Prayer For Daughter To Find The Right Man, Articles A

B. Foreign. C. The death benefit paid to the beneficiary \end{array} Each policy pays a percentage of the loss based on the percentage of coverage that policy provides. a) Because the insured is currently not a drug user, his policy will not be affected. A Contract that binds only one party to future performance, is a (n): A. d) Making claims payments which clearly indicate under which coverage payment has been made. a) Payor rider. D. Funding against general company financial loss. A. -A Mec will receive unfavorable tax treatment All of the following statements about the characteristics of Social Security are true EXCEPT A. C. Conditional contract Get more out of your subscription* Access to over 100 million course-specific study resources James purchased yearly renewable term insurance. For example, a claim will be paid only is there has been a covered loss. The penalty is 50% of the shortfall from the required annual amount. (receive dividends & the right to vote). D. The benefit is received tax free. c) Whole Life II. Who would be eligible to obtain SGLI? A. b) Unilateral D. Solicit applications on insurer's behalf d) The policy can be reinstated by paying back all policy loans and premiums. Being young and healthy means you can skip out on health insurance. D. Agents report. b. Correct: D. Department of Treasury, The Terrorism Act, which protects consumers by addressing market disruptions and ensuring the continued widespread availability and affordability of property and casualty insurance for a terrorism risk, is a administered by the Department of Treasury. a) Remains level. Accelerated Living Benefit/Death Benefit is what type of rider? ~~~\text{Rent on factory facilities}&60,000\\ All of the following information about a customer must be used in determining annuity suitability EXCEPT \hline Members are assessed to fund the corporation. Question: All of the following statements about variable life insurance are true EXCEPT O a. C. Waiver A. -The insurance dept. What type of insurer has no capital stock? All of the following statements about term insurance are trueEXCEPTa. a) Offering additional coverage to clients Rates An annuity whose based on the stock market index? Whoso. Taxes, Retirement, and Other Insurance Concep, State Laws, Rules, and Regulations Quizzes, Life Insurance Policy Provisions, Options and, Fundamentals of Financial Management, Concise Edition. Increasing term Based on Human Life Value Approach, which of the following is NOT used to calculate an individual's life value? b) 10% for early withdrawal B. Marital Status 2)quarterly All of the following are methods of payment? When must insurable interest exist in a life insurance policy? A policy summary Which of the following statements is not correct regarding rates and premiums? Quarter($000)1234Cash$100$100$100$100AccountsReceivable1999699604Inventory20150590552AccountsPayable104959597\begin{array}{lrrrr} -insured can stop paying premiums at certain age or after a period of time Chapter 11 - Life Insurance. Endowments means policy is what(2) things? D. Accident (D The employer is the owner, payor and beneficiary of the policy. Correct: C. Condition contract, enforceable only under certain conditions. If a change in the application is necessary what is required? -greater potential to grow the cash value but there is no guarantee 1) Family Maintenance(breadwinner) Something of value is a __________________. &\text { Cash }\\ What (5) Factors for GIO & GIB. whose covered? Journalize the entry to transfer the total of all cost sheets completed from Work in Process to Finished Goods. The accounting records of DVD Sales, Inc., include the following accounts: CashJul15,500???? Which of the following is a physical hazard? See Answer. a) Juvenile Life 2)APS=medical records By William Lb Qtjetjx, Author of . This is called. Your device, make and model. d) Buyer's Guide. The concept that the insured should not profit from an insurance transaction is called what? *The insured is diagnosed with terminal & chronicle illness Which of the following is TRUE regarding assignment rights for . (3), WHat is the difference between universal and whole life policies? 1)Statement of continued good health d) Fiscal responsibility. B) After a claim has been adjusted and is found to be covered under the policy, the insurer must pay the claim upon receipt of a signed proof of loss. Applicant pays premium to make agreement. C. Payment of premium Accelerated Living Benefit/Accelerated Death Benefit? B. d) Joint and Survivor, B) The Waiver of Cost of Insurance rider is found in Universal Life policies. Rates are considered inadequate when they do not cover projected losses and expenses. If a parent purchases life insurance on their child all of the following are true, EXCEPT: A) The child is the insured. Which of the following is the basis for a claim against an insurance policy? All of the following are common characteristics of this coverage EXCEPT All of the following are true of insurance EXCEPT It transfers risk. (b) Face amount decreases during the policy period, but premiums remain level. 3) Equity-Index annuity. 1)Level c) Counselor 5)coverage begins AccountspayableJul1Jul3114,500??? Insurance producers must adhere to the concept of suitability by ensuring that, to the best of their belief, the purchase, sale or exchange of a policy is in the best interest of the insured. All of the following would be considered to be rebating EXCEPT (d) They remain level. (d) Premiums increase at an increasing rate upon renewal. Prepare the following details: Mobile number, serial number, or IMEI. b) Universal Life Correct: C. Consideration. Jul3117,000\begin{aligned} 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. &\text { Accumulated depr.-equipment }\\ Certificate holders may convert coverage to an individual policy without evidence of insurability. Height Weight and Health conditions. Life insurance proceeds Correct: D. A surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. C. Medical Background Is interest always gained in Universal Life Policy? Appoint a solicitor as his or her representative In the pamphlet, he includes the full name of his insurance agency and the type of insurance that he offers. \hline \text { Jul 1 } & 5,500 &&\\ What are the (5) Factors considered with combination policies Who and What are they? c) Denying coverage after a reasonable investigation has been conducted 2)FCRA(fair credit reporting act) checks MIB report. D) adding cost of living coverage. Which of the following documents must be provided to the policyowner or applicant during policy replacement? (a) matured. -car accident not in conjunction with an illness In terms of social security, what is the name for the time period after the youngest child of a family turns 16 and before the surviving spouse may start receving retirement benefits? I. 2)Straight Life Which of the following is NOT an example of a business use of Life Insurance? insurable interest must exist. When parties to a contract exchange unequal amounts of money, this is said to be what type of contract? The cost of insurance protection is referred to as what? Cash value is invested in the stock market. c) Comparisons with similar policies See Answer. Now Tamara can afford whole life insurance. Adverse selection is well controlled. 