A Whole lot to study- you better work it, if its worth it

what policy would have an IRS required corridor or gap between the cash value and the death benefit

universal life- option A

What is the number of credits required for fully insured status for social disability benefits

40

How long is the enrollment period fore Medicare supplement policies

6 months

Whenever agents submit applications to insurers, they must also submit statements disclosing whether or not replacement is involved. Who must sign these statements?

Applicant and agent

What are the 3 basic coverages for medical expense insurance?

Hospital, Surgical, Medical

What is an example of liquidity in a life insurance contract?

The cash value available to the policyowner

Under an extended term nonforfeiture option, the policy cash value is converted to

The same face amount as in the whole life policy

When is the earliest a policy may go into effect?

When the application is signed and a check is given to the agent

group health insurance is characterized by all of the following except

adverse selection

Insurers must screen all marketing plans to ensure that an advertisement does NOT use as the name of any kind of an annuity contract any phrase that

does not include the word " Annuity" unless accompanied by other clear language indicating it is an annuity

Other than for a qualified life event, when can a change be made in benefits for a Flexible Spending Account (FSA)?

during the open enrollment period

what is the benefit of choosing extended term as a nonforfeiture option

is has the highest amount of insurance protection

An insured is covered by a disability income policy that contains an accidental means clause. The insured exits a bus by jumping down the steps and breaks an ankle. What coverage will apply?

no coverage will apply, since the injury could have been forseen

Premium payments for personally-owned disability income policies are

not tax deductible

with respect to the consideration clause, which of the following would be considered consideration on the part of the application for insurance?

payment of premium

a nonresident agent is allowed to conduct insurance transactions in Georgia because his home state allows Georgia residents to transact insurance business in it. this is known as a

reciprocity agreement

What two terms are associated directly with the way an annuity is funded

single payment or periodic payment

Which type of risk would result in the highest premium

substandard risk

An insured has chosen joint and 2/3 survivor as the settlement option. What does this mean to the beneficiaries?

the surviving beneficiary will continue receiving 2/3 of the benefit paid when both beneficiaries were alive