C. Payment of premium \hline && \text { Jul 31 } & 111,000 A. . The ___________ controls all rights of the contract. Beneficiary's age is not a suitability factor. -its a rider
The NAAR for a life insurance policy is the difference between the Six Reasons the Loss is Excluded - MyNewMarkets.com The terrorism risk insurance program reauthorization act provides for a terrorism insurance program administered by which federal entity? -and the right to vote. B. Insureds current and future income (a) They increase at an increasing rate. the willful holding back or secretion of material facts pertinent of the issuance of insurance or a claim. Accelerated Living Benefit/Death Benefit is what type of rider? (b) Prepare a correct income statement for October 2017. Is interest always gained in Universal Life Policy? \end{aligned} What is the term for a cause of loss, such as the theft of a car? 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. SalesrevenueLess:OperatingexpensesRawmaterialspurchasesDirectlaborcostAdvertisingexpenseSellingandadministrativesalariesRentonfactoryfacilitiesDepreciationonsalesequipmentDepreciationonfactoryequipmentIndirectlaborcostUtilitiesexpenseInsuranceexpenseNetloss$264,000190,00090,00075,00060,00045,00031,00028,00012,0008,000$780,000803,000$(23,000). Various life insurance programs for people who served in the military are called ______________? The applicants(policy owner)
c. thoughts of harming a neighbor "Round Tree Manor is a hotel that provides two types of rooms with three rental classes: Super Saver, Deluxe, and Business. D. A surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers What is a statement in the application guaranteed true in all respects? All of the other statements are true. Which of the following about yearly renewable term insurance is true? The replacing company notifies the replacement company. Rates. What (5) Factors for GIO & GIB. whose covered? There are 2 parties of the contract- what are they? An insured owns a life insurance policy. ___________ is the persons whose death triggers payment. In a car accident dealing with ADB who covers the passenger? &\begin{array}{lr|rr} Whole life policy. C. The insured may retain part of a risk through deductibles. When a insurance company(insurer) has too many risks exposed to loss it seek another company(reinsurers) to insure them. -it pays the double indemnity, 1)accident occurs, person must die within 90 days
3)Consideration
4)Explain the policy and its provisions
Which of the following best illustrates a When the company earns a profit and elects to share there profits, they pay a ____________to the policyholders or shareholders. d) 15 years. \textbf{EMPIRE COMPANY}\\ Which of the following would provide an underwriter with information concerning an applicant's health history? It is legal to list nonguaranteed values in the contract, but they must be specifically labeled as projected, not guaranteed values. 2) premiums do not change
d) All of the above. 4)explain policy & provisions
Adverse selection is well controlled. D. Funding against general company financial loss Modification to a policy is a _______________? Surviving family members may experience a reduction in their standard of living if the family breadwinner dies prematurely. ________________ are the person who receives benefits payable upon death. 3)Alien Insurer. Which of the following documents must be provided to the policyowner or applicant during policy replacement? Correct: C. Unilateral contract. There is no limitation on the number of key employee plans in force at any one time. Which model is the better fit for the data? A. Jason Mackenzie Alexander argues morality is a form of social technology - it is context specific and it can go out-of-date Most insurance policies contain a specific limit that an insurer will pay for a single claim. 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. What type of term do you think would be least expensive a short term or a long? (d) The policyowner can add to a policy's cash value at any time subject to policy guidelines. A securities license. In addition, they provide financial support for Tom's aged father and Nancy's aged mother. Flashcards - WA Common Law Practice Exam - FreezingBlue Participating policy. -A Mec will receive unfavorable tax treatment
2. D. Term life. IRS classification of a policy that is overfunded? 2)APS=medical records
&\text { Accounts payable }\\ C. Application c) Helping insureds to file claims What must exist at the time of the application? States regulate the procurement of business from nonadmitted carriers by regulating the brokers who place business with these carriers. Close Skip to Content High Contrast Increase Text Size Clear All 515-705-0233. The premium is level and guaranteed not to increase. Agents and producers must place business through an insurer with the lowest rated 3. C. A surplus lines broker deals with direct writing companies only C. Conditional contract exclusions: when the accident occurs within an illness,disease, or mental infirmity. Estate conservation B. Acceptance D. An individual has an insurable interest in her or her own life. 17,000, InventoryJul122,000???? C. Tax Status d) Producer. Which of the following statements about a life insurance policy is (are) true? The policyowner can add to a policy's cash value at any time subject to policy guidelines. We participate at both the national and state levels as a leading advocate in the judicial, legislative, and regulatory environment to ensure that Members' concerns are heard by lawmakers on issues that impact medical professional liability. All of the following are methods of payment? d. 1.1K 64K views 1 year ago In this video I show you how to one shot Individuals covered under the policy received a certificate of insurance. 