Deferred annuity - Study guides, Class notes & Summaries

iana is a new life insurance agent and is studying the requirements for ascertaining the clientâs identity under the Proceeds of Crime (Money Laundering) and Terrorist Financing Actand Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) guideline 6A. For which of the following products must agents ascertain the clientâs identity? 1. Immediate annuity and deferred annuity 2. Exempt life insurance policy and TFSA 3. Deferred annuity and exempt life insurance policy 4. D...

Life Insurance Exam-IllinoisPooling of Risks - correct answer A large group of people contribute money to a fund out of which their losses can be paid Policyowner - correct answer is the person or org that applies for the policy and pays the premium Actuarial Tables - correct answer Are statistical tables that are used when calculating premium rates and mortality loss reserves Life Insurance Policies transfer: - correct answer financial risks of premature death on a defined amount Lo...

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...

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

PSI Life Exam/Answered/Graded A+/Latest 2023/2024 What kind of retirement plan can a 75-employee for profit corporation establish? Simple IRA The taxable portion of a monthly income benefit paid during the annuity phase from a nonqualified annuity is calculated using the Exclusion ratio Unfair claims settlement methods and practices by an insurance company include all of the following acts EXCEPT failure to pay all claims that are reported within 90 days after a loss occurs The settle...

NC Life Exam Questions With 100% Correct Answers 2024 The validity of the policy cannot be conested once it has been in force for at least how many years after its date of issue? - answer2 Years A rider attached to a life insurance policy that provides coverage on the insured's family members is called the - answerOther-insured rider When an insured makes truthful statements on the application for insurance and pays the required premium, it is know as what - answerConsideration The regu...

Barbara's policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of insurability. This rider is called a(n) Answers>>Guaranteed insurability rider A guaranteed insurability rider allows for the insured to purchase additional insurance at specific dates or events without evidence of insurability. Disability Income plans which require that the insurer can NEVER change or alter premium rates are usually considered Answers&...

Michigan Life and Health Final Exam Actual Questions and Answers 100% Correct What amount will be paid under a policy where the insured misstated his/her age? ANS-an amount the premium would have purchased at the correct age the acceptance of a credit life application requires the submission of a certificate of insurance to the insured within_____ days ANS-30 days which of these is considered to be a Living benefit option in a life insurance policy ANS-Accelerated death benefit loans o...

Texas General Lines - Life, accident and health insurance PRACTICE EXAM Questions and Answers with complete solutions LIFE SECTION 1 1) Sandra Timms, age 27, is advised by her producer to purchase Life insurance to cover a 20-year-amortized $50,000 business-improvement loan. Which of the following plans would adequately protect Ms. Timms at the minimum premium outlay? A- $50,000 Whole Life policy B- $50,000 Level Term policy for 20 years C- $50,000 20 Pay Life policy D- $50,000 Decreas...

For whom is joint ownership of an annuity often reserved? Correct Answer spouses At what point does the beneficiary to an annuity acquire rights in the contract? Correct Answer (Wrong) upon contract issue and throughout the life of the contract, until the death of the contract owner or annuitant Generally speaking, how long is the accumulation period for immediate annuities? Correct Answer one month to one year For which of the following needs are traditional deferred annuities best sui...