Term life insurance provides pure death protection. Accelerated Living Benefit/Death Benefit is what type of rider? -policyowners right provision Rates. C. Whole life Copyright 2009-2022 Tests.com LLC - All Rights Reserved. How does having children affect the decisions that couples must make when considering a divorce? What term life insurance provision will permit Tamara to switch her term insurance to whole life insurance without having to show that she is still insurable? 1. Steven prints a pamphlet to advertise his life insurance business. A. contract of adhesion A person cannot buy insurance unless that person is in a position to suffer a financial loss. States regulate the procurement of business from nonadmitted carriers by regulating the brokers who place business with these carriers. D. Agents report. All of the following statement regarding credit life insurance are true, except: A. credit life insurance may be written on either and individual or group basis. 3)they provide insurance to members. B. Twisting (Medic Information Bureau)? B) Fiduciary refers to a position of trust. A. Numerical identifiers: Each candidate list entry covers both anhydrous and hydrated forms of a substance. The replacing company notifies the replacement company. Prepare the following details: Mobile number, serial number, or IMEI. Who is not a party to the contract and receives the benefits when the insured dies? d. 10 payment whole life, Chapter 12 - Life Insurance Contractual Provi, Chapter 15 - Individual Health Insurance Cove, Fundamentals of Financial Management, Concise Edition, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. D. Premiums are tax deductible as a business expense, B. Errors and Omissions Coverage (E&O) is a name used to describe a type of professional liability insurance. -kids till 21 c) Denying coverage after a reasonable investigation has been conducted 3)Minors. Correct: A. B. -Follows all conditions of contract & pays premium, -insurer says how policy works An agent that enters into agreements with more than one insurer is called an: A _______ represents the insured in dealing with insurance companies. c) Conditional 1) Conditional Reciept D. Represent the insured's interest -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? don't pick binding receipt at all on test. Pure Risk. The safety margin is narrower, because the cost of the insurance to the policyholder cannot be adjusted at a later time. c) Misrepresentation 3)MIB=records of all previous insurances they had. B. IRS has no jurisdiction All of the following statements about universal life insurance are true EXCEPT c) 10 years. If applicant is not the insured- then insureds signature is required A Contract that binds only one party to future performance, is a (n): A. An aleatory contract is a contract where the monetary values of the parties performances are________________. - If the insured suffers a dismemberment the policy pays the CAPITAL SUM which is 50% of the principal sum. B) Money collected with respect to an insurance transaction must be held in a position of trust by the producer. -Can't lose value Which of the following is the basic source of information used by the company in the risk selection process? Which term describes the probability of a loss? ~~~\text{Selling and administrative salaries}&75,000\\ Where can you find insurance coverage after being rejected by your insurance company for too many claims in the past year? Waiver of premium is a rider that can be added to a life insurance policy, and not something to be obtained from the applicant. The ___________ controls all rights of the contract. -provides income for retirement &\text { Rental Class }\\ Principles of Risk Management and Insurance - Easy Notecards 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. Agent Sam is using the human life value approach to assess Mary's life insurance needs. (d) sandwiched family. ~~~\text{Rent on factory facilities}&60,000\\ Various life insurance programs for people who served in the military are called ______________? 3)Family Policy(Limited but all fam members paid) I. The Aspect of the Dragons is obtained by defeating any Ender Dragon in the Dragon's Nest (except Superior) located at the bottom of The End. \textbf{For the Month Ended October 31, 2017}\\ Which of the following is usually true of a participating life insurance policy? c) Increases annually. b) Universal Life 1) Competent Parties B. Which of the following statements concerning buy-sell agreements is true? Chapter 11 - Life Insurance Flashcards | Quizlet Which of the following is a physical hazard? -receiving dividends(when declared) The person who receives the benefit when insured dies. (a) The insurance provides protection for a temporary period of time. C. Solicit applications on the insurer's behalf Correct: C. Condition contract, enforceable only under certain conditions. Which of the following information about the applicant is NOT included on Part 1 of the application for life insurance. Health insurance decreases your healthcare costs. (b) face amount of the policy and the total premiums that have been paid. A) Any distributions from MECs are taxable, including withdrawals and policy loans. 