Sign in to save your progress, vote, and build your own decks.Sign in
Life Numbers
38 cards·by legacy-6008238323531776@noemail.invalid
14 Days
Free Look period for life insurance policies
21 Days
Grace period, from second notice, to which a life policyowner at least 64 years of age
isentitled.
28 Days
Grace period for industrial life insurance.
30 Days
Grace period for life insurance.
21 Days
Free look period for Annuities and Variable Annuities
30 Days
Notice agent must give Department after felony conviction.
30 Days
Notice insurer must give Depart of change in appointed contact agent.
30 Days
Notice agent must give Department of name or address change
31 Days
Time for conversion from group coverage. Grace period for Group Life
51 Days
Grace period (total) for policyowner age 64 or older
60 Days
Rollover IRA must be reinvested. Rule of Constructive Receipt.
90 Days
Accidental Death must occur
180 Days
Notice insurer must give insured if terminating all individual or group policies
12 Months
Period in which an agent's commissions from controlled business cannot exceed 50%.
12 Months
Variable policies must report value to annuitant
2 years
Incontestability period; Suicide Clause
5 Years
Agents must keep records
5 Years
Agents must keep records for annuity transactions
40 Quarters
Fully insured under Social Security
6 of 13 Quarters
Currently insured under SS; Minimum required to receive benefits
10 %
maximum loan rate if fixed (if variable, tied to Moody's Corporate Bond Index), penalty for
withdrawal from IRA prior to 59-1/2.
1945
The McCarran-Fergusson Act. Made it law that states are to regulate insurance
1905
The Armstrong Investigation. Established the New York Insurance Code. Used as a model for
insurance laws throughout the country.
25-40
Guaranteed Insurability Riders Benefits
75%
Number of employees that must contribute if group plan is contributory.
$255
One time only Death Benefit for eligible survivor from Social Security
100%
# of employees that must participate if group plan is NONcontributory.
$250
Penalty for 1st violation, for not reporting name/address change to DOFS within 30 Days.
$250
Penalty for late Continuing Education
$5500
Maximum IRA contribution limits (2017)
16-60
Blackout Period for Social Security
3-6 months
waiver of premium waiting period (policyowner pays premium but is reimbursed after period)
5 Full Months
Waiting period for Social Security Disability; Benefits begin in 6th month
59-1/2
Earliest age someone can remove money from an IRA, qualified or annuity plan without a
penalty.
70-1/2
Latest someone must begin taking money out of a traditional IRA; Oldest age to be able to
contribute to a Traditional IRA.
70-1/2
April 1st following the year in which you turned 70-1/2
100
Age at which whole life endows
100
Minimum number of members required for an association group life insurance if plan is
contributory.