Loma 281 Module2
Term Life Insurance: Life insurance that provides a death benefit only if the insured dies during the period specified in the policy.
Four types of term life insurance:
- Level term life insurance ─ The policy benefit—and usually the premium—remains the same over the term.
- Decreasing term life insurance ─ The policy benefit decreases over the policy term, but the premium amount usually remains the same.
Examples are mortgage insurance, credit life insurance, and family income coverage.
- Increasing term life insurance ─ The policy benefit increases at stated intervals over the policy term.
Premiums increase as the benefit increases.
- Return of premium (ROP) term life insurance ─ The policy pays a death benefit if the insured dies within the policy term or a return of premiums
if the insured lives until the end of the policy term.
- Extends existing coverage for another term, usually the same length as original term, but sometimes shorter
- Renewed coverage is usually for same face amount, but it can be for a lesser amount
- Premiums for renewed coverage are based on the insured’s attained age at time of renewal
- Subject to maximum number of renewals or maximum age limit
- Does not require evidence of insurability
Renewal coverage can be for the same face amount as the original policy or smaller, but not for a larger face amount. 续保范围可以是与原始保单相同的票面金额或更小，但不能是更大的票面金额。
Renewal coverage term can be same length as the original policy or shorter, but not longer. 续保期限可以与原保单相同，也可以更短，但不能更长。
Renewal premium rate is based on the insured’s attained age at renewal and so is higher than original premium rate. 续保费率以被保险人续保时的年龄为基础，因此高于原费率。
The type of coverage before and after renewal remains the same. 续保前后的保险类型保持不变。
- Allows policyowner to convert term policy to permanent (cash value) coverage during a specified time, known as the conversion period.
- Does not require evidence of insurability
- Converted coverage amount can be the same as or less than the original policy’s face amount
- Premiums for converted coverage can be based on the insured’s attained age or original age,
The effective date of cash value coverage is the term policy purchase date or the date of conversion.
The insurer may allow conversion for the full amount of, or a percentage of, the original policy. 保险人可以允许转换原保单的全部金额或一定比例。
The coverage period generally increases because coverage is provided for the insured’s lifetime, not a specified term. 保险期限通常会增加，因为保险是为被保险人的一生提供的，而不是特定的期限。
The premium rate for a cash value policy is higher than for the original term policy because of the higher cost of lifetime coverage. 现金价值保单的保费率高于原始定期保单，因为终身保险成本更高。
Conversion involves changing the coverage from temporary coverage to lifetime coverage. 转换涉及将覆盖范围从临时覆盖范围更改为终身覆盖范围。
1.Carlos Mendoza purchased a \$ 250,000 insurance policy on his life that requires him to pay equal annual premium payments. If Mr. Mendoza keeps the policy in force by paying then annual renewal premiums, and if he dies anytime within 20 years after purchasing the policy, then the policy will provide a $250,000 death benefit. The policy provides no coverage beyond the 20-year period, and Mr. Mendoza will not receive anything if he lives to the end of the policy term. This information indicates that the type of insurance policy Mr. Mendoza owns is
- an increasing term life insurance policy
- a level term life insurance policy
- a decreasing term life insurance policy
- an attained age conversion term life insurance policy
2.Dolly Varden purchased a new home and obtained a 30-year mortgage loan from the Sanguine Bank To insure her mortgage loan, Dolly purchased from the Valiant Insurance Company mortgage insurance policy that named her husband William as the beneficiary. The following statements are about this situation. Select the answer choice containing the correct statement.
- In the event of Dollys death, William is required to use the policy proceeds of the mortgage insurance policy to repay the mortgage loan.
- The amount of the policy benefit payable at any given time under Dollys mortgage insurance policy generally equals the amount owed on the mortgage.
- The Sanguine Bank is a party to the mortgage insurance contract that Dolly purchased.
- Valiant is a party to the mortgage loan contract that Dolly obtained.
3.The following statements are about credit life insurance and family income coverage. Select the answer choice containing the correct statement
- The proceeds of a credit life insurance policy may be paid to a beneficiary other than the lender, or creditor, if the insured borrower dies during the policy’s term
- The amount of the benefit payable under a credit life insurance policy usually remains level over the duration of the loan
- Family income coverage provides a stated monthly income benefit amount to the beneficiary if the insured dies during the term of coverage
- Family income coverage is a plan of increasing term life insurance
4.Caitlin Miler, age 35, purchased a \$ 150,000 20-year return of premium (ROP) term insurance policy from the Karat Insurance Company. Ms. Miller paid annual premiums of \$ 300. Ms. Miller paid all required premiums and was alive at the end of the 20-year term when the policy expired. This information indicates that
- Ms. Miller’s policy expired without Karat making any payment to anyone
- Karat paid $6,000 to Ms. Miller
- Karat paid $150,000 to Ms. Miller
5.Geneva Watson purchased a $ 100,000 15-year renewable term insurance policy on her life. At the end of the 15-year term, the renewal provision in Ms. Watsons policy most likely gives her the right, within specified limits, to renew her insurance coverage
- for a one-year term, but not for another 15-year term
- after first undergoing a required medical examination
- at the same premium rate she was charged for the origin 15-year policy
- without having to submit evidence for her insurability
Geneva Watson购买了一份价值10万美元的15年可续期定期人寿保险。在15年任期结束时，Geneva Watson女士保单中的续保条款很可能赋予她在特定限额内续保的权利
6.Convertible term life insurance policies contain features that allow the policyowner to convert the coverage to a cash value life insurance policy. In order to convert such a term life insurance policy, evidence of insurability (is/is not) required. Due to potential antiselection, insurers will typically charge (lower/higher) premiums for convertible policies than comparable term policies that are not convertible.
