What kind of retirement plan can a 75-employee for profit corporation establish? - ANSWER-Simple IRA The taxable portion of a monthly income benefit paid
... [Show More] during the annuity phase from a nonqualified annuity is calculated using the - ANSWER-Exclusion ratio Unfair claims settlement methods and practices by an insurance company include all of the following acts EXCEPT - ANSWER-failure to pay all claims that are reported within 90 days after a loss occurs The settlement option that allows proceeds to remain with the insurer and the earnings to be paid to the beneficiary on a monthly basis is called - ANSWER-Interest only Regulations on life insurance advertising apply to which of the following insurance company materials? - ANSWER-A radio commercial that promotes the benefits of a specific company's life insurance products An insurance company may contest a life policy within a MAXIMUM of how many years after the policy's effective date? - ANSWER-2 All of the following factors are used in life insurance premium determination EXCEPT - ANSWER-Morbidity The authorization used to obtain the applicant's medical information that will be used by the insurer for the primary purpose of determining eligibility must include: - ANSWER-the time frame in which the insurer must release the eligibility decision to the agent An intermediary who omits information on an insurance application without the applicant's knowledge and submits the application to the insurer may be guilty of: - ANSWER-Misrepresentation Dividends are NOT subject to taxation because - ANSWER-Paying dividends is equivalent to returning a premium The XYZ Insurance Company cancels an intermediary's contract. XYZ could be bound by the intermediary's later acts if it: - ANSWER-Continues to pay the intermediary deferred commissions Which of the following products is designed to pay benefits that can provide a stream of retirement income to the purchaser? - ANSWER-tax-deferred growth Which of the following guarantees that the annuitant CANNOT outlive their benefits? - ANSWER-Guaranteed lifetime withdrawal benefit Which of the following statements is CORRECT about an insured's failure to report a claim in a timely manner based on the advice of an intermediary? - ANSWER-It does not affect the insurance company's obligations In Wisconsin, an [Show Less]