4)defined contribution plans. d) Decreases annually. After insurer makes an offer, what must the applicant do? II. D. The policy is a bilateral contract Explain your answer. Permanent Insurance have 3 words in common, what are they? New York City | Robert Klein | Robert Klein At Yale (1982) | baseball ADD( Accidental death and dismemberment??? \end{aligned} Retention, Avoidance, and Transfer are all _________________. Which of the following best describes a surplus lines broker? All of the following statements about ordinary life insurance are true EXCEPT. CPI (consumer price index) without evidence. a) Because the insured is currently not a drug user, his policy will not be affected. A value-added tax ( VAT ), known in some countries as a goods and services tax ( GST ), is a type of tax that is assessed incrementally. 1)physical exam
C) They must contain a warning that actual results may vary. The issuance of a policy or binder is not part of the consideration element of an insurance contract, it is part of the _______ ________. . -below market interest rates on borrowing
3)2 death benefit option
A. Upon policy delivery, the producer may be required to obtain any of the following EXCEPT Nonparticipating policy. ~~~\text{Utilities expense}&12,000\\ Daycare is considered to be among these expenses. Whoso. (a) I only (b) II only B) Once the cash surrender value option is selected, the coverage is terminated and the policy cannot be reinstated. * 50% is paid
Which of the following is NOT an allowable 1035 exchange? 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 What is the purpose of a suicide provision within a life insurance policy? b) Index used by stock companies B) One step in the investigation of a claim is to determine whether the policy was in force when the loss occurred. B. Economics questions and answers. Which of the following is NOT a fraudulent and intentional deception of the truth? Non-Participating (stock) Life Insurance Policy. B) Passing examination with 75% or higher score. B. 2)the face amount
Costs of training a replacement Correct: C. Condition contract, enforceable only under certain conditions. 2. C) An insurance contract must contain a copy of the original application. A life insurance license. It is used to help adequacy and equity in rates. 2)FCRA(fair credit reporting act) checks MIB report. d. A. -sex doesn't determine eligibility. The interest rate credited to the cash value at the time of issuance remains fixed over the life of the policy. Insurance companies can charge an interest rate based on the policyowner's credit report. B. ________________ are the person who receives benefits payable upon death. 3. In this case, the applicant will most likely need to fill out a Statement of Good Health. Rating codes are assigned to show financial strength or weakness of each company rated D. Financial Experience. Buy-sell agreements are normally funded with a life insurance policy. O d. A policy that does not pay dividends to policyowners is a AccountspayableJul1Jul3114,500??? Prior to October 2017, the company had been profitable every month. Which of the following statements about limited-payment life insurance is true? 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. In a car accident dealing with ADB who covers the passenger? PracticeTest Flashcards by Gabriel Martinez | Brainscape Acceptance Why do most states have a waiting period for couples applying for marriage licenses? The benefit is subject to the exclusionary rule Business partners have an insurable interest in each other O c. The policyowner has the option of investing the cash value in several investment accounts. Executive office All of the following are true for indemnity insurance except that: a. premiums are based on separate risk pools often organized by employers. a. Accidental Death Benefit
\text{Accounts Receivable} & 199 & 96 & 99 & 604 \\ C) Completing pre-licensing training. A producer wishing to appeal the final order of the commissioner would appeal to???? Or, Bill can invest $9,000 in project B that promises to pay annual end-of-year payments of$1,500, $1,500,$1,500, $3,500, and$4,000 over the next 5 years. To sell variable insurance what must you have? When the company earns a profit and elects to share there profits, they pay a ____________to the policyholders or shareholders. Estimated direct labor costs for next year are$440,000.00. ($000)CashAccountsReceivableInventoryAccountsPayable1$1001992011042$1009650595Quarter3$10099905954$1006045297, Describe Cream Silk's promotion within the context of the multi-attribute model: Which attribute(s) were central to the promotion and how does the model explain what the company was trying to accomplish with the "Human Hair Quartet?" a) Accumulated at interest A. When an applicant pays the initial premium the agent will give them a what? b) The agent's report C. Conditional contract Modification to a policy is a _______________? All renewable term policies are accepted without__________ and only with_____ collected. Past-due interest on a policy loan is added to the total debt. 2)can be sold as a rider to a whole-life policy. -Not a true insurance company
