This type of insurance is permanent and builds guaranteed cash value in the form of dividends and paid up additions.
What is Whole Life Insurance?
100
What is a dividend?
a sum of money paid regularly (typically quarterly) by a company to its shareholders out of its profits (or reserves).
100
This large insurance company just announced that it would be raising its rates on Long Term Care and will no longer be selling it in MA and NH.
What is Genworth?
100
What retirement savings vehicle has money go in pre-taxed, grows taxed deferred and distrobutions are taxable?
Traditional IRA, 401K, 403B, 457
100
What time does the stock market open and close?
9:30am and 4:00pm
200
This is the highest numerical rating a Life Insurance Company can receive on the COMDEX system.
What is 100?
200
What is a bond
A debt investment in which an investor loans money to an entity (corporate or governmental) that borrows the funds for a defined period of time at a fixed interest rate.
200
Adding any of these to a Disability or LTC policy will add features and benefits to the policy owner. They also usually increase the cost of the policy.
What is a ryder?
200
What retirement savings vehicle has money go in with after-tax dollars, grows tax free and distrobutions are tax free?
Roth IRA, Roth 401K
200
The Dow Jones is one of the most widely tracked indexes, how many stocks make up this index?
30
300
This type of permanent life insurance is considered the riskiest. A portion of the premiums are usually invested in the stock market to get a high level of return over a long period of time.
What is Variable Universal Life Insurance?
300
What is a mutual fund
An investment vehicle that is made up of a pool of funds collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and similar assets
300
These types of activities will usually cause an applicant to be declined or drastically decrease their rating on a disability policy.
What are hazardous activities?
300
What age does the IRS require an investor to take money out of a Traditional IRA?
70 1/2
300
There are 7 states that have more than 1 NFL football team in them. What are those states?
FL, CA, TX, MO, OH, NJ/NY, PA
400
New York Life is the only insurance company that has paid this to policyowners 168 years in a row
What is a policy dividend?
400
What generally happens to the price of a bond when interest rates rise?
The price of the bond goes down
400
When a doctor or other skilled employee applies for Disability Insurance, they almost always include this clause in their policy - which provides that if they cannot perform the duty that they were specifically trained/educated for, the insurance company will pay the claim.
Name two of the three insurance companies that have the highest COMDEX rating of financial strength.
What are New York Life, Northwestern Mutual, and TIAA-CREF?
500
The death benefit and cash value of a life insurance policy policy will decline by the amount of this, when it is taken from the policy.
What is a loan?
500
What is the concept of the "Rule of 72"
This is used to determine how long it will take for your money to double, dived return by 72. Example 7% return, 10.2 years for your money to double.
500
When a LTC policyholder goes on claim (receives a benefit), they must first prove that they cannot perform 2 of the 6 Activities of ______ ______.
What is Daily Living?
500
Can a contribution be made for a non-working spouse into an IRA?
Yes if:
File a joint tax return
There is earned income for the working spouse
account owner is under 70.5 (Trad. IRA)
The mmet the MAGI eligibility limits (Roth IRA)
500
This type of Life Insurance contract/policy is usually put in place on 2 or more business owners to ensure that if either one of them died, the other one could purchase the deceased's share of the business.