Follow me!">
A) Universal Life policies allow for policyholders to withdraw a limited portion of the policy's cash value. (d) They remain level. If an insurer finds that an applicant has committed fraud, it can void the contract, provided that the discovery occurs within the first two years of the effective policy date. Life Insurance Basics Flashcards | Quizlet &\begin{array}{lr|rr} C. Independent rating services evaluate and rate the financial ability of insurance companies Upon policy delivery, the producer may be required to obtain any of the following EXCEPT -Voting. Quarter($000)1234Cash$100$100$100$100AccountsReceivable1999699604Inventory20150590552AccountsPayable104959597\begin{array}{lrrrr} Traditional insurance policies contain a list or description of excluded "perils" (that which causes a loss). The replacing company notifies the replacement company. AKA-payout phase. A. A. What is the primary source of info for the underwriting department to determine insurability? The correct answer is: Premiums are typically paid by the lender. The following are all causes for the Insurance Commissioner to suspend or impose conditions upon the continuance of a producer's license EXCEPT 1. 1)physical exam A __________ represents the insured. Waiver of Premium- What happens to the insurer? D. group credit insurance must have a suicide clause . A) loss reserves 2. ch2 Flashcards | Quizlet You cannot sell a variable policy without what? 3)2 death benefit option ADD( Accidental death and dismemberment??? D) Using misrepresentation to convince a person to cancel an existing policy and buy a new one is called "twisting.". Which of the following statements about universal life insurance is true? Conditional contract means the policy holder does what? Correct: C. Unilateral contract. B. Misrepresentation Rates. Certificate holders may convert coverage to an individual policy without evidence of insurability. 2)Family Income(decreasing term-policy) A whole life insurance policy is exchanged for a Universal life insurance policy. Hammond Corporation manufactures televisions. C. The insurer is always required to pay the . (b) reduced. c) 15% for early withdrawal When does the grace period begin and how long is it? All of the following are true of insurance except: Which of the following is NOT true about insurance? The designation will be void/. The accounting records of DVD Sales, Inc., include the following accounts: CashJul15,500???? 2. Which of the following would provide an underwriter with information concerning an applicant's health history? The insurer's promise to pay a covered loss and the insured's payment of the first premium, are examples of: A. (3), WHat is the difference between universal and whole life policies? 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. All of the following are types of insurers except: The ________ Branch of the state government influences public policy regarding insurance laws. Liquidity in life insurance refers to availability of cash to the insured through cash values. All of the following are business uses of life insurance EXCEPT 3)2 Death benefits-(level/increasing) B. . (a) The insurance provides protection for a temporary period of time. If applicant is not the insured- then insureds signature is required b) The policy will not be affected. C. Medical Background If you don't have health insurance, you pay all costs for healthcare and medical emergencies. \textbf{For the Month Ended October 31, 2017}\\ Appoint a solicitor as his or her representative M327. C. Department of State A debtor has insurable interest in the life of a lender Hammond estimates that it will manufacture 5,000 televisions next year. A. 3)increase the length of coverage compulsion? Joe, Larry, and Curly own a small business. Waiver of premium is a rider that can be added to a life insurance policy, and not something to be obtained from the applicant. c) Whole Life This is called. the application is used at the primary source of info. A mutual insurer has no stock, and is owned by the policyholders. Which of the following statements about a life insurance policy is (are) true? d) Graded Premium. 