Cash value life insurance offers lifetime coverage and a savings element(called the cash value).
In addition to a death benefit, cash value life insurance has a savings element—known as a cash value—that the policyowner can access while the insured is still alive.
Just how big a policy’s cash value is at any given time depends on the
- Policy face amount 保单票面金额
- Length of time the policy has been in force 政策生效的时间长度
- Length of the policy’s premium payment period 保单的保费支付期限
The owner of a cash value insurance policy can borrow against the cash value by taking out a policy loan directly from the insurance company.
Policy loans reduce policy values because a policy loan is actually an advance payment of part of the amount that the insurer eventually must payout >under the policy.
With a policy surrender, you get the cash from the policy’s entire cash surrender value, which is the cash value amount less any amounts the
policyowner owes, such as outstanding policy loans and charges.
After the surrender, the coverage terminates and no further benefits are payable.
Traditional whole life insurance is the most basic type of cash value life insurance, provides a constant amount of lifetime coverage, has a level premium rate that doesn’t increase with insured’s age.
Types of cash value coverage:
- Whole life insurance—the most basic type of cash value policy 整个人寿保险- 最基本的现金价值保单类型
- Provides constant amount of coverage with level premiums 提供稳定的保额和级别保费
- Single-premium, limited payment, and continuous premium options 单期付清、有限期付款和连续保费选择
Modified whole life policies allow more flexibility
- Modified-premium—Smaller premiums for an initial period, then larger premiums for remainder of policy. Level face amount.
- 修改保费 - 初始时期的保费较低，剩余期间的保费较高。保额保持不变。
- Modified coverage—Larger face amount at first, then smaller face amount during policy’s later years. Level premium amount.
- 修改保额 - 初始时期的保额较高，后期逐渐降低。保费金额保持不变。
- Joint whole life—Insures two lives under one policy. Pays death benefit when the FIRST insured dies.
- 联合整个人寿保险 - 一项保单为两个人提供保险。在第一位被保险人去世时支付身故保险金。
- Last survivor coverage—Insures two or more lives under one policy. Pays death benefit when the LAST insured dies.
- 最后生还者保险 - 一项保单为两个或更多人提供保险。当最后一个被保险人去世时支付身故保险金。
New generation cash value products:
- Universal Life (UL) 万能寿险
- Separate pricing factors—clearly lists mortality charges, interest rate, and fees 分离定价因素- 清晰列出死亡风险费用、利率和费用。
- Within limits, policyowner can adjust face amount and size/timing of premiums 在限制范围内，投保人可以调整保额和保费的大小/时机。
- Policyowner can choose level death benefit or variable death benefit 投保人可以选择级别死亡保险金或浮动死亡保险金。
- Indexed Universal Life (IUL) 指数万能寿险
- Offers same features as universal life 提供与万能寿险相同的功能。
- Allows policyowner to tie cash value to an equity index (example: S&P 500) 允许投保人将现金价值与股票指数（例如：S&P 500）挂钩。
- Guarantees a minimum interest rate 保证最低利率
- Variable Life (VL) 变额万能寿险
- Premiums are fixed 保费固定。
- Policyowner chooses how premiums are invested—into a fixed account or one or more subaccounts 投保人可以选择将保费投资于固定账户或一个或多个子账户。
- Cash value and death benefit vary according to subaccount performance 根据子账户表现，现金价值和身故保险金会有所变化。
- Regulated as securities 受证券法规管制。
- Variable Universal Life (VUL) 变额万能寿险
- Blends investment flexibility of VL with premium and death benefit flexibility of UL 将变额寿险的投资灵活性与万能寿险的保费和身故保险金灵活性相结合。
- Like VL, policyowner chooses how premiums are invested 类似于变额寿险，投保人可以选择如何投资保费。
- Like UL, policyowner can choose the size/timing of renewal premiums 类似于万能寿险，投保人可以选择保费的大小/时机。
- Like UL, policyowner can choose whether death benefit varies or remains level 类似于万能寿险，投保人可以选择身故保险金的变动或保持稳定。
- Regulated as securities 受证券法规管制。
Flexible premiums: UL/IUL/VUL Fixed Premiums: VL
Separate pricing factors: UL/IUL/VUL
Policyowner assumes investment risk: VL/VUL
Death benefit can remain level or vary with changes to cash value: UL/IUL/VUL
Death benefit varies according to investment performance: VL/VUL
1.In comparing cash value life insurance coverage and term life insurance coverage, the following statement(s) can correctly be made:
A. Both cash value life insurance and term life insurance provide a savings element.
B. Cash value life insurance provides coverage for the insured’s lifetime, whereas term life insurance provides coverage for a specified term only.
- Both A and B
- A only
- B only
- Neither A nor B
2.The policyowner of a cash value life insurance policy can borrow against the policy by taking out a policy loan. Such a policy loan (does/does not) reduce policy values. Another option that the policyowner has is to elect to receive the policy’s entire cash surrender value. In such a circumstance, the policy coverage (continues/terminates)
3.Traditional whole life insurance comes in three types based on the number of premium payments: single-premium policies, limited-payment policies, and continuous-premium policies. The following statement(s) can correctly be made about these types of traditional whole life insurance
A. Under a limited-payment whole life insurance policy, the life insurance coverage expires at the end of the specified premium payment period.
