Nonforfeiture law - Study guides, Class notes & Summaries

#1 What is another name for an Administrative-Services Only Arrangement - Third-Party Administrator #3 Which of the following statements is True concerning the Accidental Death Rider ? - It will pay double or triple the face amount # 4 On a disability income policy that contains the "Own Occupation" definition of total disability, the insured will be entailed to benefits if they cannot perform? - Their regular job # 5 At what age dose individuals qualify for Medicare? - 65 #6 Which of t...

A return of premium life policy is written as what type of term coverage? correct answer: Increasing What are the two types of Flexible Spending Accounts? correct answer: Health Care and Dependent Care Taxation of LTC insurance... correct answer: excessive benefits may be taxable Nonforfeiture values guarantee... correct answer: that the cash value will not be lost Which method of dealing with risk is applied when insurance is purchased? a. transfer b. sharing c. avoidance ti...

A return of premium life policy is written as what type of term coverage? - Answer- Increasing What are the two types of Flexible Spending Accounts? - Answer- Health Care and Dependent Care Taxation of LTC insurance... - Answer- excessive benefits may be taxable Nonforfeiture values guarantee... - Answer- that the cash value will not be lost Which method of dealing with risk is applied when insurance is purchased? a. transfer b. sharing c. avoidance tion - Answer- a. transfer ...

Life Insurance Practice Exam Questions and Answers Already Graded A The ownership provision entities the policy owner to do all of the following EXCEPT a) Assign the policy. b) Designate a beneficiary. c) Set premium rates. d) Receive a policy loan. c) Set premium rates. The insurer sets premium rates based upon underwriting considerations. Which of the following protects consumers against the circulation of inaccurate or obsolete personal or financial information? a) The Guaranty Associa...

A licensee just renewed his license. How much time will pass before he will have to renew it again? - Answer 2 years How many eligible employees must be included in a contributory plan? - Answer 75% All of the following are Nonforfeiture options EXCEPT - Answer Interest only Federal law makes it illegal for any individual convicted of a crime involving dishonesty or breach of trust to work in the business of insurance affecting interstate commerce - Answer Without receiving ...

The ownership provision entities the policy owner to do all of the following EXCEPT a) Assign the policy. b) Designate a beneficiary. c) Set premium rates. d) Receive a policy loan. - Answer c) Set premium rates. The insurer sets premium rates based upon underwriting considerations. Which of the following protects consumers against the circulation of inaccurate or obsolete personal or financial information? a) The Guaranty Association b) Consumer Privacy Act c) The Fair Credit Reportin...

The ownership provision entities the policy owner to do all of the following EXCEPT a) Assign the policy. b) Designate a beneficiary. c) Set premium rates. d) Receive a policy loan. - Answer c) Set premium rates. The insurer sets premium rates based upon underwriting considerations. Which of the following protects consumers against the circulation of inaccurate or obsolete personal or financial information? a) The Guaranty Association b) Consumer Privacy Act c) The Fair Credit Reportin...

Oklahoma Rules and Regulations Pertinent To Life Only Rated A+ Standard Nonforfeiture Law nonforfeiture benefits are built into the policy and provide a guarantee that they cannot be forfeited by the policyowner. required by state law to be included into the policy. policy has to be in force for 3 years and insured has 60 days to request a paid-up nonforfeiture benefit insurer reserves the right to defer the payment of any cash surrender value for a period of 6 months within 3 m...

Which of the following are an example of unfair trade practice? correct answers Twisting and churning sliding coercion misrepresentation defamation fraud Unfair discrimination control business rebating false advertising unfair claims settlement A life policy loan in Florida cannot charge a fixed rate of interest higher than? correct answers 10% Which of the following employees may NOT be excluded from a group life plan? correct answers Full-time employees after the probationary period T...

Exam Simulator: Florida Life and Health State Exam Latest Update Graded A A nonforfeiture clause gives the policy owner guaranteed values even if the policy has lapsed P loses an arm is a farm accident and is paid $10k from his Accidental Death and Dismemberment policy. This benefit is known as the Capital Sum P, age 50, purchased an annuity that P will fund with $500/ month for 15 years. The annuity will then pay P retirement payments after the 15 years. Which type of annuity did P purchase? ...