Deck 17: Applications in Risk Management

Question 1

Pension maximization is a / an:

A)Annuity strategy.
B)Disability strategy.
C)HSA strategy.
D)Life insurance strategy.

Answer 1

D

Question 2

Which of the following is not an example of a material change for a life insurance policy?

A)Change in cash surrender value.
B)Change in death benefit.
C)Change in loan value.
D)Change in premium payment.

Answer 2

C

Question 3

Which of the following statements on workers' compensation benefits is correct?

A)Medical expenses without limit on time / with limit on money.
B)Medical expenses with limit on time / with limit on money.
C)Medical expenses with limit on time / without limit on money.
D)Medical expenses without limit on time / without limit on money.

Answer 3

D

Question 4

Which of the following is the sale of a terminally ill person's life insurance contract to a third-party business?

A)Accelerated Benefit rider.
B)Insurability protection rider.
C)Life Settlement.
D)Viatical Settlement.

Question 5

Workers' compensation benefits are:

A)Federally administered.
B)Income tax free.
C)Income taxable.
D)Lost wages.

Question 6

The qualified intermediary for a 1035 exchange for a life insurance policy is:

A)Attorney.
B)Insurance company.
C)Insurance agent.
D)Insured.

Question 7

All of the following must be Included in a life insurance illustration except:

A)Initial death benefit.
B)"Life Insurance Illustration" must appear on each page.
C)Marital status of the insured.
D)Name of insurer.

Question 8

All of the following are deductible medical expenses except:

A)Outpatient treatment at a center for alcohol or drug addiction.
B)Participation in a smoking-cessation program.
C)Participate in a weight-loss program proscribed by a physician.
D)Residential nursing home care if medically necessary.