B. A continuous-premium whole life insurance policy is considered to be paid up when the insured reaches age 65.
- Both A and B
- A only
- B only
- Neither A nor B
4.Eena Myskina, age 35, pays level premiums for a type of whole life insurance. The policy specifies that the face amount will decrease from \$200,000 to \$150,000 when Ms. Myskina reaches age 60, and then decrease again from \$150,000 to \$100,000 when she reaches age 70. In this situtation that Ms. Myskina purchased a (modified coverage/ modified premium) whole life insurance policy. The annual premium that she pays for this policy will be (lower/ higher) than the annual premium she would pay for traditional whole life policy that provided \$200,000 of coverage throughout her lifetime.
5.Gabrie Haredale purchased a whole life insurance policy that insures both him and his wife, Martha. The policy specifies that the death benefit will be paid only after both Gabriel and Martha have died. This information indicates that the type of insurance policy Gabriel purchased is
- family income coverage
- a joint whole life insurance policy
- a last survivor life insurance policy
- a first-to-die life insurance policy
6.One true statement about a universal life (UL) insurance policy is that the
- pricing factors such as mortality charges, interest and expenses, are incorporated into the premium that the policyowner pays and are not stated separately
- policy is treated as a life insurance product under United States federal tax laws, regardless of the size of the policy’s cash value in relation to its face amount
- policyowner decides, within certain limits, what the policy’s face amount will be, the amount of the death benefit payable, and the amount of premiums he will pay for that coverage
- policy is set up to lapse immediately for nonpayment of any premium
7.The following statements are about variable universal life (VUL) insurance in the United States. Select the answer choice containing the correct statement.
- Most customers choose VUL insurance policies for the guaranteed investment earnings provided by those policies
- The insurance company alone assumes the investment risk of a VUL insurance policy
- VUL insurance policyowners are allowed to invest part of their premiums in a fixed fund
- The death benefit provided by a VUL insurance policy remains constant throughout the life of the policy
- annuitant 年金受益人
- The annuitant is the person whose lifetime the insurance company uses to determine the amount and duration of annuity payments payable under an annuity contract. Typically, annuity contracts state that the insurer will make annuity payments to the annuitant.
- payee 支付人
- The payee is a natural person or legal entity designated by a contract owner to receive annuity payments if the annuitant does not receive them.
- beneficiary 受益人
- The beneficiary is the person or legal entity who may receive the remaining value of the annuity contract upon the death of the contract owner or annuitant.
- joint annuitant 联合年金受益人
- A joint annuitant is a person, in addition to the primary annuitant, whose lifetime the insurance company uses to determine the amount and duration of annuity payments payable under an annuity contract.
Note that annuitants and joint annuitants must be people—but payees and beneficiaries can be either people or legal entities, such as trusts or corporations.
single-premium immediate annuities (SPIAs)单次保费即时年金
- only one lump-sum premium payment一次性支付保费
- begins making annuity payments within one year after purchase 在购买后的一年内立即开始领取年金
- Life Annuity 人寿年金
- A payout option that guarantees the insurer will provide annuity payments for only as long as the annuitant lives.
- Life Income with Period Certain 固定期限的终身收入
- A payout option that guarantees the insurer will provide annuity payments throughout the annuitant’s lifetime and guarantees that the payments will be made for at least a specified period, even if the annuitant dies before the end of that period.
- Life Income with Refund Annuity 带退款年金的终身收入
- A payout option that guarantees the insurer will provide annuity payments throughout the annuitant’s lifetime and guarantees the insurer will pay benefits at least equal to the annuity’s purchase price if the annuitant dies. Also called a refund annuity.
- Joint and Survivor Annuity 连生遗族年金
- A payout option that provides a series of annuity payments based on the life expectancies of two annuitants, and those payments continue until the last annuitant dies.
single-premium deferred annuity (SPDA)单次保费递延年金
flexible-premium deferred annuity (FPDA)灵活保费递延年金
Accumulated Value = Premiums + Earnings – (Withdrawals + Charges) 累计价值= 保费+ 收益-（提款+保险公司收费/联邦税收）
Deferred annuities typically allow the contract owner to take withdrawals from the accumulated value during the accumulation period. Withdrawals reduce the annuity’s accumulated value and may result in a surrender charge from the insurer.
Surrender charges typically apply during the early years of the contract and decrease each year until the end of the surrender charge period.
Annuitization is the optional process of converting the accumulated value of a deferred annuity into annuity payments; if the contract owner chooses to annuitize, the contract enters the payout period.