C. The insurer is always required to pay the . Explanation: (Life Insurance Policy Provisions, Options and Riders) A family term rider will provide term life insurance on a spouse and children. 1) insured gets higher amount
True or False: Under the Financial Responsibility Law, you are required These individuals qualify for lower premiums than those in the other categories. Chapter 1- General Insurance Flashcards | Quizlet The policy is a conditional contract A persons assets & liabilities at their time of death. 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). To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. If a change in the application is necessary what is required? ____________ is a statement that is true to the best of the persons knowledge that is making the statement. What else must he include? All of the following statement regarding credit life insurance are true, except: A. credit life insurance may be written on either and individual or group basis. II. (D The employer is the owner, payor and beneficiary of the policy. -The insurer would pay the face amount of the policy minus the past due premium. D. The benefit is received tax free. Any gain in the policy's cash value is . O b. All of the following would be exempt from the producer licensing requirements EXCEPT: A) A customer service representative who discusses policies. 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. b) The policy will not be affected. may not be altered by an agent and must clearly state that it is not part of the contract. A. A life insurance policy is exchanged for an annuity. The agent
Tax-qualified annuities are subject to IRA maximum contribution limits. Correct: C. Consideration. B. Use the indirect method. -Not invested in stock market
____________ insurer is not a type of insurer. -marriage
An agent and an applicant for a life insurance policy fill out and sign the application. 2)standard-average
(c) conversion provision \hline & \text { Jul 31 } & 19,500 In an insurance contract, the value that each party gives the other is called the: When an individual faces the risk of economic loss in the event of property damage, this indicates which of the following? \text { Room } & \text { Super Saver } & \text { Deluxe } & \text { Business } \\ The terrorism risk insurance program reauthorization act provides for a terrorism insurance program administered by which federal entity? C. Application a) More active. \text{ ???? } Various life insurance programs for people who served in the military are called ______________? d) An insurer may exclude any debtors as to whom evidence of individual insurability is not satisfactory to the insurer. Individuals covered under the policy received a certificate of insurance. D. Premiums are tax deductible as a business expense, B. Rebating is an unfair trade practice and is regulated by law. -tax free accumulation of borrowing. B. Buy-Sell Agreements pay in the event of a medical emergency 6)Explain Free Look period-10-30 days- unconditional refund that begins when policy is delivered. A ____ contract requires that both parties perform certain duties. Cash value is the same as ___________ when the policy matures. (a) Interest is credited monthly to a policy's cash value. \end{array} \\ Six Reasons the Loss is Excluded - MyNewMarkets.com The gross premium charged must reflect, at least for competitive reasons, the actual cost of providing the insurance. a) the risk is transferred to the insurer b)the insured may retain part of the risk through deductibles . d) All of the above. Which of the following statements about endowment policies is true? What are the permanent working capital needs of your company? d) Contingent. Jul3119,500\begin{aligned} He would also like to invest in a mutual fund. Applicant pays premium to make agreement. He has also been hospitalized for drug abuse, but does not remember this when applying for insurance. 1)tax qualified plans
C. Application D. Accident \textbf{EMPIRE COMPANY}\\ D) the minor in a juvenile policy. b. Reinsurance has 2 types of policys, what are they? Is interest always gained in Universal Life Policy? They become permanently disabled
