Colorado Life & Health Insurance Exam | Guide with Questions and Verified Answers | 100% Correct (2024 / 2025)
1 view 0 purchase
Course
Health Insurance
Institution
Health Insurance
Colorado Life & Health Insurance Exam | Guide with Questions and Verified Answers | 100% Correct (2024 / 2025)
Question:
Rollover Rules in Retirement Plans
Answer:
Must be done within 60 days of a distribution
Question:
Types of Qualified Plans
Answer:
-IRA; Individual Retirement ...
Colorado Life & Health Insurance
Exam | Guide with Questions and
Verified Answers | 100% Correct
()
Question:
Rollover Rules in Retirement Plans
Answer:
Must be done within 60 days of a distribution
Question:
Types of Qualified Plans
Answer:
-IRA; Individual Retirement Account
-SEP IRA; Simplified Employee Pension IRA
-Keogh Plan (HR-10)
-TSA; Tax Sheltered Annuity
-401K
,Question:
IRA; Individual Retirement Account
Answer:
-Available to anyone with earned income---TEST
-If you have a non working spouse a Spousal IRA is allowed--TEST
-ROTH IRA's are always funded with after tax dollars, exception to pre-tax of
qualified plans; tax free when taken out
Question:
Keogh Plan (HR-10)
Answer:
-For self-employed, partners and their employees --TEST
Question:
TSA; Tax Sheltered Annuity
Answer:
-Only annuity that is considered qualified
-2 types of eligible employees
-IRC 403b, employees of school teachers, administrators, and staff
-IRC 501c-3, employees of religious affiliated organizations & non-profits
,Question:
Non-Qualified Retirement Plans
Answer:
-Usually no vesting until retirement-often discriminatory
-Usually set up as deferred compensation by small companies
Question:
Personal Insurance Needs
Answer:
-Capital Needs approach - Make sure client has enough insurance to meet
needs should they die tomorrow for things like paying off the house, putting
kids through college, funeral expenses, etc.
-Human Value approach - Deals with what would be the loss, income wise,
generally results in higher needs
Question:
Types of Business Insurance Needs
Answer:
-Key Employee Life Insurance
-Partnership Life Insurance
-Split Dollar Life Insurance
, Question:
Key Employee Life Insurance
Answer:
-Benefits company not person
-Business is beneficiary
-Premiums paid are not tax deductible
-Proceeds paid are not taxable
-In the event that the key employee no longer works for the company, yet
premiums are still paid, and they die, policy proceeds would go to company--
TEST
Question:
Partnership Life Insurance
Answer:
-Requires buy-sell agreement drafter by lawyer
-Each partner buys policy on the life of the other
-If partner dies, policy pays proceeds to the surviving partner
-Sometimes called a cross purchase buy-sell agreement
-If there are 3 partners a total of 6 policies would have to be sold
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller quiz_bit. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
