Navy Mutual Products Assessment
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This quiz assesses user knowledge and familiarity with Navy Mutual products.
Questions and Answers
- 1.
Which of the following products is Settlement Option 3?
- A.
SPDA 2-Year Lock
- B.
SPDA Interest Only
- C.
SPDA Settle Claims
- D.
SPDA 5-Year Lock
- E.
SPDA 10-Year Lock
- F.
SPDA 7-Year Lock
Correct Answer
B. SPDA Interest OnlyExplanation
SPDA Interest Only is the correct answer because it specifically mentions "Interest Only" which indicates that this product allows the policyholder to receive only the interest earned on their investment without touching the principal amount. This settlement option is suitable for individuals who want to preserve their initial investment while still receiving regular income from the interest. The other options do not mention anything about an interest-only settlement option.Rate this question:
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- 2.
The minimum guaranteed rate for a Settlement Option is:
- A.
3%
- B.
3.5%
- C.
5%
- D.
7%
- E.
8.5%
Correct Answer
A. 3%Explanation
The minimum guaranteed rate for a Settlement Option is 3%. This means that regardless of market conditions or other factors, the settlement option will provide a minimum return of 3% on the invested amount. This ensures that the investor will receive at least this amount of return, even if the actual returns are lower.Rate this question:
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- 3.
The maximum guaranteed rate for a Settlement Option is 5%
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The maximum guaranteed rate for a Settlement Option is not 5%.Rate this question:
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- 4.
Which of the following product(s) are open for new business?
- A.
Express Term Plus
- B.
Family Flex
- C.
Flex Decreasing
Correct Answer
A. Express Term PlusExplanation
Express Term Plus is the only product that is open for new business. The other two products, Family Flex and Flex Decreasing, are not mentioned as being open for new business.Rate this question:
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- 5.
Does the Express Term Plus product require a medical exam?
- A.
Yes
- B.
No
Correct Answer
B. NoExplanation
The Express Term Plus product does not require a medical exam.Rate this question:
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- 6.
Which of the following product(s) are open for new business?
- A.
Permanent Plus
- B.
Legacy Permanent Plus
- C.
Universal Life
Correct Answer
A. Permanent PlusExplanation
Permanent Plus is the only product mentioned that is open for new business. The other two options, Legacy Permanent Plus and Universal Life, are not specified as being open for new business.Rate this question:
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- 7.
John is listed as the Primary Beneficiary on his father's policy. John has called to obtain the value of the death benefit on this policy. What steps should the customer service representative take to provide John with the information he has requested?
- A.
Search for the contract and confirm if John is listed as the owner of the policy. If John is not the owner, he legally cannot obtain values for this policy.
- B.
Search for the contract and obtain the death benefit from the contract's Quotes page
- C.
Conduct a Primary Search for John's father, locate the contract on the contract overview page, obtain the death benefit value and provide it to John
Correct Answer
A. Search for the contract and confirm if John is listed as the owner of the policy. If John is not the owner, he legally cannot obtain values for this policy.Explanation
The customer service representative should search for the contract and confirm if John is listed as the owner of the policy. If John is not the owner, he legally cannot obtain values for this policy. This is because only the owner of the policy has the right to access information about the death benefit.Rate this question:
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- 8.
Jill currently holds an annuity policy at ABC Life. After researching competitive rates, she has decided to move her policy to Navy Mutual. Jill would like to exchange her annuity policy at ABC Life for Navy Mutual's UL Permanent Plus product. T/F: Jill can swtich her annuity to a UL permanent plus via a 1035 exchange.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
A 1035 exchange is a provision in the Internal Revenue Code that allows policyholders to transfer funds from one life insurance, endowment, or annuity policy to another without incurring immediate taxation. However, annuity policies cannot be exchanged for UL (Universal Life) policies through a 1035 exchange. UL Permanent Plus is a type of UL policy, so Jill cannot switch her annuity policy to Navy Mutual's UL Permanent Plus product via a 1035 exchange. Therefore, the answer is False.Rate this question:
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- 9.
Today and moving forward, only one type of rider can be added to an existing policy. Name that rider.
- A.
Child Rider
- B.
Free conv Rider
Correct Answer
A. Child RiderExplanation
The correct answer is Child Rider. This means that from today onwards, only the option to add a Child Rider to an existing policy is available. This rider allows the policyholder to include coverage for their child under the same policy.Rate this question:
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