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 C. Buy-Sell agreements are normally funded with a life insurance policy -usually mutual fund security when the company earns a profit and elects to share these profits, they pay a dividend to the policyholders or shareholders. All of the following statements are true of liability insurance, EXCEPT: Answer: liability coverage indemnifies the insured. 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. Are insurance company underwriters allowed to discriminate? 1)policy owner can increase/decrease/ or skip premium payments Conditional contract means the policy holder does what? \text { Type II } & \$ 20 & \$ 30 & \$ 40 D) the minor in a juvenile policy. Any profit realized in the operation will be used to provide dividends to stockholders as well as surplus funds that may be used as a buffer for future adverse experience. The cash value available to the policyowner Term. (d) Most policies have a CV that is refunded when coverage ceases. 3)MIB=records of all previous insurances they had. and is NOT a party to the contract. All of the following statements about the settlement of a claim are true EXCEPT. C) common stock 4. A ____ contract requires that both parties perform certain duties. Which of the following would provide an underwriter with information concerning an applicant's health history? Waiver of Premium- What happens to the insurer? Cash value is invested in the stock market. D. They can decide when to pay their monthly premiums. Why do most states have a waiting period for couples applying for marriage licenses? (d) free look provision. B. c. Premiums may be raised at renewal d. Group term insurance may cover the . ______________ is defined as restoring the insured to the same financial condition as before the loss. 90-180 days. C. A surplus lines broker accepts business only from non- resident agents What is a statement in the application guaranteed true in all respects? What is the purpose of a suicide provision within a life insurance policy? What type of term do you think would be least expensive a short term or a long? Being young and healthy means you can skip out on health insurance. \text { Room } & \text { Super Saver } & \text { Deluxe } & \text { Business } \\ 1)temporary Contract or form of ownership is a ______________? Executive office There is a minimum guaranteed interest rate on all sub-accounts. - 20 pay life-premiums paid for 20 years and paid up at 65 The 3 categories of private insurers site of incorporation? 2. Must have at least 32/40 question correct for positive rating. 1. Reinsurance has 2 types of policys, what are they? D. The face amount remains the same throughout the life of the policy. An insured becomes disabled at age 22 and can no longer work. 4)Based on principle sum(rider) & capital sum(insurer) 50%, 3rd party ownership insurers issues policy to a lending institution What are the 3 characteristics of a Mutual Insurance Company? \hline \text { Jul 31 } & 3,000 Abortion in the United States - Wikipedia \hline & \text { Jul 1 } & 55,000 \\ -The insurance dept. The following are all true regarding risk management, except: A. C. Independent rating services evaluate and rate the financial ability of insurance companies (d) neither I nor II. Rates Certificate holders may convert coverage to an individual policy without evidence of insurability. Home Office- what do the underwriters do. they evaluate 4 things- what are they(4)??? -and the right to vote. (1), In Universal life, what options can the policy owner have with the premium payments to do? A policy summary D. Claim History b) 10% for early withdrawal B) In insurance, fraud is the intentional misrepresentation of material information that is crucial when deciding whether or not to write a contract for an applicant. All of the following are methods of payment? d) Tax-deductible. &\text { Rental Class }\\ The accounting records of DVD Sales, Inc., include the following accounts: CashJul15,500???? B. Correct: B. All of the following are required signatures on a life insurance application EXCEPT. The insurer issues the policy and learns of his history one year later. An agent and an applicant for a life insurance policy fill out and sign the application. Some life insurance policies offer cash values that can be borrowed at any time and used for immediate needs. Life insurance policy premium charged the policyowner that can be less than that guaranteed in the contract, premium increases gradually during the first few years and then levels off, All of the following statements are true regarding mortgage protection insurance EXCEPT. All of the following statements regarding contracts of indemnity are true EXCEPT a. -Take it or leave it contract (d) yearly renewable term, Which statement is true concerning premature death and life expectancy? In the pamphlet, he includes the full name of his insurance agency and the type of insurance that he offers. ? (d) The policyowner can add to a policy's cash value at any time subject to policy guidelines. \textbf{Income Statement}\\ All of the following are common characteristics of this coverage EXCEPT Who might receive dividends from a mutual insurer? & \text{ ???? } A. Foregin Involuntary Risk 1. The profit per night for each type of room and rental class is as follows: RentalClassRoomSuperSaverDeluxeBusinessTypeI$30$35TypeII$20$30$40\begin{aligned} Height Weight and Health conditions. Foreign. When will coverage begin? D) Claims result from losses by a peril insured against in an insurance policy. An insurer that is incorporated in the same state that they are doing business in is a_____________.? The correct answer is: Premiums are typically paid by the lender. c) Extended term -If the insured dies, the policy payed out the PRINCIPAL SUM Which kind of agent enters into agreements with more than one insurer? Beneficiaries are NOT required to sign the application unless they are also the owner. Department of Defense The Waiver of Cost of Insurance rider is found in what type of insurance? -Not a true insurance company Which of the following does not constitute the consideration in the insurance transaction? Unit 27 Flashcards by Lauren Pulido | Brainscape 3)increase the length of coverage Empire Company is a manufacturer of smart phones. -guarantee a stream of income to the person purchasing it known as the annuitant. A. New York City | Robert Klein | Robert Klein At Yale (1982) | baseball 4)Explain the policy and its provisions Correct: C. Consideration. D. The benefit is received tax free An insurance company that was incorporated in a different state it is doing business in and pays dividends to its policyholders is known as a _________. Which of the following statements is NOT true concering insurable interest as it applies to life insurance? 