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WISCONSIN LIFE INSURANCE EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
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WISCONSIN LIFE INSURANCE EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
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WISCONSIN LIFE INSURANCE EXAM 2024/2025WITH 100% ACCURATE SOLUTIONS
Agreements that provide that upon a business owner's death, surviving
owners will purchase the deceased's interest, often with funds from life
insurance policies owned by each principal on the lives of all other
principals. - Precise Answer ✔✔Cross Purchase Plans
Agreements in which a business assumes the obligation of purchasing a
deceased owner's interest in the business, thereby proportionately
increasing the interests of surviving owners - Precise Answer ✔✔Entity
Plans
An individuals economic worth, measured by the sum of the individuals
future earnings that is devoted to the individuals family. - Precise
Answer ✔✔Human Life Value Approach
A tax-deferred retirement plan for certain employees of public schools,
employees of specific tax-exempt organizations, and certain ministers.
For example: teachers, hospital workers, ministers, and some other
public employees - Precise Answer ✔✔403(b) Plan
Applies to annuities. If an annuity is exchanged for another annuity, a
gain (for tax purposes) is not realized. This is also true for a life
insurance policy or an endowment contract exchanged for an annuity.
However, an annuity cannot be exchanged for a life insurance policy.
This provision in the tax code allows you, as a policyholder, to transfer
,funds from a life insurance, endowment or annuity to a new policy,
without having to pay taxes - Precise Answer ✔✔1035 Contract
Exchange
The time over which the annuitant makes payments or investments in an
annuity, and when those payments earn interest tax deferred. - Precise
Answer ✔✔Accumulation Period
A variable annuity contract owner's interest in the separate account prior
to annuitization. - Precise Answer ✔✔Accumulation Units
The person that buys an annuity; may or may not be an annuity's
policyowner. The annuitant's life expectancy determines the annuity
payments. - Precise Answer ✔✔Annuitant
At the time the variable annuity benefits are to be paid out to the
annuitant, the accumulation units in the participant's individual account
are converted into annuity units. - Precise Answer ✔✔Annuity Units
Provides that, upon the death of an annuitant before payments totaling
the purchase price have been made, the excess of the amount paid by the
purchaser over the total annuity payments received will be paid in one
sum to designated beneficiaries. - Precise Answer ✔✔Cash Refund
Option
An annuity in which the rents begin after a specified number of periods.
May be purchased on either a single premium or flexible premium basis.
,Typically do not begin making payments for at least 1 year after the date
of purchase. - Precise Answer ✔✔Deferred Annuity
A fixed, deferred annuity that allows the owner to participate in the
growth of the stock market and provides downside protection against the
loss of principal and prior interest earnings if the annuity is held to term.
- Precise Answer ✔✔Equity Indexed Annuity
Fraction used to determine amount of annual annuity income exempt
from federal income tax. Exclusion ratio is the total contribution or
investment in the annuity divided by the expected ratio. - Precise
Answer ✔✔Exclusion Ratio
An annuity that offers fixed payments and guarantees a minimum rate of
interest to be credited to the purchase payment or payments. - Precise
Answer ✔✔Fixed Annuity
Provides for payment of annuity benefit at one payment interval from
date of purchase. Can only be purchased with a single payment. - Precise
Answer ✔✔Immediate Annuity
A settlement option which guarantees that benefits will be payed on a
life-long basis to two or more people. This option may include a period
certain and the amount payable is based on the ages of the beneficiaries.
When the surviving annuitant dies, no further payments are made to
anyone. A full survivor option pays the same benefit amount to the
survivor. A two-thirds option pays two-thirds of the original joint
, benefit. A one-half survivor option pays one-half of the original joint
benefit. - Precise Answer ✔✔Joint and Survivor Option
Designed to pay the annuitant an income for life, but guarantees a
definite minimum period of payments. The life with period certain
option provides income to the annuitant for life but guarantees a
minimum period of payments. Thus, if the annuitant dies during the
specified period, benefit payments continue to the beneficiary for the
remainder of that period. - Precise Answer ✔✔Life with Period Certain
Annuity (Life Income with Term-Certain Option)
A market value adjustment can be attached to a deferred annuity that
features fixed interest rate guarantees combined with an interest rate
adjustment factor that can cause the actual crediting rates to increase or
decrease in response to market conditions. Instead of having the
annuity's interest rate linked to an index with as with the equity-indexed
annuity, and MVA annuity's interest rate is guaranteed fixed if the
contract is held for the period specified in the policy. The MVA feature
applies only if the contract is surrendered before the contract period
expires. Otherwise, the annuity functions the same way a fixed annuity
does. - Precise Answer ✔✔Market Value Adjusment
Annuity that guarantees payments to an ANNUITANT for a particular
period of time. For example, a 10-year period-certain annuity will
guarantee annuity payments for at least 10 years. If the annuitant dies
before the 10 years have expired, the payments will continue to the
beneficiaries for the remaining term. - Precise Answer ✔✔Period
Certain Annuity
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