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Which of the following statements is CORRECT regarding the tax treatment of a lump-sum payment paid to a life insurance policy's primary beneficiary? All proceeds are income tax free in the year they are received. A(n) _____ insurance company is one formed in a country other than the United...

Jonas is a whole life insurance policyowner and would like to add coverage for his two children. Which of the following products would allow him to accomplish this? Child Term Rider Lisa has recently bought a fixed annuity. Which of these is considered to be a disadvantage of owning this typ...

Which dividend option would an insurer invest the policy owner's money and add any interest earnings as the dividends accrue? -Accumulation at Interest Option -Cash Dividend Option -Paid-Up Additions Option -One-Year Term Dividend Option The Accumulation at Interest Option - invests the pol...

P is blinded in an industrial accident. Which provision of his life insurance policy will pay a stated benefit amount? Accidental Death and Dismemberment clause An AD&D clause provides benefits for death due to an accident or for the loss of one or more hands, feet, arms, legs, or loss of sight....

Typically, Long-Term Disability benefits are coordinated with which benefit plan? Social Security The focus of major medical insurance is providing coverage for medical and hospitalization expenses An insured under a Major Medical expense plan with a zero deductible and 80/20 coinsur...

Which of the following requires insurers to disclose when an applicant's consumer or credit history is being investigated: 1970 - Fair Credit Reporting Act What type of reinsurance contract involves two companies automatically sharing their risk exposure? Treaty What is the name of ...

eplacement regulation is designed to protect Policyowners from mirepresentation and loss of benefits All Health Benefit Plans issued after January 1, 2014 must provide Preventative health services Which of these will have the highest monthly payout upon annuitization Straight life ...

Under a Modified Endowment Contract, what are the likely tax consequences? •Pre-death distributions will become taxable To receive proceeds from a death benefit, a minor •must have an appointed guardian Under a Modified Endowment Contract, what are the likely tax consequences? P...