B) Underwriters. a) Small employers e. The total of costs recorded on all sales invoices for the month is$654,052.00. (3), 1)bank trust officer
(d) They remain level. C. Consideration 3. d) Accumulations are tax deferred. 1) mentally incompetent persons
B) Once the cash surrender value option is selected, the coverage is terminated and the policy cannot be reinstated. A ____ contract requires that both parties perform certain duties. 2)Variable annuity
Correct: A Insurance . Originating policy
Misappropriation or illegal withholding of the policyholder's money. d) Living need rider. D. Breach of warranty Which of the following is an example of an unfair claims settlement practice? a) Offering additional coverage to clients One sided contract is a ______________ contract. a) Because the insured is currently not a drug user, his policy will not be affected. The benefit is subject to the exclusionary rule If the initial premium is not paid with the application, the agent will be required to collect the premium at the time of policy delivery. The insurer issues the policy and learns of his history one year later. Business partners have an insurable interest in each other
Effects of climate change - Wikipedia II. Credit life 1. Yes, all T-mobile insurance plans cover water damage. B. Which of the following would be the best option that would help the surviving spouse of the insured to put her child through daycare after the insured's death? Which of the following would least likely be considered a legitimate need that would be paid by insurance proceeds? Pro rata liability applies. The death benefit varies according to investment experience. -has cash value invested in the stock market
The correct answer is: The premium decreases to zero by the end of the policy period. 1) insured gets higher amount
A peril b) Larger. 2)when benefits begin
When Applicant P fails to disclose all of his motor vehicle violations in an application for automobile insurance, he may be guilty of: A. Estopple &\text { Accounts payable }\\ -also the agent may be required to initial the change, statement of health from insureds personal physician, What are 2 federal laws that protect policy holders & forms that must be completed? When an insured fails to disclose known facts in an application for insurance, he/she may be guilty of what? Waiver of premium is a rider that can be added to a life insurance policy, and not something to be obtained from the applicant. A conditional contract requires both the insurer and policyowner to meet certain conditions before the contract can be executed, unlike other types of policies, which put the burden of condition on either the insurer or the policyowner. C. Hazards Individuals covered under the policy received a certificate of insurance. Joe, Larry, and Curly own a small business. The policy is issued for one year and may be renewed annually with evidence of insurability.
Chapter 14/1: Group Health Insurance Flashcards | Quizlet Represent the insured's interest, Insurance Licensing - Chapter 2: Property Bas, Chapter 9- Commercial General Liability Cover, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, CompTIA A+ Certification Exam Prep - Chapter. Insurance is designed to provide protection against which of the following? A. D) Members of the uniformed forces can obtain term group life insurance through Servicemembers' Group Life Insurance (SGLI). To sell variable life insurance policies, an agent must receive all of the following EXCEPT d) Blackout approach. Most policies can be renewed for additional periods without evidence of insurability. Acceptance Correct: C. Consideration. b. A. &\begin{array}{lr|rr} -and the right to vote. Can term insurance be both renewable and convertible? What are the two options in death benefit options? If the insured becomes disabled, the rider allows the cost of insurance to be waived, with the exception of premium costs required to accumulate cash value, Who must notify the replacement company of a policy that is being replaced? A. c) Accelerated benefit rider. 1)increase cash value
17,000, InventoryJul122,000???? the willful holding back or secretion of material facts pertinent of the issuance of insurance or a claim. ____________ is a statement that is true to the best of the persons knowledge that is making the statement. C. Application b. A. 4. Contract or form of ownership is a ______________? I. Pure risk b. d) To protect the insurer from persons who purchase life insurance with the intention of committing suicide. \text{ ???? } -cash value can lose value. -The insurer would pay the face amount of the policy minus the past due premium. Premiums are taxable to the employee Why do most states have a waiting period for couples applying for marriage licenses? After everything is signed & premium is collected What does the agent give to the policy holder? Correct: D. Concealment. B. a) Tax-qualified Correct: D. Represent the insured's interest, All of the following statements regarding financial rating services are correct, except. (d) endowment insurance, Rachel needs permanent life insurance. 5)an agreement is set, 1)Level term(cheapest insurance) face value stays the same
M327. The policy is a conditional contract How has the Aswan High Dam affected the lives of Egyptians? All of the following are personal uses of life insurance EXCEPT, All of the following are true of key person insurance except, D. The plan is funded by permanent insurance only. All of the following are true regarding health insurance policies, EXCEPT: A) An agent or producer may not make changes to the policy B) Once issued, a policy may only be changed with the approval of a company officer C) An agent may change an application with the verbal consent of the applicant What is the MIB? D) Insurance covers intentional losses as well as unintentional. 4)defined contribution plans. 3)Minors. A key person insurance policy will pay for costs of running the business and replacing the employee. Insurance is considered a transfer of risk. (b) level-premium method Which nonforfeiture option provides coverage for the longest period of time?
