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VA LIFE AND HEALTH INSURANCE STATE EXAM 2024 ACTUAL EXAM AND PRACTICE QUESTIONS EXAM COMPLETE 400 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS)/ALREADY GRADED A+$17.99
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VA LIFE AND HEALTH INSURANCE STATE EXAM 2024 ACTUAL EXAM AND PRACTICE QUESTIONS EXAM COMPLETE 400 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS)/ALREADY GRADED A+
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Course
VA LIFE AND HEALTH INSURANCE
Institution
VA LIFE AND HEALTH INSURANCE
VA LIFE AND HEALTH INSURANCE
STATE EXAM 2024 ACTUAL EXAM AND
PRACTICE QUESTIONS EXAM
COMPLETE 400 QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS)/ALREADY GRADED
A+
VA LIFE AND HEALTH INSURANCE
STATE EXAM 2024 ACTUAL EXAM AND
PRACTICE QUESTIONS EXAM
COMPLETE 400 QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS)/ALREADY GRADED
A+
FINAL EXAM
Bailey owns a $1.2 million life insurance policy and
received a $200 check when Best Insurers declared
a dividend on its participating policies. How will this
dividend payment be treated for income tax
purposes?
a) fully taxable
b) partially taxable
c) partially taxable as capital gain
d) not taxable - ....ANSWER...d) not taxable
,Life insurance dividends are considered to be a
return to owners of participating policies of
unearned premiums they paid on their policies. The
dividends are basically premium amounts that were
more than what the insurer required to cover the
costs of its liabilities and operations. For that
reason, policy dividends are not taxable when they
are paid in cash to a policyowner.
Chester and his wife, Nellie, established a 529 plan
for their daughter and contributed $5,000 to her
account this year. Six months later, they withdrew
$20,000 to pay for their daughter's college tuition.
Which statement is correct?
a) Chester and Nellie can take an income tax
deduction for their contribution.
b) Chester and Nellie do not have to pay tax on the
distribution.
c) Chester and Nellie must pay tax only on the
earnings portion of the withdrawal.
d) Chester and Nellie can take an income tax
deduction for their withdrawal. - ....ANSWER...b)
,Chester and Nellie do not have to pay tax on the
distribution.
Funds withdrawn from a Section 529 plan (and the
interest earned on those funds) are not taxable. To
escape taxes, these funds must be used for
qualifying college expenses, such as tuition, fees,
room and board, and books. Although contributions
are not federally tax deductible, some states may
allow contributions to be deducted for state tax
purposes.
t the age of 56, Carmen opens a Roth IRA. What is
the earliest age at which she can take a withdrawal
of earnings from her account without being subject
to tax or penalty?
a) 59
b) 61
c) 62
d) 70 - ....ANSWER...b) 61
, Roth IRAs require a minimum holding period of five
years, regardless of the owner's age when the
account is opened. In this case, Carmen would have
to wait five years, or until she's 61, to be able to take
a withdrawal of earnings without tax or penalty.
Janice's accidental death and dismemberment policy
will pay a $10,000 benefit for the loss of one arm and
a $30,000 benefit for the loss of one eye. On which
basis is Janice's policy written?
a) valued
b) reimbursement
c) indemnity
d) preferred - ....ANSWER...a) valued
Health insurance policies can be either
reimbursement contracts or valued contracts. A
reimbursement contract bases its benefit payments
on the loss actually suffered. Valued contracts pay a
pre-set sum. Disability income and accidental death
and dismemberment policies are valued contracts.
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