Monomoy High School Staff, Do You Bring Your Own Putter To Popstroke?, Articles A

c) Low-income individuals and families Rating codes are assigned to show financial strength or weakness of each company rated In the pamphlet, he includes the full name of his insurance agency and the type of insurance that he offers. If the insurance carried is less than required, the insurance may not cover the whole loss. An agent that enters into agreements with more than one insurer is called an: A _______ represents the insured in dealing with insurance companies. The cash value of availability to the policyowner a) Premium amounts and surrender values -it pays the double indemnity, 1)accident occurs, person must die within 90 days good health cash value increases while face value remains the same. -marriage The policyowner has a variety of options for investment of the cash value. A. C. Unilateral contract 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. Increasing term 5)Explain when coverage begins d) Buyer's Guide. 1) the premium amount The face amount decreases as the amount owed on the mortgage decreases. Solved All of the following are true for indemnity insurance | Chegg.com An insured is driving her automobile and strikes a large pothole that . Value-added tax - Wikipedia Consumer report Most agents try to collect the initial premium for submission with the application. &&\\ A life insurance policy is exchanged for an annuity. Term. What type of insurer has no capital stock? (d) indeterminate-premium whole life. Our records show that more than one device is associated with this 14,500 \\ Other factors that are named include "Mortgage underwriters, investment banks, rating agencies, and investors", "low mortgage interest rates, low short-term interest rates . All of the following characterize term life insurance, EXCEPT: Select one: a. Insurance is an important tool to manage risks, but often unavailable to poorer households. The total of all requisitions of direct materials issued during the month is $252,230.00. (b) current assumption whole life. (c) conversion provision D. Funding against general company financial loss. a) Agent's report After everything is signed & premium is collected What does the agent give to the policy holder? Despite this, the country has significantly worse healthcare outcomes when compared to peer nations. 1. C) They must contain a warning that actual results may vary. 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 . What does "liquidity" refer to in a life insurance policy? B. What is NOT invested in the stock market but pays you interest? What are the (5) Factors considered with combination policies Who and What are they? The employer is the owner . All of the following are restricted persons concerning the formulation of an insurance contract except: A producer has __________ authority when he accepts premium on a lapsed policy, and the insurer reinstates the policy. 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. C. Hazards Cause of potential loss to property such as fire, windstorm, hail, flood, etc. Which of the following statements about a life insurance policy is (are) true? A. 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? II. \text{Accounts Receivable} & 199 & 96 & 99 & 604 \\ -Prepays portion of face amount if diagnosed with terminal illness. Life Insurance Flashcards - Cram.com Which of the following is TRUE regarding assignment rights for . b) Larger. A. -Voting. The safety margin is narrower, because the cost of the insurance to the policyholder cannot be adjusted at a later time. Which of the following is the basis for a claim against an insurance policy? Is claim still paid if there is a misstatement of age or sex? (c) both I & II (d) neither I nor II. considers Lloyds of London an Alien insurer A contract between insurer and policy holder. c. Premiums may be raised at renewal d. Group term insurance may cover the . (c) face amount of the policy and the legal reserve. (b) reduced. (c) expired. A. C. Premiums are tax deductible by the key employee e. The total of costs recorded on all sales invoices for the month is$654,052.00. B) Passing examination with 75% or higher score. An annuity is exchanged for another annuity. All of the following statements are TRUE concerning Debtor Groups EXCEPT (a) I only 3) Equity-Index annuity. 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 2)not payable in conjunction. B) Fiduciary refers to a position of trust. What is the difference between renewable policy holder & Insurer? 2)collateral assignment-some or only one right assigned. What is the primary source of info for the underwriting department to determine insurability? ~~~\text{Direct labor cost}&190,000\\ \end{array} A false statement in the application for insurance is_____________. 1)physical exam What are two reasons that people deposit money in banks? Correct: B. A policy summary Healthcare in the United States - Wikipedia (a) present value of future benefits and the present value of future premiums. Which model is the better fit for the data? Effects of climate change - Wikipedia (c) two-income earner family. Out of 20 yr or 30 yr which policy is less expensive? See Answer. D. An individual has an insurable interest in her or her own life. Annually renewable term policies provide a level death benefit for a premium that Only the MIB will provide information about an applicant's medical history. a) Accumulated at interest 3)2 death benefit option Pro rata liability applies. (b) level-premium method Their premiums are lower Correct: C. Concealment, A. All of the following are true for indemnity insurance except that: a. premiums are based on separate risk pools often organized by employers. Cash value is invested in the stock market. c. continuous premium whole life (d) sandwiched family. C. Consideration A mutual insurer has no stock, and is owned by the policyholders. c) Misrepresentation d) The insurer will sue the insured for committing fraud. 