10 May WHICH OF THE FOLLOWING STATEMENTS IS TRUE REGARDING A BENEFICIARY OF PROCEEDS UNDER A LIFE INSURANCE POLICY?
1) Financial service professionals are expected to act in a highly ethical manner.Which of the following traits do the textbook authors suggest as important?A.Put your client’s interest before yoursB.Maintain honesty when dealing with your clientC.Listen and act in an empathic mannerD.All of these are traits of a highly ethical planner2) Your clients a young married couple with two children just purchased a new home and would like to ensure that the mortgage will be paid in the event either of their deaths. Your recommendation is for them to purchase?A.First-to-die term lifeB.Second-to-die term lifeC.Family income policyD.Mortgage whole life3) Which of the following is an example of the “art of financial planning?A.Interviewing the client to understand his or her goals and objectivesB.Determining the client’s retirement needsC.Calculating a prudent emergency fund amountD.Deciding which qualified retirement plan would be met the client’s objectivesE.Assessing how best to lower tax liabilities4) What denotes the process of determining whether and how an individual can meet life goals through the proper management of financial resources?A Financial IncomeB Financial debt restructurinC Financial planningD Financial Management5) Which of the following statements is true regarding a beneficiary of proceeds under a life insurance policy?A. the owner of the policy cannot change the beneficiary designation of an irrevocable beneficiary without the beneficiary’s written consenB.Only the husband or wife can change the beneficiary if the beneficiary is a childC.If the beneficiary is an irrevocable beneficiary and dies before the insured his rights pass on to his heirs.D.Divorce automatically results in a change of beneficiary.
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