Life insurance #6

All of the following would be eligible to establish a Keogh retirement plan EXCEPT

The president and employee of a family corporation

What kind of policy allows withdrawals or partial surrenders?

Universal Life

All of the following statements are true regarding tax-qualified annuities EXCEPT

Employer contributions are not tax deductible

All of the following are dividend options EXCEPT

Fixed period installments

During replacement of life insurance, a replacing insurer must do which of the following?

Obtain a list of all life insurance policies that will be replaced

A rider attached to a life insurance policy that provides coverage on the insured's family members is called the

Other-insured rider

All of the following are true regarding rebates EXCEPT

Rebates are allowed if it's in the best interest of the client

Conversion to an individual whole life policy is permitted without evidence of insurability within how many days of the termination of employment?

31

For how long is an insurance company allowed to defer policy loan requests?

6 months

When an individual obtains an insurance license for the primary purpose of writing insurance on him or herself, or for members of his or her immediate family, or business, this is called

Controlled business

A Return of Premium term life policy is written as what type of term coverage?

Increasing

What are the two components of a universal policy?

Insurance and cash account

An applicant for a license in Texas must include a statement with his application that provides information about all the following EXCEPT

Intending to apply for another license

All of the following are Nonforfeiture options EXCEPT

Interest only

A prospective insured receives a conditional receipt but dies before the policy is issued. The insurer will

Pay the policy proceeds only if it would have issued the policy

An individual licensed as an agent must notify the Texas Department of insurance on a monthly basis, of all of the following EXCEPT

Any change in business name

How must a replacing producer respond to an applicant wishing to replace existing life insurance?

The producer must provide the applicant with a Notice Regarding Replacement

Which of the following is NOT true regarding the annuitant?

The annuitant cannot be the same person as the annuity owner

If a life insurance policy has an irrevocable beneficiary designation

The beneficiary can only be changed with written permission of the beneficiary

All of the following statements concerning the use of life insurance as an Executive Bonus are correct EXCEPT

The policy is owned by the company

All advertisements are the responsibility of the

insurer