Missed quiz questions

An insured borrows money from the bank and makes a collateral assignment of a part of the death benefit to secure the loan

All of the following are examples of third-party ownership of a life insurance policy EXCEPT

The premiums are invested in the insurers general account

All of the following are true about variable products EXCEPT

term

Children's riders attached to whole life policies are usually issued as what type of insurance

They are not included as income for the employee, but are taxable upon distribution

How are contributions to a tax-sheltered annuity treated with regards to taxation?

$100,000

If an individual purchased a 100,000 joint life policy, then dies 8 years later. How much will his wife receive?

The beneficiary can only be changed with written permission of beneficiary

Irrevocable

Withdraws are NOT taxable

Which of the following statements regarding the taxation of MEC is FALSE

Relative value

Todd has been informed that he has a hernia which requires repair. When Todd researches the cost, he learns that his insurance plan will cover 200 points worth of surgical expenses. each point represents $10. Which means that $2,000 of his surgery will be covered by his insurance plan. What system is Todd's insurance company using?

65

What age may an individual make withdrawal from HSA for no health purposes without being penalized

40

What is the number of credits required for fully insured status for Social Security Disability benefits?

40

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

Option A

Which Universal Life option has a gradually increasing cash value and a level death benefit?

The rider is level term insurance

Which is true about a spouse term rider

The policy owner is entitled to policy loans

Which of the following statements is correct regarding whole life policy

Term Rider

Which of the following, when attached to a permanent life insurance policy, allows the policyowner to customize the policy to provide an additional amount of temporary insurance on the insured, or allows amounts of temporary insurance to cover other family members?

It has a guaranteed minimum interest rate

Why is an equity Indexed annuity considered to be a fixed annuity?

No coverage will apply, since the injury could have been foreseen

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

During which illness-related disabilities are excluded from coverage.

In a disability policy, the probationary period refers to the time

The owner

In a life settlement contract, whom does the life settlement broker represent?

Executive is the owner, and the executive pays the premium

In the Executive Bonus plan, who is the owner of the policy, and who pays the premium?

Lower

The premium of a survivorship life policy compared to that of a joint life policy would be

Someone who works 400 hours per year

Which of the following applicants would NOT qualify for a Keogh Plan A) Someone who works for a self-employed individual B) Someone who works 400 hours per year C) Someone who has been employed for more than 12 months D) Someone who is over 25 years of age

It is designed to pay on a first dollar of expense basis

Which of the following is NOT true of a major-medical health insurance policy?

It may last for the lifetime of the annuitant.

Which of the following is TRUE regarding the annuity period A) It is also referred to as the accumulation period. B) It is the period of time during which the annuitant makes premium payments into the annuity. C) It may last for the lifetime of the annuitant. D) During this period of time the annuity payments grow interest tax deferred

Variable whole life has a guaranteed DB

Which of the following is a key distinction between a variable whole life and variable universal life products

Variable Whole Life has a guaranteed DB

Which of the following is a key distinction between variable whole life and variable universal life?

Universal Life

Which of the following types of policies allows the policyholder to skip premium payments, provided there is enough cash value to cover premium amount?