Non forfeiture options - Study guides, Class notes & Summaries

While reviewing several proposals for a quote for a life insurance policy for one of you clients, you also review the temporary insuring agreements. You notice that there are variations in the temporary insuring agreements between companies. Which of the following is NOT included in any of these agreements? CORRECT ANSWER-Receipt of premium Jennifer has a $5,000 loan against the cash value of her whole life policy. She receives her annual premium statement and it includes an additional charge...

A business offers a group disability income plan and pays the premiums. If an employee suffers a disabling injury, the benefits paid to the employee will be: - Answer-axable income to the business deductible income to the employee a deductible business expense for the business taxable income to the employee A business overhead expense policy does NOT provide: - Answer-tax-free benefits a Medicare SELECT plan is - Answer-a managed care policy. A Medicare SELECT plan is a - Answer-managed c...

Under the misstatement of age or gender provision, what happens if it is determined at death that the insured's age or gender was misstated on a life insurance policy application? - CORRECT ANSWER-Benefits are adjusted to an amount that the premium would have purchased at the correct age or gender. Which of the following must be given to the insurer within 20 days after occurrence or commencement of any loss covered by the policy, or as thereafter as is reasonably possible? - CORRECT ANSW...

PSI LIFE, ACCIDENT AND HEALTH PRACTICE EXAM QUESTIONS AND ANSWERS 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 - CORRECT ANSWER -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 m...

PSI LIFE, ACCIDENT AND HEALTH PRACTICE EXAM QUESTIONS AND ANSWERS 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 - CORRECT ANSWER -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 m...

Under the misstatement of age or gender provision, what happens if it is determined at death that the insured's age or gender was misstated on a life insurance policy application? - answer-Benefits are adjusted to an amount that the premium would have purchased at the correct age or gender. Which of the following must be given to the insurer within 20 days after occurrence or commencement of any loss covered by the policy, or as thereafter as is reasonably possible? - answer-Notice of cl...

PSI: LIFE, ACCIDENT, AND HEALTH PRACTICE EXAM QUESTIONS WITH 100% CORRECT ANSWERS PSI: LIFE, ACCIDENT, AND HEALTH PRACTICE EXAM QUESTIONS WITH 100% CORRECT ANSWERS A basic vision care package includes all of the following EXCEPT? - Answer Safety glasses A consumer report used to determine eligibility for insurance may include all of the following EXCEPT? - Answer Medical Underwriting exam. A group conversion option may be used in all the following instances EXCEPT...

all of the following are examples of business continuation plan except - Deferred Compensation All of these are valid options for an Adjustable Life Policy EXCEPT The policy's premium can be increased or decreased The policy's death benefit can be increased or decreased A nonforfeiture option can be used to increase the death benefit The policy's protection period can be modified - A non forfeiture option can be used to increase the death benefit the superintendent determines an examin...

PSI: Life, Accident, And Health Practice Exam Questions and Answers Under the misstatement of age or gender provision, what happens if it is determined at death that the insured's age or gender was misstated on a life insurance policy application? - CORRECT ANSWER-Benefits are adjusted to an amount that the premium would have purchased at the correct age or gender. Which of the following must be given to the insurer within 20 days after occurrence or commencement of any loss covered...

PSI LIFE, ACCIDENT AND HEALTH PRACTICE EXAM QUESTIONS AND ANSWERS 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 - CORRECT ANSWER -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 m...