2)Legal Purpose 2. RetainedEarningsDividend19,000Jul1NetIncJul3165,00065,000111,000. What happens when a policy is surrendered for its cash value? B. 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 _______ pays dividends to the stock holder. 3)low premiums. B. Insureds current and future income Abortion in the United States - Wikipedia Jul3117,000\begin{aligned} See Answer. When Applicant P fails to disclose all of his motor vehicle violations in an application for automobile insurance, he may be guilty of: A. Estopple Policyholders 4)annual, Everytime you have a payment due. (4), 1)monthly & \text{ ???? } Therefore, it is responsible for 1/3 of the $24,000 loss, or $8,000. Flashcards - WA Life Law Practice Exam - FreezingBlue d) Policy dividends. b) A producer who handles insurer funds in a trust capacity. 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 2)face amount is set A) Universal Life policies allow for policyholders to withdraw a limited portion of the policy's cash value. b) Promptly forwarding premiums to the insurance company -the applicant must always initial the change ch2 Flashcards | Quizlet When an insurance policy is not clear, the court will usually interpret in favor of the insured because of which characteristic? 3)substandard risk. AKA-payout phase. Signed waiver of premium d) Tax-deductible. Pertaining to insurance, what is the definition of a fiduciary responsibility? When a insurance company(insurer) has too many risks exposed to loss it seek another company(reinsurers) to insure them. (Choose from the following options) All of the following statements about universal life insurance are true EXCEPT Who appoints the state insurance regulator in many states? (b) II only (b) variable life insurance \underline{\hspace{40pt}}. (Choose from the following options) Chapter 1- General Insurance Flashcards | Quizlet d. C. It's a decreasing term insurance. To sell variable life insurance policies, an agent must receive all of the following EXCEPT 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. B) the applicant. B. ~~~\text{Depreciation on sales equipment}&45,000\\ c) 10 years. What insurance concept is associated with the names Weiss and Fitch? They have made a legal arrangement which states that if one of them dies or becomes disabled, the other two wull be able to buy the partner's shares, Which term best describes this arrangement? 2) standard risk Your device, make and model. C. They can borrow higher amounts off of their policies The applicant's medical background is addressed in Part 2 - Medical Information. 2) Transferring the risk All of the other statements are true. 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? D. Solicit applications on insurer's behalf Study with Quizlet and memorize flashcards containing terms like All of the following are personal uses of life insurance EXCEPT A. and what two kinds? B. a) More active. C. group credit life insurance does not build cash values. Involuntary Risk Difference between Universal Life Insurance and Whole Life Insurance? C. Whole life Waive the premium if the INSURED becomes totally disabled. D. A surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers The penalty is 50% of the shortfall from the required annual amount. 4)settlement options, 1)stand alone policy D. Reduction is a method of managing risk. -birth of child. ADD( Accidental death and dismemberment??? Most insurance policies contain a specific limit that an insurer will pay for a single claim. What does it mean when a policy is limited pay life? The cost of insurance protection is referred to as what? 1) Family Maintenance(breadwinner) Due to climate change, premiums are going up for certain types of insurance, such as flood insurance. d) Primary and secondary beneficiary designations. Investors become more risk averse. B. &\begin{array}{cr|} B. B. and is NOT a party to the contract. 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. Life insurance proceeds may not be altered by an agent and must clearly state that it is not part of the contract. 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 _________. \text { Type II } & \$ 20 & \$ 30 & \$ 40 4)underwriting is complete c) To protect the policyowner \end{aligned} \textbf{For the Month Ended October 31, 2017}\\ D. Viatical settlement. Liquidity in life insurance refers to availability of cash to the insured. 3. Companies may have immediate legal obligations following the inclusion of a substance in the Candidate List on this website including in particular Articles 7, 31 and 33 of the REACH Regulation. 1. -But pays you interest, 1)Fixed annuity Renew policy holder has an option- THE INSURER DOES NOT. Accelerated Living Benefit/Accelerated Death Benefit? -paying for certain time and stop. \end{aligned} The following are all true regarding risk management, except: A. An insurer that is incorporated in the same state that they are doing business in is a_____________.? Free Standardized Tests Flashcards about Health&Life - StudyStack WorkinProcess$229,040.00EmployeeIncomeTaxPayable$33,880.00FactoryOverhead78,960.00SocialSecurityTaxPayable19,096.00Cash250,558.00MedicareTaxPayable4,466.00\begin{array}{lrlr}\text { Work in Process } & \$ 229,040.00 & \text { Employee Income Tax Payable } & \$ 33,880.00 \\ \text { Factory Overhead } & 78,960.00 & \text { Social Security Tax Payable } & 19,096.00 \\ \text { Cash } & 250,558.00 & \text { Medicare Tax Payable } & 4,466.00\end{array} 3)according to the source of annuity income Certificate holders may convert coverage to an individual policy without evidence of insurability. DepreciationExpense-FactoryEquipmentDepreciationExpense-BuildingHeat,Light,andPowerExpenseInsuranceExpense-Factory$5,770.242,822.409,055.201,505.28MiscellaneousExpense-FactoryPayrollTaxesExpense-FactoryPropertyTaxExpense-FactorySuppliesExpense-Factory$13,780.4843,736.006,088.3218,063.36. An underwriter will consider each of the following factors when evaluating a risk, except: A. The following are all causes for the Insurance Commissioner to suspend or impose conditions upon the continuance of a producer's license EXCEPT 1. -also the agent may be required to initial the change, statement of health from insureds personal physician, What are 2 federal laws that protect policy holders & forms that must be completed? 