c) Helping insureds to file claims The issuance of a _________ is the result of the acceptance of an offer. 1)cont. Correct: B. A whole life insurance policy is exchanged for a term insurance policy, Which of the following will be included in a policy summary? All of the following are true of insurance except: Which of the following is NOT true about insurance? In addition, they provide financial support for Tom's aged father and Nancy's aged mother. when the applicant/owner is not the insured-3rd party
Warranty A state administered health insurance for the needy? (d) paid-up. Total personal income in the United States (in billions of dollars) for selected years from 1960 to 2009 is given in the following table. considers Lloyds of London an Alien insurer
2)non-qualified plans
d. The total of all cost sheets completed during the month is $628,880.00. B. Beneficiarys age Nonparticipating policy. ______________ is defined as restoring the insured to the same financial condition as before the loss. Correct: B. c) Conditional (c) Most policies can be converted to a permanent life insurance policy. (b) level-premium method ________________ are the person who receives benefits payable upon death. 2. ____________ insurer is not a type of insurer. ____________ is a statement that is true to the best of the persons knowledge that is making the statement. b. Inventory balances at the beginning and end of October were: Only 75% of the utilities expense and 60% of the insurance expense apply to factory operations. When a insurance company(insurer) has too many risks exposed to loss it seek another company(reinsurers) to insure them. Which of the following is usually true of a participating life insurance policy? a) Tax-qualified D. Workers compensation. Renew policy holder has an option- THE INSURER DOES NOT. Misappropriation or illegal withholding of the policyholder's money. Executive office B. C. Countersign insurance contracts b.
All of the following statements concerning coinsurance are true, EXCEPT What is used for the underwriting department to determine insurability?
4 All of the following statements about term insurance are true EXCEPT As her friend, you have been asked to review the income statement and make necessary corrections. B. To sell variable life insurance policies, an agent must receive all of the following EXCEPT 1) preferred risk
B) Underwriters. Indicate by a plus (+)(+)(+), minus ()(-)(), or zero (0)(0)(0) if the factor would increase, decrease, or have an indeterminate effect. Which of the following best describes a surplus lines broker? *The insured is diagnosed with terminal & chronicle illness
Which of the following about decreasing term insurance is true?
b. it frequently includes coverage for losses due to casualty and theft. &\text { Inventory }\\ -paying for certain time and stop. (c) both I & II (d) neither I nor II. A corporation is the owner and beneficiary of the key person life policy. Which of the following is an example of liquidity in a life insurance contract? D. Department of Treasury The preferred risk classification indicates that an insured is in excellent physical condition and employs healthy lifestyles and habits. Home Office- what do the underwriters do. they evaluate 4 things- what are they(4)??? 2. b) The elderly C) Annually renewable term policies provide a level death benefit for a premium that increases each year with the age of the insured. Pro rata liability applies. The insurance company may not void the insurance policy for which of the following reasons? The insurance provides protection for a specified period of time. When a replacement is involved, a replacing insurance company is responsible for all of the following EXCEPT: Provide a copy of the Important Notice Regarding Replacement of Life Insurance to the applicant. She meets the definition of total disability under Social Security. Investors become more risk averse. -The insurance dept. EMPIRECOMPANYIncomeStatementFortheMonthEndedOctober31,2017\begin{array}{c} c) The inspection report (d) Most policies have a CV that is refunded when coverage ceases. B. C) the proposed insured. (receive dividends & the right to vote). Instructions c) National Association of Insurance Commissioners Prepare a pie chart of on-time delivery performance for last month. The insurer that is transferring the risk to another company is called the ____________ __________. What must exist at the time of the application? The penalty is 50% of the shortfall from the required annual amount. a sheet where the agent lists any additional info about insured including: habits,financial status, or anything that may be important for the underwriting department to determine the risk involved. c) Term life 2) Binding Reciept. Something of value is a __________________. Retention, Avoidance, and Transfer are all _________________. c) 15% for early withdrawal Jul3119,500\begin{aligned} C. Waiver of Estoppel \hline \text { Jul 31 } & 17,000
All of the following are true of negligence, except: - AZanswer All of the following are true about health insurance except: Purchasing health care can help save you from medical bankruptcy. The insurer issues the policy and learns of his history one year later. \end{array} (2), The current market will influence the cash value
Quarter($000)1234Cash$100$100$100$100AccountsReceivable1999699604Inventory20150590552AccountsPayable104959597\begin{array}{lrrrr} d) Military personnel. B) Passing examination with 75% or higher score. 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. Which of the following requires that the insurance company supply the applicant with the name and address of the consumer reporting company? An agent told Carl about a form of life insurance in which Carl could select where the savings component is invested. What does it mean when a policy is limited pay life? 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 information about a customer must be used in determining annuity suitability EXCEPT 1)absolute assignment-all rights are assigned
D) Obtaining a bachelor's degree. 3) policy builds cash-value
Participating policy. c) A person who handles assets or money belonging to others. D. Viatical settlement. Study with Quizlet and memorize flashcards containing terms like All of the following are personal uses of life insurance EXCEPT A. A whole life insurance policy is exchanged for a term insurance policy. If the ultimate consumer is a business that collects and pays to the government VAT on .
