Health and Life Insurance
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65 Terms
Term life insurance policies.
The type of life insurance credit policies are issued as.
Modified Endowment Contract
The type of policy considered to be overfunded as stated by IRS guidelines
Policy Owner
Benefits in an investor-originated in life insurance when the insured dies.
Family Income Policy
The combination of whole life and decreasing term insurance policy.
Variable Universal Life Policy
A life policy that contains a monthly mortality, (have as well as self directed investment choices.)
what policy can premiums be lowered OR raised based on Investment performance?
equity indexed life insurance
What action requires policy owners to provide proof of insurability in an adjustable life policy
Increase face amount
Credit life insurance
Issued in an amount not to exceed the amount of the loan
True or false. Modified whole life policies are considered interest sensitive
False.
Term rider
The kind of insurance product covers children under their parents policy
Variable whole life
Policy where cash values are determined by underlying investment of common stocks.
What policy covers the insured if they go blind?
AD & D
A _____ rider is used to cover children
Term
If an insured’s inability to preform 2 or more daily activities which type of policy would trigger?
Long term care
True or false. dividends are taxed as income to the policy owner.
false
True or false. Interest is taxed as income to the policy owner.
True
What pertinent information is found in the consideration clause in a contract
Amount of premiums and when they are due
USA patriot act
Federal regulation says no money laundering
A non contributor plan requires ____% of its eligible employees.
100%
Which entity approves the insurance policy forms used in Florida?
O.I.R. Office of Insurance Regulation
What are adjustable rates for life policy loans in Florida based on?
Mobody corporate bond index
Avoids duplication of benefits
COB, Coordination of benefits
What is ERISA?
Employee Retirement Income Security Act of 1974 is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry, protecting employee benefits from fraud and mismanagement.
True or false. commerce is protected by ERISA.
False
How long is free look?
30 days
True or false. A family is covered by the Florida healthy kids care, they don’t have to pay the whole premium.
True. they just pay a portion
Who can you sell your policy to In order to get a percent of the policy?
A vatical settlement provider
Who exclusively owns a stock insurance company
shareholders
A ____ day notice is required from any health insurer that wishes to cancel the policy
45
any agent that sells ____ life insurance must be registered with the financial industry regulatory authority (FINRA)
variable
An individual covered by group life insurance is…
a certificate holder
Multiple employer welfare arangement provides …
insurable benefits
what is the contest time limit
2 years
How many days after a COVERED loss do you have to claim it
20
Reinstatement within how many days for accident and health insurance
45 days
Florida healthy kids requires a family to be what percent of the federal poverty level
300%
COBRA needs how many employers to be relevant
20
What is NOT a legal entity for securing life insurance
risk management advisors
Owned exclusively by its shareholders is a
stock insurance company
A life insurance applicant needs to be provided with what
buyer guide and policy summary
Agents who have been licensed for less than 6 years must complete how many hours of education every 2 years
24
if you sell medicare supplement policies you need to provide applicants with a _____
suitability form
Contest ability is how long
2 years
reinstatement Is how long
45 days
non profit life insurance provider
fraternal life
handle client funds in an honest and ethical manner
fiduciary responsibility
broadest health insurance
major medical
fees charged by healthcare professional
usual customary and reasonable expenses
how long do you have to be disabled to get benefits
5 months
Employer says “Ill give you money to buy this life insurance”
Split dollars plan
Whose life is covered on a payor benefit clause
Children
Post tax dollar contributions are found in what
Roth IRA investments
What policy combines term and investment elements
universal life
which product would be best for someone who is retired trying to invest a lot of money
annuity
what percent is held for income taxes
20%
when was the USA patriot act enacted
2001
Office of Financial Regulation
In Florida, Which agency is responsible for the rehabilitation or LIQUIDATION of insurers?
an agent may provide a perspective client with an advertising gift as long as the value of that gift does not exceed _____
$100
under which circumstances may a licensed agent in Florida represent An unathourized entity
Never
The excise tax rate the IRS imposes on individuals age 73 or older who do not take the required minimum distributions from their qualified retirement plan.
25%
what type of life insurance incorporates flexible premiums and an adjustable death benefit?
Universal life
Which type of policy is considered to be overfunded, as stated by IRS guidelines?
Modified endowment contract
Additional coverage can be added to a whole life policy by adding an ___
decreasing term rider
True or false. The agent should avoid asking the applicant questions that may cause embarrassment.
True
describe a Common accident deductible
The type of deductible provision that states that should more than one family member be involved in a common accident, or suffer the same, only one deductible amount should be paid.