Terms that apply to the insurer not the applicant. What are some of the questions asked on the application to determine the premium and risk classification of the insured? D. Funding against general company financial loss. C. The death benefit paid to the beneficiary Can term insurance be both renewable and convertible? c) Disclosure rule 4) 3 components to the premium, The owner and the insured are different people. (b) current assumption whole life. An Insurance broker is responsible for what? d. falsely believing that a spouse has been 2. b) 10% for early withdrawal & \text { Depr } & 3,000 \\ C. The policy is an aleatory contract 1. What insurance concept is associated with the names Weiss and Fitch? All The statements made on the application are called ______? A. D. Premiums are tax deductible as a business expense, B. He has also been hospitalized for drug abuse, but does not remember this when applying for insurance. 14,500 \\ The policy is a contract of adhesion. -Both parties must follow certain conditions set forth in contract, -IRS classification of a policy that is overfunded b) Copies of illustrations and application \end{aligned} D) real estate, Under one method of estimating a loss reserve, the reserve is based on life expectancy, duration of disability, and similar factors. B. B. A company formed in a different country doing business in any state of American who owners are stockholders that receive dividends and have voting rights. What type of term do you think would be least expensive a short term or a long? II. You cannot sell a variable policy without what? Which of the following best illustrates a B. Insureds current and future income The cash value of availability to the policyowner 1)Level 2) Binding Reciept. (c) variable life insurance. d) Buyer's Guide. 3) Ordinary. 3)increase the length of coverage It is legal to list nonguaranteed values in the contract, but they must be specifically labeled as projected, not guaranteed values. The policy does not go into effect until the premium has been collected. \end{aligned} \underline{\hspace{40pt}}. Is interest always gained in Universal Life Policy? b. I. A. If company pays dividends, then they are a? &\text { Accumulated depr.-equipment }\\ Home Office- what do the underwriters do. they evaluate 4 things- what are they(4)??? Department of Defense 6)free-look period-$ back guaranteed. C. Concealment B) They illustrate the nonguaranteed elements of the policy. -greater potential to grow the cash value but there is no guarantee The Aspect of the Dragons is obtained by defeating any Ender Dragon in the Dragon's Nest (except Superior) located at the bottom of The End. (c) face amount of the policy and the legal reserve. \text{Less: Operating expenses}\\ &\begin{array}{lccc} \end{array} &\text { Inventory }\\ _____________ is an employer paid disability and health insurance coverage that covers job related illnesses or injuries. Foreign. a) A medical examination \end{array} 3) Equity-Index annuity. The interest rate credited to the cash value at the time of issuance remains fixed over the life of the policy. The total of all requisitions of direct materials issued during the month is $252,230.00. (a) I only (b) II only a) To limit the insurer's liability after the 2 year waiting period has reached its final destination and can be paid out in full. If an insurer finds that an applicant has committed fraud, it can void the contract, provided that the discovery occurs within the first two years of the effective policy date. Is There An Objective Morality? IAI TV 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). Which risk management type is shifting the risk of loss to a larger homogeneous group? -below market interest rates on borrowing Policyholders B. A policy summary What are the (5) Factors considered with combination policies Who and What are they? Compute DVDs net cash provided by (used for) operating activities during July. d) Limited pay. Conditional contract means the policy holder does what? C. A surplus lines broker deals with direct writing companies only & \text{ ???? } The agent Flashcards - WA Common Law Practice Exam - FreezingBlue Quarter($000)1234Cash$100$100$100$100AccountsReceivable1999699604Inventory20150590552AccountsPayable104959597\begin{array}{lrrrr} These individuals qualify for lower premiums than those in the other categories. C. Buy-Sell agreements are normally funded with a life insurance policy For example, a claim will be paid only is there has been a covered loss. To sell variable life insurance policies, an agent must receive all of the following EXCEPT Who is not a party to the contract and receives the benefits when the insured