Annuity certain - Study guides, Class notes & Summaries

Annuitization is - Answer- Accumulated values are converted into a stream of periodic income payments. How often can payments of annuities be paid out? - Answer- A specified term of years, for life, or a combination of the two. What is the reason (how has a consumer's priorities and needs shifted) that annuities are well suited for late-life retirement planning? - Answer- When a consumer priorities and needs typically shift from asset accumulation to income distribution What is the sta...

Life and Health Insurance Exam (Missouri) with Verified Solutions Insurance policies are considered aleatory contracts because: 1)they are take it or leave it contracts 2)both parties consent to the contract 3)performance is conditioned upon a future occurence 4)the contract is voidable upon proof of fraud Performance is conditioned upon a future occurence, because there is an element of chance and potential for unequal exchange of value K failed to pay a renewal premium within the time gra...

What distinguishes a deferred annuity from an immediate annuity? - The time at which benefit payments start Cindy buys a 10-year certain annuity with an installment refund. After receiving monthly payments for 5 years, Cindy dies. How many remaining payments will the insurer make to her beneficiary? - 60 payments

What kind of retirement plan can a 75-employee for profit corporation establish? - ANSWER-Simple IRA The taxable portion of a monthly income benefit paid during the annuity phase from a nonqualified annuity is calculated using the - ANSWER-Exclusion ratio Unfair claims settlement methods and practices by an insurance company include all of the following acts EXCEPT - ANSWER-failure to pay all claims that are reported within 90 days after a loss occurs The settlement option that allows p...

Rules of Construction Help to identify and establish the intent of the parties to the contract Utmost good faith Each party is entitled to rely on the representation of the other, and each party should have a reasonable expectation that the other is acting in good faith without attempts to conceal or deceive. Aleatory Contract A contract under which one party's performance is contingent on an uncertain event. property and casualty agent has the power to bind the insurer...

Module code: HRPYC81 Research Report for project 4813, Assignment 62 Title of study: INVESTIGATING THE EFFECT AGING HAS ON SHORT-TERM MEMORY TASKS IN A HEALTHY BRAIN .Detailed working, solutions, memo, notes & explanations.Nicola-Anne Downes HRPYC81 Assignment 62, Project 4813 Student number: Unique Reference 735594 1 Contents 1. Abstract ..............................................................................................................................3 2. Introduction ........

New York Insurance Regulation 187: Suitability and Best Interests in Life Insurance and Annuity TransactionsNew York Insurance Regulation 187 amended and renamed to create a best interest standard of care for recommendations oflife insurance and annuities sales transactions as well as recommendations of certain post issuance (in-force) life and annuity transactions. NY Reg 187 sets a standard of conduct that producers and insurers must adhere to in making life insurance and annuity reco...

XCEL Ohio Proctor Questions and Answers Graded A+ 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? Pre-death distributions will become taxable To receive proceeds from a death benefit, a minor must have an appointed guardian A provision that allows a policyowner ...

LOMA 281 Module 3 Exam Questions and Answers All Correct Ms. Yanar wants to receive annuity income for life. She also wants to be sure that the annuity makes payments for at least 10 years. If she dies before the end of 10 years, her beneficiary will receive the remaining payments. a. Joint and survivor annuity b. Life income annuity with period certain c. Life income annuity with refund - Answer-B. Ms. Yanar wants to be sure that all of the money paid for the annuity will be paid to...

ERISA - Answer- Employee Retirement Income Security Act 1974 SOC Reports - Answer- Service Organization Controls: for external vendors SOC 1 - Answer- Internal Controls & Financial reports; used by auditors SOC 2 - Answer- Security, availability, processing integrity, confidentiality and privacy controls;used by management, regulators, and others under an NDA SOC3 - Answer- Same as SOC2, but available for public use. Tribble V Edison - Answer- Landmark court case re fiduciary resp...