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Question 1

What are the tax implications of an insured's health insurance costs if the insured is self employed with an S

corporation, has a net profit for the tax year, and is unmarried?

Options :

A : The insured can pay for 100% of health insurance costs with pre-tax income.

B : The insured can deduct 70% of all health insurance costs from his gross income.

C : The insured can deduct 100% of all health insurance costs from his gross income.

D : The insured can pay for 70% of health insurance costs with pre-tax income.

Answer: C

Question 2

An insurance producer is appointed to transact insurance on behalf of

Options :

A : the Insurance Commissioner.

B : the Commonwealth of Pennsylvania.

C : the appointing insurer.

D : all insurers.

Answer: C

Question 3

She has a $200,000 whole life policy with a $50,000 cash value. She wishes to borrow $30,000 for the

purchase of a new van. Which of the following is TRUE in this situation?

Options :

A : Loans can only be taken for hardship situations.

B : Whole life policies do not have any loan provisions.

C : This type of loan is interest free.

D : If the loan is not repaid, the net death will be reduced

Answer: D

Question 4

A Key Person Disability Income Policy pays benefits to the

Options :

A : spouse.

B : employee.

C : dependent.

D : employer.

Answer: D

Question 5

The premium mode defines the

Options :

A : frequency of the premium payment.

B : premium amount

C : premium limit. I

D : method of premium payment (cash or credit).

Answer: A