2)Variable annuity Which of the following statements regarding the taxation of Modified Endowment Contracts is FALSE? One sided contract is a ______________ contract. Premiums are not tax deductible as a business expense 1)Domestic Insurer A. Chapter 1- General Insurance Flashcards | Quizlet d) The Medical Information Bureau. A mutual insurance company does not have what? b) Outline of coverage \end{array} 1) Conditional Reciept 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 . A. \text{Accounts Receivable} & 199 & 96 & 99 & 604 \\ A) They must be given to all Life insurance applicants. All of the following are business uses of life insurance EXCEPT What adds coverage and modifies coverage? D. Accident True or False: Under the Financial Responsibility Law, you are required to have insurance on any motor vehicle you own or drive, except motorcycles 4)annual, Everytime you have a payment due. He would also like to invest in a mutual fund. &\begin{array}{cr|} Due to climate change, premiums are going up for certain types of insurance, such as flood insurance. If the corporation collects the policy benefit, then ~~~\text{Utilities expense}&12,000\\ (a) The insurance provides protection for a temporary period of time. -pays an additional death benefit if the insured dies from an accident Chapter 4.1 : Life Insurance Flashcards | Chegg.com What characteristic must an annuity have if it is used to accumulate funds in an IRA? A ______ will receive unfavorable tax treatment. b) Index used by stock companies (c) They decrease at a constant rate. C. Whole life A. A peril What are two reasons that people deposit money in banks? Estate conservation Exclusions always exist, and there is a reason for each one. -receiving dividends(when declared) D) The Fair Credit Reporting Act governs what information can be collected and how the information can be used. \hline & \text { Jul 31 } & 19,500 a) Material change A. If a change in the application is necessary what is required? a) Year only. D. Speculative Risk c. It is the failure to use ordinary care. Group life insurance is most often issued as guaranteed annual renewable term. When an insurance policy is not clear, the court will usually interpret in favor of the insured because of which characteristic? 1) Family Maintenance(breadwinner) -Staged intervals Solved 55. All of the following statements regarding | Chegg.com d) Accumulations are tax deferred. c) Helping insureds to file claims Individuals covered under the policy received a certificate of insurance. Life insurance is unique from other types of insurance in that it could perform the function of cash accumulation. Medical exams provide information on current health. Pure risk (must exist at the time of application). Is claim still paid if there is a misstatement of age or sex? B. d) Fiscal responsibility. b) Distributions before age 59 1/2 incur a 10% penalty on policy gains. the underwriting process is approved for: * 50% is paid (d) Premiums increase at an increasing rate upon renewal. Which of the following is an example of liquidity in a life insurance contract? O c. The policyowner has the option of investing the cash value in several investment accounts. The Boyle family can be described as a C. it is often experience-rated, with premrums based on expected losses. (a) blended family. Insurance companies can charge an interest rate based on the policyowner's credit report. A linear programming model developed to maximize profit is used to determine how many reservations to accept for each rental class. Does not pay dividends to policyowners; however, taxable dividends are paid to stockholder. c) Conditional C. It's a decreasing term insurance. Hammond estimates that it will manufacture 5,000 televisions next year. Which of the following is the basic source of information used by the company in the risk selection process? D. Agents report. Tom and Nancy Boyle provide financial support for their two children. Out of 20 yr or 30 yr which policy is less expensive? b) Increasing Premium Is interest always gained in Universal Life Policy? There are 2 parties of the contract- what are they? Annually renewable term policies provide a level death benefit for a premium that Conviction of a felony involving moral turpitude. (a) universal life insurance. Which of the following statements about universal life insurance is true? 25,500, AccountspayableJul114,500???? \text{Inventory} & 201 & 505 & 905 & 52 \\ d) Making claims payments which clearly indicate under which coverage payment has been made. -But pays you interest, 1)Fixed annuity Signed waiver of premium ~~~\text{Indirect labor cost}&28,000\\ 2. \hline & \text { Jul 31 } & 58,000 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? Claim is still paid with an adjustment to the benefits. C. Domestic 1) the premium amount B. Beneficiarys age The death benefit varies according to investment experience. 2)Explain and collect any ratings b) Adjustable life \end{array} Can a misrepresentation render the contract void if the misrepresentation is material to the risk? Insurance is designed to cover both intentional and unintentional losses. 1)Whole Life c) National Association of Insurance Commissioners D) Obtaining a bachelor's degree. Which of the following documents must be provided to the policyowner or applicant during policy replacement? What (5) Factors for GIO & GIB. whose covered? Costs of training a replacement (b) Any withdrawal of cash value reduces the death benefit. All of the following are true of negligence, except: a. 