Accelerated benefit rider - Study guides, Class notes & Summaries

Mississippi Life and Health Insurance Latest Update Graded A+ Absolute assignment Policy assignment under which the assignee (person to whom the policy is assigned) receives full control over the policy and also full rights to its benefits. Generally, when a policy is assigned to secure a debt, the owner retains all rights in the policy in excess of the debt, even though the assignment is absolute in form. (See assignment) Accelerated benefits rider A life insurance rider that all...

NJ Life Insurance Exam Questions with Revised Answers New Update Which is true about the cash surrender non-forfeiture option? - Answer-Funds exceeding the premium paid are taxable as ordinary income If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a - Answer-Settlement option The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called - Answer-Joint and Survivor ...

MD Life and Health Final Exam Questions with Verified Solutions The difference between a Long Term Care Partnership Plan and a Non-Partnership Plan is which of the following? Asset Protection All of the following are considered appropriate uses of life insurance for business purposes EXCEPT Protecting the business by covering entry level employees with life insurance Susan is insured through her Group Health Insurance plan and changed her coverage to an individual plan with the same insurer a...

What amount will be paid under a policy where the insured misstated his/her age? 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 30 days which of these is considered to be a Living benefit option in a life insurance policy Accelerated death benefit loans obtained by a policy owner against the cash value of a life insurance policy would not be trea...

401K Plan - A qualified retirement plan in which the employee can set aside a portion of their income with pre-tax dollards Absolute Assigment vs. Collateral Asssigment - Absolute: A permanent and irrevocable transfer of rights and/or benefits by the policyowner. Collateral: A temporary and/or revocable transfer of benefits by the policyowner. Accelerated Death Benefit - Policy provision that allows full or partial payment of the policy's death benefit before the insured's death if he/she i...

2-14 Insurance License Exam questions and answers 401K Plan - answer-A qualified retirement plan in which the employee can set aside a portion of their income with pre-tax dollards Absolute Assigment vs. Collateral Asssigment - answer-Absolute: A permanent and irrevocable transfer of rights and/or benefits by the policyowner. Collateral: A temporary and/or revocable transfer of benefits by the policyowner. Accelerated Death Benefit - answer-Policy provision that allows full or partial ...

Absolute Assignment ~~> Policy assignment when assignee receives full control over the policy and full rights to its benefits. Accelerated benefits rider ~~> Life insurance rider that allow for early payment of some portion of policy's face amount, should the insured suffer from terminal illness/injury. adhesion ~~> Contract must be accepted by the insured exactly as it is written by the insurer. Terms of contract cannot be negotiated. Contract is offered on a take...

FL Health and Life Insurance Exam Latest Update with Verified Solutions An insured is hospitalized with a back checking his disability income policy, he learns that he will not be eligible for benefits for at least 30 days. This indicates that his policy is written with a 30 day ______________. Elimination Period All of the following are examples of third-party ownership of a life insurance policy EXCEPT an insured borrows money from the bank and makes a collateral assignment of a part of the...

PSI - NY Life, Accident and Health Practice Exam 17-55 (2023/2024) Already Passed Which policy provision permits the policy owner to take a specified number of days to examine the contract, and allows for cancellation and a full refund if the policy owner rejects the terms or costs? Free Look When will a policy pay on a UCR basis? When particular benefits are not listed on a payment schedule Which type of rider reimburses health and social service expenses incurred in a convalescent or nursin...

What is the maximum penalty for habitual noncompliance with the Fair Credit Reporting Act? Which of the following statements best describes the effect the Accelerated Benefit provision would have on the benefits paid to the beneficiary If a beneficiary wanted a guarantee that benefits paid from principal and interst would be paid for a period of 10 years before being exhausted, what would a beneficiary select? What is the benefit of choosing extended term as a nonforfeiture option...