Six Reasons the Loss is Excluded - MyNewMarkets.com The following are all true regarding risk management, except: A. -receiving dividends(when declared)
Eight Summoning Eyes need to be placed to summon the Ender Dragon and players need to have 450 Dragon Weight to have a chance of getting the sword. (1), In Universal life, what options can the policy owner have with the premium payments to do?
Chapter 11 - Life Insurance Flashcards | Quizlet 2)Decreasing term(premium is low) declining face value
Difference between Universal Life Insurance and Whole Life Insurance? A company formed in a different country doing business in any state of American who owners are stockholders that receive dividends and have voting rights. D. A surplus lines broker deals with admitted carriers only An individual applies for a life policy. 4) 3 components to the premium, The owner and the insured are different people. b) Human life value approach Which of the following about decreasing term insurance is true? Copyright 2009-2022 Tests.com LLC - All Rights Reserved. 2)Straight Life
Conditional Contract There are 2 parties of the contract- what are they? What (5) Factors for GIO & GIB. whose covered? A. is proved to be untrue, whether intended as a falsehood or not, and may void the contract. (b) Most policies can be renewed without evidence of insurability. Waive the premium if the INSURED becomes totally disabled. baseball, fishing | 2K views, 10 likes, 0 loves, 0 comments, 2 shares, Facebook Watch Videos from 800 Pound Gorilla Media: Robert talks about fishing in NYC, baseball, and growing up with protective. Which of the following information about the applicant is NOT included on Part 1 of the application for life insurance. They keep a high percentage of any interest earned on their policies Correct: B. C. group credit life insurance does not build cash values. C. The insured may retain part of a risk through deductibles. The policy does not go into effect until the premium has been collected. C. Payment of premium James purchased yearly renewable term insurance. d) Older. O c. The policyowner has the option of investing the cash value in several investment accounts. C. They can borrow higher amounts off of their policies Which of the following statements is NOT true concering insurable interest as it applies to life insurance? a) No penalties, since the owner is older than 59 A) The amount of insurance of the life of any debtor may at no time exceed the greater of the scheduled or actual amount of unpaid indebtedness to the creditor. An insured becomes disabled at age 22 and can no longer work. D) They must be signed by both the Producer and the applicant. What is NOT invested in the stock market but pays you interest? Despite this, the country has significantly worse healthcare outcomes when compared to peer nations. 2) premiums do not change
A. Foregin (d) free look provision. C. it is often experience-rated, with premrums based on expected losses. Whats the "take it or leave it contract"? d) Contingent. B) They illustrate the nonguaranteed elements of the policy. B. this insurance is often written in connection with automobile loans. CashJul1Jul315,500???? 1)Statement of continued good health
Legal Purpose Observers and analysts have attributed the reasons for the 2001-2006 housing bubble and its 2007-10 collapse in the United States to "everyone from home buyers to Wall Street, mortgage brokers to Alan Greenspan". (b) variable life insurance An insurer that was incorporated in a different state that it is doing business in. (a) matured. Waiver of Premium- What happens to the insurer? Where does group-life insurance come from? 1) preferred-low
3)mortality charge. Life insurance proceeds 3) Equity-Index annuity. In addition, they provide financial support for Tom's aged father and Nancy's aged mother. The money in a savings account Which $50,000 life insurance contract if purchased when the insured was 32, would have the highest cash value when the insured is 50? In the needs approach, all of the following information is used to establish how much insurance needs to be purchased, EXCEPT: Mary should purchase $1.5 million ($75,000 x 20 working years remaining = $1,500,000). D) Obtaining a bachelor's degree. All renewable term policies are accepted without__________ and only with_____ collected. An Insurance Broker is responsible for what? B) Money collected with respect to an insurance transaction must be held in a position of trust by the producer. Which of the following is a physical hazard? Round Tree has 100 Type I rooms and 120 Type II rooms. Renew policy holder has an option- THE INSURER DOES NOT. -ages 25,28,34,37,40