Fixed-Rate Deferred Annuities (FRDA) 固定利率递延年金
- protect and grow their principal and avoid market risks. 保护和增加本金并避免市场风险
- Guaranteed minimum interest-crediting rate 保证的最低利息核算利率
- current interest-crediting rates 当前的利息核算利率
- The current interest-crediting rate can be higher or lower than the previous rate, but it can’t drop below the guaranteed minimum interest-crediting rate stated in the contract. 本次计息利率可以高于或低于原计息利率，但不得低于合同约定的保证最低利息核算利率
Fixed indexed annuities (FIAs) 固定指数年金
- offer principal guarantees and a guaranteed minimum interest-crediting rate 提供本金保证和保证的最低利息核算利率
- offer the possibility of additional earnings based on changes in an index 提供了基于指数变动的额外收益可能性
Deferred Income Annuities(DIAs)递延收入年金
- retirement 适合退休人员
- Can change the date that annuity payments begin 可以改变年金给付的起始日期
- Can choose death benefits 可以申请死亡抚恤金，但金额比较少
- Like immediate annuities, DIAs and QLACs have no accumulation period 与即期年金类似，DIA和QLAC没有累积期
- Like FRDAs, the date when payments will begin is at some point in the future. Unlike FRDAs, DIAs and QLACs specify this date. 与FRDA一样，开始付款的日期是在未来的某个时候。与FRDA不同，DIA和QLAC指定此日期。
Qualified Longevity Annuity Contracts(QLACs) 符合条件的长寿年金合约
- an advanced age 高龄，如80
- can choose a death benefit 可以申请死亡抚恤金，但金额比较少
- can only be purchased with qualified retirement plan funds 只能使用合格的退休计划基金购买
- Fixed immediate Annuities (SPIAs)
- Fixed deferred Annuities
- Fixed-Rate Deferred Annuities (FRDA)
- Fixed indexed Annuities (FIAs)
- Deferred Income Annuities (DIAs)
- Qualified Longevity Annuity Contracts (QLACs)
- Variable immediate Annuities
- Variable deferred Annuities
- Variable deferred Annuities (non-RILAS)
- Registered index-linked annuities (RILAS)
With a variable annuity, the following amounts may vary according to market performance:
- The accumulated value 累计价值
- The annuity payments for contract owners choosing to receive variable annuity payments 选择接收可变年金支付的合同所有者的年金支付金额
- Any withdrawal amounts or annuity payments made under the terms of a living benefit rider 根据寿险效益附加条款的条款进行的任何取款金额或年金支付金额
Fixed accounts 固定账户
- Are backed by the insurer’s general account 以保险公司的一般账户为后盾
- Accumulate interest at the specified current interest rate, but no lower than the guaranteed minimum interest rate 以指定的当前利率累积利息，但不低于保证的最低利率
- The insurer bears the investment risk. 保险公司承担投资风险
- These subaccounts are part of the insurer’s separate account. 这些子账户是保险公司单独账户的一部分。
- each having a distinct risk/return profile and investment strategy 都有不同的风险/回报状况和投资策略
- the annuity contract owner bears the investment risk. 年金合同所有者承担投资风险
Investment Choices 投资选择
- Change the percentage of money allocated to fixed accounts and subaccounts 更改分配给固定账户和子账户的资金百分比
- Transfer funds between fixed accounts and subaccounts, and will not trigger a tax liability 在固定账户和子账户之间转移资金，且不会引发纳税义务
Current Value of an Accumulation Unit x # of Accumulation Units in the Subaccount = Contract Owner’s Subaccount Value 累积单位的当前值x子帐户中累积单位的数量=合同所有者的子帐户值
Total of All Subaccount Values + Fixed Account Values = Contract’s Total Accumulated Value 所有子账户价值的总和+固定账户价值=合同的总累积价值
variable annuity contract owners can purchase certain guarantees.
- guaranteed minimum death benefit ( GMDB ) 保证最低死亡保险金
- guarantees that if the annuitant dies before annuity payments begin, the beneficiary will receive at least a stated minimum amount
- guaranteed minimum income benefit ( GMIB ) 保证最低收入福利
- guarantees a minimum annuity payment amount for life based on the annuitization of a protected value—known as the “benefit base”
- guaranteed lifetime withdrawal benefit ( GLWB ) 保证终身提款福利
- guarantees annual withdrawals of a specified percentage of a protected value—known as the “benefit base”—for life without annuitizing the contract.
- guaranteed minimum withdrawal benefit ( GMWB ) 保证最低提款福利
- guarantees that, during the accumulation period, a contract owner may withdraw annually a specified percentage of a protected value—known as the “benefit base”
- guaranteed minimum accumulation benefit ( GMAB ) 保证最低累积福利
- guarantees the contract owner will always have a minimum protected amount if the annuity stays in force for a specified period of time
- RILA must be registered as a security RILA必须注册为证券
- RILAs are variable annuities and don’t have subaccounts. RILA是可变年金且没有子账户。
- The contract owner can lose money based on decreases in the value of the stock market index. 合同所有者可能会因股市指数的下跌而亏损。
- RILAs offer contract owners some protection against excessive investment loss by using buffers or floors. RILA通过使用缓冲或下限，为合同所有者提供了一些保护，防止过度投资损失。
- With a buffer, the accumulated value is protected until index losses exceed a specified limit, such as 10%, 15%, or 20%. For example, with a 10% buffer, if the value of the index decreases by 15%, you would lose 5%. 通过设置缓冲区，累积价值将在指数损失超过特定限制（例如10%，15%或20%）之前得到保护。例如，如果设有10%的缓冲区，当指数的价值下降15%时，您将只会损失5%。
- With a floor, the accumulated value is protected from index losses in excess of a specified percentage, such as 10%. For example, with a 10% floor, if the value of the index decreases by 15%, you would lose 10%. 设置了保底（floor）后，累积价值将在指数损失超过指定百分比（例如10%）时得到保护。例如，如果设有10%的保底，当指数的价值下降15%时，您将只会损失10%。
1.Linda Clifton purchased an annuity from Meadow Bank, and Pagoda Life Insurance Company issued the annuity. The type of annuity that Ms. Clifton purchased is ( an individual / a group) annuity. The parties to this annuity contract are Ms. Clifton and (Meadow / Pagoda Life ).
2.The person whose lifetime an insurance company uses to determine the amount and duration of annuity payments payable under an annuity contract is known, by definition, as the
- contract owner
3.An annuity can be immediate or deferred. The following statements are about deferred annuities and immediate annuities. Select the answer choice containing the correct statement.
- An immediate annuity has a payout period but not an accumulation period.
- The insurer, not the contract owner, selects the annuity period for an immediate annuity.
- A deferred annuity must be purchased with a single premium payment.
- A deferred annuity makes annuity payments that begin no later than one year after purchase.
