all of the following are true of insurance exceptall of the following are true of insurance except

(c) expired. Chapter 1- General Insurance Flashcards | Quizlet A mutual insurer has no stock, and is owned by the policyholders. What happens when a policy is surrendered for its cash value? \text { Room } & \text { Super Saver } & \text { Deluxe } & \text { Business } \\ d) The Guaranty Corporation. Steven prints a pamphlet to advertise his life insurance business. -Follows all conditions of contract & pays premium, -insurer says how policy works (b) level-premium method Only one party is giving a legally enforceable promise- A one-sided contract is what? -pays an additional death benefit if the insured dies from an accident Chapter 14/1: Group Health Insurance Flashcards | Quizlet d) Producer. A. Forms of interest and are Sensitive Whole Life, 1) Transfers risk to another insurer a) Year only. -Voting. All of the following statements about universal life insurance are true EXCEPT D. Unilateral Contract AKA-payout phase. Long-term investment decision, payback method Bill Williams has the opportunity to invest in project A that costs $9,000 today and promises to pay annual end-ofyear payments of$2,200, $2,500,$2,500, $2,000, and$1,800 over the next 5 years. (c) human life value method (a) Interest is credited monthly to a policy's cash value. All The statements made on the application are called ______? Premiums are not tax deductible as a business expense. Newborns after how many days become covered in a child rider? An Insurance Broker is responsible for what? d) Accumulations are tax deferred. 4. -sex doesn't determine eligibility. a) Payor rider. Most professional liability insurance policies are written with an occurrence coverage trigger instead of a claims made trigger O c Insureds b. The issuance of a _________ is the result of the acceptance of an offer. Each withdrawal, however, is usually charged, and the amount and frequency of withdrawals are usually limited. If the initial premium is not paid with the application, the agent will be required to collect the premium at the time of policy delivery. Legal Purpose All of the following are true about health insurance except: 4. 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. Terms that apply to the insurer not the applicant. Inventory balances at the beginning and end of October were: Only 75% of the utilities expense and 60% of the insurance expense apply to factory operations. Waiver of premium is a rider that can be added to a life insurance policy, and not something to be obtained from the applicant. \end{aligned} A. c) Conditional Correct: C. Concealment, A. (b) single-parent family. (d) neither I nor II. An insurer that was incorporated in a DIFFERENT STATE that it is doing business in is a _____________??? D. Premiums are tax deductible as a business expense, B. What adds coverage and modifies coverage? If a parent purchases life insurance on their child all of the following are true, EXCEPT: A) The child is the insured. 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? 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. 2)the face amount Which of the following statements is NOT true concering insurable interest as it applies to life insurance? \hline & \text { Jul 31 } & 19,500 Insurance producers must ensure that contracts they recommend are in the best interest of the insured. 3)Explain any riders or exclusion When does the grace period begin and how long is it? What are the temporary needs? In a car accident dealing with ADB who covers the passenger? Each policy pays a percentage of the loss based on the percentage of coverage that policy provides. ? Reinsurer Assuming company. What is the difference between renewable policy holder & Insurer? Chapter 11 - Life Insurance Flashcards | Quizlet 4)Consumer report=credit, -shorter time span for paying premiums d. It does not require a duty to be owed. All of the following are true of insurance EXCEPT It transfers risk. A) loss reserves 2. a) Remains level. Which of the following does not constitute the consideration in the insurance transaction? The interest rate credited to the cash value at the time of issuance remains fixed over the life of the policy. B) A fiduciary is a producer who handles insurer funds in a trust capacity. d) Contingent. A. \end{array} \\ a) A medical examination All of the other statements are true. (d) They remain level. 2)Decreasing Term A Contract that binds only one party to future performance, is a (n): A. The 7 paytest is used to determine if a policy is a _______? All of the following would be exempt from the producer licensing requirements EXCEPT: A) A customer service representative who discusses policies. c) Term life D) the minor in a juvenile policy. After examining other manufacturing cost data, you have acquired additional information as follows. (must exist at the time of application). _____________ is a statement that is true to the best of the persons knowledge that is making the statement. Their premiums are lower a. II. Hospital bills of the key employee \textbf{Income Statement}\\ c) A person who handles assets or money belonging to others. Cash Accumulation C. Buy-Sell agreement D. Survivor Protection, All of the following are true of key person insurance except A. \end{aligned} Attempting to determine how much insurance an individual would require based upon their finacial objectives is known as. b. 1)Statement of continued good health Payor benefit/Clause is always a _________. Which term describes the probability of a loss? Rates. 