Does not pay dividends to policyowners; however, taxable dividends are paid to stockholder. c) Policy loans are taxable distributions. The policyowner can add to a policy's cash value at any time subject to policy guidelines. c) Low-income individuals and families The terrorism risk insurance program reauthorization act provides for a terrorism insurance program administered by which federal entity? Jul3117,000\begin{aligned} Mutual life policy. The penalty is 50% of the shortfall from the required annual amount. compulsion? D) An agent's report and inspection report provides personal information. (c) Most policies can be converted to a permanent life insurance policy. Companies may have immediate legal obligations following the inclusion of a substance in the Candidate List on this website including in particular Articles 7, 31 and 33 of the REACH Regulation. Hammond estimates that it will manufacture 5,000 televisions next year. The requirement that producers must account for all insurance funds collected, and without the expressed consent of the insurance company(ies) are not permitted to co-mingle those funds with their own funds is known as ~~~\text{Depreciation on factory equipment}&31,000\\ 2. c) Premium accountability. Who appoints the state insurance regulator in many states? Jul3125,500\begin{aligned} a) The policy can be converted to term coverage. ~~~\text{Insurance expense}&\underline{8,000}&\underline{803,000}\\ A. Concerning insurance, the definition of a fiduciary is Which model is the better fit for the data? The safety margin is narrower, because the cost of the insurance to the policyholder cannot be adjusted at a later time. c) To protect the policyowner 3) policy builds cash-value
Under Section I, homeowners insurance must include d) 50% tax on the amount not distributed as required. The agent
B. The replacing company notifies the replacement company. Does T-Mobile Insurance Cover Water Damage? An insurer that is incorporated in the same state that they are doing business in is a_____________.? A linear programming model developed to maximize profit is used to determine how many reservations to accept for each rental class. If company pays dividends, then they are a? C. The benefit is received as taxable income Long term- the longer the policythe more spread out the policy premiums are. The insurer that is transferring the risk to another company is called the ____________ __________. b) Outline of coverage Conviction of a felony involving moral turpitude. The Terrorism Risk Insurance Program is administered by which of the following Federal entities? A. d) The Medical Information Bureau. The remaining amounts should be charged to selling and administrative activities. &\begin{array}{lccc} B. The cash value of availability to the policyowner 5)Survivorship Life Policy (policy holder pays themselves). Company A carries 1/3 of the total coverage ($20,000 + $40,000 = $60,000). 6)free-look period-$ back guaranteed. \end{array} C. Solicit applications on the insurer's behalf \hline & \text { Jul 1 } & 55,000 \\ An underwriter will consider each of the following factors when evaluating a risk, except: A. Which is generally true regarding insureds who have been classified as preferred risks? (d) The policyowner can add to a policy's cash value at any time subject to policy guidelines. c) Misrepresentation Health insurance decreases your healthcare costs. c) Variable Premium _______ pays dividends to the stock holder. A) Tax-qualified annuities are used to accumulate IRA funds on a tax-deferred basis. Both life and health insurance can be used for a variety of purposes in a business setting, including the funding of business continuation agreements, compensating executives, and protecting the firm against financial loss resulting from the death or disability of key employees. Poor adaptation to climate change further widens the gap between what people can afford and the costs of insurance, as risks increase. All of the following statements about ordinary life insurance are true EXCEPT. C. A husband or wife has an insurable interest in their spouse c) A person who handles assets or money belonging to others. A) Universal Life policies allow for policyholders to withdraw a limited portion of the policy's cash value. InventoryJul1Jul3122,000???? Retention, Avoidance, and Transfer are all _________________. Adverse selection is well controlled. The issuance of a _________ is the result of the acceptance of an offer. D) the minor in a juvenile policy. insurable interest must exist. b) Promptly forwarding premiums to the insurance company Correct: B. Now Tamara can afford whole life insurance. A policy summary usually includes all the listed information, and must be delivered along with a new policy. (a) They increase at an increasing rate. Carl would like to purchase life insurance. Exclusion Categories
