Life Insurance Exam 2024/2025 Passed

What qualifying event could initiate the accelerated benefits provision or rider of a life policy? {Ans: A condition that is terminal (projected to die within one or two years)}If an annuitant with drawls funds from their annuity prior to age 59 1/2 what is the tax consequence? {Ans: Tax and 10% penalty tax on the withdrawal that represents earnings}A Taft-Hartley trust is established by one or more: {Ans: Labor unions or associations}The principal difference between an entity purchase and a cross purchase buy-sell agreement is: {Ans: The identity of the policy owner (the main difference is who owns the policy)}What market is a private source of coverage of last resort for individuals or businesses that have been rejected by voluntary market insurers? {Ans: The residual marketplace}What is the minimum requirement for currently insured status under the Social Security system? {Ans: At least 6 credits earned in the 13 calendar quarters prior to death, disability, or is entitled to retirement benefits}