Payout annuity period - Study guides, Class notes & Summaries

Accumulation units are converted into annuity units: - Answer- at the time of annuity payout. A group life insurance plan in which the employer pays the entire premium is known as a ________________ plan. - Answer- noncontributory If a disabled worker covered under Social Security disability benefits recovers and then is disabled again within five years, a new waiting period is required before benefits begin again. - Answer- FALSE Robert had an accident and qualified for Social Security...

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...

Florida 2-15 Insurance License Actual Exam Questions and Answers Already Graded A Accumulation units are converted into annuity units: at the time of annuity payout. A group life insurance plan in which the employer pays the entire premium is known as a ________________ plan. noncontributory If a disabled worker covered under Social Security disability benefits recovers and then is disabled again within five years, a new waiting period is required before benefits begin again. FALSE ...

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...

Xcel Life Insurance Exam Actual Test Questions and Answers with complete solution Replacement regulation is designed to protect Answers>> Policyowners from mirepresentation and loss of benefits All Health Benefit Plans issued after January 1, 2014 must provide Answers>> Preventative health services Which of these will have the highest monthly payout upon annuitization Answers>> Straight life Which of the following is included in the entire contract according t...

Kentucky Life Insurance Exam Prep| Questions and Verified Answers| 100 % Correct| Grade A (New 2024/ 2025 Update) QUESTION Nonforfeiture Options Three options available by law to policyowners that enable them to recover a policy's cash-value upon surrender of that policy. (1) Cash (2) Reduced Paid-Up Insurance (3) Extended Term Insurance QUESTION Immediate Annuities Answer: - Can only be funded using the Single Premium payment method - First income payment is ma...

Primerica Practice Exam Test A 75 Questions & Answers 2023 1. An annuity that is purchased with a lump sum premium and whose benefits begin after 12 months is called a: A. Single premium immediate annuity. B. Single premium deferred annuity. C. Level premium variable annuity. D. Flexible premium fixed annuity. - Correct answer-Single premium deferred annuity 2. A technique used to determine the amount of life insurance needed by focusing on the projected earning potential of an insured ...

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...

Under a traditional IRA, interest is taxed: Only if withdrawn prior to age 59 1/2 According to the capital gains rate Upon distribution During the accumulation phase - ANSWER-Upon distribution Which of these statements concerning Traditional IRAs is CORRECT? Earnings are not taxable when withdrawn Earnings are taxable when withdrawn Contribution are never tax deductible Contributions are always made by the employer - ANSWER-Earnings are taxable when withdrawn Wh...

"non-par" - policy makers don't get dividends (because they aren't owners) "par" - policy makers get dividends (because they are owners) 10 year endowment (homeservice) - whole life policy with a small face value and a short maturity date; once policy matures, owner will receive the face value 1035 exchange - In accordance with section 1035 of the Internal Revenue Code certain exchanges of life insurance policies and annuities may occur in a nontaxable exchange - When a cash value li...