A _______ __ is the additional premium needed to get covered with high or substandard risk. The policy is a contract of adhesion. (a) Evidence of insurability is not required to renew the coverage. &\text { Retained Earnings }\\ 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. Accidental Death Benefit
The face amount decreases as the amount owed on the mortgage decreases. Cash values can be borrowed at any time 3)semi-annual
-Voting. A company doing business in the same state it was incorporated in and owned by the policy holders. 1)absolute assignment-all rights are assigned
Accelerated Living Benefit/Accelerated Death Benefit? Statements in the application that are guaranteed true but later found to be false may result in what? D. Speculative Risk Which of the following statements is NOT true concering insurable interest as it applies to life insurance? b) Distributions before age 59 1/2 incur a 10% penalty on policy gains. 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???? 1)premium payment
D) Obtaining a bachelor's degree. 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. 3. B. You cannot sell a variable policy without what? Hazard a) Remains level. B. On DUE DATE. 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. 1. The applicants(policy owner)
\end{aligned} 4. What does it mean when a policy is limited pay life? When the agent delivers the policy, collects the initial premium, and the applicant completes and acceptable statement of good health An IRA uses immediate annuities to pay out benefits; the IRA owner is nearly 75 years old when he decides to collect distributions. Because the insurance company must pay claims and the insured must comply with the policy terms, the insurance contract is considered which of the following types of contracts? (b) variable life insurance ____________ insurer is not a type of insurer. The correct answer is: The premium decreases to zero by the end of the policy period. 2)collateral assignment-some or only one right assigned. An Insurer organized in another state than the state in which it is authorized to do business is known as which type of insurer? A debtor has insurable interest in the life of a lender 167 views, 0 likes, 3 loves, 8 comments, 10 shares, Facebook Watch Videos from Saint Barnabas Episcopal Church Greensboro, NC: 5th Sunday after Epiphany. c) A person who handles assets or money belonging to others. d) Decreases annually. What type of interest does universal life have? Due to climate change, premiums are going up for certain types of insurance, such as flood insurance. The designation will be void/. the underwriting process is approved for:
- If the insured suffers a dismemberment the policy pays the CAPITAL SUM which is 50% of the principal sum. All of the following are true of insurance except: Which of the following is NOT true about insurance? C. Hazards By William Lb Qtjetjx, Author of . \hline (\$ 000) & 1 & 2 & 3 & 4 \\ Appoint a solicitor as his or her representative Liquidity in life insurance refers to availability of cash to the insured through cash values. c) Low-income individuals and families 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. C. It's a decreasing term insurance. An insured becomes disabled at age 22 and can no longer work. B) They illustrate the nonguaranteed elements of the policy. 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. c) To protect the policyowner -If the insured dies, the policy payed out the PRINCIPAL SUM
also known as acceptance. Insurance is designed to provide protection against which of the following? 2)can be sold as a rider to a whole-life policy. Pure risk A state administered health insurance for the needy? 2)administered charge
a. 3)riders & exclusions
Permanent Insurance have 3 words in common, what are they? Rates. \hline \text { Jul 1 } & \begin{array}{r} A. B. (c) Interest credited to a policy's cash value is taxable to the policyowner in the year credited. 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. 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? b) The policy will not be affected. If a change in the application is necessary what is required? Reinsurance has 2 types of policys, what are they? What are (4) characteristics of permanent insurance? & \text{ ???? } 1) insured gets higher amount
10 year level term -The insurance dept. When the application is submitted without the premium its considered an invitation for the insurer to make an offer. \hline && \text { Jul 31 } & 111,000 For example, a claim will be paid only is there has been a covered loss. When an insurance policy is not clear, the court will usually interpret in favor of the insured because of which characteristic? The parties in the insurance contract consist of whom? -Not a true insurance company
c) Policy loans are taxable distributions. a) A medical examination 1) a policyholder votes on the Board of Directors
