Annuitization point - Study guides, Class notes & Summaries

12b-1 fee an annual fee charged by a mutual fund for its marketing and distribution costs. Also called a maintenance fee or distribution fee. 529 College Savings Plan A tax-free savings plan that offers families professionally managed portfolios to help meet specified college expenses. A shares a class of mutual fund shares that have a front-end sales charge, expressed as a percentage of its net asset value. ABLE account a tax-advantaged savings account for disabled peop...

Webce Life and Health Exam with complete and verified solutions Representations and Warranties - answerRepresentations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments - answerTwo related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. The...

Agent Thompson received a letter from the Department of Insurance asking her to provide proof of completing the continuing education requirements. Within how many days must Agent Thompson respond to the Department's inquiry? 20 30 10 45 - Answer- 10 days Abby lives in Ohio, where she is licensed as an insurance producer. She wants to apply for a nonresident license in Pennsylvania. Which of the following conditions must she satisfy? She must move to Pennsylvania. She must surrender h...

Texas Health and Life Insurance Exam Practice Questions With Answers - Latest 2023/2024 (Graded). Which option is being utilized when the insurer accumulates dividends at interest and then uses the accumulated dividends, plus interest, and the policy cash value to pay the policy up early? correct answerPaid-up option With the paid-up option, the insurer can accumulate dividends at interest and then use them, in addition to interest and the policy's cash value, to pay the policy earlier than...

Define Aleatory contract. - An Aleatory contract is a contract in which participating parties exchange unequal amounts. Insurance contracts are aleatory in that the amount the insured will pay in premiums is is unequal to the amount the insurer will pay in the event of a loss. Define warranty: - A material stipulation in the policy that if breached may void coverage. During the Accumulation (Pay in)period of an annuity, there must be a designated - Beneficiary Identify the difference betwee...

Florida 2-15 Overview/ Study Guide (Fool Proof Guide): Annuities

Florida 2-15 Overview/ Study Guide (Fool Proof Guide): Annuities Questions With Complete Solutions Annuity - ANSWER A savings plan within an insurance company instead of a bank. - An annuity is not considered insurance, but the life insurance industry handles them Fixed Annuity - ANSWER A savings plan with an insurance company with a minimum guaranteed interest rate Accumulation Period - ANSWER The period in an annuity where the savings is building Annuity Period - ANSWER The payout ...

1 PENNSYLVANIA STATE HEALTH AND LIFE INSURANCE EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ Which of the following must be present in all medicare supplement plans? Correct Answer: Plan A What was created to keep telemarketers from calling consumers who do not wish to be contacted? Correct Answer: National Do not call registry Which insurance principle states that if a policy allows for greater compensation than the financial loss incurred, the insured may o...

What are the four required elements of an insurance contract? - answer-Agreement, consideration, competent parties, and legal purpose. What two parts make up a life insurance application? - answer-General Information and the Medical Information. An agent's report can go in a life insurance application but is not included in the life insurance policy. When must insurable interest exist in life insurance? - answer-At the time of application. When does coverage begin, if the premium was s...

Florida 2-15 Overview/ Study Guide (Fool Proof Guide): Annuities with Correct Answers 100% Verified Annuity - Correct Answer A savings plan within an insurance company instead of a bank. - An annuity is not considered insurance, but the life insurance industry handles them Fixed Annuity - Correct Answer A savings plan with an insurance company with a minimum guaranteed interest rate Accumulation Period - Correct Answer The period in an annuity where the savings is building Annuity Per...