Chapter 4

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The number of credits required to obtain a fully insured status to receive social security benefit is

40

An employee quits his job and converts his group policy to an individual policy; the premium for the individual policy will be based on his

Insured attained age

Which of the following is NOT a requirement of a qualified plan ?

It must be temporary

If a life policy does not pass the 7-pay test, that policy

Becomes a Modified Endowment Contract

Which of the following is NOT true regarding policy loans ?

Money borrowed from the cash value is taxable.

What is required for a number of employees in a simple plan ?

No more than 100

Generally, the premium paid for a personal life insurance is

Not tax deductible

The advantage of qualified plans to employers is

Tax-deductible contributions

Which of the following insurance arrangements will be appropriate for a business purchasing life insurance on its general manager

Third-party ownership

With personal life insurance, the lump-sum death benefit is received by the beneficiary

Income tax free

The 10% early withdrawal penalty from an IRA can be waived for

Catastrophic medical expenses

A key-person insurance policy benefit will pay for which of the following ?

Cost of training a replacement

I'm group life policies, individual certificates are given to

Each insured person

Which of the following is the eligibility requirements for setting up a traditional IRA plan ?

Earned income

Which of the following are Social Security benefits

Retirement, disability, and survivors


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