UTAH PRODUCER LIFE AND HEALTH
INSURANCE CERTIFICATION EVALUATION
STUDY GUIDE 2026 COMPLETE QUESTIONS
WITH ACCURATE SOLUTIONS VERIFIED
PRACTICE RESOURCE GRADED A+
⩥ 401(k) plan. Answer: one of the most popular types of qualified
employer plans.
they are a form of defined contribution plan that allows both employer
and employees to contribute to the plan. employees can defer part of
their wages into the plan. these deferrals are not included in the
employee's gross income. as a result, they are not taxed
⩥ 403(b) plan. Answer: a retirement plan reserved for non-profit
organizations and their employees.
both employer and/or employee contribute funds into the plan. the funds
are directed into individual accounts set up for each participating
employee.
the contributions are not taxable to the employee when they are made.
rather, they grow deferred until they are distributed.
they are also called a tax-sheltered annuity plan (TSA)
⩥ 457 plan. Answer: qualified retirement plans reserved for employees
of state and local government units.
, under these plans, eligible employees are allowed to make elective
salary deferrals in the plan on a pre-tax basis.
earnings accumulate tax deferred. neither the contributions made to the
plan nor their earnings are taxed until they are withdrawn or distributed.
⩥ 7-pay test. Answer: to be considered a life insurance policy, the policy
must meet the terms of this test. applies specifically to the premiums
paid into a contract during its first seven years. if this amount exceeds
the net level premiums that would have been required to produce paid up
future benefits (i.e. a paid-up policy) after seven level annual payments
are made, then the policy is a MEC.
⩥ absolute assignment. Answer: the complete transfer of all rights in an
insurance policy to a third party; giving up the control of all rights in an
insurance policy
⩥ accelerated benefits. Answer: a benefit provided through a policy
provision or rider that pays out part of a life insurance policy's death
benefit while the insured is still living if the insured is terminally ill or
suffers a disabling injury.
typically pays up to 50% of the face value
⩥ acceptance. Answer: one of the three elements of a contract. under
common law, an offeree who wants to accept an offer must abide by any
stipulations in the offer and must accept every term of the offer.
INSURANCE CERTIFICATION EVALUATION
STUDY GUIDE 2026 COMPLETE QUESTIONS
WITH ACCURATE SOLUTIONS VERIFIED
PRACTICE RESOURCE GRADED A+
⩥ 401(k) plan. Answer: one of the most popular types of qualified
employer plans.
they are a form of defined contribution plan that allows both employer
and employees to contribute to the plan. employees can defer part of
their wages into the plan. these deferrals are not included in the
employee's gross income. as a result, they are not taxed
⩥ 403(b) plan. Answer: a retirement plan reserved for non-profit
organizations and their employees.
both employer and/or employee contribute funds into the plan. the funds
are directed into individual accounts set up for each participating
employee.
the contributions are not taxable to the employee when they are made.
rather, they grow deferred until they are distributed.
they are also called a tax-sheltered annuity plan (TSA)
⩥ 457 plan. Answer: qualified retirement plans reserved for employees
of state and local government units.
, under these plans, eligible employees are allowed to make elective
salary deferrals in the plan on a pre-tax basis.
earnings accumulate tax deferred. neither the contributions made to the
plan nor their earnings are taxed until they are withdrawn or distributed.
⩥ 7-pay test. Answer: to be considered a life insurance policy, the policy
must meet the terms of this test. applies specifically to the premiums
paid into a contract during its first seven years. if this amount exceeds
the net level premiums that would have been required to produce paid up
future benefits (i.e. a paid-up policy) after seven level annual payments
are made, then the policy is a MEC.
⩥ absolute assignment. Answer: the complete transfer of all rights in an
insurance policy to a third party; giving up the control of all rights in an
insurance policy
⩥ accelerated benefits. Answer: a benefit provided through a policy
provision or rider that pays out part of a life insurance policy's death
benefit while the insured is still living if the insured is terminally ill or
suffers a disabling injury.
typically pays up to 50% of the face value
⩥ acceptance. Answer: one of the three elements of a contract. under
common law, an offeree who wants to accept an offer must abide by any
stipulations in the offer and must accept every term of the offer.