4.Insurers offer different payout options, which let contract owners choose how they will receive annuity payments. Select the answer choice that describes an annuity contract owner who has selected a payout option known as a fixed period annuity.
- lan and Florence Toscano are receiving annuity payments that will continue until both of them have died.
- When Marisela Linares purchased her immediate annuity, she told the insurer she would pay a $250,000 single premium and wanted to receive a $1,000 annuity payment each month. The insurer then calculated how long the premium plus interest could provide $1,000 monthly annuity payments.
- Kurt Besher’s annuity creates a temporary income stream for him for 10 years, and the insurer will pay the remaining annuity payments to a beneficiary if Mr. Besher dies before the end of the ten-year period.
- Iva Pace is receiving annuity payments that will continue as long as she lives, and no further payments will be made after her death.
- 当Marisela Linares购买即时年金时，她告诉保险公司，她将支付25万美元的单一保费，并希望每月获得1000美元的年金。保险公司随后计算了保费加利息每月可支付1000美元年金的时间。
- Kurt Besher的年金为他创造了10年的临时收入流，如果Besher先生在十年期结束前去世，保险公司将向受益人支付剩余的年金。
- Iva Pace正在领取年金，这种年金将持续到她有生之年，在她去世后不会再支付。
5.Six years ago, Cassandra Knox purchased a deferred annuity that contains typical provisions with regard to surrenders, annuitization, and withdrawals. If Ms. Knox chooses to
- surrender her deferred annuity, she will receive the annuity’s accumulated value, minus any surrender charges
- surrender her deferred annuity, she can select a payout option that determines how she will receive the annuity payments
- annuitize her deferred annuity, she will receive a specified percentage of the annuity’s accumulated value each year
- take withdrawals from the annuity, she will lose ownership and control of the funds in the annuity
6.An insurer invests the premiums from its fixed-rate deferred annuities (FRDAs) in its general account. The ( insurer / contract owner) bears the investment risk associated with these annuities. During the accumulation period, the accumulated value of an FRDA earns interest in two ways: a guaranteed minimum interest-crediting rate and a current interest-crediting rate. The current interest-crediting rate (can / cannot ) drop below the guaranteed minimum interest-crediting rate.
7.The following statements are about fixed indexed annuities (FIAs). Three statements are true, and one statement is false. Select the answer choice containing the FALSE statement
- An FIA offers principal and interest rate guarantees and offers the possibility of additional earnings based on changes in an index.
- If the reference index for a given FIA loses value over the interest-crediting term, the contract owner will lose some of the premiums invested in the contract.
- Generally, if the reference index for a given FIA gains in value over the interest-crediting term, an FIA will earn interest credits.
- An FIA contract typically limits the amount of interest credits that may be earned.
8.The owner of a variable deferred annuity purchases accumulation units, which represent ownership shares in selected subaccounts of an insurer’s (general / separate ) account portfolio. Variable annuities allow contract owners to transfer funds between fixed accounts and subaccounts. A contract owner (incurs / does not incur) a tax liability for any transfer of funds among fixed accounts and subaccounts during the accumulation period.
可变递延年金的所有者购买累积单位，累积单位代表保险公司（普通/单独）账户投资组合中选定子账户的所有权份额。变量年金允许合同所有者在固定账户和子账户之间转移资金。合同所有人（产生/ 不产生 ）在固定账户之间进行任何资金转移的纳税义务以及累积期间的子账户之间的任何资金转移的纳税义务。
9.Hector Mendoza owns a variable annuity that contains a living benefit rider. According to the terms of this rider, Mr. Mendoza’s annuity guarantees that he may withdraw annually a specified percentage of the benefit base, regardless of the investment performance of the accumulated value. This information indicates that Mr. Mendoza’s annuity contains the type of living benefit rider known as a
- guaranteed minimum income benefit (GMIB)
- guaranteed minimum accumulation benefit (GMAB)
- guaranteed lifetime withdrawal benefit (GLWB)
- guaranteed minimum withdrawal benefit (GMWB)
- 保证最低收入福利 (GMIB)
- 保证最低累积福利 (GMAB)
- 保证终身提款福利 (GLWB)
10.Shi-Fay Cheng purchased a registered index-linked annuity (RILA) from the Malabar Insurance Company. At the end of the term, the index dropped 15% in value, and the accumulated value of Ms. Cheng’s RILA decreased by 10%. This information indicates that Ms. Cheng’s RILA has a
- floor of 10%
- floor of 15%
- buffer of 10%
- buffer of 15%
Health insurance protects against the risk of financial loss from illness or injury and comes in three forms: 健康保险有三种形式，可防止疾病或伤害造成的经济损失
- Medical expense coverage provides benefits to pay for treatment of illnesses and injuries 医疗费用保险提供用于支付疾病和伤害治疗的福利
- Long-term care (LTC) coverage provides benefits for medical and other services to insureds who need constant care at home or in a qualified facility 长期护理（LTC）保险为需要在家或合格机构持续护理的被保险人提供医疗和其他服务福利
- Disability income coverage provides income replacement benefits to an insured who is unable to work because of illness or injury 残疾收入保险为因病或因伤无法工作的被保险人提供收入替代福利
Common Medical Expense Exclusions
- Cosmetic surgery (other than required corrective surgery) 美容手术（非必需的矫正手术）
- Illness or injury during military service or acts of war 服役或战争期间的疾病或伤害
- Intentionally self-inflicted injuries 故意造成的伤害
- Routine dental treatments, eye exams, and corrective lenses 常规牙科治疗、眼部检查和矫正镜片
Cost Participation Methods
- deductible 免赔额：
- A flat dollar amount of eligible medical expenses that an insured must pay before the insurer begins making any benefit payments under a medical expense insurance policy.