Solved All of the following statements about universal life - Chegg a) A medical examination D. Offer B) One step in the investigation of a claim is to determine whether the policy was in force when the loss occurred. An annuity is exchanged for another annuity. Its controller resigned in October 2017. a) The policyholders or stockowners of the company \hline & \text { Jul 1 } & \begin{array}{r} D. Funding against general company financial loss A surplus lines broker deals with direct writing companies only If the premium was not collected at the time of the application, the producer may also be required to get a Statement of Good Health from the applicant at the time of policy delivery. What else must he include? The purpose of an estate clearance fund is to pay all of the following EXCEPT. (c) both I & II (d) neither I or II, Diane is a single parent. Who would be eligible to obtain SGLI? a. 3)MIB=records of all previous insurances they had. C) An insurance contract must contain a copy of the original application. \hline && \text { Jul 1 } & 65,000 \\ What is the purpose of a suicide provision within a life insurance policy? What characteristic must an annuity have if it is used to accumulate funds in an IRA? 3)substandard risk. An__________ represents the insurer. D. The ratings are available to the public The minimum FREE LOOK period is how many days? Study with Quizlet and memorize flashcards containing terms like All of the following are true regarding group term life insurance, EXCEPT: a. D. The benefit is received tax free. (d) neither I nor II. 2)attorneys
when the applicant/owner is not the insured-3rd party
4)policy matures at age 100. Increasing term 2)APS=medical records
a) Consumer Privacy Act A contract that allows an insured to be restored to the same financial condition as prior to the loss is considered to be what type of contract? 5)coverage begins
d) Making claims payments which clearly indicate under which coverage payment has been made. Costs of training a replacement Which of the following is the best reason to purchase life insurance rather than annuities? c) Smaller. IRS classification of a policy that is overfunded? D. Department of Treasury All of the following statements are true regarding mortgage protection insurance EXCEPT. Newborns after how many days become covered in a child rider? d) An insurer may exclude any debtors as to whom evidence of individual insurability is not satisfactory to the insurer. "Round Tree Manor is a hotel that provides two types of rooms with three rental classes: Super Saver, Deluxe, and Business. 2)premium gets lower. Foreign. Dividends received by policyholders of a mutual insurer are not taxable. B. (3), WHat is the difference between universal and whole life policies? d) Policy dividends. B. Aleatory contract If an insurer is incorporated in Rhode Island, but primarily does business in New York, what type of insurer would it be considered in New York? A life insurance license. Which of the following statements about universal life insurance is true? ~~~\text{Direct labor cost}&190,000\\ c) An agent offers tickets to a baseball game as an inducement to buy insurance. 3)they provide insurance to members. Can a misrepresentation render the contract void if the misrepresentation is material to the risk? a) To limit the insurer's liability after the 2 year waiting period D) The suicide provision protects the company from those individuals who purchase life insurance with the intention of committing suicide. 2)interest sensitive
All of the following information about a customer must be used in determining annuity suitability EXCEPT Insurance is not designed to cover _____________ losses. b) Hazard Which of the following is TRUE regarding assignment rights for . (c) variable life insurance. -policy holder adheres to it
1. The Waiver of Cost of Insurance rider is found in what type of insurance? 2)collateral assignment-some or only one right assigned. \text{Sales revenue}&&\$780,000\\ Out of 20 yr or 30 yr which policy is less expensive? B. Twisting Annual income (D The employer is the owner, payor and beneficiary of the policy. The gross premium charged must reflect, at least for competitive reasons, the actual cost of providing the insurance. Correct: A. 2)not payable in conjunction. a) Agent's report When an agent is handling the premiums that belong to an insurance company, they are acting in a fiduciary capacity. -the premiums are paid for a limited time only.
