Riders and Options
This option allows dividends to be paid out in cash, accumulation, paid up additions, paid up, or 1 year term.
What is a dividend option?
An insurer (company) must hold this certificate in each state it wishes to transact business.
What is a Certificate of Authority?
This is the period of an Annuity in which payments are deposits go into the Annuity.
What is the Accumulation period?
In this case, the Supreme court ruled that Insurance was not commerce and it was not subject to federal regulation under the interstate commerce laws.
What is Paul vs Virginia (1869)?
This provision allows the policy owner to borrow from the policy's cash value.
What is a Policy Loan Provision?
This is the organization that protects policy owners in the event that a life insurance company becomes insolvent.
What is The Life and Health Garanty Association?
In Joint and Survivor Life Annuity, the annuity payments continue until this person passes away.
Who is the last annuitant?
Insurance is regulated primarily by this law, not federal law.
What is State Law?
This policy rider will pay double or triple the amount of the policy if death occurs from an accident and not from other causes.
What is an Accidental Death Benefit Rider?
Under this act, individuals rejected for insurance due to information contained in a consumer report must be informed of the source of the report.
What is The Fair Credit Reporting Act?
A qualified plan must meet 4 specific criteria set forth by this government agency.
Who is the IRS?
In this 1944 court case, the Supreme court reversed itself and ruled that insurance is a matter of interstate commerce and was subject to federal regulation.
What is US vs Sout-Eastern Underwritwers Association?
A reinstatement provision allows a lapsed policy to be restarted after no more than this many years.
What is 3 years?
This Association is formed by state insurance commissioners that discuss regulation of problems and the development and recommendation of uniform practices and legislation.
What is the N.A.I.C.?
In a traditional IRA, Distributions may begin at age 59 1/2, however, they must begin by this age otherwise there is a 50% penalty.
What is 70 1/2?
This 1945 Act reaffirmed that the federal government has the right to regulate insurance, however, it would not as long as the states do an adequate job.
What is the McCarran-Ferguson Act?
These are the 4 general insurance risk classifications from least risk to most risk.
What is preferred, standard, substandard, and declined?
This is an insurer who is based in a state other than the state it is writing business in.
What is a foreign insurer?
This retirement plan is similar to a 401k, but is set up for the employees of non-profit organizations. Contributions grow tax deferred, but all distributions are taxable.
What is a 403b plan?