Primerica Life Insurance Exam Questions Bank/ 300+ Questions with Correct Answers
Primerica Life Insurance Exam Questions Bank with Correct Answers In life insurance policies, cash value increases are - ANS: tax deferred If $100,000 of life insurance proceeds were used in a settlement option which paid $13,000 per year for 10 years, which of the following amounts would be taxable annually? - ANS: $3,000 Which of the following terms is used to name the nontaxable, return of unused premiums? - ANS: dividend Excess contributions to a Roth IRA are subject to what tax penalty? - ANS: 6% Generally, the premium paid for personal life insurance is - ANS: not tax deductible For personal life insurance, the lump-sum death benefit is received - ANS: tax free Which of the following is NOT true regarding policy loans? - ANS: money borrowed from the cash value is taxable When a beneficiary in a life insurance policy receives payments consisting of both principal and interest portions, what will be taxed as income? - ANS: interest only What qualifies an individual to contribute to an IRA? - ANS: earned income The 10% early withdrawal penalty from an IRA can be waived for - ANS: catastrophic medical expenses A policyowner cancels his life policy but instructs the insurance company to transfer the cash value of the policy to an annuity. This nontaxable transaction is called a ` - ANS: 1035 exchange In a traditional IRA plan, at what age may the plan owner begin withdrawing funds? - ANS: 59.5 For a retirement plan to be qualified, it must be designed for a benefit of the - ANS: employees The policyowner cashes in his policy to which he has paid $6,000 in premium, and receives $7,200 in cash surrender. How much is taxable? - ANS: $1,200
Geschreven voor
- Instelling
- Primerica Insurance
- Vak
- Primerica Insurance
Documentinformatie
- Geüpload op
- 27 november 2024
- Aantal pagina's
- 67
- Geschreven in
- 2024/2025
- Type
- Tentamen (uitwerkingen)
- Bevat
- Vragen en antwoorden
Onderwerpen
-
life insurance
-
primerica
-
life insurance exam
-
primerica life insurance exam questions bank
Ook beschikbaar in voordeelbundel