dies? C. Premiums are determined by age sex and occupation of each individuals certificate holder. Cause of potential loss to property such as fire, windstorm, hail, flood, etc. C. Application ______________ is defined as restoring the insured to the same financial condition as before the loss. c) Helping insureds to file claims 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. A. Foregin I. 4)decrease premium paying period. Under Section I, homeowners insurance must include What is NOT invested in the stock market but pays you interest? A peril a) Material change Estimated direct labor costs for next year are$440,000.00. C. A surplus lines broker accepts business only from non- resident agents d) Primary and secondary beneficiary designations. -and the right to vote. Group Life Insurance Flashcards | Chegg.com 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. B. Marital Status Most professional liability insurance policies are written with an occurrence coverage trigger instead of a claims made trigger O c Insureds C. Certain Risk After insurer makes an offer, what must the applicant do? Represent the insured's interest 4. 4. 4)Consumer report=credit, -shorter time span for paying premiums All of the following are types of insurers except: The ________ Branch of the state government influences public policy regarding insurance laws. a) Universal life d) Policy dividends. AKA-payout phase. 2)Straight Life Difference between Universal Life Insurance and Whole Life Insurance? Signed waiver of premium 3. -tax free accumulation of borrowing. When does the grace period begin and how long is it? O b. Which of the following about a VUL insurance policy is (are) true? An insurer that is incorporated in the same state that they are doing business in is a_____________.? 4) Joint-Life policy(business part) Insurance policy of 2 or more 1)absolute assignment-all rights are assigned 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. c) Coverage ends but the policy can be reinstated at any time. Total personal income in the United States (in billions of dollars) for selected years from 1960 to 2009 is given in the following table. insurable interest must exist. What does "liquidity" refer to in a life insurance policy? (c) They decrease at a constant rate. B. b) Reduced paid-up a) Tax-qualified Hazard A surplus lines broker deals with direct writing companies only (2), 1)HIPPA II. All of the following statements about term insurance are true EXCEPT. . 3)Explain any riders or exclusion exclusions: when the accident occurs within an illness,disease, or mental infirmity. All of the following statements regarding contracts of indemnity are true EXCEPT a. All of the following statements are TRUE concerning Debtor Groups EXCEPT What is used for the underwriting department to determine insurability? C. Waiver When the application is submitted without the premium its considered an invitation for the insurer to make an offer. An underwriter will consider each of the following factors when evaluating a risk, except: A. &\text { Retained Earnings }\\ When parties to a contract exchange unequal amounts of money, this is said to be what type of contract? -A Mec will receive unfavorable tax treatment Must have at least 32/40 question correct for positive rating. 1. b. All of the following are true of key person insurance EXCEPT &\text { Rental Class }\\ What is the term for a cause of loss, such as the theft of a car? c. Manufacturing expense accounts and their balances for the month are as follows: DepreciationExpense-FactoryEquipment$5,770.24MiscellaneousExpense-Factory$13,780.48DepreciationExpense-Building2,822.40PayrollTaxesExpense-Factory43,736.00Heat,Light,andPowerExpense9,055.20PropertyTaxExpense-Factory6,088.32InsuranceExpense-Factory1,505.28SuppliesExpense-Factory18,063.36\begin{array}{lrlrr}\text { Depreciation Expense-Factory Equipment } & \$ 5,770.24 & \text { Miscellaneous Expense-Factory } & \$ 13,780.48 \\ \text { Depreciation Expense-Building } & 2,822.40 & \text { Payroll Taxes Expense-Factory } & 43,736.00 \\ \text { Heat, Light, and Power Expense } & 9,055.20 & \text { Property Tax Expense-Factory } & 6,088.32 \\ \text { Insurance Expense-Factory } & 1,505.28 & \text { Supplies Expense-Factory } & 18,063.36\end{array} is proved to be untrue, whether intended as a falsehood or not, and may void the contract. This is true whether a property or liability form; and regardless whether the insured is a commercial or personal lines client. Term life insurance provides pure death protection. c. thoughts of harming a neighbor When a insurance company(insurer) has too many risks exposed to loss it seek another company(reinsurers) to insure them. Tamara purchased a term insurance policy when she had high life insurance needs and limited income. The ___________ controls all rights of the contract. 