Funding method of annuity Study guides, Class notes & Summaries

CEBS: GBA/RPA 3 (new curriculum) latest update 100% pass ERISA Employee Retirement Income Security Act 1974 SOC Reports Service Organization Controls: for external vendors SOC 1 Internal Controls & Financial reports; used by auditors SOC 2 Security, availability, processing integrity, confidentiality and privacy controls;used by management, regulators, and others under an NDA SOC3 Same as SOC2, but available for public use. Tribble V Edison Landmark court case re fiduciary responsibility pe...

Primerica Life Insurance Exam: Questions & Answers (with explanations) GRADED A An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a check from the insurer. From what type of insurer did the insured purchase the policy? a. mutual b. reciprocal c. nonprofit service organization d. stock A. mutual funds not paid out after paying claims and other operating costs...

Life, Accident and Health Insurance Exam 2024 Questions Complete Solutions Qualified Plan - Answer - -approved by IRS for favorable tax treatment - tax deffered growth Qualified Plan Requirements - Answer - 1) Be in writing 2)provided for benefit of employee 3) must satisfy age and serive standards 4) cannot be discriminatory 5) contributions cannot exceed yearly maximus 6) must provide survivorship benefits 7) must meet miniumum vesting standards 8) cannot be top heavy Advantages of Q...

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...

Absolute Assignment - ANSWER The assignment by the policy owner of all control and rights to a third party. This differs from collateral assignment, which allows all the rights and control to revert to the owner once a loan is paid off Accident - ANSWER A fortuitous event; unforeseen and unintended Accidental Death Insurance - ANSWER A form of health insurance that provides payment if death of the insured results from accident. Accidental death insurance is often combined with dismembermen...

Accident, Life, and Health Insurance questions and answers 2024 Update Accident, Life, and Health Insurance questions and answers 2024 Update Accident, Life, and Health Insurance questions and answers 2024 Update Premiums paid by self-employed sole proprietors or partners for medical expense insurance are - answera) Not tax deductible b) Partially tax deductible c) Totally tax deductible What is the purpose of a conditional receipt - answera) It is given by the agent only to applicants who full...

Annuitization is - Accumulated values are converted into a stream of periodic income payments. How often can payments of annuities be paid out? - 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? - When a consumer priorities and needs typically shift from asset accumulation to income distribution What is the start date range for deferr...

Representations and Warranties - Answer- Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments - Answer- Two related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. The ________ department analyzes data to help estimate future losse...

CEBS: GBA/RPA 3 (new curriculum) with Question and answer 2023ERISA Employee Retirement Income Security Act 1974 SOC Reports Service Organization Controls: for external vendors SOC 1 Internal Controls & Financial reports; used by auditors SOC 2 Security, availability, processing integrity, confidentiality and privacy controls;used by management, regulators, and others under an NDA SOC3 Same as SOC2, but available for public use. Tribble V Edison Landmark ...

WEBCE LIFE AND HEALTH EXAM WITH 100% CORRECT ANSWERS 2023 Representations and Warranties - Correct Answer-Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments - Correct Answer-Two related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premiu...