All of the following are true about health insurance except: -Can't lose value
B) bonds 3. Life expectancy has increased in the U.S. over the last century. -its a rider
3)riders & exclusions
b) Promptly forwarding premiums to the insurance company 2)Procures insurance 4 itself from another insurer, The tax benefit of annuities is tax deferred growth. &\text { Accounts payable }\\ B) the applicant. &&\\ b) Unilateral Study with Quizlet and memorize flashcards containing terms like Which of the following would not appear in the asset section of an insurance company's balance sheet? ~~~\text{Rent on factory facilities}&60,000\\
Causes of the 2000s United States housing bubble - Wikipedia Non-Participating (stock) Life Insurance Policy. c) Increases annually. The total of all requisitions of indirect materials issued during the month is$20,170.00. Which term describes the probability of a loss? ____________ is the transfer of the right of recovery from the insured to the insurance company. Based on Human Life Value Approach, which of the following is NOT used to calculate an individual's life value? 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???? Beneficiary's age \end{aligned} Each policy pays a percentage of the loss based on the percentage of coverage that policy provides. d) The insurer will sue the insured for committing fraud. B. What characteristic must an annuity have if it is used to accumulate funds in an IRA? The primary purpose of buying an annuity is? 3)Explain any riders or exclusion
a) Using arbitration when the insured and insurer cannot reach agreement (b) current assumption whole life. A. Receipt
What is the term for a cause of loss, such as the theft of a car? c) Misrepresentation To sell variable insurance what must you have? Benefits received are considered income taxable (a) matured. Level-increasing face value. 4)defined contribution plans. d) Blackout approach. d) Policy dividends. 5)Explain when coverage begins
If you don't have health insurance, you pay all costs for healthcare and medical emergencies. D. The benefit is received tax free. B. D) An agent's report and inspection report provides personal information. C) Completing pre-licensing training. -receiving dividends(when declared)
The following are all causes for the Insurance Commissioner to suspend or impose conditions upon the continuance of a producer's license EXCEPT 1. b) Adjustable life Errors and Omissions Coverage (E&O) is a name used to describe a type of professional liability insurance. What are (4) ways annuities are classified? The total factory payroll for the month according to the payroll register is $308,000.00, distributed as follows. (b) tax-free exchange provision Predicted needs of the family after the insured's death are used in the needs approach. (b) The face amount of the policy is paid if the insured lives to age 65. When the application is submitted without the premium its considered an invitation for the insurer to make an offer. (3), 1)bank trust officer
1)premium payment
On DUE DATE. (a) limited-payment whole life insurance 2)no cash-value
How do premiums for yearly renewable term insurance change as an insured gets older?
Chapter 11 - Life Insurance Flashcards | Quizlet Type I rooms do not have wireless Internet access and are not available for the Business rental class. Correct: B. D. Premiums paid are deductible as a business expense. Journalize the entry to transfer the total of all cost sheets completed from Work in Process to Finished Goods. Dividends received by policyholders of a mutual insurer are not taxable. 4. D. A surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers 1)temporary
An insured owns a life insurance policy. (b) Any withdrawal of cash value reduces the death benefit. Statements in the application that are guaranteed true but later found to be false may result in what?
Abortion in the United States - Wikipedia 4)settlement options, 1)stand alone policy
B. Avoidance Which of the following statements about a life insurance policy is (are) true? How much life insurance should Sam advise .
Chapter 3 part 1 Flashcards | Quizlet C. Social Security works exactly same as private insurance. has reached its final destination and can be paid out in full. & \text{ ???? } B. B. Marital Status Insurance producers must ensure that contracts they recommend are in the best interest of the insured. Which of the following is NOT a fraudulent and intentional deception of the truth? A surplus lines broker deals with direct writing companies only 3) Ordinary. Contract of adhesion (Choose from the following options) Correct: A. "Round Tree Manor is a hotel that provides two types of rooms with three rental classes: Super Saver, Deluxe, and Business. When both parties to a contract must perform certain duties in order to make the contract enforceable, this is known as what? Cash value is the same as ___________ when the policy matures. 3)Minors. b) An agent offers to share his commission with a policyholder. The issuance of a binder is the result of the ___________________ of an offer. Accumulateddepr.-equipmentJul1DeprJul3155,0003,00058,000, RetainedEarningsJul165,000Dividend19,000NetInc65,000Jul31111,000\begin{aligned} Round Tree has 100 Type I rooms and 120 Type II rooms. Which of the following statements about universal life insurance is true? b) Distributions before age 59 1/2 incur a 10% penalty on policy gains. The demand forecast for a particular night is 130 rentals in the Super Saver class, 60 rentals in the Deluxe class, and 50 rentals in the Business class. A. Conditional contract means the policy holder does what? Life insurance is unique from other types of insurance in that it could perform the function of cash accumulation. There are 2 parties of the contract- what are they? Exclusions always exist, and there is a reason for each one. C. Certain Risk
Solved All of the following statements about variable life - Chegg Hospital bills of the key employee James purchased yearly renewable term insurance. D. Offer Reinsurance has 2 types of policys, what are they? Yes, all T-mobile insurance plans cover cracked screens.You will have to pay a deductible fee which will depend on your device model. What limitations might this model have for predicting consumer's attitudes and purchase behavior towards Cream Silk? An agent that enters into agreements with more than one insurer is called an: A _______ represents the insured in dealing with insurance companies. See Answer. Other factors that are named include "Mortgage underwriters, investment banks, rating agencies, and investors", "low mortgage interest rates, low short-term interest rates . Difference between Universal Life Insurance and Whole Life Insurance? A SEC registration. C. Medical Background &\begin{array}{lccc} Out of 20 yr or 30 yr which policy is less expensive? d) The Medical Information Bureau. In this case, the applicant will most likely need to fill out a Statement of Good Health. 2)Straight Life
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? The corporation also helps detect and prevent insurer impairments. b) A producer who handles insurer funds in a trust capacity. Arrest History. Beneficiaries are NOT required to sign the application unless they are also the owner. D. Term life. (d) Premiums increase at an increasing rate upon renewal. b) Policyholder (d) free look provision.
