plans 3) Defined Benefit Plan (Traditional Pension Plan) 4) Defined Contribution Plans - Money Purchase Pension Plan - Profit-Sharing Plan - 401(k) Plan Non-Qualified Plans -...

CT Life and Health State Exam Simulator questions & answers, graded A+/ verified. A consultant derives their income from which source? - -Clients A handicapped child is covered under an individual health policy. If continuation is needed beyond the policy's age limit, which of the following is required? - -Proof of incapacity and dependency upon reaching the age limit. A Keogh plan is a (n) - -qualified retirement plan for the self employed A licensee whose name or address changes mus...

Entire Contract Provision - ANSWER found at the beginning of the policy, saying that the policy cannot refer to any outside documents as being part of the contract and prohibiting the insurer from making any changes to the policy after it has been issued. (can only make good changes not bad) Insuring Clause - ANSWER sets forth the company's basic promise to pay benefits upon the insured's death. Free-Look Provision - ANSWER gives policyowners the right to return the policy for a full pre...

Life Insurance and Health Insurance Exam Questions and Answers 100% Pass 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 70.5 401...

In an individual retirement account(IRA), rollover contributions are - ANS not limited by a dollar amount Upon delivery of a rated life insurance policy, the Producer must obtain each of the following EXCEPT? - ANS signed HIPAA disclosure Which of these require an offer, acceptance, and consideration? - ANS Contract C is a key employee at ABC Incorporated. If a Key Employee life policy is purchased on her life, which of these statements would be true? - ANS ABC is the po...

Life Insurance and Health Insurance Exam Questions and Answers 100% Pass 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 70.5 401...

CPF Chapter 3 Exam Questions and Answers All Correct The tax based on the total tax due divided by taxable income is called the - Answer- Average tax rate Which of the following is NOT a tax credit? - Answer- Domestic tax credit Recent tax credits include all of the following except the - Answer- AMT tax credit. At the end of the year, Xavier received a form from his employer that reported annual earnings and the amounts deducted for taxes. That form is called a - Answer- W-2 At th...