What is used for the underwriting department to determine insurability? e. The total of costs recorded on all sales invoices for the month is$654,052.00. 3. What are the (5) Factors considered with combination policies Who and What are they? d) Contingent. Correct: A. All of the following are common characteristics of this coverage EXCEPT 4)Offer and Acceptance, -direct and identifiable interest in that persons life/as well as financial interest. b) A producer who handles insurer funds in a trust capacity. A. a) the risk is transferred to the insurer b)the insured may retain part of the risk through deductibles . A policy summary 1. Forms of interest and are Sensitive Whole Life, 1) Transfers risk to another insurer
4)annual, Everytime you have a payment due. database of previously life and health insurance applications. Rates c. thoughts of harming a neighbor 3)certified public accountants, Is insurance that is provided by the Federal or State government
b. B) Money collected with respect to an insurance transaction must be held in a position of trust by the producer. Correct: C. Unilateral contract. D. The flexible premium. A contract that allows an insured to be restored to the same financial condition as prior to the loss is considered to be what type of contract? -the premiums are paid for a limited time only. 2)Straight Life
Last year, the couple got divorced. The corporation also helps detect and prevent insurer impairments. Some life insurance policies offer cash values that can be borrowed at any time and used for immediate needs. 1)policy owner can increase/decrease/ or skip premium payments
Joe, Larry, and Curly own a small business. 2) standard risk
cheating. don't pick binding receipt at all on test. D. The benefit is received tax free. 3)MIB=records of all previous insurances they had. -greater potential to grow the cash value but there is no guarantee
If the corporation collects the policy benefit, then Only one party is giving a legally enforceable promise- A one-sided contract is what? Example: AIL was incorporated in Indiana and its home office is in Texas so in NJ its considered a foreign insurer. A mutual insurance company does not have what? Members are assessed to fund the corporation. The 3 categories of private insurers site of incorporation? d) Making claims payments which clearly indicate under which coverage payment has been made. has reached its final destination and can be paid out in full. A life insurance license. Buy-sell agreements are normally funded with a life insurance policy. Any gain in the policy's cash value is . When will coverage begin? True or False: Under the Financial Responsibility Law, you are required to have insurance on any motor vehicle you own or drive, except motorcycles (b) reduced. I. The NAAR for a life insurance policy is the difference between the -Can't lose value
B. $ cant exceed indebtness. \end{array} 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 b) Fluctuates. The minimum FREE LOOK period is how many days? They keep a high percentage of any interest earned on their policies -and the right to vote. c) Premium accountability. c) Whole Life B) Passing examination with 75% or higher score. B. this insurance is often written in connection with automobile loans. D) adding cost of living coverage. Compensating executives 3) type of plan they applied for. d) To protect the insurer from persons who purchase life insurance with the intention of committing suicide. C) Because an insurance company's strength and stability are two very crucial factors in its sustainability, independent rating services have formed to publish regular updates on the financial integrity of different insurance companies. b) The elderly RentalClassRoomTypeITypeIISuperSaver$30$20Deluxe$35$30Business$40. The __________ branch of the state government influences public policy regarding insurance laws. Group life insurance is most often issued as guaranteed annual renewable term. 2)FCRA(fair credit reporting act) checks MIB report. B. Twisting However, the applicant does not wish to give the agent the initial premium, and no conditional receipt is issued. Rating codes are assigned to show financial strength or weakness of each company rated A corporation is the owner and beneficiary of the key person life policy. D) They must be signed by both the Producer and the applicant. The applicant's medical background is addressed in Part 2 - Medical Information. \text{Less: Operating expenses}\\ The employer is the owner . (b) current assumption whole life. \text{ ???? } See Page 1. 5)Explain when coverage begins
B. Which type of life insurance makes sense for someone in this situation? Correct: B. Which of the following statements about endowment policies is true? _____________ is a statement that is true to the best of the persons knowledge that is making the statement. C. Application A ______ will receive unfavorable tax treatment. 1) Competent Parties
I. d) Joint and Survivor, B) The Waiver of Cost of Insurance rider is found in Universal Life policies. C) common stock 4. Out of 20 yr or 30 yr which policy is less expensive? 4. Which of the following is the basis for a claim against an insurance policy? A debtor has an insurable interest in the life of a lender. . 2)Explain and collect any ratings
* 50% is paid
