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
