missed life questions

54- a policy owner surrendered a nonparticipating whole life policy for $12,000 cash value. the PO had at the time paid premiums totaling $9,000. the federal income tax effect would be

$9,000 taxable, $3,000 tax free ?

80- the type of settlement option which pays thoroughout the lifetimes of two or more beneficiaries is called

?

85- which of the following is a nonforfeiture option that provides continuing cash value buildup?

? not extended term

60- which of the following is false of a noncontributory group plan

? not the employee pays 100% of the premiums

72- in order for carl to sell a variable annuity, he must carry which licenses?

NASD license and insurance license

46- life insurance riders that provide for a "return of premium" or a "return of cash value" are actually

additional amounts of term insurance

58- all of the following are true of a Keogh Plan (HR-100) Except

all distributions (principal and interest) are not taxed as current income in the year withdrawn

42- which of the following statements about the reinstatement provisions are true

it requires the policy owner to pay, with interest, all premiums that are in arrears in order for the policy to be reinstate

51- an IRA can be which of the following

none of the above NOT- whole life, term insurance, or endowment

83- with which option does the policy owner use dividends as a single premium to purchase an insurance contract which is the same type as the original policy?

paid-up additions

82- when a life insurance policy lapses or is surrendered prior to maturity, any built up cash values may be used to buy a lesser amount of the same type of insurance. when this is done, the new policy would be known as

paid-up insurance

86- when life insurance is written on a participating basis, dividend options may be selected by the

policy owner

33- the time period covered by the ten-day free look provision of life insurance contact starts when the

policy owner receives the contract

40- all of the following are false concerning reinstatement of a life insurance policy EXCEPT

proof of insurability is not required

56- business partnerships are exposed to special risks because the death of any partner legally dissolves the partnership. life insurance is often used to back up contractual agreements for settlement, restructuring, and business continuation in the event of a partner's death. Each of the following arrangement may be used by a parnership for this purpose, EXCEPT:

stock purchase plan

78- which of the following statements is most correct concerning the changing of an irrevocable beneficiary?

they can be changed only with the written consent of that beneficiary

1- when does coverage for a life policy go into effect

upon date of application provided, 1st premium is paid, and insured proves insurable

64- your client purchases a single premium annuity with $80,000. however, they die after only receiving $30,000 of principal from the insurance company. at this point the insurance company sends a check for $50,000 to the beneficiary of the annuitant. what kind of annuity did this person purchase?

cash refund annuity

12- in a universal life policy, the two adjustments usually made to the cash account are

cost of insurance protection is charged and current interest is credited

57- scotty changes is whole life payment plan from monthly to annually. what happens to scottys total premium for the year?

decreases

9- which of the following policies typically combines insurance and savings with a date of maturity earlier than age 100, and is very expensive

endowment at age 65

81- Viv finds that she is no longer able to pay premiums on her $70,000 whole life policy, but feels that she still needs that amount of coverage to protect her family. which of the nonforfeiture options would allow her to do this

extended term

47- key person life insurance does not reimburse a company for which of the following

for increased pension liability resulting from a key persons death

41- the automatic premium loan provision is activated at the end of the

grace period

77- Zed applied for a life insurance policy. he included payment for the first premium with the application. which of the following statements is correct?

if the company acknowledges receipt of the premium with a conditional receipt, the policy is in effect the date of the application, provided Zed is found insurable