Exam FX

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Which dividend option will increase the death benefit

Paid-up additions

In which of the following instances would the premium be tax deductible

Premiums paid by an employer on a $30,000 group term life insurance plan for employees

Who is a person other than a viator that enters into a viatical settlement contract

Provider

Which nonforfeiture option provides coverage for the longest period of time?

Reduced Paid-Up

The policy owner pays for her life insurance annually. Until now she has collected a nontaxable dividend check each year. She has decided that she would rather use the dividends to help her pay for her next premium. What option would allow her to do this?

Reduction of premium

An IRA purchased by a smaller employer to cover employees, is known as

Simplified employee pension plan (SEP)

Which of the following would help prevent a universal life policy from lapsing

Target premium

Which of the following best describes what the annuity period is

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

All of the following identify purposes of the insurance information and privacy act except

To establish fair and marketable advertisement procedures

All of the following are true regarding the convertibility option under a term life insurance policy EXCEPT

Upon conversion, the death benefit of the permanent policy will be reduced by 50%

Which of the following types of policies allows for a flexible premium and a variable investment component

Variable universal life insurance

The rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called

Waiver of Premium

All of the following benefits are available under Social Security EXCEPT

Welfare benefits

Under which installments option does the annuitant select the amount of each payment, and the insurer determines how long they will pay benefits?

a fixed amount

Net premium + expenses =

gross premium

Annuities can be used to fund which of the following?

retirement plans

Under the L&H Guaranty Association, the maximum benefit one contract holder may receive in benefits, regardless of the number of contracts held, is

$5,000,000

Which of the following is the required number of participants in a contributory group plan

75%

A straight life policy has what type of premium

A level annual premium for the life of the insured

The LEAST expensive first year premium is found in which if the following policies

Annually renewable term

How are state Insurance Guaranty Associations funded?

By their members - authorized insurers

Which of the following will NOT be an appropriate use of a deferred annuity

Creating an estate

What does "level" refer to in level term insurance

Face amount

W owns a policy in which she is covered as the bread-winner with permanent insurance and with decreasing term insurance in the form of a rider. What type of policy is this?

Family income policy

All of the following are dividend options, EXCET

Fixed period installments

When an insurer requires a written proof of loss after notice of such loss has been given by the insured or beneficiary the company must

Furnish a blank form to be used for that purpose

Life insurance death proceeds are

Generally not taxed as income

Which of the following settlement options in life insurance is known as straight life

Life Income


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