| Life Insurance | Disability Insurance | Annuities | Long-Term Care |
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What are: ART, Term 10, Term 15, Term 15 ECP, Term 20, Term 20 ECP, Term 25, Term 25 ECP, Term 30, Term 30 ECP.
Name all of MassMutual's term products.
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What is FALSE
True or false?: a DI policy insures loss of income from work related injuries only.
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What is Single Premium Immediate Annuity
What does SPIA stand for?
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What are LTCR and CareChoice One/Select.
Name two products/riders that provide coverage for an LTC claim.
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What is the earlier of 10 years and the age 65.
Within what timeframe can you convert MassMutual term insurance to permanent insurance without ECP?
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What is year 5.
What year does our DI policy begin to pay dividends?
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What is RetireEase is the single premium immediate annuity, RetireEase Choice is the flexible premium deferred annuity.
What is the difference between RetireEase and RetireEase Choice?
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What is TRUE
True or false?: Long-term care premiums are tax deductible.
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What is a modified endowment contract. Tax benefits on distributions from life insurance become taxable when you exceed the legal tax limits.
What is (and explain) a MEC?
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What is when the employer is paying for the coverage.
When are disability benefits provided through your employer taxable?
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What is the time period for guaranteed income payout.
What is a period certain?
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What is the rider that provides a monthly benefit for LTC needs. The monthly benefit is calculated by the overall LTC pool (90% of death benefit) divided by the number of months selected (benefit period). As the dividend impacts overall DB growth, the LTC pool increases.
Explain the LTC access rider. (How does it work? How do dividends impact it? Etc.)
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What is 2x base face amount up to $125,000. Option dates are 25, 28, 31, 34, 37, 40, 43, 46.
What is the maximum face amount for GIR and what are the option dates/when do they begin?
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What is future insurability option. It allows your clients to increase their monthly benefit without qualifying medically (only financial qualification required).
What is FIO? What value does FIO add to your client’s coverage?
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What is the ability to invest in the market while taking advantage of the tax benefits and potential riders (guaranteed growth, guaranteed floor, guaranteed income).
Explain why someone would sell a Variable Annuity.
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What is 2/6 ADLs. OR having a cognitive impairment.
Not being able to perform how many of the ADLs will trigger an LTC claim?
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What is the bucket of funds used to distribute dividends. It is determined by savings on expenses, investment results/returns, mortality savings (death claim savings).
What is a divisible surplus? Our divisible surplus depends on three factors- what are they?
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What are: 15% loss of time, 15% loss of income, unable to perform one main duty of your occupation.
What are the three ways to determine partial disability in our DI contract?
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What are: guaranteed income, guaranteed growth, protection of principal, death benefit, tax deferral.
Explain 3 benefits that may be available in an annuity that are not available in mutual funds.
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What are: bathing, dressing, toileting, transferring (moving to and from bed to chair, etc.), eating, and continence.
Name all of the activities of daily living.
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