- coinsurance 自负比例：
- A percentage of the allowable expenses remaining after the insured has paid the deductible that must be paid by the insured.
- 被保险人支付了必须由其支付的 免赔额后剩余的可允许费用 的百分比。
- maximum out-of-pocket provision: 最高自负额
- A major medical expense insurance policy provision which states that the policy will cover 100 percent of allowable medical expenses after the insured has paid a specified amount out of pocket to satisfy deductible and coinsurance requirements. Also known as stop-loss provision.
Insurers emphasize prevention, early intervention, and cost-savings by structuring medical insurance plans so that physicians and insureds are in partnership with the insurer in coordinating the management and delivery of medical care.
Medical insurance plans can be classified according to how medical care is managed within a plan. Typically, the more freedom insureds are allowed in choosing providers, the higher the cost of the plan.
三种不同类型的医疗保险计划：HMO（Health Maintenance Organization）、PPO（Preferred Provider Organization）和POS（Point of Service）。
Primary Care Provider (PCP) - 主治医生：
- HMO： 要求选择并与主治医生建立关系，通常需要主治医生的推荐才能获得专科医生的服务。
- PPO： 不需要选择主治医生，可以直接访问专科医生，无需事先获得主治医生的推荐。
- POS： 通常要求选择主治医生，但可以选择直接访问专科医生，需要主治医生的推荐。
Referrals to Other Providers - 转诊到其他医生：
- HMO： 要求主治医生的转诊才能获得专科医生的服务。
- PPO： 不需要主治医生的转诊，可以直接访问专科医生。
- POS： 通常需要主治医生的转诊才能获得专科医生的服务。
Use of In-Network Providers - 使用网络内提供者：
- HMO： 要求在医疗网络内选择医生和医疗服务提供者。
- PPO： 对于网络内提供者有更高的福利水平，但可以选择访问网络外的医疗服务提供者。
- POS： 对于网络内提供者有更高的福利水平，但通常也可以选择访问网络外的医疗服务提供者。
Use of Out-of-Network Providers - 使用网络外提供者：
- HMO： 不支付网络外提供者的费用。
- PPO： 对于网络外提供者有较低的福利水平，但仍然支付一定的费用。
- POS： 对于网络外提供者有较低的福利水平，但仍然支付一定的费用。
A consumer-driven health plan (CDHP) uses a health savings account (HSA) for the payment of routine health care expenses, while a high-deductible health plan (HDHP) protects the insured from catastrophic medical expenses.
Once the HSA account is depleted, the employee must pay out of pocket for services until the deductible required for a high-deductible health plan is satisfied.
Medical expense coverage is only part of the health insurance picture…another part is long-term care (LTC) coverage, which provides benefits for medical and other services to insureds who need care for an extended period in their own homes or in a qualified facility.
A long-term care insurance policy requirement specifying the conditions that establish an insured’s eligibility to receive long-term care benefits.
Two common benefit triggers are:
- An inability to complete activities of daily living (ADLs) 无法完成日常生活活动
- Cognitive impairment 认知障碍
Three common definitions of total disability:
- Current usual definition, used in most policies 在残疾开始时，被保险人由于疾病或意外事故而无法执行其“通常”职业的职责；在特定期限（通常为两到五年）结束时——残疾使被保险人无法从事其受教育、培训或经验合理适合的任何职业。
- Own previous occupation definition 被保险人在残疾发生时无法继续执行其先前从事的具体职业
- Income loss definition 被保险人在残疾期间可能遭受的收入减少
Presumptive disabilities include ( the insured to be considered totally disabled )
- Total and permanent blindness 完全失明和永久失明
- Loss of the use of any two limbs 四肢瘫痪丧失任何两个肢体的功能
- Loss of speech or hearing 丧失语言或听力
Insurers specify an elimination period (waiting period) which is how long an insured must be disabled before disability income benefit payments begin. An elimination period reduces an insurer’s cost to process and pay claims for conditions that last for a very short time.
A U.S. federal program that provides disability income benefit payments to qualified individuals.
- Supplemental Security Income (SSI): For people with limited incomes who are disabled, blind, or age 65 or older. The benefit is based on financial need.
- Social Security Disability Income (SSDI): For workers under age 65 who have paid Social Security tax. The benefit is based on Social Security taxes paid. SSDI defines total disability as “The inability to work because of sickness or injury that has lasted, or is expected to last, for at least one year, or to lead to death.”
workers’ compensation programs provide:
- Medical expense benefits 医疗费用福利
- Wage replacement benefits 工资替代福利
Mandatory employer contributions fund workers’ compensation 雇主强制性供款为工人补偿提供资金
1.The most common type of medical expense insurance—major medical coverage—generally pays benefits for
- routine dental treatments
- illness or injury during military service or acts of war
- basic hospital, surgical, and physicians’ expenses
- intentionally self-inflicted injuries
2.Ronald Chung owns an individual medical expense policy that specifies a $500 annual deductible, a 20% coinsurance requirement, and a $5,000 stop-loss provision. In March of this year, Mr. Chung was hospitalized for four days for treatment of pneumonia. During that period of hospitalization, Mr. Chung incurred $12,500 in covered medical expenses. If Mr. Chung incurs no other medical expenses during the year, then his out-of-pocket medical expenses for the year will total
3.Characteristics of managed care plans typically include
A. Providing financial incentives for insureds to obtain care from network providers
B. Using primary care providers (PCPs) to coordinate insureds’ medical care and access to specialists
C. Placing a greater emphasis on preventive care than do traditional medical expense plans
- A, B,and C
- A and B only
- B and C only
- A only
4.One alternative to managed care plans is the consumer-driven health plan (CDHP). A CDHP ( gives / does not give) individuals the freedom to choose health care providers and benefits. In a typical CDHP, if an employee’s medical costs exceed the amount in the employee’s account, the ( employee / employer) must pay the excess costs out of pocket.