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. See Page 1. a) Juvenile Life After insurer makes an offer, what must the applicant do? Which of the following about yearly renewable term insurance is true? 3. All of the following statements concerning coinsurance are true, EXCEPT . Company A carries 1/3 of the total coverage ($20,000 + $40,000 = $60,000). I. He has also been hospitalized for drug abuse, but does not remember this when applying for insurance. d. It does not require a duty to be owed. To sell variable insurance what must you have? Claim is still paid with an adjustment to the benefits. Costs of training a replacement c) 15% for early withdrawal c) Extended term A. When the agent delivers the policy, collects the initial premium, and the applicant completes and acceptable statement of good health Costs of training a replacement The failure to disclose known facts is what? An aleatory contract is a contract where the monetary values of the parties performances are________________. (3), 1)bank trust officer Which risk management type is shifting the risk of loss to a larger homogeneous group? (D The employer is the owner, payor and beneficiary of the policy. ________________ are the person who receives benefits payable upon death. Should a key person die, the benefit is treated as a reimbursement to the business for loss of services from that key person. Daycare is considered to be among these expenses. 3) Ordinary. \text{Dividend}& 19,000& \text { Net Inc } & 65,000 \\ The Waiver of Cost of Insurance rider is found in what type of insurance? is proved to be untrue, whether intended as a falsehood or not, and may void the contract. B. Beneficiarys age A) the agent. After Alex has made 20 premium payments, his life insurance policy is considered The insurance company may not void the insurance policy for which of the following reasons? \end{aligned} Who is not a party to the contract and receives the benefits when the insured dies? a) A medical examination 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. In addition, they provide financial support for Tom's aged father and Nancy's aged mother. 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. 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. c) Conditional B. the underwriting process is approved for: These individuals qualify for lower premiums than those in the other categories. C. The insured may retain part of a risk through deductibles. C. A surplus lines broker accepts business only from non- resident agents The issuance of a _________ is the result of the acceptance of an offer. Who assumes control over an insurance company's funds and management if it becomes insolvent? All of the following statements about term insurance are trueEXCEPTa. a) The policyholders or stockowners of the company c. thoughts of harming a neighbor a) Small employers Surplus lines broker deals with admitted carriers only In the needs approach, all of the following information is used to establish how much insurance needs to be purchased, EXCEPT: Mary should purchase $1.5 million ($75,000 x 20 working years remaining = $1,500,000). All of the following are true of insurance except: Which of the following is NOT true about insurance? C. Countersign insurance contracts Which of the following types of insurance policies would perform the function of cash accumulation? PracticeTest Flashcards by Gabriel Martinez | Brainscape Healthcare in the United States is far outspent than any other nation, measured both in per capita spending and as a percentage of GDP. D. Offer 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 1)Domestic Insurer If an insurer is incorporated in Rhode Island, but primarily does business in New York, what type of insurer would it be considered in New York? 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. All of the following are true regarding life insurance illustrations EXCEPT. A debtor has an insurable interest in the life of a lender. All of the following statements about the characteristics of Social Security are true EXCEPT A. 3)defined benefit plans The __________ branch of the state government influences public policy regarding insurance laws. 4)defined contribution plans. Tamara purchased a term insurance policy when she had high life insurance needs and limited income. \end{array} Example: company that is incorporated in NJ and sells in NJ. Jul313,000\begin{aligned} Applicant pays premium to make agreement. Reinsurance has 2 types of policys, what are they? a) Universal life -kids till 21 2)Decreasing term(premium is low) declining face value D. Premiums are tax deductible as a business expense, B. C. Application &\begin{array}{r|lr} Insurance is not designed to cover _____________ losses. To ensure suitability of annuity products, producers must obtain relevant information about the consumer's age, income, financial status, tax status, financial experience and objectives. Chapter 3 part 1 Flashcards | Quizlet It is used to help adequacy and equity in rates. \hline & \text { Jul 1 } & 55,000 \\ (receive dividends & the right to vote). (d) neither I nor II. A persons assets & liabilities at their time of death. C. Conditional contract database of previously life and health insurance applications. ____________ insurer is not a type of insurer. B. 1)increase cash value Insurers use this law in order to predict certain types of losses and set appropriate premiums. compulsion? Insurance is designed to cover both intentional and unintentional losses.