Review Missed Questions Flashcards
Which of the following is TRUE concerning irrevocable beneficiaries?
They can be changed only with the written consent of that beneficiary
For an individual who is not covered by an employee sponsored plan, IRA contributions are
Tax deductible
The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. When foes the policy coverage become effective?
As of the application date
In comparison to consumer reports, which of the following describes a unique characteristic of investigative consumer reports?
The customers associates, friends and neighbors provide the reports data
In a life settlement contract whom does the life settlement broker represent?
The owner
Which of the following statements about the reinstatement provision is true?
It requires the policyowner to pay all overdue premiums with interest before the policy is reinstated
HR-10 plans are what?
Plans specifically for self-employed and their employees
According to the entire contract provision, what document must be made part of the insurance policy?
Copy of the original application
Which of the flooring best describes what the annuity period is?
The period of time during which accumulated money is conferred into income payments
What is the purpose of a fixed period settlement options?
To provide a guaranteed income for a certain amount of time
The term fixed, in a fixed annuity refers to all of the following EXCEPT?
Death benefit
All of the following are requirements of a qualified plan except?
The plan must provide an offset for social security benefits
A life insurance policy does not have a war clause. If the insured is killed during a time of war, what will the beneficiary receive from the policy?
The full death benefit
An insured has chosen a joint and 2/3 survivor as the settlement option. What does this mean to the beneficiaries?
The surviving beneficiary will continue receiving 2/3 of the benefit paid when both beneficiaries were alive
Which is TRUE about the cash surrender nonforfeiture option?
Funds exceeding the premium paid are taxable as ordinary income
