Life Insurance & Annuities
What is the minimum free-look period for newly issued life insurance policies in this state?
10 days
In a group life insurance policy, the employer may select all of the following EXCEPT
Beneficiary
Which of the following is true regarding a policy with a face value less than 10000
If it is returned during the free look period the agreement will be void.
Which of the following insured has a right to cancel an individual life policy within 30 days?
If the insured on the individual life policy is 60 years of age or older, the right of rescission for a full refund must last for at least 30 days.
Which of the following describes the taxation of an annuity when money is withdrawn during the accumulation phase?
Last in, first out basis (LIFO)
Which of the following best describes the tax advantage of a qualified retirement plan?
The earnings in the plan accumulate tax-deferred
Which of the following is incorrect concerning a noncontributory group plan?
The employees receive individual policies
All of the following could own group life insurance EXCEPT
Group needing low-cost life insurance
An applicant buys a nonqualified annuity, then dies before starting date. For which of following beneficiaries would the contract's interest NOT be taxable?
Spouse
To which of the following products does the Replacement Regulation apply?
The Replacement Regulation does not apply to credit life, group life, and group annuities, or transactions with same insurer. C. Whole life insurance
An insured that the right to cancel a policy by written notification to the insurer. This notification may be mailed to the insurer or returned to the original agent who made the sale. Upon receipt of the cancellation request, the insurer will...
Refund any premiums and policy fees within 30 days of notice if the policy is within the cancellation period specified by the insurer.