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. The insurer that is transferring the risk to another company is called the ____________ __________. ___________ is the persons whose death triggers payment. d) The policy can be reinstated by paying back all policy loans and premiums. Rebating is an unfair trade practice and is regulated by law. B. Avoidance What does it mean when a policy is limited pay life? An insurance contract requires that both the insured and the insurer meet certain conditions in order for the contract to be enforceable. 1) preferred risk ~~~\text{Depreciation on factory equipment}&31,000\\ 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. D. The flexible premium. C. Funding business continuation agreements A. (d) paid-up. Daycare is considered to be among these expenses. b) Fiduciary responsibility. Waiver of premium is a rider that can be added to a life insurance policy, and not something to be obtained from the applicant. A FINRA registration. Life insurance proceeds 2)Family Income(decreasing term-policy) All of the following statements about ordinary life insurance are true EXCEPT. The issuance of a _________ is the result of the acceptance of an offer. c) Denying coverage after a reasonable investigation has been conducted -20 pay life-paid up at 65 When the producer exceeds the authority expressed in the agency contract and the insurer does not take action, which type of authority is created? It does not include breach of contract. D) the minor in a juvenile policy. B. IRS has no jurisdiction d) Loss. c) To protect the policyowner What must exist at the time of the application? A) Any distributions from MECs are taxable, including withdrawals and policy loans. New York City | Robert Klein | Robert Klein At Yale (1982) | baseball 6/1 Quiz: Group Life Insurance Flashcards | Quizlet D) Insurance covers intentional losses as well as unintentional. DONT PICK IT!!!!!! Life insurance prodceeds a) Offering additional coverage to clients b. The designation will be void/. Premiums are not tax deductible as a business expense A. $ cant exceed indebtness. B. Question: All of the following statements about variable life insurance are true EXCEPT O a. Social Security is designed to provide a base of economic security B. C) the proposed insured. Observers and analysts have attributed the reasons for the 2001-2006 housing bubble and its 2007-10 collapse in the United States to "everyone from home buyers to Wall Street, mortgage brokers to Alan Greenspan". 4)Explain the policy and its provisions Whats the "take it or leave it contract"? What happens when there is a Misstatement of age or sex? Universal Life is also known as two things what are they? ? &\begin{array}{lr|rr} 3. Reinsurance has 2 types of policys, what are they? D. A surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers D. The benefit is received tax free. D) adding cost of living coverage. A. 1) Conditional Reciept (b) face amount of the policy and the total premiums that have been paid. a) The policy can be converted to term coverage. \end{array} \\ 1) preferred-low Which of the following requires that the insurance company supply the applicant with the name and address of the consumer reporting company? All of the following characterize term life insurance, EXCEPT: Select one: a. [Solved] All of the following are true of insurance EXCEPT It transfers 1) Avoiding the risk All of the following are true of insurance except: Which of the following is NOT true about insurance? Each withdrawal, however, is usually charged, and the amount and frequency of withdrawals are usually limited. - 20 pay life-premiums paid for 20 years and paid up at 65 Appoint a solicitor as his or her representative A. A. &\text { Accounts payable }\\ Level-increasing face value. The Human Life Value Approach to determining the value of an individual's life requires the calculation of probable future earnings of the insured, which involves wages, expenses, inflation, amount of time until retirement, and the time value of money. Correct: D. Represent the insured's interest, All of the following statements regarding financial rating services are correct, except. Hammond estimates that it will manufacture 5,000 televisions next year. An agent told Carl about a form of life insurance in which Carl could select where the savings component is invested. Value-added tax - Wikipedia II. The companys president is concerned about the accuracy of the income statement.
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