Spendthrift clause - Study guides, Class notes & Summaries

PA Life practice exam from PSI (1) Latest Update with Verified Solutions Obtaining consumer information reports under false pretenses is prosecutable by which of the following? 1. USA Patriot Act 2. Fair Credit Reporting Act 3. State laws where the applicant resides 4. Securities and Exchange Commission 2. Fair Credit Reporting Act All of the following are features of the spendthrift clause EXCEPT 1. proceeds are paid in some other way than a single lump sum. 2. pr...

South Carolina Life Insurance Exam Questions and Verified Answers (2024 / 2025)/ A+ GRADE.1. If a policy has a automatic loan provision, what happens if the insured dies before the loan is paid back? ANS The balance of the loan will be taken out of the death benefit 2. An insurer receives a report regarding potential insured that includes finan- cial status, hobbies, and habits. What type of report is that? ANS Inspection Report 3. The clause that protects the proceeds of a life insurance po...

Obtaining consumer information reports under false pretenses is prosecutable by which of the following? 1. USA Patriot Act 2. Fair Credit Reporting Act 3. State laws where the applicant resides 4. Securities and Exchange Commission - Answer 2. Fair Credit Reporting Act All of the following are features of the spendthrift clause EXCEPT 1. proceeds are paid in some other way than a single lump sum. 2. proceeds are protected by the insurer from the beneficiary's creditors. 3. ...

SC Life Insurance Exam Questions and Answers 100% Pass If a policy has a automatic loan provision, what happens if the insured dies before the loan is paid back? The balance of the loan will be taken out of the death benefit An insurer receives a report regarding potential insured that includes financial status, hobbies, and habits. What type of report is that? Inspection Report The clause that protects the proceeds of a life insurance policy from creditors after the death of the ...

The balance of the loan will be taken out of the death benefit - ANSWER If a policy has a automatic loan provision, what happens if the insured dies before the loan is paid back? Inspection Report - ANSWER An insurer receives a report regarding potential insured that includes financial status, hobbies, and habits. What type of report is that? Spendthrift Clause - ANSWER The clause that protects the proceeds of a life insurance policy from creditors after the death of the insured is known a...

The balance of the loan will be taken out of the death benefit - Answer If a policy has a automatic loan provision, what happens if the insured dies before the loan is paid back? Inspection Report - Answer An insurer receives a report regarding potential insured that includes financial status, hobbies, and habits. What type of report is that? Spendthrift Clause - Answer The clause that protects the proceeds of a life insurance policy from creditors after the death of the insured is k...

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...

Utah Life, Health, and Accident Insurance Latest 2024 Graded A+ mode Refers to how often a premium is paid. coinsurance the insurer and the insured share expenses over the deductible. participating policies participating policies pay dividends non-participating policies non-participating policies do not pay dividends LTC Rider reimburses Health and Social Service expenses incurred in a convalscent or nursing home facility ownership rights vest ownership rights EG the right to...

Which of the following is NOT a dividend option for a life insurance policy? -Elect to take the dividends in cash -Allow the dividends to accumulate with interest -Use the dividends to pay all or part of the next premium due -Receiving the entire policy cash value - ANSWERReceiving the entire cash value A life insurance policy provision that has the ability to reduce the death benefit is called the -accelerated (living) benefit -insuring clause -payor benefit -spendthrift clause -...

PSI Practice Exam - Life Insurance Questions and Answers Rated A+ Age - Answer ️️ -For an individual long-term care policy there is an annual dollar limit for tax deductions that is based on which of the following? 1. age 2. cost of care 3. policy value 4. premium cost 4 - Answer ️️ -The group conversion option is allowed for all of the following EXCEPT 1. termination of the master policy . 2. loss of group coverage due to termination of employment. 3. upon the loss of eligib...