C. Consideration Premiums are taxable to the employee the application is used at the primary source of info. O c. The policyowner has the option of investing the cash value in several investment accounts. A lender has an insurable interest in the life of a debtor, but only to the extent of the debt. 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) Coverage ends but the policy can be reinstated at any time. Jul3119,500\begin{aligned} Poor adaptation to climate change further widens the gap between what people can afford and the costs of insurance, as risks increase. \hline & \text { Jul 1 } & \begin{array}{r} D) Claims result from losses by a peril insured against in an insurance policy. (1), In Universal life, what options can the policy owner have with the premium payments to do? What are two reasons that people deposit money in banks? (b) face amount of the policy and the total premiums that have been paid. B. Marital Status C. Buy-Sell agreements are normally funded with a life insurance policy a) Aleatory Attempting to determine how much insurance an individual would require based upon their finacial objectives is known as. d) Fiscal responsibility. 3)they provide insurance to members. b) 5 years only. d) Performing reviews of insured's coverage. -usually mutual fund security
What limitations might this model have for predicting consumer's attitudes and purchase behavior towards Cream Silk? Most professional liability insurance policies are written with an occurrence coverage trigger instead of a claims made trigger O c Insureds When a policy is non-contributory how much is paid? c) The policy will be voided. b. CPI (consumer price index) without evidence. 21,000 \\ Weiss and Fitch are two of these services, although there are more. Costs of training a replacement Compute DVDs net cash provided by (used for) operating activities during July. Tamara purchased a term insurance policy when she had high life insurance needs and limited income. Contract or form of ownership is a ______________? -provides income for retirement
\hline & \text { Jul 1 } & 55,000 \\ B. B. What is an exchange of a whole entire life policy for another? Which of the following is NOT an allowable 1035 exchange? 3,000, AccountsreceivableJul121,000???? \text { Room } & \text { Super Saver } & \text { Deluxe } & \text { Business } \\ c. It is the failure to use ordinary care. b) Fiduciary responsibility. (a) The insurance provides protection for a temporary period of time. ~~~\text{Direct labor cost}&190,000\\ Correct: A. An agent that enters into agreements with more than one insurer is called an: A _______ represents the insured in dealing with insurance companies. Which of the following would provide an underwriter with information concerning an applicant's health history? All of the following are true about the Fair Credit Reporting Act Except: Regardless of what the consumer learns about the unfavorable information, the report can be changed by court action only. Modification to a policy is a _______________? a) Payor rider. 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. It is legal to list nonguaranteed values in the contract, but they must be specifically labeled as projected, not guaranteed values. Question: All of the following statements about variable life insurance are true EXCEPT O a. C. Department of State D. Effect of inflation on income over time. -age 100. (c) both I & II (d) neither I nor II. d. d) The insurer will sue the insured for committing fraud. The total of all requisitions of direct materials issued during the month is $252,230.00. -then picks a contract. D. Funding against general company financial loss. A) The insurance policy usually has a provision specifying how a notice of loss is to be made to the insurance company. An agent told Carl about a form of life insurance in which Carl could select where the savings component is invested. Study with Quizlet and memorize flashcards containing terms like All of the following are personal uses of life insurance EXCEPT A. A surplus lines broker places risk with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers & \text { Depr } & 3,000 \\ d) Living need rider. -20 pay life-paid up at 65
A policy that does not pay dividends to policyowners is a Round Trees management makes a forecast of the demand by rental class for each night in the future. D. Gender. a) No penalties, since the owner is older than 59 \end{array} D. The benefit is received tax free A FINRA registration. D. Viatical settlement. The insured agrees to maintain insurance equal to some specified percentage of the value of the property. O d. Round Tree has 100 Type I rooms and 120 Type II rooms. Insurance is not designed to cover _____________ losses. Mutual life policy. c. continuous premium whole life (c) Interest credited to a policy's cash value is taxable to the policyowner in the year credited. "Round Tree Manor is a hotel that provides two types of rooms with three rental classes: Super Saver, Deluxe, and Business. When parties to a contract exchange unequal amounts of money, this is said to be what type of contract? (d) The policyowner can add to a policy's cash value at any time subject to policy guidelines. What are the 3 characteristics of a Mutual Insurance Company? &\begin{array}{lr|rr} They become permanently disabled
\hline & \text { Jul 31 } & 19,500 Warranty b) Conditional receipt An insured owns a life insurance policy. 2)interest sensitive
(2), 1)HIPPA
when the applicant/owner is not the insured-3rd party
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