5.For this question, if answer choices (1) through (3) are all correct, select answer choice (4). Otherwise, select the one correct answer choice.
For most long-term care insurance policies, benefits are payable if an insured either loses his physical functional capacity to perform at least a specified number of the activities of daily living (ADLs) without assistance or has a severe cognitive impairment. With regard to ADLs, it is correct to say that activities that are considered to be ADLs include
- all of the above
6.Joyce Wu’s disability income insurance policy contains the current usual definition of total disability that is included in most disability income policies. According to her policy, the definition of total disability changes after the insured has been totally disabled for two years. This information indicates that, should Ms. Wu become disabled, then at the end of the initial two-year period of disability, she will be considered totally disabled only if her disability
- causes her to earn less than she earned before becoming disabled
- prevents her from performing the essential duties of her own previous occupation
- prevents her from performing the essential duties of any occupation and that is expected to last for at least one year, or lead to death
- prevents her from working at any occupation for which she is reasonably fitted by education, training, or experience
7.The following statements are about disability income insurance coverage. Select the answer choice containing the correct statement.
- As a general rule, the benefit amount provided by disability income coverage is intended to fully replace the insured’s pre-disability earnings.
- Most disability income policies are designed to provide benefits beginning on the first day of an insured’s disability.
- A presumptive disability is a stated condition that, if present, automatically causes the insured to be considered totally disabled.
- In most individual disability policies, the benefit period for short-term disability is limited to one year.
8.The following statements are about government-sponsored disability programs in the United States. Select the answer choice containing the correct statement.
- The definition of total disability established by the Social Security Disability Income (SSDI) program is the “current usual” definition.
- The Supplemental Security Income (SSI) program was established for people with limited incomes who are disabled, blind, or age 65 or older.
- Workers’ compensation programs provide medical expense benefits, but not wage replacement benefits.
- Workers’ compensation programs are funded by voluntary employee contributions.
1.The following statements are about managed care plans. Select the answer choice containing the correct statement.
- In general, the greater the level of freedom to choose providers, the higher the cost of the managed care plan to the member.
- Managed care plans generally do not use copayments.
- All health maintenance organization (HMO) plans provide full benefits for medical services provided by physicians and hospitals outside of the HMO provider network.
- Managed care plans place less of an emphasis on preventive care than do traditional medical expense plans.
2.When Maggie Rodriguez, a resident of the United States, purchased her home, she obtained a mortgage loan from the Lilly Bank. She also bought a mortgage insurance policy from the Bellaboo Insurance Company. In this situation, Lilly Bank ( is / is not) a party to the mortgage loan contract, and Bellaboo ( is / is not) a party to the mortgage insurance contract.
3.Kim Hunt purchased a five-year term life insurance policy on her own life. If she were to die during the five-year policy term, the policy benefit would provide for her daughter’s college expenses. Because college expenses are likely to rise each year, Ms. Hunt purchased a type of policy with a benefit amount that goes up each year. In this situation, Ms. Hunt most likely purchased a type of term life insurance known as
- variable life (VL) insurance
- credit life insurance
- increasing term life insurance
- level term life insurance
4.Allison Dixon purchased an annuity contract from the Gatlin Insurance Company. Gatlin assumed the investment risk for Ms. Dixon’s annuity contract. This information indicates that Ms. Dixon’s annuity is a ( fixed / variable) annuity, and the premiums she paid for this annuity went into Gatlin’s ( general / separate) account.
5.The following statement(s) can correctly be made about family income coverage:
A. Family income coverage is a type of decreasing term life insurance.
B. Family income coverage provides a stated monthly income benefit amount to the beneficiary if the insured dies during the term of the coverage.
- Both A and B
- A only
- B only
- Neither A nor B
6.Jonathan Wilson purchased a $200,000 15-year renewable term insurance policy on his life. At the end of the 15-year term, Mr. Wilson decided to renew the coverage. Assume that Mr. Wilson’s policy renewal is typical. Select the answer choice that correctly identifies this renewed policy’s term of coverage and coverage amount.
Term of coverage/Amount of coverage
- 5-year $100,000
- 5-year $200,000
- 15-year $200,000
- 15-year $400,000
7.At age 51, Diane Fox used a lump-sum distribution from her retirement plan to purchase a fixed annuity from the Lantana Insurance Company. Lantana began making annuity payments of $750 a month to Ms. Fox when she reached age 66. Annuity payments continued until her death at age 86. In this situation, Ms. Fox purchased the type of annuity known as
- an immediate annuity, and her annuity had a 15-year payout period
- an immediate annuity, and her annuity had a 15-year accumulation period
- a deferred annuity, and her annuity had a 15-year payout period
- a deferred annuity, and her annuity had a 15-year accumulation period
51岁时，Diane Fox用退休计划中的一次性分配从Lantana保险公司购买了固定年金。Lantana在Fox 66岁时开始每月向她支付750美元的年金。年金一直支付到她86岁去世。在这种情况下，福克斯女士购买了一种被称为
8.During a deferred annuity contract’s accumulation period, the contract owner has certain options for accessing the annuity’s accumulated value. The following statement(s) can correctly be made about these options:
A. A typical deferred annuity contract allows the owner to withdraw 10% of the accumulated value each year.
B. An annuity contract owner who surrenders an annuity contract within the first two years after the contract was purchased typically will not have to pay a surrender charge.