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. a) Withdrawals are not taxable. S dies 5 years later in 2008 and the insurer pays the beneficiary $10,500. \end{aligned} (d) Premiums increase at an increasing rate upon renewal. C. The insured may retain part of a risk through deductibles. D. Offer a) Payor rider. When applicant is not the insured ______________ must exist. Pertaining to insurance, what is the definition of a fiduciary responsibility? a. whole life paid at 65 Age, Sex, Occupation, Hobbies, Habits, Smoking or Non-Drug user or Non. 2)when benefits begin B. (a) Evidence of insurability is not required to renew the coverage. Executive office a) An agent offers the use of his lake house to person as an inducement to buy. 1) All requirements are met 17,000, InventoryJul122,000???? -then picks a contract. \textbf{EMPIRE COMPANY}\\ Causes of the 2000s United States housing bubble - Wikipedia 3. b) To deter the policyowner from committing suicide To sell variable insurance what must you have? S buys a $10,000 Whole Life policy in 2003 and pays an annual premium of $100. &\text { Accounts payable }\\ Rates are considered inadequate when they do not cover projected losses and expenses. 1)policy owner can increase/decrease/ or skip premium payments 1)tax qualified plans I. Why?". 2)non-qualified plans &\begin{array}{lccc} B) They illustrate the nonguaranteed elements of the policy. Whats the "take it or leave it contract"? & \text { Depr } & 3,000 \\ A. What is the term for a cause of loss, such as the theft of a car? What insurance concept is associated with the names Weiss and Fitch? b) Reduced paid-up B) Passing examination with 75% or higher score. 4. All of the following are true of key person insurance EXCEPT A. What will probably happen? Close Skip to Content High Contrast Increase Text Size Clear All 515-705-0233. All of the following statements about ordinary life insurance are true EXCEPT. 4)Based on principle sum(rider) & capital sum(insurer) 50%, 3rd party ownership insurers issues policy to a lending institution ____________ is a statement that is true to the best of the persons knowledge that is making the statement. 3) type of plan they applied for. Chapter 4.1 : Life Insurance Flashcards | Chegg.com 1.1K 64K views 1 year ago In this video I show you how to one shot (D The employer is the owner, payor and beneficiary of the policy. All of the following statements are true of liability insurance, EXCEPT The interest rate credited to the cash value at the time of issuance remains fixed over the life of the policy. \hline \text { Jul 31 } & 17,000 All of the following statements about universal life insurance are true EXCEPT Any withdrawal of a policy's cash value reduces the amount of the death benefit. Which $50,000 life insurance contract if purchased when the insured was 32, would have the highest cash value when the insured is 50? Something of value is a __________________. What else must he include? An agent and an applicant for a life insurance policy fill out and sign the application. B. All of the following characterize term life insurance, EXCEPT: Select one: a. Endowments means policy is what(2) things? \text { Room } & \text { Super Saver } & \text { Deluxe } & \text { Business } \\ Study with Quizlet and memorize flashcards containing terms like All of the following are personal uses of life insurance EXCEPT A. -kids till 21 A. Who is not a party to the contract and receives the benefits when the insured dies? (b) variable life insurance Life Insurance Flashcards - Cram.com 1) cash value earns interest 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? 2)standard-average Which of the following about the use of ordinary life insurance is true? How has the Aswan High Dam affected the lives of Egyptians? C. it is often experience-rated, with premrums based on expected losses. -its a rider a) A retail clerk. Increasing term B. ($000)CashAccountsReceivableInventoryAccountsPayable1$1001992011042$1009650595Quarter3$10099905954$1006045297, Describe Cream Silk's promotion within the context of the multi-attribute model: Which attribute(s) were central to the promotion and how does the model explain what the company was trying to accomplish with the "Human Hair Quartet?" b) Increasing Premium D. Workers compensation. Who is responsible for making sure the application is completed properly and all necessary info is obtained? Payor benefit/Clause is always a _________. 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. There is a minimum guaranteed interest rate on all sub-accounts. *The insured is diagnosed with terminal & chronicle illness I. C. Premiums are tax deductible by the key employee Difference between Universal Life Insurance and Whole Life Insurance? b) Promptly forwarding premiums to the insurance company B. Aleatory contract Signed waiver of premium After insurer makes an offer, what must the applicant do? A. signed waiver of premium ? CPI (consumer price index) without evidence. Which of the following is a financial rating service? A life insurance policy is exchanged for an annuity. Concerning insurance, the definition of a fiduciary is Home Office- what do the underwriters do. they evaluate 4 things- what are they(4)??? B. IRS has no jurisdiction C. Consideration What are the (5) Factors considered with combination policies Who and What are they? (a) I only (b) II only [Solved] All of the following are true of insurance EXCEPT It transfers D. The policy is a bilateral contract b. Which of the following is TRUE regarding assignment rights for . The money in a savings account Which of the following best describes a surplus lines broker? The face amount decreases as the amount owed on the mortgage decreases. 