Ga state license practice exam (17)

A yearly renewable term life insurance policy generally specifies that A) The policy owner may renew the policy only once B) Premiums shall increase every time the policy is renewed C) Evidence of insurability shall be required every renewal D) Cash values will increase for as long as the policy is in force

Employees who elect additional life insurance coverage (Add Life Ins) pay a fee equal to a percentage of their annual salary. The life insurance premium rate is in cell U5. Employees who do not elect additional life insurance pay nothing. In the Life Insurance Premium column, enter an IF function to calculate the life insurance premiums; use an absolute reference to cell U5 to obtain the life insurance rate and enter 0 for employees who do not elect coverage. All full-time employees over the age of 30 are eligible for the 401(k) benefit. In the 401(k) column, enter the IF and AND functions to calculate the 401(k) benefit as 3 percent of annual salary; use an absolute reference to cell U6 to obtain the 401(k) matching percent rate (3 percent). If the employee is not eligible, enter 0. (HINT: the AND function is used as the logical test in the IF function) All employees with one or more years of service are eligible for a bonus. Pay Grade 1 employees receive $3,000 (cell U2), Pay Grade 2…

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Classified Electronics has an unfunded retiree health care plan. Each of the company's three employees has been with the firm since its inception at the beginning of 2023. As of the end of 2024, the actuary estimates the total net cost of providing health care benefits to employees during their retirement years to have a present value of $84,000. Each of the employees will become fully eligible for benefits after 22 more years of service but aren't expected to retire for 35 more years. The interest rate is 6%. Required: 1. What is the expected postretirement benefit obligation at the end of 2024? 2. What is the accumulated postretirement benefit obligation at the end of 2024? 3. What is the expected postretirement benefit obligation at the end of 2025? 4. What is the accumulated postretirement benefit obligation at the end of 2025? 1. Expected postretirement benefit obligation 2024 2. Accumulated postretirement benefit obligation 2024 3. Expected postretirement benefit obligation 2025…

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1 Rachel is applying for a participating whole life insurance policy and is yet to choose a divided payment option. She would like to know about the accumulation option. Which of the following information about the accumulation option is FALSE? eFhHRIhxROZCNVINSZFWWnViblAwQT09 a. O Rachel will be required to make minimum yearly withdrawals from the accumulation account.

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What is a deductible? A) the maximum amount a policy will pay out in any one year B) the amount paid after the deductible has been satisfied and until the out of pocket maximum has been reached C) the amount paid by the policyholder before the insurance policy starts paying on the claim D) the amount paid by the policyholder to the insurer on a regular basis for the policy

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Insurance underwriting relies heavily on statistics to determine the amount of insurance premium to charge. The probability that a 25-year-old female will live another year is 0.99786 based on data from the national registry agency. Calculate the insurance premium an insurance company would charge to break even on a 1 year $0.5million term-life insurance policy?

Under Home Buyers' Plan, individuals are not permitted to deduct RRSP contributions that are made and immediately withdrawn within ____ days.   Question 10 options:   a)  Calendar year end   b)  90 days   c)  120 days   d)  Month end

With regard to group life insurance, which of the following statements are true? 1. An individual employee does not have the freedom to select a specific amount of insurance coverage, but rather the amount of coverage is typically a fixed dollar amount, or a variable amount in relationship to the employee's annual income. 2. There is typically a change in the premium rate each year. 3. Group insurance is normally a permanent type of insurance policy that provides long- term insurance protection for a significant number of Canadians. 4. An employee who participates in a group life insurance plan is unable to designate a beneficiary. Question 27 options: 1 and 2 1 and 4 2 and 3 3 and 4

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Please do not give solution in image format thanku If a worker elects to receive retirement benefits before full retirement age,   A. their eligibility for Medicare could be limited if their lifespan is longer than expected   B. they would have to pay an early collection tax on their retirement income   C. benefits are significantly reduced for each year claimed before full retirment age   D. benefits are reduced for each month before full retirement age

What is a premium? A) the amount paid by the policyholder before the insurance policy starts paying on the claim B) the maximum amount a policy will pay out in any one year C) the amount paid by the policyholder to the insurer on a regular basis for the policy D) the amount paid after the deductible has been satisfied and until the out of pocket maximum has been reached

Assume that you have calculated: (a) premiums for life insurance policies and (b) payments to annuitants based upon an assumption that everybody dies before attaining age 101. Now you discover that a significant number of your policy owners are likely to live beyond age 101 and some will live to age 121.  How will that affect your business?