Wy Life And Health Insurance Lincence Exam Questions And Answers Pdf

Grace period {Ans: Period in which late premiums may be paid before policy lapses Weekly: 7 days Monthly: 10 days Other modes: 31 days}Living Needs {Ans: Payment of part of death benefit if insured is diagnosed with a terminal illness that'll result in death within 2 years}401(k) {Ans: salary reduction deferred to plan catch up contributions for age 50+}Settlement Option {Ans: The mode chosen in which the beneficiary will receive death benefits}Social Security: Fully Insured {Ans: someone who's earned 40 quarters/credits (10yrs) of coverage}Medigap Core Benefits {Ans: Part A: coinsurance/copay, hospital costs up to additional 365 days afterMedicare benefits are used up, hospice coinsurance/copay, blood deductible Part B: coinsurance/copay, blood deductible}Simplified Employee Pension Plans (SEP) {Ans: Employee established & maintains retirement account, employer contributes employer contributions not included in employees gross income Larger amount can be contributed to SEP rather than IRA}Settlement Option: Life Income/Straight Life {Ans: Provides recipient with income they can't outlive amount of installments is based on recipients life expectancy and amount of principal}Fraternal Benefit Society {Ans: formed to provide insurance benefits for members, only sell to their members 10 citizens are needed to create articles of incorporation