B. C. Application D) When immediate annuities are used to pay IRA benefits, distributions must begin no later than age 70 in order for the annuitant to avoid penalties. Surplus lines broker deals with admitted carriers only *Both not taxable. 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. -Voting.
Principles of Risk Management and Insurance - Easy Notecards A life insurance policy is exchanged for an annuity. (d) endowment insurance, Rachel needs permanent life insurance. A _______ __ is the additional premium needed to get covered with high or substandard risk. Pure risk B. d. It does not require a duty to be owed. Term. - 20 pay life-premiums paid for 20 years and paid up at 65
Healthcare in the United States is far outspent than any other nation, measured both in per capita spending and as a percentage of GDP. (6). If someone dies within the Grace period, what happens?
Flashcards - WA Common Law Practice Exam - FreezingBlue Agents and producers must place business through an insurer with the lowest rated
Our records show that more than one device is associated with this He has also been hospitalized for drug abuse, but does not remember this when applying for insurance. b. What constitutes the acceptance of an offer? \end{array} \\ Which type of risk involves the possibility of loss or gain? D. Funding against general company financial loss ___________ is the persons whose death triggers payment. c) Needs approach A key person insurance policy can pay for which of the following? All of the following are methods of payment? Which of the following best illustrates a If a change in the application is necessary what is required? Why?". 3) type of plan they applied for. Legislative advocacy is essential to Physicians Insurance/MedChoice's purpose to protect, defend, and support our Members. 3)Increasing term adds face value. -policy holder adheres to it
C. Whole life In a conditional receipt if the policy holder dies before delivery of the policy what has to happen for the benefits to be paid? Limited-Pay Life & Single-Premium Policies? C. Conditional contract B) The plan is funded by permanent insurance only. 3) Retaining the risk. Liquidity in life insurance refers to availability of cash to the insured. 1)tax qualified plans
2)Variable annuity
B. Modification to a policy is a _______________? D. Aleatory contract (a) The insurance provides protection for a temporary period of time. 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} It is legal to list nonguaranteed values in the contract, but they must be specifically labeled as projected, not guaranteed values. c) The premium for the policy shall be paid either from the creditor's funds, or from charges collected from the insured debtors, or from both. A mutual insurance company is owned by who? c) Premium accountability. 1) Family Maintenance(breadwinner)
~~~\text{Indirect labor cost}&28,000\\ Everything else equal, how would the factor below affect the market value of a stock? Cause of potential loss to property such as fire, windstorm, hail, flood, etc. What is the primary source of info used to determine insurability by the underwriting department? 3)they provide insurance to members. (c) Interest credited to a policy's cash value is taxable to the policyowner in the year credited. \text{Dividend}& 19,000& \text { Net Inc } & 65,000 \\ D. Premiums are tax deductible as a business expense, B. Round Trees management makes a forecast of the demand by rental class for each night in the future. b. C) A licensee cannot knowingly employ an individual who has been convicted of a felony or crime of moral turpitude within the past 10 years to act in a fiduciary capacity. Whole life policy. 2) form of interest sensitive life insurance(current market conditions influence the cash value)
a) Offering additional coverage to clients Type of insurance contract that pays its death benefit only during a specified period of time and nothing after that stipulated period. Question: 55. 1. 2)FCRA(fair credit reporting act) checks MIB report. d) Limited pay. \end{array}
[Solved] All of the following are true of insurance EXCEPT It transfers a) Aleatory -pay for certain time and stop
Originating policy
\end{array} Does not pay dividends to policyowners; however, taxable dividends are paid to stockholder. Taxes, Retirement, and Other Insurance Concep, State Laws, Rules, and Regulations Quizzes, Life Insurance Policy Provisions, Options and, Fundamentals of Financial Management, Concise Edition. (a) present value of future benefits and the present value of future premiums. Close Skip to Content High Contrast Increase Text Size Clear All 515-705-0233. Involuntary Risk B) According to the law of large numbers, the larger a group becomes, the easier it is to predict losses. A producer wishing to appeal the final order of the commissioner would appeal to????