Viatical settlement Study guides, Class notes & Summaries

What is the main purpose of the Seven-pay Test? CORRECT ANSWER-It determines if the insurance policy is an MEC. Which of the following insurance arrangements will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? CORRECT ANSWER-Third-party ownership Which of the following best defines the "owner" as it pertains to life settlement contracts? CORRECT ANSWER-The policyowner of the life insurance policy Which of the following is NOT...

Arizona Life Insurance Exam - Life Insurance Basics Questions and Answers 100% Pass 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 ...

Xcel Testing Solutions- Life and Health Insurance- Weighted Exam- 150 Questionsand Answers 100% Correct The Do Not Call Registry offers exemptions for calls placed from all of the following EXCEPT insurance sales calls Charities, political organizations, and surveys are all offered exemptions from The Do Not Call Registry The type of policy where the insurer can send a notice to the insured that the policy has been cancelled in the middle of the term is called cancelable The renewabi...

Xcel Testing Solutions- Life and Health Insurance- Weighted Exam- 150 Questions and Answers 2024 with complete solution The Do Not Call Registry offers exemptions for calls placed from all of the following EXCEPT - Answer ️️ -insurance sales calls Charities, political organizations, and surveys are all offered exemptions from The Do Not Call Registry The type of policy where the insurer can send a notice to the insured that the policy has been cancelled in the middle of the term is c...

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 policyAnswer - B Which of the following documents must be provided to the policyowner or applicant during policy replacement? A Buyer's Guide and Policy ...

Xcel Testing Solutions- Life and Health Insurance- Weighted Exam- 150 Questions with 100% Correct Solutions The Do Not Call Registry offers exemptions for calls placed from all of the following EXCEPT - Correct Answer ️️ -insurance sales calls Charities, political organizations, and surveys are all offered exemptions from The Do Not Call Registry The type of policy where the insurer can send a notice to the insured that the policy has been cancelled in the middle of the term is called...

Xcel Testing Solutions- Life and Health Insurance- Weighted Exam- 150 Questions The Do Not Call Registry offers exemptions for calls placed from all of the following EXCEPT - insurance sales calls Charities, political organizations, and surveys are all offered exemptions from The Do Not Call Registry The type of policy where the insurer can send a notice to the insured that the policy has been cancelled in the middle of the term is called - cancelable The renewability provision ...

immediate annuity - Jessica purchased an annuity with a single $175,000 premium payment, and payments began one month later. Based on these facts, what type of annuity did she purchase? Benefits are typically paid while the contract owner is alive - Compared with life insurance, which of the following statements regarding annuities is most correct? Mortality and interest assumptions - Actuaries calculate net single premiums based on which of the following? term life insurance policy - What...

Ohio Life and Health Practice Exam Questions and Correct Answers 100% 2024 An insured has a stop-loss limit of $5,000, a deductible of $500, and an 80/20 coinsurance. The insured incurs $25,000 of covered losses. How much will the insured have to pay? $500 $5,000 $5,400 $5,600 - CORRECT ANSWER-$5,000 Which of these is NOT subject to income taxation under Modified Endowment Contract (MEC) Loan against the cash value Policy withdrawal Policy Dividend Death Benefit - CORRECT ANS...

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 Buyer's Guide and Policy Summary...