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10 Cards in this Set
- Front
- Back
The premiums paid by an employer for his employee's group life insurance are usually considered to be |
Tax-deductible to the employer |
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Which of these is NOT considered to be a cost connected with an individual's death? |
Business expenses |
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These are all accurate statements regarding universal life insurance EXCEPT |
Policy loans are not permitted |
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Which of these is NOT relevant when determining the amount of personal life insurance needed? |
Local unemployment rate |
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Who elects the governing body of a mutual insurance company? |
Policyholders |
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Why would evidence of insurability be required for a person insured with a variable universal life policy? |
The face amount is increased |
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At what point are death proceeds paid in a joint life policy? |
When the first insured dies |
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What is considered a valid reason for small businesses to insure the lives of its major shareholders? |
Fund a buy-sell agreement |
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Which action will trigger a penalty tax on premature distributions from a modified endowment contract (MEC)? |
Policy loans |
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Dividends from a mutual insurance company are paid to whom? |
Policyholders |