Study guides, Class notes & Summaries

01(k) Plan - ANSWER-A qualified retirement plan in which the employee can set aside a portion of their income with pre-tax dollars. Absolute Assignment v. Collateral Assignment - ANSWER-Absolute: A permanent and irrevocable transfer of rights and/or benefits by the policyowner. Collateral: A temporary and/or revocable transfer of benefits by the policyowner Accelerated Death Benefit - ANSWER-Policy provision that allows full or partial payment of the policy's death benefit before the ...

Term life - ANSWER-Insurance provides pure death protection since it only pays a death benefit if the insured dies during the policy term. Term life insurance does not accrue cash value Whole life - ANSWER-Insurance provides death benefits for the entire life of the insured. It also provides living benefits in the form of cash values. It matures at age 100 Group life - ANSWER-Coverage is provided to the members of the group under the master contract. The group is written as a whole, not on...

401(k) Plan - ANSWER A qualified retirement plan in which the employee can set aside a portion of their income with pre-tax dollars. Absolute Assignment v. Collateral Assignment - ANSWER Absolute: A permanent and irrevocable transfer of rights and/or benefits by the policyowner. Collateral: A temporary and/or revocable transfer of benefits by the policyowner Accelerated Death Benefit - ANSWER Policy provision that allows full or partial payment of the policy's death benefit before the...

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