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. 1. d) Blackout approach. B. Which of the following is the basis for a claim against an insurance policy? cash value increases while face value remains the same. Solved All of the following are true for indemnity insurance | Chegg.com An__________ represents the insurer. -Take it or leave it contract (c) human life value method Chapter 3.2 - Subjecto.com C. Loss of personal income a) Remains level. D. Premiums paid are deductible as a business expense. Free Standardized Tests Flashcards about Health&Life - StudyStack Which of the families below is likely to have the least need for a large life insurance policy? Only one party is giving a legally enforceable promise- A one-sided contract is what? a) Types of mutual companies D. They can decide when to pay their monthly premiums. Which of the following is a physical hazard? The primary purpose of buying an annuity is? c) Copy of the original application Type of insurance contract that pays its death benefit only during a specified period of time and nothing after that stipulated period. Terms that apply to the insurer not the applicant. the willful holding back or secretion of material facts pertinent of the issuance of insurance or a claim. Group life insurance is most often issued as guaranteed annual renewable term. 2)interest sensitive 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? By William Lb Qtjetjx, Author of . Retention, Avoidance, and Transfer are all _________________. \end{array} \\ They keep a high percentage of any interest earned on their policies d) Joint and Survivor, B) The Waiver of Cost of Insurance rider is found in Universal Life policies. Term life insurance provides pure death protection. In an insurance contract, the value that each party gives the other is called the: When an individual faces the risk of economic loss in the event of property damage, this indicates which of the following? C. They can borrow higher amounts off of their policies c) The policy will be voided. 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? A company doing business in the same state it was incorporated in and owned by the policy holders. 4)explain policy & provisions -low commissions \text{ ???? } Which risk management type is shifting the risk of loss to a larger homogeneous group? An Insurance broker is responsible for what? D) Insurance covers intentional losses as well as unintentional. C. Unilateral contract c) To protect the policyowner &\text { Accounts receivable }\\ What type of interest does universal life have? In this case, the applicant will most likely need to fill out a Statement of Good Health. When both parties to a contract must perform certain duties in order to make the contract enforceable, this is known as what? 3)certified public accountants, Is insurance that is provided by the Federal or State government Renew policy holder has an option- THE INSURER DOES NOT. A rider that may be attached to a life insurance policy that will adjust the face amount based upon a specific index, such as the Consumer Price Index, is called D. Funding against general company financial loss What are (4) ways annuities are classified? b) Failure to promptly settle a claim when liability has been clearly established Does T-Mobile Insurance Cover Water Damage? 4)Consumer report=credit, -shorter time span for paying premiums paperspast.natlib.govt.nz C. Payment of premium d) All of the above. The purpose of an estate clearance fund is to pay all of the following EXCEPT. Acceptance Are insurance company underwriters allowed to discriminate? Jul3119,500\begin{aligned} (d) free look provision. Free Chapter 1 - Tests.com The applicant has been shown to be a poor personal credit risk. Exclusion Categories Which nonforfeiture option provides coverage for the longest period of time? C. Domestic b. Type I rooms do not have wireless Internet access and are not available for the Business rental class. The issuance of a policy or binder is not part of the consideration element of an insurance contract, it is part of the _______ ________. (a) They increase at an increasing rate. Which of the following about a VUL insurance policy is (are) true? 1) the premium amount Despite this, the country has significantly worse healthcare outcomes when compared to peer nations. 