Kelvin is receiving tax deferred growth until retirement. In what phase would Kelvin's annuity be?
A. Nonforfeiture period.
B. Accumulation period.
C. Annuity period.
D. Payout period.
The PRIMARY reason for purchasing life Insurance Is to provide
A. death benefits.
B. college tuition.
C. retirement Income.
D. safety of principal.
The purpose of insurance Is to
A. avoid risk.
B. reduce risk.
C. transfer risk.
D. increase risk.
Which of the following policies allows the policyowner to change two policy features?
A. Credit Life.
B. Modified Life.
C. Adjustable Life.
D. Term Life.
Which of the following describes the process of selection, classification, and rating of risks?
A. underwriting
B. cost containment
C. adverse selection
D. claims experience
The only beneficiary named in a life insurance policy died before the Insured. The policyowner did not name a new beneficiary. When a claim is filed, the death benefit would be paid to the
A. beneficiary's estate.
B. insured's estate.
C. Insured's next of kin.
D. policyowner.
Which of the following dividend options is taxable?
A. 1-year term.
B. Paid up additions.
C. Return of premium.
D. Accumulation at interest.
Falsifying the terms, benefits, advantages, or conditions of an insurance policy Is an example of which of the following?
A. Forgery
B. Coercion
C. Concealment
D. Misrepresentation
Who can surrender an annuity during the accumulation period?
A. The company.
B. The beneficiary.
C. The annuitant.
D. The policyowner.
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.
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