Viatical settlements - Study guides, Class notes & Summaries

"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...

1. the purpose of laws regarding the replacement of life and annuity contracts includes all of the following except Answer to protect the interests of life insurance and their agents 2. all of the following would fall under the category of an adverse underwriting decision except Answer failure of the agent to submit the application to an insurance company 3. in order to obtain Group insurance without providing evidence of insura- bility what do eligible individuals generally have to do Answ...

Nevada Life Insurance Graded A+ During replacement of life insurance, a replacing insurer must do which of the following? A Send a copy of the Notice Regarding Replacement to the Department of Insurance B Obtain a list of all life insurance policies that will be replaced C Guarantee a replacement for each existing policy D Designate a new producer for a replaced policy B Which of the following documents must be provided to the policyowner or applicant during policy replacement? A...

Health Ch. 8 LOUISIANA LAWS AND RULES A licensee whose name or address changes must notify the Commissioner within 10 days 30 days 45 days 60 days ️30 days A Louisiana insurance producer solicits a life insurance policy. In the event of a controversy between the insured and the company, the producer is considered to represent the insured beneficiary company policyholder ️company A Medicare Supplement policy cannot deny claims for losses occurring more than how long a...

LIFE & HEALTH INSURANCE AGENT PRACTICE EXAM Kit- 350 Questions with Fully Explained Answers ALL WHAT YOU NEED TO KNOW TABLE OF CONTENTS Introduction / Review Practice Exam Questions Life Insurance Section 1 – General Life Insurance Basics, Insurable Interest, Parties and Regulations Section 2 – Types of Life Insurance Policies and Individual versus Group Life Insurance Section 3 – Life Insurance Application and Underwriting Section 4 – Selling Life Insurance, Determining Cover...

nevada life insurance exam questions and answers 100% correct During replacement of life insurance, a replacing insurer must do which of the following? A Send a copy of the Notice Regarding Replacement to the Department of Insurance B Obtain a list of all life insurance policies that will be replaced C Guarantee a replacement for each existing policy D Designate a new producer for a replaced policy - Answer- B Which of the following documents must be provided to the policyowner or applic...

Beneficiary - correct answer A person who receives the benefits of an insurance policy Death Benefit - correct answer The amount paid upon the death of the insured in a life insurance policy Cash Value - correct answer Equity amount accumulated in permanent life insurance Estate - correct answer A person's net worth Illustrations - correct answer Presentation or depiction of nonguaranteed elements of a life insurance policy Life Insurance - correct answer Coverage on human lives ...

Virginia Laws and Rules - Life Insurance Exam Questions and Answers Already Passed An agent does NOT need to notify the Bureau of Insurance of a? a) change of address; b) name change; c) change in financial status; or d) felony conviction change in financial status Which of these is NOT considered advertising? A policy illustration, An AM Best company rating, A direct mailing by an insurer, or An agent's oral sales presentation? An AM Best company rating A domestic insurance com...

Which of the following Dividend options results in taxable income to the policyowner? - ️️Accumulation at interest To be licensed as an accident and health insurance agent in North Carolina, the applicant MUST - ️️Have successfully completed at least 20 hours of instruction approved by the Commissioner of Insurance Viatical settlements between a policyowner and a viatical settlement provider are negotiated through a(n) - ️️Viatical settlement broker Which of these types of p...

Insurance: - ANSWER A contract in which the insurance company agrees to indemnify the insured party against loss, damage or liability arising from an unknown event. Insurance Transfers: - ANSWER The risk of loss from an individual or business entity to an insurance company, which in turn spreads costs of unexpected losses to many individuals. Direct response marketing: - ANSWER A direct response marketing system effectively bypasses the insurance agent. Business is conducted over the phone...