- Both A and B
- A only
- B only
- Neither A nor B
9.The most common type of medical expense coverage—major medical coverage—generally pays benefits for
A. Basic hospital expenses
B. Elective cosmetic surgery
C. Routine dental treatments
D. Intentionally self-inflicted injuries
- A, B,and C only
- A and D only
- B and C only
- A only
10.David Boone would like to purchase a cash value life insurance policy. Some information relevant to his purchase is shown below:
• Mr. Boone is prepared to invest a relatively large amount of money in this policy
• Mr. Boone doesn’t want to make premium payments for the remainder of his life
• Mr. Boone wants a policy that provides an immediate cash value
In this situation, the most appropriate policy for Mr. Boone to purchase most likely would be
- a single-premium whole life insurance policy
- a modified-premium whole life insurance policy
- a one-year term life insurance policy
- an increasing term life insurance policy
11.Marcia Rodriguez is interested in purchasing a life insurance policy. Because she would like more flexibility than is provided by a traditional life insurance policy, she is looking at the characteristics of universal life (UL) insurance, variable life (VL) insurance, and variable universal life (VUL). Ms. Rodriguez would like flexible premium payments, and she would also like to choose how her premiums are invested. Based on this information, the best choice for Ms. Rodriguez most likely would be
- a UL insurance policy
- a VUL insurance policy
- a VL insurance policy
- either a VL insurance policy or a VUL insurance policy
12.Under one annuity payout option, the insurer guarantees annuity payments for a specified period of time, after which the payments end. If the annuitant dies during the payout period, the insurer pays the remaining annuity payments to a beneficiary until the end of the specified period. This annuity payout option is known as a
- fixed amount option
- fixed period option
- joint and survivor annuity
- life only annuity option
13.Morris Dell owns a variable annuity contract that contains a guaranteed lifetime withdrawal benefit (GLWB). This benefit guarantees
- that a specified portion of Mr. Dell’s annuity will be invested in a fixed account rather than in subaccounts
- that Mr. Dell can receive a minimum annuity payment amount annually based on the annuitization of the contract’s benefit base
- that Mr. Dell can take annual withdrawals of a specified percentage of a protected value for life without annuitizing the contract
- that the annuity contract’s death benefit will be equal to the greater of either (a) the premiums paid, less any withdrawals or (b) the contract’s accumulated value
14.Becky Smith owns an individual medical expense policy that specifies a \$1,000 annual deductible, a 20% coinsurance requirement, and a \$3,000 maximum out-of-pocket provision. In February of last year, Ms. Smith was hospitalized for four days for treatment after having a mild stroke. During that period of hospitalization, Ms. Smith incurred $18,000 in covered medical expenses. Ms. Smith incurred no other medical expenses during the year. Therefore, Ms. Smith’s out-of-pocket medical expenses for last year totaled
15.Monique Roberts would like to purchase a life insurance policy that will provide her with lifetime coverage. In addition, she wants a policy with a savings element. Select the answer choice that correctly identifies whether a cash value life insurance policy will provide Ms. Roberts with lifetime coverage and a savings element.
Lifetime coverage? / A savings element?
- yes yes
- yes no
- no yes
- no no
- 是 是
- 是 不是
- 不是 是
- 不是 不是
16.Thomas Corbin, who owns a long-term disability income insurance policy, recently suffered a disability that meets his policy’s definition of total disability. If Mr. Corbin’s policy is typical, he ( will / will not) have to satisfy an elimination period before disability income benefits begin. In addition, Mr. Corbin’s disability income benefits will be ( lower than / the same as) his pre-disability earnings.
17.Maria and Lucas Milligan purchased a life insurance policy that covers both of their lives. This policy will pay the death benefit when either Maria or Lucas dies. After that, the coverage will end. In this situation, the Milligans have purchased the type of life insurance known as
- second-to-die life insurance
- joint whole life insurance
- last survivor life insurance
- family income coverage
18.One type of annuity offers principal guarantees and a guaranteed minimum interest-crediting rate during the accumulation period. It also offers the potential for additional earnings, based on the performance of a reference index. In general, if the reference index gains in value over the year, the annuity earns interest credits. However, if the index shows no growth or loses value over the year, the annuity does not earn interest credits. This type of annuity is known as a
- fixed-rate deferred annuity (FRDA)
- fixed immediate annuity
- single-premium immediate annuity (SPIA)
- fixed indexed annuity(FIA)
19.The following statements are about annuity contracts. Select the answer choice containing the correct statement.
- The contract owner, annuitant, and payee must all be the same person.
- An annuitant of an annuity contract can be a natural person or legal entity, such as a trust or corporation.
- In the United States, although banks, broker-dealers, and investment companies can sell annuities, only insurance companies can issue annuities.
- For an annuity contract that names more than one annuitant, only the primary annuitant’s lifetime is used to determine the amount and duration of annuity payments.
20.Convertible term life insurance policies contain a conversion privilege that allows the policyowner to change the term life insurance policy to a cash value life insurance policy. With regard to the conversion of a term life insurance policy, it generally is correct to say that, after conversion, the
- face value of the policy has increased
- policyowner has lifetime coverage
- policyowner still has term life insurance
- insurer has no antiselection risk
- 1. Lesson 1
- 2. Lesson 2
- 3. Lesson 3
- 4. Lesson 4
- 5. 考试