Which annuit - Study guides, Class notes & Summaries

WEBCE Practice Exam 100 q 1. In general, what is the earliest age at which a person can take a distribution from a qualified plan without a tax penalty?: 59 1/2 2. Carol was 35 when she bought her deferred annuity. Now, at age 38, she wants to withdraw funds from the contract to take a vacation. Carol is likely to encounter all of the following consequences in making the withdrawal EXCEPT:: statutory minimum withholding requirements

Delaware Life Producer Insurance Exam with Correct Answers 2024 A(n) _ may also perform the duties of a consultant. - CORRECT ANSWER-producer What is an example of a producer's implied authority? - CORRECT ANSWER-Collecting premiums The Commissioner may suspend or revoke a producer's license for - CORRECT ANSWER-keeping premiums owed to the insurer An insurer is charged _ for submitting an application for a certificate of authority in Delaware. - CORRECT ANSWER-$700 In Delaware, an...

an insurance applicant with a below average likelihood of loss is typically considered to be Correct Answer: Preferred Risk Tim is covered under a group plan and would like to change is group coverage to an individual policy with the name insurer because of employment termination. Which of these describes the change that will take place? Correct Answer: Conversion Matt is applying for life insurance and requests a double indemnity rider. A double indemnity benefit will be payable to Ma...

SIE Exam | 222 Actual Questions and Answers 100% Verified | Latest update

Which of the following must be present in all medicare supplement plans? Correct Answer: Plan A What was created to keep telemarketers from calling consumers who do not wish to be contacted? Correct Answer: National Do not call registry Which insurance principle states that if a policy allows for greater compensation than the financial loss incurred, the insured may only receive benefits for the amount lost? Correct Answer: Indemnity Which of the following would not be considered an ex...

XCEL Life And Health Insurance Test Review (2023 – 2024) With Complete Solution

Entire contract provision An insurance and annuity policy provision that defines the documents that constitute the contract between the insurance company and the policyowner. Closed contract A contract for which only those terms and conditions that are printed in—or attached to—the contract are considered to be part of the contract. Insurance policy, policy riders, application for insurance. Open contract A contract that identifies the documents that constitute the contract between the par...

Under the social security retirement benefits, all of the following factors will influence how much a retiring individual will receive as a monthly income benefit except the individual's Correct Answer: Sex In life insurance, insurance interest must exist at the time the Correct Answer: Producer writes an application on a proposed insured Which of the following statements is NOT correct about representations? Correct Answer: They are true in every respect An insurance producer takes a...

Which of these is true regarding the exchange of consideration among parties involved in an insurance contract - Answer- Can be unequal Who typically makes the purchase payments in an individual annuity? - Answer- owner Death benefits from a life insurance policy are normally considered to be - Answer- exempt from federal income tax A consumer who has been recently denied insurance, credit, or employment based on an unforgivable consumer report MUST be advised as such. Which of the foll...

Representations and Warranties - Answer- Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments - Answer- Two related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. The ________ department analyzes data to help estimate future losse...