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In general, what is the earliest age at which a person can take a distribution from a qualified plan without a tax penalty? - CORRECT ANS 59 1/2 Carol was 35 when she bought her deferred annuity. Now, at age 38, she wants to withdraw funds from the contract to take a vacation. Carol is likely to encounter all of the following consequences in making the withdrawal EXCEPT: - CORRECT ANS statutory minimum withholding requirements What kind of misrepresentation on an insurance application give...

Risk - CORRECT ANS Chance of loss 5 Risk or Loss Factors - CORRECT ANS 1. Risk 2. Loss 3. Exposure 4. Peril 5. Hazard Insurance allows: - CORRECT ANS Individual or group to transfer over to insurance company the risk of financial loss from a destructive event Fundamental purpose of insurance is: - CORRECT ANS To indemnify policyholder against covered losses or restore policyholder back to same financial position they were in before Insurance companies may used term risks to refer to insu...

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 - CORRECT ANS knowing that his family is depending on him, Frank wants to insure his ow...

1. 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: knowing that his family is depending on him, Frank wants to insure his own life o...

webce ACTUAL QUESTIONS AND ANSWERS 2023webce ACTUAL QUESTIONS AND ANSWERS 2023 1. 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: kno...

Annuitization is CORRECT ANSWERS: Accumulated values are converted into a stream of periodic income payments. How often can payments of annuities be paid out? CORRECT ANSWERS: 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? CORRECT ANSWERS: When a consumer priorities and needs typically shift from asset accumulation to income distrib...

Representations and Warranties CORRECT ANSWERS: Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments CORRECT ANSWERS: Two related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. The ________ department analyzes data to help estim...

In general, what is the earliest age at which a person can take a distribution from a qualified plan without a tax penalty? CORRECT ANSWERS: 59 1/2 Carol was 35 when she bought her deferred annuity. Now, at age 38, she wants to withdraw funds from the contract to take a vacation. Carol is likely to encounter all of the following consequences in making the withdrawal EXCEPT: CORRECT ANSWERS: statutory minimum withholding requirements What kind of misrepresentation on an insurance applicat...

Which of the following is characteristic of Virginia's Long-Term Care Insurance Partnership program? CORRECT ANSWERS: both I and II John's long-term care insurance partnership policy lapsed for nonpayment of premiums while he was confined in a nursing home. His coverage for that nursing home confinement would cease in all of the following circumstances EXCEPT: CORRECT ANSWERS: immediately upon lapse The Virginia Long-Term Care Insurance Partnership program employs a _________ model wit...

Homeowners Coverage Forms: HO-1 Homeowners Coverage Forms: HO - 2 CORRECT ANSWERS: Broad Form. Dwelling, other structures, personal property on named perils basis. Loss of use, personal liability, medical payments. Homeowners insurance policy that provides insurance coverage on the "named-peril" basis. There are 16 covered perils on a broad form policy. Homeowners Coverage Forms: HO - 3 CORRECT ANSWERS: Special Form. Insurance policy that provides insurance coverage for the structure o...