Northwestern Mutual

50%

What is the penalty for IRA distributions that are below the required minium for the year?

When the worker reaches age 65 and has earned the required amount of work credits?

When do full social security retirement benefits begin?

Pays dividends to policyowners

true of a participating life insurance policy

It is approved by the IRS

If a retirement plan or annuity is qualified this means

When the insured reaches age 100

When would a 20-pay whole life policy endow?

Cost of living rider

A long stretch of national economic hardship causes a 7% rate of inflation a policy owner notices that the face value of her life insurance policy rider caused this change .

Only the annuity owner

Which of the following can surrender a deferred annuity contract?

2 years

The validity of coverage under a life insurance policy may not be contested except for nonpayment of premium after the policy has been in force for at least how many years?

Firm

A person that markets insurance but does not include an insurer is called

Larger

For the reported losses of a insured group to become more likely to equal the statistical probability of loss for that particular class the insured group must become

A Modified Endowment Contract

If a life insurance Policy develops cash value faster than a seven pay whole life contract it is a

30 days

If the Commissioner issues an order without conducting a hearing the person aggrieved by the order may demand a hearing within how many days after the order was made?

The owner

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

The loss must be catastrophic

Not a characteristic of an insurable risk

The annuitant must be a natural person

The president of a company is starting an annuity and decides that his corporation will be the annuitant.

Naming beneficiaries as a group

Using a a class designation for beneficaires means?

Flexible premium

Both universal life and variable universal life have.

Collusion

A situation in which an agent and policy holder act together to defraud the insurer.

Within 20 days

After the original hearing and a final order is issued an aggrieved person may request a rehearing

A life with guaranteed minimum will pay the remaining principle to the beneficiary

Best described the difference between pure life and life with guaranteed minimum settlement options?

Suriviorship Life

Called Second to die policy

Juvenile Life is classified as any Life insurance purchased by a minor.

Concerning Juvenile life insurance, which of the following statement is incorrect?

The death benefit is paid, minus the premium

A policy owner neglects to pay his life insurance premium on time. He dies ten days later. What will happen?

it will increase because the insured will be 5 years older than when originally purchased.

An insured buys a 5 year level premium term policy with the face amount of the $10,000, The policy Also contains Renewablitiy and convertibility options. when the insured renews the policy in 5 years what will happened to the premium.

the applicant and the agent

If a policy is marked with a illustration who must sign the illustration.

The type of investment

In an adjustable life policy all can be changed the policy owner except?

10 days after the notice was delivered to the policyholder.

The insurer decided to cancel an insurance policy prior to its expiration due to non payment of premium. When can cancellation take place?

Universal Life

The wavier of cost of insurance rider is found in what type of insurance?

notice Regarding replacement

Which of the following documents must be provided to the policy owners or applicant during policy replacement

Coercion

A broker is ready to close on a customers loan. The bank is prepared to offer the loan but only if the customer purchases life insurance policy from the bank in the amount of the loan. This is an example of.

Life and series 6

In order for intermediary to sell or offer to sell a variable contract he must have which of the following types of licenses?

It has the highest amount of insurance protection

What is the benefit of choosing extended term as a non-forfeiture option?

To provide the policyholder with a clear and accurate description of the policy coverage.

What is the purpose of a proposal for a life insurance policy sold in connection with a security?

Cash value

What limits the amount that a policy owner may borrow from a whole life insurance policy

5 years

When replacing a policy an insurer must maintain a file containing copies of all statement for.

The rider is usually level term insurance

Which is true about a spouse term rider?

Payor benefit Riders

Which of following riders would not cause the death benefit to increase.

The period of the time during which accumulated money is converted into income payments

Which of the following best describes what the annuity period is?

The annuitant Assumes the risk on investments

true regarding variable annuities?

Individual

your client's employer does not offer a company-wide annuity contract. What type of annuity contract could your client obtain?

No later than 1 year from the time of purchase

your clients uses $50,000 in inheritance money to purchase a single premium immediate annuity. How soon can he begin receiving income payment

Contributions are tied to the companies profits

All of the following apply to defined benefit except?

Premiums are determined by the age sex occupations of each individual certifications holder

All of the following are characteristics of group life insurance except?

The payable premium amount steadily declines throughout the duration of the contract..

All of the following are true regarding a decreasing term policy except?

Grows tax deferred.

In Life insurance policies cash value increases

From trustee to trustee

In a direct rollover how is the money transferred from one plan to the new one?

