Misc. Flashcards
MANDATORY Uniform Provisions
All states … Uniform Individual Accident and Sickness Policy Provisions Law
- Entire Contract
- Time Limit on Certain Defenses (incontestable)
- Grace Period
- Reinstatement
- Notice of Claims (20d-r)
- Claim Forms (15r-d)
- Proof of Loss (90)
- Time Payment of Claims
- Payment of Claims.
- Physical Exam & Autopsy
- Legal Actions (60d / 3y)
- Change of Beneficiary
OPTIONAL Uniform Provisions (Insurer’s)
- Change of Occupation
- Misstatement of Age
- Other Insurance with This Insurer
- Insurance with Other Insurers (coordination of benefits)
- Relations of Earnings to Insurance (2y)
- Unpaid Premiums (deduct from claim)
- Conformity w/ State Statutes
- Illegal Occupation/Act
- Intoxicants and Narcotics
- Cancellation - INSURER - 5 - 31 days unearned premium refunded on pro rata basis: INSURED - written & short rate basis
Right to Examine (Free Look)
CA health not less than 10 days or more than 30 - 30 days for LTC & medicare supp.
S.I.M.P.L.E.
Savings Incentive Match Plan for Employees
IRA or 401k … vesting 100% immediately - 25% penalty w/draw in 1st 2 yrs
SEP
Simplified Employee Pensions
Employer can deduct .. taxable to employee … annuities commo
HR 10 Plans
for self employed individuals .. contributions deductible
Profit Sharing & 401k
if xfer trustee to employee 20% tax must be paid only 80% is rollover
ESOP
Employee Stock Ownership Plan - a qualified defined contribution plan
403(b) Tax-Sheltered Annuities (TSA)
Employees of nonprofits & public schools
IRA’s
all annuitization benefits are taxed … 50% excise tax if payments DONT start prior to 70 1/2
Life Policy Settlement Options (insured’s death or endowment)
- INTEREST
- FIXED AMOUNT
- FIXED PERIOD
- LIFE INCOME ONLY
- LIFE INCOME PERIOD CERTAIN
- LIFE INCOME JOINT AND SUVIVOR
- JOINT LIFE
NonForfeiture Options
- Cash Surrender
- Reduced Paid Up (single premium permanent paid up policy of reduced amt.
- Extended term - single premium term polcy same face amt (automatic option)
Dividend Options
- Cash
- Premium Reduction
- Accumulate at Interest
- Paid-up Additions - purchases single premium, additional permanent benefits at the insured’s attained age
- One-year term - single premium, 1 year term for amt. = to cash value
- Paid-up Option - pays off policy more quickly.
- Acceleration of Endowment - speeds up endowment
Insurance Agent
a person authorized to transact all classes of insurance other than life insurance for insurer (a broker works for insured)
COBRA
Applies to employers of 20+… employees & dependents up to 18m up to 29m if qualifies for SS - Dependents 36m if death, disso, Medicare of loss of dependent status
