401k - Study guides, Class notes & Summaries

FINN 3623 Exam 1 Terms (Nelson Driver) || All Questions & Solutions (Rated A+) FINN 3623 Exam 1 Terms (Nelson Driver) || All Questions & Solutions (Rated A+) Risk - ANSWER - The uncertainty of an outcome -Can be positive or negative Pure Risk - ANSWER - The chance of having a loss or chance of not having a loss (When insurance companies write a policy, the only policy they take under consideration) Subjective Risk - ANSWER - Attitude toward risk (Also known as your level of risk toler...

Insurance policies are considered aleatory contracts because: 1)they are take it or leave it contracts 2)both parties consent to the contract 3)performance is conditioned upon a future occurence 4)the contract is voidable upon proof of fraud - ANS - Performance is conditioned upon a future occurence, because there is an element of chance and potential for unequal exchange of value K failed to pay a renewal premium within the time granted by the insurer. K then sends in a payment which the...

Life and Health Insurance Exam (Missouri) with Verified Solutions Insurance policies are considered aleatory contracts because: 1)they are take it or leave it contracts 2)both parties consent to the contract 3)performance is conditioned upon a future occurence 4)the contract is voidable upon proof of fraud Performance is conditioned upon a future occurence, because there is an element of chance and potential for unequal exchange of value K failed to pay a renewal premium within the time gra...

CEBS GBA Exam 1 Question with complete solution 2023Broad view of Employee Benefits (Mod 1.1) Considers Employee Benefits to be virtually any form of compensation other than direct wages paid to Employees (Ex: WC, Unemployment, State DI, SS, Vacation, Holidays, 401K/Retirement, Employer share of Medical, Severance Pay, Child Care, etc..) Narrow view of Employee Benefits (Mod 1.1) Any type of plan sponsored or initiated by Employees and Employers and engaged in providing benefits that r...

Wisconsin Life Insurance Exam Questions With 100% Correct Answers A 60-year-old participant in a 401(k) plan takes a distribution and rolls it over to an IRA within 60 days. Which of the following is true? a) The amount of the distribution is reduced by the amount of a 20% withholding tax b) No taxes are due since the plan participant is over age 59 1/2 c) There is a 10% early withdrawal penalty d) The amount distributed is subject to ordinary income tax - a A claimant, whi is to...

Broad view of Employee Benefits (Mod 1.1) - Answer-Considers Employee Benefits to be virtually any form of compensation other than direct wages paid to Employees (Ex: WC, Unemployment, State DI, SS, Vacation, Holidays, 401K/Retirement, Employer share of Medical, Severance Pay, Child Care, etc..) Narrow view of Employee Benefits (Mod 1.1) - Answer-Any type of plan sponsored or initiated by Employees and Employers and engaged in providing benefits that result from the employment relationship an...

Kentucky Life Insurance State Exam Practice Questions and Answers 2023 Solved The premiums paid by an employer for his employee's group life insurance are usually considered to be Tax-deductible to the employer Which of these is NOT considered to be a cost connected with an individual's death? Business expenses These are all accurate statements regarding universal life insurance EXCEPT Policy loans are not permitted Which of these is NOT relevant when determining the amount of persona...

ERISA - Answer- Employee Retirement Income Security Act 1974 SOC Reports - Answer- Service Organization Controls: for external vendors SOC 1 - Answer- Internal Controls & Financial reports; used by auditors SOC 2 - Answer- Security, availability, processing integrity, confidentiality and privacy controls;used by management, regulators, and others under an NDA SOC3 - Answer- Same as SOC2, but available for public use. Tribble V Edison - Answer- Landmark court case re fiduciary resp...

Which of the following statements is TRUE regarding digital assets? correct answers 1.) Some digital assets are securities 2.) All digital assets are securities 3.) Digital assets are exempt from anti-fraud provisions 4.) Digital assets are exempt from registration with state Admin. Explanation: Answer is A. Some digital assets are securites. Digital assets must meet four part Howey Test to meet definiton of security All of the following are examples of digital assets, EXCEPT: cor...

Which of the following represents pure risk? A. Purchase of stock in a new company B. An investment in real estate C. Purchase of a lottery ticket D. Chance of fire in a dwelling correct answersD. Chance of fire in a dwelling WHICH OF THE FOLLOWING IS A PERIL? A. ATTITUDE TOWARDS SAFETY B. FIRE C. DEDUCTIBLE D. AN EXCLUSION correct answersB. FIRE Direct loss refers to: A. Fire damage to a dwellings roof B. Cost of increased living expenses due to a fire C. Reduction in the valu...