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CFP Study Anytime > Definitions > Flashcards

Definitions Flashcards

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CFP® flashcards
1
Q

MEC

A

Meets requirement of Life Insurance Contract

Entered into on/after 6/21/88

Fails to meet 7 pay test

Meets guideline premium and corridor test or cash value accumulation test

Single pay policies are all MECs

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2
Q

JTWROS Estate Characteristics

A

Not subject to probate
Can be disclaimed
Survivorship
Include 1/2 DOD FMV in Gross Estate

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3
Q

Estate characteristics Tenancy by Entirety

A

Not subject to probate
Cannot be disclaimed
Only held by spouses
Divided like JTWROS
protected from claims of each spouse’s separate creditors

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4
Q

Estate characteristics of tenancy in common

A

Subject to probate
Can be disclaimed

Assets owned UNequally (proportionate)

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CFP Study Anytime (6 decks)

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