Funding method of annuity Study guides, Class notes & Summaries

Accident, Life, and Health Insurance questions and answers 2022 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 d) Taxable c) Totally tax deductible - answerc) What is the purpose of a conditional receipt - answera) It is given by the agent only to applicants who fully prepay all scheduled premiums in advance of policy issue b) It is intended to provide cove...

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 f...

CFP Practice Test 2023 CFP Standards of Conduct Sections (6) - CORRECT ANSWER-A. Duties owed to clients. B. Fin. Planning and Application of Practice Standards C. Practice Standards for Fin. Planning Process D. Duties owed to firms/subordinates E. Duties owed to CFP Board F. Prohibition on Circumvention Section A of CFP Standards of Conduct - CORRECT ANSWER-Duties owed to Client: 1. Fiduciary Duty 2. Integrity 3. Competence 4. Diligence 5. Disclose and Manage Conflicts of Interest ...

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. - 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 is called the: A. Needs approach. B. Future income option. C. H...

Class Beneficiaries - ANSWER The beneficiary on Walter's life insurance policy reads, "Children of the insured". Which of the following phrases best describes this type of beneficiary designation? -Juvenile Beneficiaries -Class Beneficiaries -Generational Beneficiaries TRUE - ANSWER A per stirpes distribution means that a beneficiary's share of a policy's proceeds will be passed down to the beneficiary's living child or children if the named beneficiary predeceases the insured. TRU...

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...

which of the following situations presents a situation of pure risk? -knowing that his family is depending on him, Frank wants to insure his life -wanting to increase his retirement savings, Saul invests his life savings in the stock market -Ralph takes a second mortgage on his house and uses the proceeds to gamble -wanting better job security, Ron cashes in his life insurance to start his own business - Answer- knowing that his family is depending on him, Frank wants to insure his own lif...

Annuity – WebCE Questions and Answers 2023 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 dist...

1 MARYLAND LIFE AND HEALTH INSURANCE EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ The contractual rights which allow the owner of a deferred annuity to surrender the cash value several years before the annuity date are called Correct Answer: Nonforfeiture Options How many days does the ACA require insurers to give before rescinding coverage? Correct Answer: 30 Under an adjustable life insurance policy, these may be changed without further writing Correct Answ...

1 MARYLAND LIFE AND HEALTH INSURANCE EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ The contractual rights which allow the owner of a deferred annuity to surrender the cash value several years before the annuity date are called Correct Answer: Nonforfeiture Options How many days does the ACA require insurers to give before rescinding coverage? Correct Answer: 30 Under an adjustable life insurance policy, these may be changed without further writing Correct Answ...