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. Executive office Who might receive dividends from a mutual insurer? A company doing business in the same state it was incorporated in and owned by the policy holders. -the insurer sets the terms of the contract and the applicant must adhere to them. C. The policy is an aleatory contract 2)people under the influence of drugs or alcohol &\begin{array}{cr|} -immediately considered fully paid up Use the indirect method. DONT PICK IT!!!!!! What are the 3 characteristics of a Mutual Insurance Company? D. Concealment It is used to pay off the balance on the mortgage. ? Term life insurance provides pure death protection. What does "liquidity" refer to in a life insurance policy? 3)substandard risk. c) Low-income individuals and families B) Money collected with respect to an insurance transaction must be held in a position of trust by the producer. a. A. \textbf{Income Statement}\\ Are insurance company underwriters allowed to discriminate? C. Premiums are determined by age sex and occupation of each individuals certificate holder. The face amount decreases as the amount owed on the mortgage decreases. Correct: A Insurance . c) Smaller. Coverage is available in $50,000 increments up to the maximum of $400,000. Most policies can be renewed for additional periods without evidence of insurability. Example: company that is incorporated in NJ and sells in NJ. A whole life insurance policy is exchanged for a term insurance policy, Which of the following will be included in a policy summary? Who gets $$money when the policy holder dies? 1) a policyholder votes on the Board of Directors 1. All of the following statements about ordinary life insurance are true EXCEPT. a) The policy can be converted to term coverage. b) To deter the policyowner from committing suicide The issuance of a policy or binder is not part of the consideration element of an insurance contract, it is part of the _______ ________. 3)MIB=records of all previous insurances they had. 2)when benefits begin the underwriting process is approved for: . B. b. A surplus lines broker deals with direct writing companies only A. ? C. Premiums are tax deductible by the key employee b. A) The insurance policy usually has a provision specifying how a notice of loss is to be made to the insurance company. Two years ago he suffered a head injury from an accident, so he cannot remember parts of his past, but is otherwise competent. a) No penalties, since the owner is older than 59 B. 6)Explain Free Look period-10-30 days- unconditional refund that begins when policy is delivered. -marriage D. The policy is a bilateral contract D. They can decide when to pay their monthly premiums. C. Hazards 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. Tom and Nancy Boyle provide financial support for their two children. b) Index used by stock companies -pays an additional death benefit if the insured dies from an accident Payor benefit/Clause is always a _________. An aleatory contract is a contract where the monetary values of the parties performances are________________. D. Viatical settlement. Correct: D. Represent the insured's interest, All of the following statements regarding financial rating services are correct, except. \hline && \text { Jul 31 } & 111,000 The terrorism risk insurance program reauthorization act provides for a terrorism insurance program administered by which federal entity? The policy is a conditional contract 4. 4)defined contribution plans. B. Contract or form of ownership is a ______________? C. Countersign insurance contracts \hline \text { Jul 31 } & 25,500 The employer is the owner . The failure to disclose known facts is what? B. Twisting What is a statement in the application guaranteed true in all respects? B) The plan is funded by permanent insurance only. A. Agent Sam is using the human life value approach to assess Mary's life insurance needs. -policy holder adheres to it 2)premium gets lower. A. (b) Any withdrawal of cash value reduces the death benefit. 1)increase cash value A false statement in the application for insurance is_____________. The policy does not go into effect until the premium has been collected. B. B) Once the cash surrender value option is selected, the coverage is terminated and the policy cannot be reinstated. Out of 20 yr or 30 yr which policy is less expensive? (c) both I & II (d) neither I or II. (d) neither I nor II. c) To protect the policyowner Funding against financial loss caused by the death of a key employee Which of the following is true regarding the beneficiary designation of the former spouse. C. Waiver of Estoppel b. C. Risk Which of the following is NOT a fraudulent and intentional deception of the truth? What is the MIB? What characteristic must an annuity have if it is used to accumulate funds in an IRA? Which kind of agent enters into agreements with more than one insurer? d) Policy dividends. 1) preferred risk D. Premiums are tax deductible as a business expense, B. Weiss and Fitch are two of these services, although there are more. What limitations might this model have for predicting consumer's attitudes and purchase behavior towards Cream Silk? An agent told Carl about a form of life insurance in which Carl could select where the savings component is invested. Prepare a pie chart of on-time delivery performance for last month. &\begin{array}{lr|rr} 2. 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 . C. Tax Status Poor adaptation to climate change further widens the gap between what people can afford and the costs of insurance, as risks increase. D) Obtaining a bachelor's degree. (b) current assumption whole life. When an insured fails to disclose known facts in an application for insurance, he/she may be guilty of: A. Where can you find insurance coverage after being rejected by your insurance company for too many claims in the past year? a) Types of mutual companies (d) The policyowner can add to a policy's cash value at any time subject to policy guidelines. A. 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? c. It is the failure to use ordinary care. The preferred risk classification indicates that an insured is in excellent physical condition and employs healthy lifestyles and habits. The following are all true regarding risk management, except: A. Cause of potential loss to property such as fire, windstorm, hail, flood, etc. What happens when there is a Misstatement of age or sex? Investors become more risk averse.