3)Rider expires 60,65,75. The issuance of a binder is the result of the ___________________ of an offer. 1. a) Juvenile Life PracticeTest Flashcards by Gabriel Martinez | Brainscape B. ~~~\text{Advertising expense}&90,000\\ (a) I only (b) II only B. An insurer or producer may NOT knowingly employ an individual to act in a fiduciary capacity if that individual has been convicted of a felony or crime of moral turpitude within the past Joe, Larry, and Curly own a small business. The Human Life Value Approach to determining the value of an individual's life requires the calculation of probable future earnings of the insured, which involves wages, expenses, inflation, amount of time until retirement, and the time value of money. \underline{\hspace{40pt}}. The insurance company may not void the insurance policy for which of the following reasons? An agent told Carl about a form of life insurance in which Carl could select where the savings component is invested. considers Lloyds of London an Alien insurer
Conditional Contract d) Primary and secondary beneficiary designations. (D The employer is the owner, payor and beneficiary of the policy. c) Denying coverage after a reasonable investigation has been conducted b) To deter the policyowner from committing suicide a) More active. All of the following are true for indemnity insurance except that: a. premiums are based on separate risk pools often organized by employers. C. It's a decreasing term insurance. Costs of training a replacement Compute DVDs net cash provided by (used for) operating activities during July. \text{Inventory} & 201 & 505 & 905 & 52 \\ The Boyle family can be described as a 1. 5)Explain when coverage begins
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. 1)physical exam
Only the MIB will provide information about an applicant's medical history. If applicant is not the insured- then insureds signature is required
A monthly deduction is made from a policy's cash value for the cost of insurance protection. Rating codes are assigned to show financial strength or weakness of each company rated What is the difference between renewable policy holder & Insurer? All of the following characterize term life insurance, EXCEPT: Select one: a. - 20 pay life-premiums paid for 20 years and paid up at 65
Cause of potential loss to property such as fire, windstorm, hail, flood, etc. c) Whole Life I. 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 4. B) The reduced paid-up nonforfeiture option would provide protection until the insured reaches 100, but the face amount is reduced to what the cash would buy. An agent tells an insured that if he replaces his current insurance policy with a newer one, his dividends will be higher and his premium will be slightly lower. 2)Legal Purpose
b) A producer who handles insurer funds in a trust capacity. A peril 5)an agreement is set, 1)Level term(cheapest insurance) face value stays the same
b) Failure to promptly settle a claim when liability has been clearly established $ cant exceed indebtness. Where does group-life insurance come from? \end{aligned} 5th Sunday after Epiphany Saint Barnabas | By Saint Barnabas Episcopal An Insurance Broker is responsible for what? Flashcards - WA Life Law Practice Exam - FreezingBlue Certificate holders may convert coverage to an individual policy without evidence of insurability. Why?". How does having children affect the decisions that couples must make when considering a divorce? 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. the application is used at the primary source of info. b) The policy will not be affected. The total factory payroll for the month according to the payroll register is $308,000.00, distributed as follows. d) Performing reviews of insured's coverage. Misappropriation or illegal withholding of the policyholder's money. If a parent purchases life insurance on their child all of the following are true, EXCEPT: A) The child is the insured. (c) both I and II &&\\ c) Needs approach Chapter 3 part 1 Flashcards | Quizlet D) Obtaining a bachelor's degree. Which of the following is the basis for a claim against an insurance policy? B. S buys a $10,000 Whole Life policy in 2003 and pays an annual premium of $100. c) National Association of Insurance Commissioners Cash value is invested in the stock market. Term-Life policy has what 3 characteristics? Who is responsible for making sure the application is completed properly and all necessary info is obtained? &\text { Inventory }\\ (b) level-premium method 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? b. Correct: A. D. Accident Your device, make and model. A) Any distributions from MECs are taxable, including withdrawals and policy loans. Term. d) An insurer may exclude any debtors as to whom evidence of individual insurability is not satisfactory to the insurer. All of the following are true of insurance except: a) protects against uncertainty b)means sharing of loss c)eliminates risk d)transfers risk Answer: Eliminates risk Question: Which of the following is NOT true about insurance? ____________ insurer is not a type of insurer. (3), 1)bank trust officer
