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40 Cards in this Set
- Front
- Back
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What is given in place of the Policy for group insurance? |
Certificate of Insurance |
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What is not included in the Certificate? |
Premium |
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What is the employers responsibilities as the Master Policyholder? |
Choosing coverage Enrollment Be non-discriminatory (by rank) Record Keeping/Paying Premiums |
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During the ______ period, they usually don’t have to get underwriting approval or EoI or medical Examination. |
Open Enrollment Period |
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In a _____ plan, an employee contributes to part or all of the premiums. At least __% of employees must participate for this plan to be written. |
Contributory; 75% |
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In a _____ plan, an employee contributes to none what types of groups arof the premiums. At least __% of employees must participate for this plan to be written. |
Non-Contributory; 100% |
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What types of groups are eligible for Group Life Policies? |
Employers covering 2+ employees Creditors covering more than 10 debtors Independent Contractors at newspapers |
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Who would count as dependents under a group life plan? |
Spouses, children 1-26, special needs adult children |
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Does domestic partnership equate to spousal dependency? |
Yes |
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What types of life insurance can a group get? |
Life, Disability, Term, and Endowment |
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Group Life Policies are subject to the same Incontestability and Misstatement of Age provisions as individual insurance.h |
True |
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How long after termination does an employee have under the Conversion Periodto convert their insurance to a WL plan without E of I? |
31 days |
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What can you find a qualified retirement plans to consist of? |
Stocks, bonds, cash, UL life |
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When an employee doesn’t want to handle the plans, they hand off the process to a third party______. |
Administrator (TPA) |
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While you buy Life Insurance is great if you worry about dying too soon, Annuity is great if you worry about ______. |
Living too long |
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Ok |
Ok |
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When money is accumulating in an annuity it is called _____. |
Accumulation phase |
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What is the term for using annuity?in |
Annuization phase |
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In an Annuity contract what is the Insured called? |
Annuitant |
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Annuities can be purchased for individuals and businesses as a ____. |
Retirement plans |
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What different options are made to fuel annuity growth? |
Fixed Annuity Variable Annuity Equity Index Annuity |
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Shat are some ways to originally fund the accumulation phase of an annuity policy? |
Single Premium Flexible Premium |
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When does money come out of an annuity? |
Immediate Annuity (within 1 year) Deferred annuity (more than 1 year) |
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What are the payout options during the annuitization phase? |
Life Only Period Certain Joint-and-Survivor Life within Period Joint-Life Refunded Life |
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What is the Life Only (pure) Annuity payout option? |
Pays until death |
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What is the Period Certain (Fixed Period) Annuity payout option? |
Uses annuity for a set period of time and still pays DB after death |
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What is the Life with Period Certainwoth longer Annuity payout option? |
Annuity payed over certain period. If annuitant dies during term, beneficiary receives rest of annuity |
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With longer periods, does the annuity monthly payments increase or decrease? |
Decrease |
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What is the difference between qualified and non qualified annuities? |
Non Qualified- accumulation is post-tax do distributions are only partially taxed
Qualified- contributions are made pre-tax and distribution is 100% taxable |
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If an annuity owner claims before 59 1/2 years old, a _____ penalty is charged to the annuity. |
10% |
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What type of qualified annuity plan is only granted to teachers, medical, religious, and non-profit workers? |
Tax Sheltered Annuity/ 403(b) Plan |
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Ok |
Ok |
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When working with senior annuities, an agent must reasonably explain an: |
Potential Surrender period/ charge Potential Tax penalties Fees Charges for riders Market risk |
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Are you allowed to meet a senior to discuss insurance without at least 24 hour written official notice? What’s the exception? |
No- only if you have an existing relationship (you must still send written official notice before meeting) |
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What must you state directly after greeting a senior client? What are you required to give? |
The fact you’re an agent there to discuss or sell insurance Business card |
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If asked by a senior, how long must do you have to stop discussions and leave? |
Immediately |
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What Free Look period length does an annuity have for a person 60+? |
30 days minimum |
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Ok |
Ok |
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How much Initial training do you need to be able to sell annuities? |
8 hours |
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How much subsequent training do you need each license term to sell annuity? |
4 hours |
