INSURANCE

An immediate annuity has been purchased with a single premium. When does the annuitant typically begin receiving benefit payments?

• 1. 1 month

• 1. 6 months

• 1. 24 months

• 1. 12 months

Within how many days must a Traditional IRA be rolled over to another IRA in order to avoid tax consequences?

• 2. 45

• 2. 90

• 60

• 30

Within how many days must a rollover be completed in order to avoid being taxed as current income?

• 2. 120

• 2. 60

• 2. 90

• 30

A rollover from a Traditional IRA to another IRA MUST be done within ___ days to avoid tax consequences.

• 90

• 30

• 15

• 60

Medicare Part A does not pay for medical benefits provided for treatment in a skilled nursing facility beyond

• 100 days

• 60 days

• 120 days

• 30 days

How soon can the benefit payments begin with a deferred annuity?

• Anytime within 12 months after date of purchase

• Anytime after date of purchase

• A minimum of 12 months after date of purchase

• A minimum of 6 months after date of purchase.

A Roth IRA owner must be at least what age in order to make tax-free withdrawals?

• 1. 59 1/2 and owned account for a minimum of 10 years

• 1. 59 1/2 and owned account for a minimum of 5 years

• 1. 70 1/2 and owned account for a minimum of 5 years

• 1. 70 1/2 and owned account for a minimum of 10 years

How many months can a life insurance policy normally be backdated from the date of application?

• 9

• 3

• 12

• 6

How many employees must an employer have for a terminated employee to be eligible for COBRA?

• 20

• 40

• 30

• 50

An insurer must furnish to a claimant forms for filing proof of loss within ___ days upon receiving a notice of claim.

• 25

• 15

• 10

• 20