Chapter 4-Primerica
In a single employer group plan, what is the name of the issued to the employer?
Master Contract
When an employee terminates coverage under a group insurance policy, coverage continues in force for how many days?
31
An employee quits his job and converts his group policy to an individual policy will be based on his
Attained age
If an employee wants to enter the group outside of the open enrollment period, to reduce adverse selection, the insurer may
Require evidence of insurability
In a life settlement contract, whom does the life settlement represent?
The owner
Who is a third-party owner?
A policyowner who is not the insured
If a company has a Simplified Employee Pension plan, what type of plan is it?
A qualified plan for small businesses
A key person insurance policy can pay for what?
Costs of training a replacement
For a retirement plan to be qualified, it must be designed for the benefit of
Empolyees
If an insured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is
Fully insured
Two attorneys at law and operate their practice as a partnership. They want to start a program through their practice that will provide retirement benefits for themselves and three employees. They would likely choose...
HR-10 (Keogh Plan)
Which type of retirement account allows contributions to continue beyond age 70 1/2 and does not force distributions to start at 70 1/2?
Roth IRA
Who is the owner and who is the beneficiary on a Key Person Life Insurance Policy?
The employer is the owner and beneficiary
What is the name of the insured who enters into a viatical settlement?
Viator
What best defines the "owner" as it pertains to life settlement contracts?
The policyowner of the life insurance policy
An employee quits his job on May 15th and doesn't convert his Group Life policy to an individual policy for 2 weeks. He dies in a freak accident on June 1st. What will happen?
The insurer will pay the full death benefit from the group policy to the beneficiary