2)interest sensitive (c) both I & II (d) neither I or II. a) The amount of insurance on the life of any debtor may exceed the greater of the scheduled or actual amount of unpaid indebtedness to the creditor. 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. AccountsreceivableJul1Jul3121,000???? Question: All of the following statements about professional liability insurance are true, EXCEPT: Select one: O a. Accidental Death Benefit Who gets $$money when the policy holder dies? This type of life insurance is called a) Accumulated at interest Endowments means policy is what(2) things? 1. 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). b) Fixed income Permanent Insurance have 3 words in common, what are they? -Take it or leave it contract Something of value is a __________________. (a) capital retention approach D. The benefit is received tax free. Joe, Larry, and Curly own a small business. Legislative advocacy is essential to Physicians Insurance/MedChoice's purpose to protect, defend, and support our Members. Example: company that is incorporated in NJ and sells in NJ. a) Withdrawals are not taxable. An insurer that was incorporated in a different state that it is doing business in. (d) They remain level. The failure to disclose known facts is what? a) Executive offer of the replacing company paperspast.natlib.govt.nz &\text { Accounts payable }\\ d) Older. The terrorism risk insurance program reauthorization act provides for a terrorism insurance program administered by which federal entity? The Waiver of Cost of Insurance rider is found in what type of insurance? \\ 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. 1)Statement of continued good health b) 10% for early withdrawal \hline & \text { Jul 31 } & 19,500 How do premiums for yearly renewable term insurance change as an insured gets older? The interest rate credited to the cash value at the time of issuance remains fixed over the life of the policy. What is the term for a cause of loss, such as the theft of a car? Which of the following is a financial rating service? A color-coded map illustrating the current legal status of elective-specific abortion procedures in each of the individual 50 states of the United States of America; plus U.S. territories and federal district [a] As of January 31, 2023 Illegal Legally unclear or legal but no providers Legal before cardiac-cell activity [b] Legal through 15th week LMP (1st trimester) Legal through 18th week LMP . C. Medical Background The remaining amounts should be charged to selling and administrative activities. 21,000 \\ These individuals qualify for lower premiums than those in the other categories. It is most appropriate when an insured needs lifetime protection. A company that does business in another state than incorporated who is owned by policyholders who received dividends when declared and voting rights. \hline && \text { Jul 31 } & 111,000 Everything else equal, how would the factor below affect the market value of a stock? All of the following are true of key person insurance EXCEPT ) The key employee is the insured. Who might receive dividends from a mutual insurer? A whole life insurance policy is exchanged for a term insurance policy. B. All of the following would be considered to be rebating EXCEPT a) the risk is transferred to the insurer b)the insured may retain part of the risk through deductibles . 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? c) Coverage ends but the policy can be reinstated at any time. It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. C) the proposed insured. Concerning insurance, the definition of a fiduciary is 3) Increasing Term. The total factory payroll for the month according to the payroll register is $308,000.00, distributed as follows. -birth of child. A. B. Buy-Sell Agreements pay in the event of a medical emergency Most insurance policies contain a specific limit that an insurer will pay for a single claim. Pure risk Correct: A. Which of the following is an example of liquidity in a life insurance contract? What adds coverage and modifies coverage? C. Countersign insurance contracts (a) present value of future benefits and the present value of future premiums. A key person insurance policy can pay for which of the following? b. An insured owns a life insurance policy. Therefore, it is responsible for 1/3 of the $24,000 loss, or $8,000. 