CT Life and Health Exam Chapter 5
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11 terms
Terms | Definitions |
|---|---|
 75% | In a contribution group life insurance plan, what portion of eligible employees must participate before a policy is issued? |
| Group Term Life Insurance | Group life coverage must be incidental of the formation of the group. A certificate holder possesses the right to name a beneficiary. A conversion privilege is provided in most group life plans. These are all examples of ? |
| Flexible Premium Annuity | This may be used to fund an individual retirement account. |
| A Minister | A tax sheltered annuity is characterized by a salary reduction and tax deferral. A 58 year old male who is disabled, an administrative assistant to a company officer, and an employee of the federal government all can use this type of retirement vehicle. |
| A sole proprietor and eligible employees | A Keogh plan is designed for which of the following parties. |
| 10% | Pre retirement pension plan distributions may occur prior to age 59 1/2. What penalty amount may be assessed for an early distribution? |
| Two Months | To avoid any penalties or adverse tax consequences, rollovers of qualified plans must be effected within how many months of withdrawal? |
| Employee of the State | A tax sheltered annuity provides reduced tax liability by means of a salary reduction. A private teacher, Minister, and Employee of non-profit agency are all eligable to participate in a 403 (b) tax sheltered annuity, this type of employee is not? |
| Section 457 plan | Qualified plans are more inclined to utilize a fixed or variable deferred annuity as its primary investment vehicle. |
| $50,000 | Under group life insurance policy, an insured is provided as a tax free benefit up to what amount? |
| Non Qualified Differed Compensation | The Keogh plan, 403 (b) plan, 457 deferred compensation plan are all qualified retirement plans this is not one. |
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