Homework Answers
Answer: Option D is correct.
Neither of the statements are true regarding the life income
settlement options.
ANSWER :
Option : neither I and nor II
In the joint-and-survivor policy, payments at a lower level continues on the death of the first annuitant. Beneficiary gets payment only when both the annuitants die.
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14) Which of the following statements about life income settlement options is (are) true? I. Under...
14) Which of the following statements about life income settlement options is (are) true 1. Under...
14) Which of the following statements about life income settlement options is (are) true?I. Under a joint-and-survivor life income option, payments cease at the death of the second (last) surviving) annuitant,II. Under a life income with guaranteed period, a contingent beneficiary is guaranteed a minimum number of payments regardless of when the primary beneficiary dies.A) I onlyB) II onlyC) both I and II]D) neither I nor II15) Bruce left a question about heart disease blank on his life insurance application...
18) Which of the following statements is (are) false concerning settlement options? 1. A straight life...
18) Which of the following statements is (are) false concerning settlement options? 1. A straight life annuity provides the highest amount of periodic income of all the life income options. II. The interest only option is the most often used settlement option. A) I only B) II only C) both I and II D) neither I nor II
Which of the following statements about an insurable interest in life insurance is (are) true? I....
Which of the following statements about an insurable interest in life insurance is (are) true? I. It is required of any person named as beneficiary. II. It must exist at the time the life insurance is purchased. OI only Oll only both I and II neither I nor 11 Which of the following statements about an insurable interest in life insurance is (are) true? 1. It is required of any person named as beneficiary. II. It must exist at the...
11) Which of the following statements about dividend options is (are) true! ! The interest on...
11) Which of the following statements about dividend options is (are) true! ! The interest on dividends left to accumulate with the insurer is not considered to be taxable income. II. Dividends paid on life insurance policies are not taxable for federal income tax purposes A) I only B) II only C) both I and II D) neither I nor II
D) 20-paymen whole me 7) Which of the following statements about the ownership of a life...
D) 20-paymen whole me 7) Which of the following statements about the ownership of a life insurance policy is (are) true? I. Under the ownership clause, the policyholder and beneficiary equally share all contractual rights in the policy while the insured is living II. The owner of the policy may assign certain rights, such as the right to designate the beneficiary, to another person. A) I only B) II only C) both I and II D) neither I nor II...
21) Which of the following statements is (are) true with respect to annuities? 1. The fundamental...
21) Which of the following statements is (are) true with respect to annuities? 1. The fundamental purpose of annuities is to replace lost income in case of premature death. II. Annuity payments will be higher if the annuity is funded with life insurance cash value rather than outside funds. A) I only B) II only C) both I and II D) neither I nor II een for a fixed annuity when he was 50 years old. At
20) Which of the following statements about life insurance policy loans is (are) true? Interest is...
20) Which of the following statements about life insurance policy loans is (are) true? Interest is not required on a life insurance policy loan, as the policyholder is borrowing his or I. her own money. II. Policy loans must be repaid within 3 years or the policy will lapse. A) I only B) II only C) both I and II D) neither I nor II o annuities?.
14. All of the following are common modal annuitization payout options EXCEPT:
14. All of the following are common modal annuitization payout options EXCEPT:a. lump-sumb. monthlyc. quarterlyd. annually15. What is the process of converting an annuity's accumulated value into a periodic income stream?a. commutationb. annuitizationc. dollar averagingd. laddering16. Troy purchased a deferred annuity for $ 100,000, naming himself and his wife as joint annuitants and his daughter, Trudy, as beneficiary. Ten years later, the contract had grown to $ 235,000, and Troy decided to annuitize under a joint and survivor life payout....
8. Which of the following statements about the estate and gift tax is (are) correct? I....
8. Which of the following statements about the estate and gift tax is (are) correct? I. There is no estate or gift tax due at the death of the first spouse. II. There is no estate or gift tax due if a single mother gives her son a $35,000 car. I only b. II only Both I and II d. Neither I nor II a 9. Which tax form should Jack and Jill a married couple file if they need...
1. Which of the following statements concerning insurance underwriting is (are) correct? I. Underwriting is the...
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18) Which of the following statements is (are) false concerning settlement options? 1. A straight life annuity provides the highest amount of periodic income of all the life income options. II. The interest only option is the most often used settlement option. A) I only B) II only C) both I and II D) neither I nor II
Which of the following statements about an insurable interest in life insurance is (are) true? I. It is required of any person named as beneficiary. II. It must exist at the time the life insurance is purchased. OI only Oll only both I and II neither I nor 11 Which of the following statements about an insurable interest in life insurance is (are) true? 1. It is required of any person named as beneficiary. II. It must exist at the...
11) Which of the following statements about dividend options is (are) true! ! The interest on dividends left to accumulate with the insurer is not considered to be taxable income. II. Dividends paid on life insurance policies are not taxable for federal income tax purposes A) I only B) II only C) both I and II D) neither I nor II
D) 20-paymen whole me 7) Which of the following statements about the ownership of a life insurance policy is (are) true? I. Under the ownership clause, the policyholder and beneficiary equally share all contractual rights in the policy while the insured is living II. The owner of the policy may assign certain rights, such as the right to designate the beneficiary, to another person. A) I only B) II only C) both I and II D) neither I nor II...
21) Which of the following statements is (are) true with respect to annuities? 1. The fundamental purpose of annuities is to replace lost income in case of premature death. II. Annuity payments will be higher if the annuity is funded with life insurance cash value rather than outside funds. A) I only B) II only C) both I and II D) neither I nor II een for a fixed annuity when he was 50 years old. At
20) Which of the following statements about life insurance policy loans is (are) true? Interest is not required on a life insurance policy loan, as the policyholder is borrowing his or I. her own money. II. Policy loans must be repaid within 3 years or the policy will lapse. A) I only B) II only C) both I and II D) neither I nor II o annuities?.
8. Which of the following statements about the estate and gift tax is (are) correct? I. There is no estate or gift tax due at the death of the first spouse. II. There is no estate or gift tax due if a single mother gives her son a $35,000 car. I only b. II only Both I and II d. Neither I nor II a 9. Which tax form should Jack and Jill a married couple file if they need...
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