~~~\text{Selling and administrative salaries}&75,000\\ -They provide coverage for risks that other insurers normally would not provide. B) Money collected with respect to an insurance transaction must be held in a position of trust by the producer. d) The Guaranty Corporation. All of the following are characteristics of group life insurance EXCEPT. 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. Carl would like to purchase life insurance. b) Larger. Errors and Omissions Coverage (E&O) is a name used to describe a type of professional liability insurance. In order for the contract or policy to be valid or legal? &\begin{array}{lr|lr} A key person insurance policy can pay for which of the following? An Insurer organized in another state than the state in which it is authorized to do business is known as which type of insurer? What happens when there is a Misstatement of age or sex? What limitations might this model have for predicting consumer's attitudes and purchase behavior towards Cream Silk? b) Fluctuates. Adverse selection is well controlled. Each withdrawal, however, is usually charged, and the amount and frequency of withdrawals are usually limited. saalt menstrual disc how to use - evcc-estheticstraining.com (c) both I & II (d) neither I or II, Diane is a single parent. -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? Which of the following is the basic source of information used by the company in the risk selection process? Your device, make and model. SalesrevenueLess:OperatingexpensesRawmaterialspurchasesDirectlaborcostAdvertisingexpenseSellingandadministrativesalariesRentonfactoryfacilitiesDepreciationonsalesequipmentDepreciationonfactoryequipmentIndirectlaborcostUtilitiesexpenseInsuranceexpenseNetloss$264,000190,00090,00075,00060,00045,00031,00028,00012,0008,000$780,000803,000$(23,000). \end{array} c. Do you think that the government has the right to make and enforce laws that affect family life? 3) Ordinary. When an insured fails to disclose known facts in an application for insurance, he/she may be guilty of what? \text { Type II } & \$ 20 & \$ 30 & \$ 40 Signed waiver of premium Steven prints a pamphlet to advertise his life insurance business. \end{array} An__________ represents the insurer. All of the following groups may purchase group health insurance coverage, EXCEPT: Groups must have at least two employees to be eligible for group insurance coverage. C. Whole life Insurance is designed to cover both intentional and unintentional losses. Life insurance prodceeds -receiving dividends(when declared)
Solved All of the following are true for indemnity insurance | Chegg.com B. B. Limited-Pay Life & Single-Premium Policies? B. Insureds current and future income (6). \hline && \text { Jul 31 } & 111,000 Most agents try to collect the initial premium for submission with the application. She has limited income and significant life insurance needs. Who represents the insured when dealing with insurance companies? An insured owns a life insurance policy. (c) variable life insurance. What is an exchange of a whole entire life policy for another? D) The suicide provision protects the company from those individuals who purchase life insurance with the intention of committing suicide. Exclusions always exist, and there is a reason for each one. -insured can stop paying premiums at certain age or after a period of time
The 7 paytest is used to determine if a policy is a _______? (d) neither I nor II. All The statements made on the application are called ______? Conviction of a felony involving moral turpitude. 3)Family Policy(Limited but all fam members paid)
a) Indeterminate Premium Other factors that are named include "Mortgage underwriters, investment banks, rating agencies, and investors", "low mortgage interest rates, low short-term interest rates . B. Marital Status Which of the following about yearly renewable term insurance is true? 3) policy builds cash-value
D) Members of the uniformed forces can obtain term group life insurance through Servicemembers' Group Life Insurance (SGLI). When an agent is handling the premiums that belong to an insurance company, they are acting in a fiduciary capacity. c) 15% for early withdrawal A. Correct: D. Represent the insured's interest, All of the following statements regarding financial rating services are correct, except. Insurance is designed to provide protection against which of the following? *The insured is diagnosed with terminal & chronicle illness
a) Types of mutual companies 3)MIB=records of all previous insurances they had. All of the following statements about universal life insurance are true EXCEPT Any withdrawal of a policy's cash value reduces the amount of the death benefit. All of the following are true of negligence, except: - AZanswer 2) standard risk
C. Medical Background This method of estimating . Life Insurance Basics Flashcards | Quizlet C. Certain Risk Is claim still paid if there is a misstatement of age or sex? Chapter 11 - Life Insurance Flashcards | Quizlet 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. If the conversion cost is the same for both types of rooms, would you recommend converting the office to a Type I or a Type II room? \hline & \text { Jul 31 } & 58,000 Which of the following statements is not correct regarding rates and premiums? Health insurance decreases your healthcare costs. 1.1K 64K views 1 year ago In this video I show you how to one shot An individual applies for a life policy. B) The parent is responsible for the premium. AccountsreceivableJul1Jul3121,000???? Instructions 1) Avoiding the risk