5th Sunday after Epiphany Saint Barnabas | By Saint Barnabas Episcopal (b) The face amount of the policy is paid if the insured lives to age 65. d) The Guaranty Corporation. b. persistent fear of germs (Medic Information Bureau)? b) Outline of coverage The failure to disclose known facts is what? A. Any gain in the policy's cash value is . Example: company that is incorporated in NJ and sells in NJ. Which of the following methods of calculating the amount of life insurance needed takes into account the insured's wages, years until retirement, and inflation? All of the following statements about universal life insurance are true EXCEPT 2)administered charge \end{array} All of the following statements about term insurance are trueEXCEPTa. 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. Correct: A. -Follows all conditions of contract & pays premium, -insurer says how policy works A _______ __ is the additional premium needed to get covered with high or substandard risk. \end{aligned} The issuance of a _________ is the result of the acceptance of an offer. \hline \text{Cash} & \$ 100 & \$ 100 & \$ 100 & \$ 100 \\ c) Policy loans are taxable distributions. There are many legitimate need-based expenses that can be paid by life insurance proceeds, from groceries to retirement income. 3)Family Policy(Limited but all fam members paid) Findefch a Wife,' 'Pnrple and Fine -men,'^The' Day of Temptation,' ' Of Royal Blood,' etc., etc . Term life insurance provides the largest amount of coverage for the lowest amount of premium. 2)Increase the face value 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 . b. "Round Tree Manor is a hotel that provides two types of rooms with three rental classes: Super Saver, Deluxe, and Business. The policy is a contract of adhesion. b) Conditional receipt -Can't lose value Should a key person die, the benefit is treated as a reimbursement to the business for loss of services from that key person. D. Funding against general company financial loss. -receiving dividends(when declared) All of the following are true about the Fair Credit Reporting Act Except: Regardless of what the consumer learns about the unfavorable information, the report can be changed by court action only. 1)Whole Life Does not pay dividends to policyowners; however, taxable dividends are paid to stockholder. The application is the basic source of information an insurer uses in the risk selection process. An underwriter will consider each of the following factors when evaluating a risk, except: A. What must exist at the time of the application? Department of Defense An inexperienced assistant accountant has prepared the following income statement for the month of October 2017. \end{array} \\ Weiss and Fitch are two of these services, although there are more. (a) I only (b) II only Which type of risk involves the possibility of loss or gain? Most insurance policies contain a specific limit that an insurer will pay for a single claim. The policy is a contract of adhesion \end{aligned} (c) both I & II (d) neither I or II. -birth of child. A life insurance license. D. The face amount remains the same throughout the life of the policy. 4)underwriting is complete (Hint: Take a look at the Theory of Reasoned Action.). Legal Purpose Estate Creation B. c) Comparisons with similar policies EMPIRECOMPANYIncomeStatementFortheMonthEndedOctober31,2017, Salesrevenue$780,000Less:OperatingexpensesRawmaterialspurchases$264,000Directlaborcost190,000Advertisingexpense90,000Sellingandadministrativesalaries75,000Rentonfactoryfacilities60,000Depreciationonsalesequipment45,000Depreciationonfactoryequipment31,000Indirectlaborcost28,000Utilitiesexpense12,000Insuranceexpense8,000803,000Netloss$(23,000)\begin{array}{lcc} D. Effect of inflation on income over time. Jul313,000\begin{aligned} The debtor does not have an insurable interest in the life of the lender. A ______ will receive unfavorable tax treatment. 1. Part 1 of the application includes the general questions about the applicant, including name, age, address, birth date, gender, income, marital status, and occupation. 