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Under an executive bonus plan, premiums paid by the employer are
Under an executive bonus plan, premiums paid by the employer areA . reported as taxable income to the employee.B . tax deductible to both the employee and employer.C . reported as taxable Income to the employer.D . only tax deductible when the bonus is an insurance plan.View AnswerAnswer: A
If an Insured under a life insurance policy dies with an outstanding loan balance then the death benefit will
If an Insured under a life insurance policy dies with an outstanding loan balance then the death benefit willA . be reduced by the amount of the loan and interest owed.B . not be paid until the loan is repaid.C . be paid less the amount of the loan but...
At what age can an Individual begin to receive distributions from an IRA without a tax penalty?
At what age can an Individual begin to receive distributions from an IRA without a tax penalty?A . 55 1/2 years.B . 59 1/2 years.C . 63 1/2 years.D . 65 1/2 years.View AnswerAnswer: B
In Ohio, an agent must be appointed by the Insurer within how many days from the date the agency contract Is executed, or the first Insurance application Is submitted?
In Ohio, an agent must be appointed by the Insurer within how many days from the date the agency contract Is executed, or the first Insurance application Is submitted?A . 10B . 15C . 20D . 30View AnswerAnswer: B
An insured wants to purchase a policy with three key elements: flexible premium, death benefit, and the choice of mutual funds where the cash value will be Invested In a separate account. The Insured should purchase
An insured wants to purchase a policy with three key elements: flexible premium, death benefit, and the choice of mutual funds where the cash value will be Invested In a separate account. The Insured should purchaseA . universal life.B . adjustable life.C . variable universal life.D . graded premium whole...
Each of the following are characteristics of a fixed annuity contract EXCEPT
Each of the following are characteristics of a fixed annuity contract EXCEPTA . funds are Invested in a separate account.B . the minimum interest rate is guaranteed in the contract.C . benefit payments remain level.D . it may be sold as an immediate or deferred annuity.View AnswerAnswer: A
All the following riders can Increase the death benefit amount EXCEPT
All the following riders can Increase the death benefit amount EXCEPTA . Cost of Living.B . Waiver of Premium.C . Accidental Death Rider.D . Guaranteed Insurability.View AnswerAnswer: C
It is unlawful for a person to provide an advertisement which
It is unlawful for a person to provide an advertisement whichA . uses a testimonial.B . refers to the insurer's financial rating.C . points out coverage advantages of a policy.D . uses a policy title to inaccurately describe a coverage.View AnswerAnswer: D
Rob, Joe, and Mike are brothers who have a $60,000 "first-to-die" Joint life policy covering all three of their lives. If Joe dies first, the policy proceeds
Rob, Joe, and Mike are brothers who have a $60,000 "first-to-die" Joint life policy covering all three of their lives. If Joe dies first, the policy proceedsA . will not provide further insurance protection.B . must be shared equally by Rob and Joe's wife.C . will accumulate with interest until...
What does a limited payment whole life policy provide?
What does a limited payment whole life policy provide?A . Protection to age 65.B . Life time protection.C . A lower premium.D . Pure protection.View AnswerAnswer: C
