Pass Using OH-Life-Agent-Series-11-44 Exam Dumps

Whole life insuranceprovides adeath benefit that is generally income tax-freeto the beneficiary under current tax laws, making it a popular estate planning tool.

"Proceeds from a life insurance policy paid to a named beneficiary are usually income tax-free under IRC Section 101(a)."

TheOhio Superintendent of Insurancemay issue acease and desist orderagainst a licensee if a violation of insurance law is suspected and substantiated through a hearing process. This is a legal measure to stop the unlawful conduct.

"If, after a hearing, the Superintendent determines a person has committed or is about to commit an unfair or deceptive act, they may issue a cease and desist order."

The IRS mandates that to maintain the tax-deferred status of funds, a rollover from one Traditional IRA to another must be completed within 60 days of receiving the distribution. Failing to do so may result in the distribution being treated as taxable income, and if the account holder is under age 59½, it could also be subject to a 10% early withdrawal penalty.

An irrevocable beneficiary has a vested interest in the life insurance policy. This means that the policyowner cannot change the beneficiary designation, take loans, or surrender the policy without the written consent of the irrevocable beneficiary. This designation provides strong protection for the beneficiary’s interest.