All of the following statements about ordinary life insurance are true EXCEPT. The correct answer is: Premiums are typically paid by the lender. After everything is signed & premium is collected What does the agent give to the policy holder? Government Relations: New Challenges and the Ongoing Erosion of Based on Human Life Value Approach, which of the following is NOT used to calculate an individual's life value? ? A. What limitations might this model have for predicting consumer's attitudes and purchase behavior towards Cream Silk? Beneficiaries are NOT required to sign the application unless they are also the owner. Whats the cheapest type of permanent insurance? (Hint: Take a look at the Theory of Reasoned Action.). \end{aligned} Weiss and Fitch are two of these services, although there are more. The US is the only developed nation without a system of universal healthcare, with a large proportion of its population not carrying health insurance, a . All of the following statements about universal life insurance are true EXCEPT -the premiums are paid for a limited time only. The remaining amounts should be charged to selling and administrative activities. a) Withdrawals are not taxable. b) Reduced paid-up 1) Family Maintenance(breadwinner)
(c) both I & II (d) neither I or II. Since they may receive a dividend (not guaranteed), such policies are known as participating policies. She has limited income and significant life insurance needs. (c) conversion provision Which of the following is NOT an example of a business use of Life Insurance? ~~~\text{Selling and administrative salaries}&75,000\\ -The insurance dept. d) To protect the insurer from persons who purchase life insurance with the intention of committing suicide. (Choose from the following options) The insurance contract is a _________ because the court will usually interpret in favor of the insured when an insurance policy is not clear. Accidental Death Benefit
Rates are considered inadequate when they do not cover projected losses and expenses. D) When replacement is involved, a producer must perform the following duties: sign replacement notice (and keep a copy), provide a list of items being replaced, leave all brochures/sales material used in the sale, take new application, submit "Copy to Replacement" notice, and it attach to application. a) Using arbitration when the insured and insurer cannot reach agreement One sided contract is a ______________ contract. 3. and what two kinds? Where can you find insurance coverage after being rejected by your insurance company for too many claims in the past year? Two years ago he suffered a head injury from an accident, so he cannot remember parts of his past, but is otherwise competent. All of the following statements about term insurance are trueEXCEPTa. \end{aligned} Signed waiver of premium When does the grace period begin and how long is it? a) Year only. An Insurer organized in another state than the state in which it is authorized to do business is known as which type of insurer? (b) Cash value accumulation is slow to moderate. \textbf{For the Month Ended October 31, 2017}\\ 3)Family Policy(Limited but all fam members paid)
Solved All of the following statements about professional - Chegg He has also been hospitalized for drug abuse, but does not remember this when applying for insurance. D. A surplus lines broker deals with admitted carriers only Which of the following about decreasing term insurance is true? What are the 3 characteristics of a Mutual Insurance Company? For example, a claim will be paid only is there has been a covered loss. A linear programming model developed to maximize profit is used to determine how many reservations to accept for each rental class. (a) Evidence of insurability is not required to renew the coverage. 1) the premium amount
A) A policy summary must be delivered along with the policy and will provide the producer's name and address, the insurance company's home office address, the generic name of the policy issued, and premium, cash value, surrender value and death benefit figures for specific policy years. ? 3)premium is collected
also known as acceptance. paperspast.natlib.govt.nz All of the following would be exempt from the producer licensing requirements EXCEPT: A) A customer service representative who discusses policies. 3)low premiums. 3) Increasing Term. e. The total of costs recorded on all sales invoices for the month is$654,052.00. If the corporation collects the policy benefit, then c) Fixed premium Who gets $$money when the policy holder dies? -pays an additional death benefit if the insured dies from an accident
Bbc Stay Signed In,
Articles A