3 years

Records of replacement suitability inquires must be kept in the agents file for at least.

at least 1,000 employees

Simple plans require all of the following except?

Discrimination

Tim and tom are twins. When they applied for life insurance from company A. The insurance company Found that while neither of them smoked and both live very similar lifestyles. Tim was in a much stronger financial position than tom. Because of this the company charged Tim a higher rate for his life insurance this practice is known as

Nothing. The payments will cease

Under Straight life annuity if the annuitant dies before the principle amount is paid the beneficiary will receive.

Employer

Under a defined benefit retirement plan who determines what benefits a retired employee will receive

3%

Under simple plans participating employees may defer up to a specific amount each year. And the employers then makes matching contributions up to an amount equal to what percent of the employee's annual wages?

With written consent of the beneficiary

Under what circumstances may an irrevocable beneficiary by changed

$10,000

What is the maximum Life insurance Coverage ______ available to the states residents through Wisconsin state Life insurance Fund.

viator

What is the name of the insured who enters into a viatical settlements?

6 months

What is the waiting period on a wavier of premium rider in life insurance policies.

Seek higher returns

equity index annuities

The amount of the distributions is reduced by the amount of (20% withholding tax)

A 60 year old participant in a 401k plan takes a distribution and rolls it over to a IRA within 60 days which of the following is true?

Spouse

An Applicant buys a non qualified annuity, but dies before that staging date. Which the following beneficiaries would the contracts interest not be taxable.

Captive Agent

An insurance provider who by contact is bond to write insurance for only one company or group of companies is classified as a/an

The insured will need to a written consent of the insurer

An insured wants to transfer his personal insurance policy to a friend under what conditions would this be possible?

Any exchange made under section 1035bmust be completed Within 30 days

Which of the following isn't true of section 1035 policy exchange?

"Per Capita"

Which of the following methods to designate a beneficiary literally means "by the head"

40 years of continuous license

Which of the following person's is not required to complete CE

PIA

Which of the following refers to the amount of retirement benefits a worker receives under social security based on the workers earnings and retirement age.

Universal Life

Which type of life insurance policy allows the policy owner to pay more or less than the planned premium/

Beneficiary's age

All of the following information about a customer must be used in determining annuity suitability except?

Joint Life Policy

A married couple owns a permanent policy which covers both of their lives and pays the death benefit only upon death of first insured.

A copy of the original application

According to the entire contract provision. what document must be made part of the the insurance policy?

Twisting

Agents who persuade insureds to cancel a policy in favor of an another when it might not be in the insureds best interests?

A group needing low cost life insurance

All of the following could own group life insurance except

Employer contributions are not tax deductible

All of the following statements are true regarding tax qualified annuities Except?

taxation and accumulation

All of the following would be different between qualified and nonqualifed retirement plans except

Premiums

All of the the following are examples of risk retention except?

Misrepresentation

An Agent is selling a client a variable life insurance policy and has an inducement shows the client a projection based upon shares or dividend paid on similar policies.

$50,000

An insured owns $50,000 whole life policy. At age 47, the insured decides to cancel his policy and exercise the extended term option for the policy's cash value. Which is currently 20,000 what would be the full amount of the new term policy.

within 15 days

An insurer terminates an agent's appointment within how many days of termination must the intermediary be notified?

403 plan TSA

An internal revenue code provision that specifically provides for an individuals retirement for public school teachers is an

benefits, less the premiums that were due.

The policy owner of a life insurance policy forgets to pay his monthly premium and dies 10 days later. What will happen?

Cash surrender

Under which forfeiture option does the company pay the surrender value and have no further obligations to the policy owners.

Policy owner

Which of the following individuals must have insurable interest in the insured?

Income payments start with one year

Which of the following is a feature of single premium immediate annuity?

Keogh

Which of the following is an IRS qualified retirement plan for the self employed

Depreciation Period

Which of the following is not a term for the period of the during which the annuitant or the beneficiary receives income.

It would not occur in a deferred annuity

Which of the following is not true regarding the accumulation period of an annuity?

to create an estate

Which of the following is the best reason to purchase Life insurance rather than annuities.

They have a guaranteed minimum interest rate

Which of the following is true for both equity indexed annuities and fixed annuities

It has a tax benefits for both employers and employee.

Which of the following is true of a qualified plan?

It may last for the Life of the annuitant

Which of the following is true regarding the annuity period ?