Question 1

A contract that pays the insured a specific daily amount (based on scheduled limits) for services to assist with the activities of daily living is:

Accepted Answer

A)  Annuity insurance.
B)  Disability insurance.
C)  Long-term care insurance.
D)  Medical insurance.E) C) and D)
F) All of the above

Question 2

Loss assessment coverage is provided under:

Accepted Answer

A)  HO-3.
B)  HO-4.
C)  HO-5.
D)  HO-6.E) A) and B)
F) A) and C)

Question 3

Taxation of a withdrawal from an annuity contract is on a:

Accepted Answer

A)  First-in,first-out basis.
B)  First-in,last-out.
C)  Last-in,first-out basis.
D)  Last-in,last-out basis.E) B) and D)
F) A) and C) C

Question 4

If an individual receives a Social Security disability benefit from the government,which benefit from an insurance company may be terminated or reduced?

Accepted Answer

A)  Cost-of-Living Adjustment (COL
A)  benefit.
B)  Guaranteed Renewable Disability benefit.
C)  Option to Purchase Additional Insurance benefit.
D)  Social Insurance Substitute benefit.E) All of the above
F) B) and C) D

Question 5

The owner of a condominium needs which of the following insurance policies?

Accepted Answer

A)  HO-3.
B)  HO-4.
C)  HO-5.
D)  HO-6.E) B) and C)
F) A) and D)

Question 6

Comprehensive losses are damages caused by events other than:

Accepted Answer

A)  Breakage of glass.
B)  Collision.
C)  Theft.
D)  Vandalism.E) C) and D)
F) A) and D) B

Question 7

The personal liability umbrella policy requires the policy owner to maintain minimum levels of:

Accepted Answer

A)  Automobile insurance.
B)  Directors' and officers' insurance.
C)  Errors and omissions insurance.
D)  Malpractice insurance.E) All of the above
F) B) and C)

Question 8

IRC Section 1035 allows the owner of an annuity contract to exchange an existing annuity contract for a new one,without:

Accepted Answer

A)  Paying long-term capital gains tax on the investment gains in the current contract.
B)  Paying ordinary income tax on the investment basis in the current contract.
C)  Paying ordinary income tax on the investment gains in the current contract.
D)  Paying short-term capital gains tax on the investment gains in the current contract.E) All of the above
F) C) and D)

Exam 9: Insurance Planning Basics

A contract that pays the insured a specific daily amount (based on scheduled limits) for services to assist with the activities of daily living is:

Correct Answer
verified

Loss assessment coverage is provided under:

Correct Answer
verified

Taxation of a withdrawal from an annuity contract is on a:

Correct Answer
verified
C

If an individual receives a Social Security disability benefit from the government,which benefit from an insurance company may be terminated or reduced?

Correct Answer
verified
D

The owner of a condominium needs which of the following insurance policies?

Correct Answer
verified

Comprehensive losses are damages caused by events other than:

Correct Answer
verified
B

The personal liability umbrella policy requires the policy owner to maintain minimum levels of:

Correct Answer
verified

IRC Section 1035 allows the owner of an annuity contract to exchange an existing annuity contract for a new one,without:

Correct Answer
verified

Exam 9: Insurance Planning Basics

A contract that pays the insured a specific daily amount (based on scheduled limits) for services to assist with the activities of daily living is:

Correct AnswerverifiedShow Answer

Loss assessment coverage is provided under:

Correct AnswerverifiedShow Answer

Taxation of a withdrawal from an annuity contract is on a:

Correct AnswerverifiedC

If an individual receives a Social Security disability benefit from the government,which benefit from an insurance company may be terminated or reduced?

Correct AnswerverifiedD

The owner of a condominium needs which of the following insurance policies?

Correct AnswerverifiedShow Answer

Comprehensive losses are damages caused by events other than:

Correct AnswerverifiedB

The personal liability umbrella policy requires the policy owner to maintain minimum levels of:

Correct AnswerverifiedShow Answer

IRC Section 1035 allows the owner of an annuity contract to exchange an existing annuity contract for a new one,without:

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
C

Correct Answer
verified
D

Correct Answer
verified

Correct Answer
verified
B

Correct Answer
verified

Correct Answer
verified