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Ms. Newbie is a registered representative with Savvy Investments and has recently gotten married. (Her new name is Mrs. Newbie-Oldman.)Her husband has been a client of hers, and the couple now wants to put her name on the account. In this case:

AMrs. Newbie-Oldman may only share in the account to the extent that she deposits funds in the account.

BMrs. Newbie-Oldman must obtain written authorization from Savvy Investments to put her name on the account.

CMrs. Newbie-Oldman's husband must provide written authorization to Savvy Investments for his new bride to be included on the account.

DBoth B and C are true statements.

Eddie and Edith open a JTWROS account with you. This means that:

i. You can accept a buy or sell order from either Eddie or Edith.

ii. Any check that is drafted upon a request to withdraw funds can be written to either Eddie or Edith, or both.

iii. If either Eddie or Edith die, the account assets will pass to that individual's estate, based on his or her percentage ownership of the account.

IV. Correspondence concerning the account can be sent to either Eddie or Edith.

Which of the following statements regarding variable life insurance policies is false?

APolicyholders have voting rights similar to those of mutual fund investors.

BMost policies have an expense guarantee provision that establishes a firm limit on how much the insurance company can increase administrative charges.

CInsurance companies are required to give variable life policyholders at least 24 months from the date of purchase to switch to a traditional whole life policy without having to prove insurability.

DThe surrender value of a variable life insurance policy will always be less than its cash value.

A settlement option associated with a variable life policy in which the insurance company guarantees that the beneficiary will receive equal payments over a specific length of time is known as a:

Ken has a variable life policy and recently learned that he can borrow against its cash value to help pay for some of the expenses he's incurring while pursuing a graduate degree.

Which of the following statements about the loan he can get is true?

AKen can borrow at most only 50% of the cash value, and only as long as he's had the policy for at least three years.

BSince Ken is essentially borrowing his own money; the loan is interest-free.

CKen never has to repay the loan, but if he chooses not to do so, his wife, Barbie, won't get as much when he dies.

DKen has been misinformed. He cannot borrow against the cash value of a variable life policy because the cash values of these policies fluctuate constantly.

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