Louisiana Life, Accident and Health Practice Exam Test Questions & Answers

Select from the choices below the best description of a speculative risk? Correct Answers Involving the possibility of a gain in addition to the uncertainty of loss If there is a material change in an MEC contract, what is the first thing needing to be done? Correct Answers Another 7 pay test Which of the following is not taxable? Correct Answers Fixed amount installments A premature distribution from a Roth IRA made before the age 59.5 is subject to a 10% penalty tax unless: Correct Answers It was used as a down payment on first home Carlos cancels his life policy but instructs the insurance company to transfer the cash value of his policy to an annuity. This non taxable transaction is called? Correct Answers 1035 Exchange Which of the following is a disadvantage to setup and participate in a qualified retirement plan? Correct Answers Immediate liquidity All of these types of distributions that are exceptions to the 10% penalty rule except: Correct Answers New car purchase Which of the following does not describe a 401(K) characteristics Correct Answers Currently $49,000 maximum contribution The following are examples of Qualified Retirement Plans except: Correct Answers 501c(3) Which of the following is not correct regarding Long Term Care Correct Answers It provides different benefits for different levels of care Medicare Select is a type of? Correct Answers Medicare Supplement plan offered by an HMO