Nonparticipating policy - Study guides, Class notes & Summaries

Arizona Life Insurance Exam Questions and Answers (Latest Update 2023) Verified Answers a whole life policy that provides a choice of dividend options include the following statement about dividends they accrue at a guaranteed rate they are deferred for one year they are not guaranteed they are guaranteed after the first year - Correct Answers they are not guaranteed When there is a named beneficiary on a life insurance policy, the death benefits 1. are directed to a trustee ...

Louisiana Personal Lines Insurance Exam Already Graded A+ 104. Coverage for loss by some perils under a building and personal property form is suspended if (Choose from the following options) 1. An uninsured peril causes a partial loss. 2. The insured building is vacant for over 60 days. 3. A loss occurs while a hazard beyond the insured's control is increased. 4. The insured fails to satisfy the coinsurance provision ️2. The insured building is vacant for over 60 days 107. In ...

AZ Life Insurance Exam (Latest 2024/ 2025 Update) Questions and Verified Answers| 100% Correct| Grade A Q: A life policy that has premiums that are lower than normal during the early years is called Decreasing term Modified life Variable life Limited-pay life Answer: Modified life Q: a material change in a modified endowment contract (MEC) results in the contract becoming void a new contestable period the seven pay test, adjustable for cash value, applies again a tax ...

XCEL SOLUTIONS: Georgia Life-Only Pre-Licensing Questions and Answers 100% Pass When a policy pays dividends to its policyholders, it is said to be -profitable -mutual -nonparticipating -participating - Correct Answer ️️ --Participating A participating policy is one in which insurance policies pay out dividends to the policyholders. A nonprofit incorporated society that does not have capital stock and operates for the sole benefit of its members is known as: -a fraternal benefit s...

Florida 2-15 Insurance Final Exam Test Bank (All Chapters complete 1-30, Questions and Answers, 100% Verified) Latest 2023/2024 1. A life insurance company is organized in Orlando where it maintains its home office. In Florida, the company is classified as a a. domestic company b. local company c. foreign company d. preferred company a 2. With regard to life insurance, all of the following statements are correct EXCEPT a. all individuals are considered to have insurable interests i...

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...

The Insurance Guaranty Fund Association is? - ***funded by admitted insurance companies through assessments • in Florida an element of an insurance transaction would be? - ***Issuing an insurance contract • Under which circumstance may a licensed agent in Florida represent an unauthorized entity? - ***Never • According to Florida law, when must an agent deliver the Outline of Coverage to a Medicare Supplement applicant? - ***At the time of application • An agent may provide a pr...

Life & Health Insurance Exam (Arkansas). 218 Questions with 100% Correct Answers | Verified | Updated 2024. Reserves Funds held by the company to fullfull future claims. Funds are set by the state department of insurance. Multi-line Insurer An insurance company selling more than one line of insurance. (Ex. Home, auto, health, etc) Stock Companies Owned and controlled by stockholders, whose investment set the safety margin. Guaranteed fixed premiums. Nonparticipating policies. nonpartici...

Mutual Insurance Companies - organized and incorporated under state laws. No stockholders Mutual companies - Participating, they pay dividends Stock company - Owns Stock. Nonparticipating (no dividends) Risk Retention Group - Mutual company formed to insure ppl in the same business, occupation, profession (pharmacists, dentists, engineers) Fraternal Benefit Societies - Non profit organization, lodge system that includes ritualistic work, and maintain a rep form of gov with elected officers. ...

NEBRASKA INSURANCE EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS Who is protected with the "other insurance with this insurer" provision? - Precise Answer Insurance company A nonparticipating whole life insurance policy was surrendered for its $20,000 cash value. The total premiums paid had totaled $16,000. What were the federal income tax consequences to the policyowner on receipt of the cash value? - Precise Answer $16,000 was received tax-free and $4,000 as ordinary income After th...