1.1K 64K views 1 year ago In this video I show you how to one shot C. Concealment There are many legitimate need-based expenses that can be paid by life insurance proceeds, from groceries to retirement income. A. 1 / 25. b) To deter the policyowner from committing suicide c) Term life B. Participating policy. & \text { Depr } & 3,000 \\ (c) Interest credited to a policy's cash value is taxable to the policyowner in the year credited. D. Delivery receipt. With a little work, an unused office area could be converted to a rental room. d) Buyer's Guide. A. contract of adhesion D. Effect of inflation on income over time. C) the proposed insured. B) A "cost of living" rider adjusts the face amount of a policy to maintain the relationship of the face amount and increases in the cost of living. 3)certified public accountants, Is insurance that is provided by the Federal or State government
It is used to help adequacy and equity in rates. An agent has authority to do all of the following, except: A. Countersign insurance contracts Limited-Pay Life & Single-Premium Policies? ~~~\text{Utilities expense}&12,000\\ (c) The number of times the coverage can be renewed is limited. What is the difference between renewable policy holder & Insurer? 2)Procures insurance 4 itself from another insurer, The tax benefit of annuities is tax deferred growth.
Solved All of the following statements about variable life - Chegg a) Premium amounts and surrender values (a) limited-payment whole life insurance d) 15 years. The NAAR for a life insurance policy is the difference between the d) The insurer will sue the insured for committing fraud. I. Total personal income in the United States (in billions of dollars) for selected years from 1960 to 2009 is given in the following table. Cash values are available in whole life policies. B. Exclusions always exist, and there is a reason for each one. 2. Prepare the following details: Mobile number, serial number, or IMEI. All of the other statements are true. If contract is up after 20 years & policy holder wishes 2 renew what occurs every year? Jul3119,500\begin{aligned} ~~~\text{Advertising expense}&90,000\\ (Choose from the following options) To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. Insurance producers must adhere to the concept of suitability by ensuring that, to the best of their belief, the purchase, sale or exchange of a policy is in the best interest of the insured. . (economy). B. Avoidance
A. B. Address of his principal office Correct: A.A peril. (receive dividends & the right to vote). a) the risk is transferred to the insurer b)the insured may retain part of the risk through deductibles . &\text { Accumulated depr.-equipment }\\ O b. b. it frequently includes coverage for losses due to casualty and theft. The accounting records of DVD Sales, Inc., include the following accounts: CashJul15,500???? 2)Decreasing Term
Which of the following is an example of liquidity in a life insurance contract? Forms of interest and are Sensitive Whole Life, 1) Transfers risk to another insurer
If the corporation collects the policy benefit, then C. Domestic Which of the following does not constitute the consideration in the insurance transaction? -car accident not in conjunction with an illness
What are two reasons that people deposit money in banks? Which of the following about the use of ordinary life insurance is true? How does having children affect the decisions that couples must make when considering a divorce? 2)Increase the face value
What are (4) characteristics of permanent insurance? Study with Quizlet and memorize flashcards containing terms like All of the following are personal uses of life insurance EXCEPT A. Costs of training a replacement exclusions: when the accident occurs within an illness,disease, or mental infirmity. -20 pay life-paid up at 65
\hline \text{Cash} & \$ 100 & \$ 100 & \$ 100 & \$ 100 \\ C. Risk D) The Life and Health Insurance Guaranty Corporation protects Maryland residents who are policyholders, insureds, beneficiaries, annuitants, and assignees of life and health insurance policies, annuities, and supplemental contracts, if the insurer issuing the policies fails to perform its contractual obligations because it becomes impaired. B) A fiduciary is a producer who handles insurer funds in a trust capacity. Predicted needs of the family after the insured's death In terms of social security, what is the name for the time period after the youngest child of a family turns 16 and before the surviving spouse may start receving retirement benefits? c) Increases annually. \text { Room } & \text { Super Saver } & \text { Deluxe } & \text { Business } \\ (a) I only (b) II only CPI (consumer price index) without evidence. \end{array} \\ Payor benefit/Clause is always a _________. The CAS number shown in an entry is typically . -low commissions
3)2 death benefit option
Why?". -7 pay test is used to determine If a policy is a MEC.
[Solved] All of the following are true of insurance EXCEPT It transfers -paying for certain time and stop. D. Aleatory contract 167 views, 0 likes, 3 loves, 8 comments, 10 shares, Facebook Watch Videos from Saint Barnabas Episcopal Church Greensboro, NC: 5th Sunday after Epiphany. \end{array} (d) indeterminate-premium whole life.
Abortion in the United States - Wikipedia The applicant has been shown to be a poor personal credit risk. Appoint a solicitor as his or her representative Type of insurance contract that pays its death benefit only during a specified period of time and nothing after that stipulated period. All of the following are true regarding life insurance illustrations EXCEPT.