Oklahoma Life, Health, & Accident-Participating Whole Life

Card Set Information

Author:
hicksmix6
ID:
306039
Filename:
Oklahoma Life, Health, & Accident-Participating Whole Life
Updated:
2015-08-04 16:17:47
Tags:
Oklahoma
Folders:
Insurance
Description:
L-61
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  1. On a participating life insurance policy, dividend options are selected by:
    a. insured
    b. policy owner
    c. insurer
    d. irrevocable beneficiary
    b. policy owner
  2. All of the following are dividend options EXCEPT?
    a. cash
    b. accumulate at interest
    c. paid up additions
    d. accelerated death benefit
    d. accelerated death benefit
  3. Dividends paid by a mutual life insurancfe company on participating policies are:
    a. tax deductible
    b. taxable income
    c. tax deferred
    d. tax exempt
    b. taxable income
  4. All of the following are ordinary life insurance dividend options EXCEPT?
    a. accumulate at interest
    b. paid up additional insurance
    c. one year term insurance
    d. return of excess premium
    d. return of excess premium
  5. Dividend options in a participating life insurance policy include all of the following EXCEPT?
    a. cash
    b. reduce premiums
    c. straight life
    d. accumulate at interest
    d. accumulate at interest
  6. All of the following statements are true regarding participating whole life policies EXCEPT?
    a. dividends are profits made from improved mortality
    b. dividends paid to policy owners are considered a "return of excess" premium and are not subject to income taxes
    c. dividends are never guaranteed
    d. dividend options are selected by the policyowner
    d. dividend options are selected by the policyowner

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