Barbaras policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of insurability. the contract is voidable upon proof of fraud. C) Insurance carriers A) definitions An applicants character and personal habits can be obtained for underwriting purposes from which source? Law of large numbers U.S. Census Average mortality incidents Experience of morbidity, Insurance represents the process of risk selection avoidance transference assumption, Doctors pooling their money to cover malpractice exposures, An example of risk sharing would be Adding more security to a high-risk building Choosing not to invest in the stock market Doctors pooling their money to cover malpractice exposures Buying an insurance policy to cover potential liabilities, All of the following are examples of pure risk EXCEPT Losing money at a casino Injured while playing football Falling at a casino and breaking a hip Jewelry stolen during a home robbery, the terms must be accepted or rejected in full, Under a contract of adhesion, there is the potential for an unequal exchange of value the insurer's obligations are dependent upon certain acts of the insured individual the terms must be accepted or rejected in full only one party makes any kind of enforceable promise, According to life insurance contract law, insurable interest exists when any business relationship exists at the time of application at the time of death only when determined by a judge, In an insurance contract, the insurer is the only party legally obligated to perform. 2003-2023 Chegg Inc. All rights reserved. Which dividend option would an insurer invest the policyowners money and add any interest earnings as the dividends accrue? Adjustable life Credit life Modified life Universal life, Whole life policy with premiums paid up after 20 years, Which of these would be the best example of a limited pay life insurance policy? c. income earned by Pat's spouse. The gap between the total death benefit and the policys cash value. How often must the Commissioner examine each domestic insurance company? Which of the following products would allow him to accomplish this? C) The insured and the insurer contribute equally to the contract. Active Status Results Leave, A provision that allows a policyowner to temporarily give up ownership rights to secure a loan is called a(n) automatic premium loan nonforfeiture option collateral assignment irrevocable assignment, Period of time after the premium is due but the policy remains in force, What is an insurance policy's grace period? Updated 10/6/2017 9:10:03 AM. A) there is the potential for an unequal exchange of value C) Competent parties Which Of The Following Statements About Personal Selling Is Correct? This legal agreement requires prior performance of another agreement or clause in order to be enforceable. A Dalhousie University student training for distance running finds that, after running for x hours, her distance traveled, in kilometers, is given by, y=f(x)={10xif0x35x+15if3 How To Cite County Health Rankings Apa, Nfl Player Died Today 2021, Valley Hills Mall Closing?, Azure Regions Short Names, Who Is In Charge Of The Secret Service, Articles W