Annuitization point Study guides, Class notes & Summaries

What kind of retirement plan can a 75-employee for profit corporation establish? - ANSWER-Simple IRA The taxable portion of a monthly income benefit paid during the annuity phase from a nonqualified annuity is calculated using the - ANSWER-Exclusion ratio Unfair claims settlement methods and practices by an insurance company include all of the following acts EXCEPT - ANSWER-failure to pay all claims that are reported within 90 days after a loss occurs The settlement option that allows p...

Annuity correct answersA savings plan within an insurance company instead of a bank. - An annuity is not considered insurance, but the life insurance industry handles them Fixed Annuity correct answersA savings plan with an insurance company with a minimum guaranteed interest rate Accumulation Period correct answersThe period in an annuity where the savings is building Annuity Period correct answersThe payout period of an annuity What is the purpose of an annuity? correct answersTo ...

Webce Insurance Test Questions With Answers - Latest 2023/2024 (Graded). Which one of the following best describes a policy that has a relatively low face amount and has premiums that are paid to an insurance agent who generally calls on the policyowner at home to collect them? group life insurance industrial life insurance ordinary term insurance ordinary whole life insurance - Answer- industrial life insurance Sylvia's insurer guarantees a fixed death benefit for the policy she owns. B...

Florida 2-15 Overview/ Study Guide (Fool Proof Guide): Annuities Exam Questions And Answers Annuity - ANS A savings plan within an insurance company instead of a bank. - An annuity is not considered insurance, but the life insurance industry handles them Fixed Annuity - ANS A savings plan with an insurance company with a minimum guaranteed interest rate Accumulation Period - ANS The period in an annuity where the savings is building Annuity Period - ANS The payout perio...

Florida 2-15 Overview/ Study Guide (Fool Proof Guide): Annuities Rated A Annuity A savings plan within an insurance company instead of a bank. - An annuity is not considered insurance, but the life insurance industry handles them Fixed Annuity A savings plan with an insurance company with a minimum guaranteed interest rate Accumulation Period The period in an annuity where the savings is building Annuity Period The payout period of an annuity What is the purpose of an annuity? To provide inc...

12b-1 fee an annual fee charged by a mutual fund for its marketing and distribution costs. Also called a maintenance fee or distribution fee. 529 College Savings Plan A tax-free savings plan that offers families professionally managed portfolios to help meet specified college expenses. A shares a class of mutual fund shares that have a front-end sales charge, expressed as a percentage of its net asset value. ABLE account a tax-advantaged savings account for disabled peop...

Agent Thompson received a letter from the Department of Insurance asking her to provide proof of completing the continuing education requirements. Within how many days must Agent Thompson respond to the Department's inquiry? 20 30 10 45 - Answer- 10 days Abby lives in Ohio, where she is licensed as an insurance producer. She wants to apply for a nonresident license in Pennsylvania. Which of the following conditions must she satisfy? She must move to Pennsylvania. She must surrender h...

Texas Health and Life Insurance Exam Practice Questions With Answers - Latest 2023/2024 (Graded). Which option is being utilized when the insurer accumulates dividends at interest and then uses the accumulated dividends, plus interest, and the policy cash value to pay the policy up early? correct answerPaid-up option With the paid-up option, the insurer can accumulate dividends at interest and then use them, in addition to interest and the policy's cash value, to pay the policy earlier than...

A plan in which plan participants make contributions via salary reductions, cash bonuses or thrift plans. 403(b) Tax-sheltered Annuity - answer401(k) plan for employees of nonprofit organizations and public schools. 408(k) Plan - answerQualified plans for small employers. A mix of an IRA and profit-sharing plan. More commonly referred to as a SEP. Absolute - answerAn absolute assignment occurs when the policyowner assigns all rights including cash values to another person or entity. Synon...

Florida 2-15 Overview/ Study Guide (Fool Proof Guide): Annuities