11 terms

CT Life and Health Exam Chapter 5

Chapter 5 questions and review
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.
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.
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.