Single premium life - Study guides, Class notes & Summaries

NYS Life, accident, and health insurance Exam 2023/2024 Questions and Answers 100% CorrectNYS Life, accident, and health insurance Exam 2023/2024 Questions and Answers 100% CorrectNYS Life, accident, and health insurance Exam 2023/2024 Questions and Answers 100% CorrectWhich type of life insurance policy is best suited for paying off the outstanding balance of a 30-year mortgage in the event of the insured's death? - ANSWER-30-year decreasing term. How many days notice does the ACA require i...

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...

NC LIFE insurance state exam questions and answers 100% pass CREDIT LIFE a special type of coverage written to the life of the debtor and pay off the balance of a loan in the event of the death of the debtor. BUY-SELL AGREEMENTS a legal contract that determines what will be done with a business in the event that an owner dies or becomes disabled. Otherwise known as a business continuation agreement INSURABLE INTEREST to purchase insurance the policy owner must face the possibility of losing mo...

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...

With short term disability insurance there are no policy riders or coordination of benefits is this an accurate statement yes or no - Answers- long term disability insurance allows customers to continue coverage through a variety of riders - Answers- based on state availability either the hospital income, supplemental health insurance and or supplemental health insurance plus products may be available this type of protection both on and off the job true or false - Answers- customers see...

Paul is an employee who caught a disease unique to the trade in which he was exposed to. Paul has a(n) - Answer- Occupational disease An immediate annuity has been purchased with a single premium. When does the annuitant typically begin receiving benefit payments? - Answer- 1 month Under which circumstance may a deferred insurance commission be paid to an individual? - Answer- Individual was a licensed producer at the time of the sale Under the Health Insurance Portability and Accountab...

PSI: LIFE, ACCIDENT, AND HEALTH PRACTICE EXAM ALREADY PASSED Under the misstatement of age or gender provision, what happens if it is determined at death that the insured's age or gender was misstated on a life insurance policy application? Benefits are adjusted to an amount that the premium would have purchased at the correct age or gender. Which of the following must be given to the insurer within 20 days after occurrence or commencement of any loss covered by the policy, or as thereafter a...

Primerica Practice Exam Test A 75 Questions & Answers 2023 1. An annuity that is purchased with a lump sum premium and whose benefits begin after 12 months is called a: A. Single premium immediate annuity. B. Single premium deferred annuity. C. Level premium variable annuity. D. Flexible premium fixed annuity. - Correct answer-Single premium deferred annuity 2. A technique used to determine the amount of life insurance needed by focusing on the projected earning potential of an insured ...

Insurance (General concept) - ANSWER - transfers the risk of loss from an individual to an insurer - based on the principle of indemnity - based on the principle of risk (risk pooling) insurable interest (General Concept) - ANSWER - must exist at the time of the application - insuring one's own life, family member, or a business partner Solicitation and sales presentation - ANSWER - illustration- presentation of nonguaranteed elements - buyer's guide is generic information abo...

A funeral prearrangement life insurance agent must be supervised - Answer- By a legal reserve life insurance agent whose company holds a seller's permit. The maximum initial guaranteed death benefit that a funeral prearrangement life insurance agent may sell is - Answer- $15,000 A funeral prearrangement life insurance agent license expires when the agent - Answer- Fails to submit a biannual renewal application and fee When an application for an insurance agent license is denied, except...