Styne

Under a Traditional IRA, interest earned is taxed Correct Answers upon distribution Which of these statements regarding the annuitants is CORRECT? Correct Answers The annuitant's life expectancy determines the annuity payment What will the beneficiary receive is annuitant dies during the accumulation period? Correct Answers The greater the accumulated cash value or the total premium paid Which of the following actions is REQUIRED by an agent who is replacing an existing life insurance policy...

Process 2103 (d-i) Correct Answers 1. The Superintendent may issue a license to any person, firm or corporation who has complied with the requirements of the Insurance Code, authorizing the licensee to act as agent of any authorized insurer. Every individual applicant for a license under this section and every proposed sub-licensee must be 18 years of age or older at the time of issuance of such license. The person must submit to and pass a written examination required by the Superintendent. ...

Which of the following is NOT true regarding a Certificate of Authority? a)It may be necessary for transacting business in a specific state. b)It is equivalent to an insurance license. c)It is issued by the state department of insurance. d)It is issued to group insurance participants. Correct Answers d) It is issued to group insurance participants. Before insurers may transact business in a specific state, they must apply for a license or Certificate of Authority from the state departm...

A written agreement in which a purchaser agrees to buy and a seller agrees to sell is called Correct Answers a contract Antitrust laws prohibit competing brokers from all of the following Correct Answers 1. boycotting other brokers in the marketplace. 2. dividing the market to restrict competition. 3. agreeing to set sales commissions and management rates. When a sewer line is installed down a rural road, the cost will probably be shared by Correct Answers all current owners of real esta...

1 Can a lender, as a condition of making a loan, require that any insurance be placed through a particular insurance agent or broker? Correct Answers The loan recipient may always select a particular agent or broker of their choosing 2 A claimant can be any of the following EXCEPT Correct Answers EXCEPT a person who is conducting an investigation of a claim on behalf of an insurer 3 All of the following are to be specified in an insurance policy EXCEPT Correct Answers EXCEPT the financial ...

Which annuity settlement option provides a stated monthly amount to the annuitant and upon the annuitant?s death the same or a lesser amount paid for the lifetime of the survivor? Correct Answers Joint and survivorship option Joint and survivorship option Correct Answers It has a guaranteed minimum interest rate. Which of the following is TRUE for a flexible premium annuity? Correct Answers The purchaser has the option to vary the amount of each premium payment falling between a minimum an...

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 Answers 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 misstatement of age or gender provision, what happens if it is determined a...

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 Correct Answers 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 Correct Answers Earnings are taxable when w...

Which of the following is TRUE of an equity-indexed annuity? Correct Answers It has a guaranteed minimum interest rate Compared to basic hospital, medical and surgical policies, which type of insurance provides broader coverage, fewer gaps, higher individual benefits, and higher policy maximums? Correct Answers major medical insurance Which of the following is TRUE for a flexible premium annuity? Correct Answers The purchaser has the option to vary the amount of each premium payment fal...

Accidental Death Insurance Correct Answers A form of Health Insurance that provides payment if death of the insured results from an accident. Is often combined with dismemberment insurance Accumulation at Interest Option Correct Answers A dividend option under which the policy owner allows dividends to accumulate at interest with the company. Only the interest on the dividends is taxable as income. Aleatory Contract Correct Answers A contract in which both parties know that one or the othe...