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9 Cards in this Set
- Front
- Back
- 3rd side (hint)
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A qualified retirement plan differs from a non-qualified retirement plan in all of the following ways, EXCEPT: |
a. Contributions to a non-qualified plan are deductible on a current basis. b. Qualified plans have specific rules on participation and non-qualified plans do not. c. Highly compensated employees may be limited by qualified plans and non- qualified plans do not have the same limits. d. Qualified plans are subject to annual discrimination tests and non-qualified plans are not. |
A |
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What type policy allows a partial surrender? |
a. Adjustable life b. Whole life c. Universal life d. Variable whole life |
C |
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A partial surrender is allowed in what type policy? |
a. Whole life b. Universal life c. Variable whole life d. Adjustable life |
B |
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What type policy allows a partial surrender? |
a. Adjustable life b. Whole life c. Universal life d. Variable whole life |
C |
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A partial surrender is allowed in what type policy? |
a. Whole life b. Universal life c. Variable whole life d. Adjustable life |
B |
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April completed her insurance application on the 9th of August. She paid her initial premium on the 10th of August. The insurance company issued the policy on the 16th of August. Her agent delivered the policy on the 17th of August. The insurer has a 15-day free look provision. When does she need to return the policy if she decides she does not want to purchase it, and wants her premium refunded? |
a. September 10th b. September 15th c. September 2nd d. September 1st |
D |
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The payor rider is sometimes added to a life insurance contract on a juvenile. The purpose of the rider is to make sure that the coverage on the juvenile does not lapse if the adult (the person responsible for paying premiums) becomes disabled or dies. Which of the following is not true about the payor rider? |
a. The insurance remains in force even if the premiums are not paid. b. The premiums can be waived until the maturity date of the contract. c. The premiums can be waived until the juvenile reaches a specified age. d. There is no added premium for this rider. |
D |
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Karl's grandmother has been diagnosed as being in end-stage renal failure. What provision of her life policy will giver her access to funds for rent, food and necessary medical services? |
a. Cost of living b. Waiver of premium c. Disability income d. Accelerated benefits |
D |
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Certain riders allow the insured to add people to the policy as additional insureds. Which of the following is a type of additional insured rider? |
a. Payor rider b. Substitute insured rider c. Family term rider d. Disability rider |
C |