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. B. Misrepresentation All of the following are true for indemnity insurance except that: a. premiums are based on separate risk pools often organized by employers. Warranty A __________ represents the insured. An insured is driving her automobile and strikes a large pothole that . 3)Explain any riders or exclusion (a) renewal provision Misappropriation or illegal withholding of the policyholder's money. Most insurance policies contain a specific limit that an insurer will pay for a single claim. Economics questions and answers. Correct: D. Concealment. a) A medical examination Cash value is the same as ___________ when the policy matures. Which of the following statements concerning buy-sell agreements is true? Yes, all T-mobile insurance plans cover cracked screens.You will have to pay a deductible fee which will depend on your device model. (receive dividends & the right to vote). An agent told Carl about a form of life insurance in which Carl could select where the savings component is invested. \text{Less: Operating expenses}\\ The issuance of a policy or binder is not part of the consideration element of an insurance contract, it is part of the _______ ________. The policyowner has a variety of options for investment of the cash value. a) Juvenile Life a) To limit the insurer's liability after the 2 year waiting period The following are all true regarding risk management, except: A. c) An agent offers tickets to a baseball game as an inducement to buy insurance. An Applicant inaccurately representing information on the application is guilty of: A. Correct: C. Unilateral contract. ch 7 Flashcards | Quizlet All of the following statements about term insurance are true EXCEPT. If the insurance carried is less than required, the insurance may not cover the whole loss. 3)they provide insurance to members. 2)FCRA(fair credit reporting act) checks MIB report. (Medic Information Bureau)? Effects of climate change - Wikipedia C. Payment of premium $ cant exceed indebtness. C. Tax Status Insurers use this law in order to predict certain types of losses and set appropriate premiums. 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. The terrorism risk insurance program reauthorization act provides for a terrorism insurance program administered by which federal entity? ________________ are the person who receives benefits payable upon death. What is used for the underwriting department to determine insurability? b) An agent offers to share his commission with a policyholder. &\begin{array}{lccc} Where does group-life insurance come from? ? Policy Holders/Shareholders have the ability to vote for members of the board of directors or governing body of the company.. this is called their____________? 1) coverage is permanent The insurer that is transferring the risk to another company is called the ____________ __________. ~~~\text{Insurance expense}&\underline{8,000}&\underline{803,000}\\ (2), The current market will influence the cash value (b) Cash value accumulation is slow to moderate. D. Aleatory contract B) Passing examination with 75% or higher score. The total factory payroll for the month according to the payroll register is $308,000.00, distributed as follows. (b) II only These individuals qualify for lower premiums than those in the other categories. Flashcards - WA Life Law Practice Exam - FreezingBlue 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? _______ pays dividends to the stock holder. All of the following statements concerning coinsurance are true, EXCEPT . 3) Retaining the risk. c) Smaller. d) An agent misrepresents policy benefits to convince a policyowner to replace policies. Only the MIB will provide information about an applicant's medical history. 1) All requirements are met An insurance contract requires that both the insured and the insurer meet certain conditions in order for the contract to be enforceable. What are some of the questions asked on the application to determine the premium and risk classification of the insured? 2)standard-average What type of interest does universal life have? Which of the following is an example of an unfair claims settlement practice? 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. d) Graded Premium. What are the two options in death benefit options? Jul3117,000\begin{aligned} Example: AIL was incorporated in Indiana and its home office is in Texas so in NJ its considered a foreign insurer. Correct: D. Represent the insured's interest, All of the following statements regarding financial rating services are correct, except. Members are assessed to fund the corporation. (b) single-parent family. (d) indeterminate-premium whole life. -then picks a contract. 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. saalt menstrual disc how to use - evcc-estheticstraining.com C. The insurer is always required to pay the . 1) a policyholder votes on the Board of Directors All of the other statements are true. C. Hazards Example: company that is incorporated in NJ and sells in NJ. Type I rooms do not have wireless Internet access and are not available for the Business rental class. II. Who assumes control over an insurance company's funds and management if it becomes insolvent? All of the following statements are correct about policy loan interest rates EXCEPT: (A) an insurance company can charge a fixed rate of interest up to a maximum of 10%, with some restrictions (B) an adjustable interest rate can be used if the insurance company follows a national corporate bond index (C) an adjustable interest rate can be used if the limit is based on the average monthly . 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? B. Aleatory contract 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. (b) Face amount decreases during the policy period, but premiums remain level. c) Conditional 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.
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