Retirement and Other Insurance Concepts

In a single employer group plan, what is the name of the policy issued to the employer?

Master Contract

Social Security was created to provide all of the following benefits EXCEPT

Unemployment Benefits

Traditional IRA contributions are tax deductible based on which of the following?

Owner's Income

Which of the following is correct concerning the taxation of premiums in a key-person life insurance policy?

Premiums are not tax deductible as a business expense

Which of the following applicants would NOT qualify for a Keogh Plan?

Someone who works 400 hours per year

Who may contribute to Keogh (HR-10) plan?

self-employed plumber

A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. This is a personal use of life insurance known as

Survivor Protection

Which of the following terms means a result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors?

Life expectancy

Which of the following is an example of liquidity in a life insurance contract?

The cash value available to the policy owner

Which of the following best defines the "owner" as it pertains to life settlement contracts?

The policy owner of the life insurance policy

A corporation is the owner and beneficiary of the key person life policy. If the corporation collects the policy benefit, then

The benefit is received tax free

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

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

If an insured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is

Fully Insured

Which of the following statements about group life is correct?

The cost of coverage is based on the ratio of men and women in the group

All of the following benefits are available under Social Security EXCEPT

Welfare benefits