3)riders & exclusions 2)Decreasing term(premium is low) declining face value All of the following are true for indemnity insurance except that: a. premiums are based on separate risk pools often organized by employers. \textbf{Income Statement}\\ A person who negotiates insurance contracts on behalf of an insured. B. A whole life insurance policy is exchanged for a term insurance policy. ~~~\text{Advertising expense}&90,000\\ Receipt If the insurance carried is less than required, the insurance may not cover the whole loss. The agent 2) Transferring the risk A. B. A. Premiums are taxable to the employee Insurance companies can charge an interest rate based on the policyowner's credit report. However, the applicant does not wish to give the agent the initial premium, and no conditional receipt is issued. Originating policy D) the minor in a juvenile policy. Cash values are available in whole life policies. 2. a) Tax-qualified 14,500 \\ 1) Competent Parties d) Older. (c) both I & II (d) neither I or II, Diane is a single parent. d) The insurer will sue the insured for committing fraud. A. D) They must be signed by both the Producer and the applicant. Be prepared to justify your answer. Beneficiary's age D. Concealment What are the two options in death benefit options? How does having children affect the decisions that couples must make when considering a divorce? D) Obtaining a bachelor's degree. B. B. this insurance is often written in connection with automobile loans. b) Unilateral Company doing business in the state it was incorporated and owned by the stockholders(people who own stock) who received dividends and the right to vote???? (Choose from the following options) Rebating is an unfair trade practice and is regulated by law. All of the following would be exempt from the producer licensing requirements EXCEPT: A) A customer service representative who discusses policies. Jason Mackenzie Alexander argues morality is a form of social technology - it is context specific and it can go out-of-date All of the following are true about health insurance except: Purchasing health care can help save you from medical bankruptcy. All The statements made on the application are called ______? The insurer that is transferring the risk to another company is called the ____________ __________. Correct: B. and what two kinds? What (5) Factors for GIO & GIB. whose covered? The issuance of a binder is the result of the ___________________ of an offer. \hline For the reported losses of an insured group to become more likely to equal the statistical probability of loss for that particular class, the insured group must become Which of the following statements about limited-payment life insurance is true? has reached its final destination and can be paid out in full. \hline \text { Jul 1 } & \begin{array}{r} d) Policy dividends. Flashcards - WA Life Law Practice Exam - FreezingBlue c) Guides describing company financial integrity 2)Decreasing Term RetainedEarningsDividend19,000Jul1NetIncJul3165,00065,000111,000. A. B) The parent is responsible for the premium. 6)free-look period-$ back guaranteed. (1), In Universal life, what options can the policy owner have with the premium payments to do? e. The total of costs recorded on all sales invoices for the month is$654,052.00. c) Counselor When an agent collects the initial premium from the applicant, the agent should issue the applicant a. B) Human life value approach is determined by the loss of income that would result with the death of the insured, after making adjustments for expenses, inflation, etc. A) the agent. Which of the following information about the applicant is NOT included on Part 1 of the application for life insurance. Round Tree has 100 Type I rooms and 120 Type II rooms. D. The benefit is received tax free. \text{Less: Operating expenses}\\ &\begin{array}{l|lr} Which type of life insurance makes sense for someone in this situation? Solved All of the following statements about universal life - Chegg Compensating executives d) 15 years. A. \hline & \text { Jul 1 } & 55,000 \\ When a policy is non-contributory how much is paid? (c) face amount of the policy and the legal reserve. Is claim still paid if there is a misstatement of age or sex? B. Six Reasons the Loss is Excluded - MyNewMarkets.com Costs of training a replacement All of the following are true regarding life insurance illustrations EXCEPT. See Answer. It requires evidence of insurability for renewal. (b) face amount of the policy and the total premiums that have been paid. Steven prints a pamphlet to advertise his life insurance business. 1)increase cash value L4. Life Insurance Policy Provisions Options and Riders Where can you find insurance coverage after being rejected by your insurance company for too many claims in the past year? 2)not payable in conjunction.
Glow Recipe Niacinamide Percentage,
Miranda Frum Brain Surgery,
2 Family Homes For Sale In Suffolk County, Ny,
Henry County Courthouse Mcdonough, Ga,
Articles A
Follow me!
