Study practice 1

tax-deductible contributions

The advantage of qualified plans to employers is

existing with the same insurer

When an individual life insurance policy is being replaced, the old policy must be all of the following Except

when the insured reaches age 100

When would a 20-pay whole life policy endow?

size of each installment

Which of the following determines the length of time that benefits will be received under the fixed Amount settlement option?

Interest only

All of the following are Non forfeiture options except

An insured borrows money from the bank and makes 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

10,000 no tax consequence

An employee quits her job where she has a balance of 10,000 in her qualified plan. If she decides to do a direct transfer from her plan to a Traditional IRA, how much will be transferred from one plan administrator to another and what is the tax consequence of a direct transfer?

the insurer

If an insurer requires a medical examination of an applicant in connection with the application for life insurance, who is responsible for paying the cost of the examination?

cooperate bond

Upon assuming office, the commissioner must post a

It is term coverage that is convertible to permanent insurance at or prior to the child reaching the maximum coverage age

Which of the following is true of a children's rider added to an insured's permanent life insurance policy?

The policy owner is entitled to policy loans

Which of the following statements is correct regarding a whole life policy?

dividend

Which of the following terms is used to name the nontaxed return of unused premiums?