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practice test 3 (1035 is tax free 1035 exchange plan (exchange an existing…
practice test 3
1035 is tax free 1035 exchange plan
exchange an existing annuity of life insurance plan for a new annuity or life insurance plan
limited pay life insurance
is limited in how many payments the policyowner makes. e.g., a 20 year you would pay premiums for 20 years and then you would keep the policy for life
integrated deductible
a single deductible applied to both medical and dental insurance coverage
exclusion ratio
method for finding the taxable portion of each annuity payment
dividends are considered to be a return of premium
not subject to taxation
medicare part b covers
doctors charges
annuity certain
provides a guaranteed accumulation or payout
medicare part a
covers inpatient hospital stay
variable universal policy
has flexible premium, death benefit, and the choice of how the cash value will be invested
fully contributory group disability income plan pays tax free benefits to covered employees
defined contribution plan is a tax qualified plan
guaranteed issue insurance policy has no medical underwriting
accelerated death benefit options are offered with no increase in premium