Insurance Terminology
Who are the three people involved in a life insurance policy?
Who is the policyholder, insured, and beneficiary?
In what year, did the S&P 500 fall roughly 44% due to a Housing Market Crash?
What is 2008?
He once said, “The first rule of an investment is don't lose money. And the second rule of an investment is don't forget the first rule.
Who is Warren Buffett?
Business owners can take advantage of this Internal Revenue Code to create Executive Bonus Plans for employees.
What is IRC 162?
We all remember when the whole world had to wear masks and stay 6 feet away from each other. What year did the deadly virus COVID strike that caused the S&P 500 to fall by 34%?
What is 2020?
In his book Money, Master the Game he states "Invest like the wealthy where you participate in market gains but are guaranteed to never lose when the market drops.”
Who is Tony Robbins?
DEFRA gives policyholders the ability to withdraw money out of their life insurance policy tax-free. What Internal Revenue Code is synonymous with DEFRA?
What is IRC 7702(a)?
What is the process of assessing an applicant's risk and determining their eligibility for insurance?
What is underwriting?
A type of permanent life insurance that builds cash value over time. These policies place the cash value in sub-accounts that mirror a stock index, such as the S&P 500.
What is an IUL (Index Universal Life)
In what year, did President Jimmy Carter sign the Revenue Act, that gave birth to the modern 401(k)?
What is 1978?
He is often called the father of the 401(k), said this about his creation.
'If I were starting over from scratch today with what we know, I'd blow up the existing structure and start over."
Who is Ted Benna?
IRC 7702(b) determines what qualifies as this type of life insurance contract.
What is Long-Term Care?
This is a provision or feature, purchased separately to provide additional benefits
What is a rider?
When compared to other types of insurance, Whole Life Insurance is often viewed as the most ______?
What is expensive?
What was created by the Banking Act of 1933? They are responsible for supplying deposit insurance to depositors in American commercial banks and savings banks.
DAILY DOUBLE
What is the FDIC?
Extra 200 points (What does FDIC stand for?)
I am the former General Comptroller of the United States. I am known for saying "If [our country] were a company, we would be out of business.”
Who is David Walker?
The Technical and Miscellaneous Revenue Act of 1988, laid out a new test that limited premiums paid to a life insurance policy needed to cover all guarantees of the contract spread out over a seven-year period often called the 7-Pay Test. IRC 101(a) is also known as this 5-letter Acronym.
What is TAMRA?
This type of exchange is a tax-free exchange between an existing annuity contract or life insurance policy to another of like kind.
DAILY DOUBLE
What is a 1035 Exchange?
Created in 1994, this rule is often tested by using the Monte Carlo Method of Simulation.
What is the 4% Rule?
"The worst time to think about the thing you are going to say is in the moment you are saying it."
Starting off with these words, what is the name of this book by author Phil M. Jones?
What is Exactly What To Say?
This Internal Revenue Code, also known as TEFRA, is responsible for allowing money placed in a life insurance policy to grow tax-free.
DAILY DOUBLE
What is IRC 72(e)?
Extra 200 points (What does TEFRA stand for?)