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Life, accident, health- MN > LAH- life > Flashcards

LAH- life Flashcards

1
Q

human value approach looks at what?

A

just the amount of income loss only from death of breadwinner

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2
Q

need based approach looks at what?

A

looks at everything:

death costs
income replacement
education for children
continuing income for spouse

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3
Q

max days to pay a claim in life insurance?

- should be paid when?

A

60 days max to pay claim

- should be paid immediately

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4
Q 
Universal life (flexible policies)
- cash value hits 0$ grace period?
A

30 - 60 days

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5
Q

variable life insurance free look period

A

45 days

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6
Q

variable life insurance policy conversion time window to original policy?

A

within 2 year

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7
Q

variable life insurance grace period for premiums?

A

31 days

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8
Q

can withdraw or loan up to how much cash value in a variable life account?

A

75%

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9
Q

family income poilcies combine what two types?

- starts from when?

A

whole life and decreasing term

decreasing term starts FROM policy issue date

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10
Q

family maintenance policy combines what two types?

starts when?

A

whole life(permanent) and level term

starts from TIME OF DEATH

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11
Q

family policies combines what?

  • amounts for others?
A

permanent plan for insured
term for insurance of dependents

spouse= 1/4 amount
children = 1/5 amount until stated age and then can covert WITHOUT showing insurability
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12
Q

junenville policies for minors under what age?

A

15 years old

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13
Q

jumping juvenile policies increase by what amount and at what age?

insurability and premiums?

A

5x the amount at age 21

no insurability and no premium increase

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14
Q

modified premium plan vs graded premium plan?

A

modified = cheap early, ONE premium increase and remains that forever

graded= increasing premiums each year for 5-10 years and then remains that forever

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15
Q

index linked life insurance is linked to what?

A

protect against inflation

linked to CPI

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16
Q

accident death (double indemnity) rider …. and dismemberment

  • provides what?
  • how many days for accident to count?
A
  • double death benefit (face value times 2) IF DEATH BY ACCIDENT or for the dismemberment = TWO limbs or blindness
  • death/ dismember at time of accident or within 90 days
17
Q

waiver of premium does what?

  • waiting period to be eligible?

what about universal flexible premiums?

A
  • no premium payments needed during time when totally and permanently disabled
  • 3 - 6 months
  • waves ONLY the amount of annual minimum premium
18
Q

guaranteed insurability rider

  • days to elect coverage option?
  • every how many years?
  • insurbailtiy?
  • age limits?
  • amounts?
A 
90 days
every 3 years
no proof of insurability
25-40
up to original face amount
19
Q

policy loan provision says cash value must be in policy after minimum how many years?

A

3 years

20
Q

life lawsuits against insurer must be filed within how long?

A

1 year

21
Q

annuity penalty for withdrawing early?

  • amount?
  • age you must be before being able to withdraw without penalty?
A

10%

59.5 years old

22
Q

group life conversion time frame after termination?

A

31 days

23
Q

federal group employee life insurance

- amount?

A

1 year salary

24
Q

Social security life benefits; Retired worker

  • worker gets - at 65?, at earliest age?
  • spouse caring for child?
  • spouse for themselves?
  • children themselves?
A

100% pia, 62 gets 80%

  • 50% to spouse caring for child under 18 or disabled before 22
  • 100% for themselves
  • unmarried child gets 50% until 18 or disabled before 22
25
Q

Social security life benefits; survivorship benefits

  • spouse caring for child?
  • spouse for themselves?
  • children themselves?
A

75% when caring for child under 18 or disabled before 22

71.5% at 60 or 100% at 65

75% unmarried child until 18 or disabled before 22

dependent parent= 82.5% or if BOTH parents= 75% each

26
Q 
life tax considerations
- individual insurance
cash value = ?
death benefit?
loans?
A

grows tax free
tax free to beneficiary
tax free

27
Q

MEC tax?

withdraw age for no penalty?

A

taxed as originally income

penalty for withdrawing before 59.5

28
Q

life insurance premium taxes are?

A

NOT tax deductible

29
Q

all benefits are received?

dividends received?

interest gained on anything is received?

A

income tax free

income tax free

taxed on the gain

30
Q

surrender value taxing?

A

anything above the cost basis (amount of premiums paid) is taxed

31
Q

annuity taxes?

A

anything above capital payment amounts is taxed

32
Q

cash value accumulation taxes?

A

grows tax free

taxed on withdrawal

33
Q

grace period for rollovers of retirement accounts?

A

60 days

34
Q

number of days replacing insurer must notify existing insurer?

A

5 days

35
Q

replacement documents held for how many years?

A

6

Life, accident, health- MN (2 decks)

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