Nonforfeiture law - Study guides, Class notes & Summaries
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Alabama life and health 2024 Exam With Complete Solution
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Billy is the owner of a life insurance policy and has chosen a policy settlement option under which 
the company will pay the beneficiary (his widow) an income each month for as long as she lives. 
Payment stops at her death. Which settlement option has Billy selected? 
A. Fixed amount option 
B. Fixed period option 
C. Interest only option 
D. Life income option - Answer-D. Life income option 
A man with an Accidental Death & Dismemberment (AD&D) policy having a Principal Sum of 
$100,000 and a...
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Life Insurance Exam Questions IDAHO and Answers 100% Verified
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Which of the following statements describes one of the reasons individuals purchase life insurance? - ANSWER-2. It creates an immediate estate. 
 
How long is the grace period for an individual life insurance policy? - ANSWER-1 month 
 
In this state the owner gets a "free look" of a specified number of days from - ANSWER-Delivery of the policy 
 
Which of the following would be likely to establish a SEP? - ANSWER-Smalls employers 
 
If a soliciting producer suspects that there could be misrep...
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XCEL Exam Simulator FL Study Guide 2024
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S recently received a $500,000 lump sum retirement buyout from her employer. She would like to buy an annuity that will immediately furnish her with a guaranteed income for life. What type of annuity is best suited for her situation? - Single Premium. 
 
Immediate Annuities are purchased with a single lump sum payment and will start providing income payments within the first year, but usually starting 30 days from the purchase date. 
 
What type of group plan involves employees sharing the cost?...
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Final Exam - Alabama Life and Health || with 100% Correct Answers.
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John has recently died and it was discovered that he was actually ten years older than what was listed on his life insurance policy. What will the insurer pay his beneficiary? correct answers The amount of insurance that his premiums would have purchased at his correct age 
 
Which of the following is considered the "automatic" Nonforfeiture Option that most insurers will use? correct answers Extended term 
 
Susan owns a life insurance policy that has accumulated $10,000 in cash value in whic...
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FINAL EXAM - ARIZONA LIFE AND HEALTH QUESTIONS & ANSWERS 100% ACCURATE!!
- Exam (elaborations) • 18 pages • 2024
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Which of these is true regarding the exchange of consideration among parties involved in an insurance contract? - ANSWERCan be unequal 
 
The premiums paid by an employer for his employee's group life insurance are usually considered to be? - ANSWERTax-deductible to the employer 
 
Kevin has an existing life insurance policy and assigns it to another insurer for a new contract. How would this transaction be treated for tax purposes? - ANSWERAs a section 1035 exchange 
 
Which of these is NOT a ...
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Alabama Life and Health Insurance Questions and Answers Already Passed
- Exam (elaborations) • 60 pages • 2023
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Alabama Life and Health Insurance Questions and Answers Already Passed 
Billy is the owner of a life insurance policy and has chosen a policy settlement option under which the company will pay the beneficiary (his widow) an income each month for as long as she lives. Payment stops at her death. Which settlement option has Billy selected? 
A. Fixed amount option 
B. Fixed period option 
C. Interest only option D. Life income option D. Life income option 
A man with an Accidental Death & Dismember...
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Louisiana Life and Health Simulator Questions and Answers Already Passed
- Exam (elaborations) • 32 pages • 2024
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Louisiana Life and Health Simulator Questions and Answers Already Passed 
A licensee just renewed his license. How much time will pass before he will have to renew it again? 2 years 
How many eligible employees must be included in a contributory plan? 75% 
All of the following are Nonforfeiture options EXCEPT 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 commerc...
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FINAL EXAM - ARIZONA LIFE AND HEALTH Questions And Answers All Verified By An Expert A+ Graded
- Exam (elaborations) • 21 pages • 2024
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Which of these is true regarding the exchange of consideration among parties involved in an insurance contract? - ANS Can be unequal 
 
The premiums paid by an employer for his employee's group life insurance are usually considered to be? - ANS Tax-deductible to the employer 
 
Kevin has an existing life insurance policy and assigns it to another insurer for a new contract. How would this transaction be treated for tax purposes? - ANS As a section 1035 exchange 
 
Which of these is NOT a ...
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Life Insurance Practice Exam Questions With 100% Correct Answers
- Exam (elaborations) • 28 pages • 2024
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Life Insurance Practice Exam Questions 
With 100% Correct Answers 
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. - answerc) 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...
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Life Insurance Exam Questions IDAHO & Answers 100% CORRECT!!
- Exam (elaborations) • 7 pages • 2023
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Which of the following statements describes one of the reasons individuals purchase life insurance? - ANSWER-2. It creates an immediate estate. 
 
How long is the grace period for an individual life insurance policy? - ANSWER-1 month 
 
In this state the owner gets a "free look" of a specified number of days from - ANSWER-Delivery of the policy 
 
Which of the following would be likely to establish a SEP? - ANSWER-Smalls employers 
 
If a soliciting producer suspects that there could be misrep...
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