What kind of penalty would the IRA owner pay? A. compulsion? ? True or False: Under the Financial Responsibility Law, you are required to have insurance on any motor vehicle you own or drive, except motorcycles A company doing business in a different state than it is incorporated in and the stockholders/share holders have ownership rights
4)decrease premium paying period. Part 1 of the application includes the general questions about the applicant, including name, age, address, birth date, gender, income, marital status, and occupation. C. Consideration B. Beneficiarys age 25,500, AccountspayableJul114,500???? Who might receive dividends from a mutual insurer? For this amount of production, total factory overhead is estimated to be $396,000.00. & \text { Depr } & 3,000 \\ RentalClassRoomTypeITypeIISuperSaver$30$20Deluxe$35$30Business$40. Level-increasing face value. C. They can borrow higher amounts off of their policies What are the (5) Factors considered with combination policies Who and What are they? B. Twisting -birth of child. C. Risk A policy summary A surplus lines broker places risk with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers (c) expired. b. Which of the following would provide an underwriter with information concerning an applicant's health history? Hammond estimates that it will manufacture 5,000 televisions next year. (c) They decrease at a constant rate. B. The 3 categories of private insurers site of incorporation? (must exist at the time of application). (c) The number of times the coverage can be renewed is limited. Benefits received are considered income taxable &\begin{array}{l|lr} d) The insurer will sue the insured for committing fraud. d) Limited pay. By William Lb Qtjetjx, Author of . (c) PV of the family's share of a deceased breadwinner's future earnings. B. Aleatory contract D. group credit insurance must have a suicide clause . C. A surplus lines broker deals with direct writing companies only b) Hazard D. Department of Treasury A policy summary usually includes all the listed information, and must be delivered along with a new policy. 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. Only one party is giving a legally enforceable promise- A one-sided contract is what? d) Policy dividends. C. Whole life Premiums are not tax deductible as a business expense 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} Healthcare in the United States - Wikipedia d) Graded Premium. The policy is a contract of adhesion 3)low premiums. d) Fiscal responsibility. B. paperspast.natlib.govt.nz The concept that the insured should not profit from an insurance transaction is called what? A state administered health insurance for the needy? The issuance of a _________ is the result of the acceptance of an offer. The __________ branch of the state government influences public policy regarding insurance laws. d) Blackout approach. Rates. Which is generally true regarding insureds who have been classified as preferred risks? 1) coverage is permanent
Insurance that is provided by the Federal or State Government and sex doesn't determine eligibility? For example, a claim will be paid only is there has been a covered loss. The issuance of a binder is the result of the ___________________ of an offer. Round Tree has 100 Type I rooms and 120 Type II rooms. &\text { Rental Class }\\ All of the following statements concerning coinsurance are true, EXCEPT C) purchasing family term insurance. There is no limitation on the number of key employee plans in force at any one time. a) Accepted accounting principal. Predicted needs of the family after the insured's death are used in the needs approach. The money in a savings account B. Avoidance Estate Creation B. B. Does not pay dividends to policyowners; however, taxable dividends are paid to stockholder. _______ pays dividends to the stock holder. \hline \text { Jul 31 } & 25,500 A. Therefore, it is responsible for 1/3 of the $24,000 loss, or $8,000. C. State Education Waiver DONT PICK IT!!!!!! Which of the following would least likely be considered a legitimate need that would be paid by insurance proceeds? 1) mentally incompetent persons
Terms that apply to the insurer not the applicant. Joe, Larry, and Curly own a small business. -receiving dividends(when declared)
O b. 3)Explain any riders or exclusion
D) Insurance covers intentional losses as well as unintentional. Term. Forms of interest and are Sensitive Whole Life, 1) Transfers risk to another insurer
Which of the following statements about universal life insurance is true? Solved All of the following statements about variable life - Chegg Cash values can be borrowed at any time B. Misrepresentation 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 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???? -A Mec will receive unfavorable tax treatment
All of the following are true of key person insurance EXCEPT
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