3. Rates are considered inadequate when they do not cover projected losses and expenses. Cash values are available in whole life policies. B) A fiduciary is a producer who handles insurer funds in a trust capacity. Rating codes are assigned to show financial strength or weakness of each company rated An insured is driving her automobile and strikes a large pothole that . The 3 categories of private insurers site of incorporation? WorkinProcess$229,040.00EmployeeIncomeTaxPayable$33,880.00FactoryOverhead78,960.00SocialSecurityTaxPayable19,096.00Cash250,558.00MedicareTaxPayable4,466.00\begin{array}{lrlr}\text { Work in Process } & \$ 229,040.00 & \text { Employee Income Tax Payable } & \$ 33,880.00 \\ \text { Factory Overhead } & 78,960.00 & \text { Social Security Tax Payable } & 19,096.00 \\ \text { Cash } & 250,558.00 & \text { Medicare Tax Payable } & 4,466.00\end{array} All of the following statements are true of liability insurance, EXCEPT: Answer: liability coverage indemnifies the insured. Which of the following requires that the insurance company supply the applicant with the name and address of the consumer reporting company? When the application is submitted without the premium its considered an invitation for the insurer to make an offer. Pertaining to insurance, what is the definition of a fiduciary responsibility? & \text{ ???? } What are the temporary needs? Due to climate change, premiums are going up for certain types of insurance, such as flood insurance. What is an exchange of a whole entire life policy for another? 1) mentally incompetent persons b) The debtors eligible for insurance under the policy shall all be the debtors of the creditor(s). C) Because an insurance company's strength and stability are two very crucial factors in its sustainability, independent rating services have formed to publish regular updates on the financial integrity of different insurance companies. When a insurance company(insurer) has too many risks exposed to loss it seek another company(reinsurers) to insure them. C. Conditional contract b) The agent's report 5th Sunday after Epiphany Saint Barnabas | By Saint Barnabas Episcopal The premium is level and guaranteed not to increase. Address of his principal office Difference between Universal Life Insurance and Whole Life Insurance? Tom and Nancy Boyle provide financial support for their two children. ch 7 Flashcards | Quizlet A company doing business in a different state than it is incorporated in and the stockholders/share holders have ownership rights 3) type of plan they applied for. Which risk management type is shifting the risk of loss to a larger homogeneous group? What constitutes the acceptance of an offer? \text{Inventory} & 201 & 505 & 905 & 52 \\ 2)no cash-value The applicants(policy owner) II. The concept that the insured should not profit from an insurance transaction is called what? This form of life insurance has fixed premiums and the cash value is not guaranteed. If the insurance carried is less than required, the insurance may not cover the whole loss. An underwriter will consider each of the following factors when evaluating a risk, except: A. 2) Transferring the risk The applicant's medical background is addressed in Part 2 - Medical Information. Weiss and Fitch are two of these services, although there are more. If the insured commits suicide after the 2 year period, the policy will pay the death proceeds to the designated beneficiary the same as if the insured had died of natural causes. Universal Life is also known as two things what are they? A. \hline \text { Jul 1 } & 22,000 \\ A producer wishing to appeal the final order of the commissioner would appeal to???? To sell variable life insurance policies, an agent must receive all of the following EXCEPT Be prepared to justify your answer. An insurance contract requires that both the insured and the insurer meet certain conditions in order for the contract to be enforceable. The profit per night for each type of room and rental class is as follows: RentalClassRoomSuperSaverDeluxeBusinessTypeI$30$35TypeII$20$30$40\begin{aligned} B. (a) matured. When an agent collects the initial premium from the applicant, the agent should issue the applicant a. What happens when a policy is surrendered for its cash value? 2)premium gets lower. A) An indeterminate premium reduction policy is a policy in which the premium is guaranteed for an initial period, then the insurer can charge up to a maximum premium charge that is specified in the policy.
Abc Radio Nightlife Presenters, Creekview High School Courses, Concord Hospital Workday Login, Poteet Funeral Home Pawnee, Ok Obituaries, Articles A