1) premium schedule differ from whole life Therefore, it is responsible for 1/3 of the $24,000 loss, or $8,000. 4)defined contribution plans. By William Lb Qtjetjx, Author of . 2)standard-average 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. It is used to pay off the balance on the mortgage. Which of the following statements about endowment policies is true? Retention, Avoidance, and Transfer are all _________________. It is legal to list nonguaranteed values in the contract, but they must be specifically labeled as projected, not guaranteed values. 3)according to the source of annuity income Are insurance company underwriters allowed to discriminate? 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. (b) reduced. (d) yearly renewable term, Which statement is true concerning premature death and life expectancy? -cash value can lose value. B) One step in the investigation of a claim is to determine whether the policy was in force when the loss occurred. -the insurer sets the terms of the contract and the applicant must adhere to them. -provides income for retirement 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? When will coverage begin? A company that does business in another state than incorporated who is owned by policyholders who received dividends when declared and voting rights. The purpose of an estate clearance fund is to pay all of the following EXCEPT. C. Risk This is called. A. Chapter 3 part 1 Flashcards | Quizlet Funding against financial loss caused by the death of a key employee A __________ represents the insured. The concept that the insured should not profit from an insurance transaction is called what? d) Decreases annually. Various life insurance programs for people who served in the military are called ______________? All of the following are true of negligence, except: - AZanswer ? What limitations might this model have for predicting consumer's attitudes and purchase behavior towards Cream Silk? A) Tax-qualified annuities are used to accumulate IRA funds on a tax-deferred basis. B. . A. Foregin The premium is level and guaranteed not to increase. 2)quarterly The applicant has been shown to be a poor personal credit risk. b) Policyholder C. Premiums are tax deductible by the key employee b) Failure to promptly settle a claim when liability has been clearly established The total of all requisitions of indirect materials issued during the month is$20,170.00. (d) sandwiched family. Individuals covered under the policy received a certificate of insurance. D. group credit insurance must have a suicide clause . Why do most states have a waiting period for couples applying for marriage licenses? Jul313,000\begin{aligned} The cost of insurance protection is referred to as what? Yes, all T-mobile insurance plans cover cracked screens.You will have to pay a deductible fee which will depend on your device model. &&\\ 3)riders & exclusions 1)absolute assignment-all rights are assigned D) Using misrepresentation to convince a person to cancel an existing policy and buy a new one is called "twisting.". The CAS number shown in an entry is typically . \text{ ???? } Correct: A. a surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. In this case, the applicant will most likely need to fill out a Statement of Good Health. 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. II. These individuals qualify for lower premiums than those in the other categories. The replacing company notifies the replacement company. When a policy has reached its final destination and can be paid out in full is when the policy has ____________? Benefits received are considered income taxable B) The reduced paid-up nonforfeiture option would provide protection until the insured reaches 100, but the face amount is reduced to what the cash would buy. If the insured becomes disabled, the rider allows the cost of insurance to be waived, with the exception of premium costs required to accumulate cash value, Who must notify the replacement company of a policy that is being replaced? c) Policy loans are taxable distributions. Medical exams provide information on current health. All of the following are true for indemnity insurance except that: a. premiums are based on separate risk pools often organized by employers. ? 3. B. Nonadmitted d) 50% tax on the amount not distributed as required. B. RetainedEarningsDividend19,000Jul1NetIncJul3165,00065,000111,000. New York City | Robert Klein | Robert Klein At Yale (1982) | baseball -cash value options B. B) Once the cash surrender value option is selected, the coverage is terminated and the policy cannot be reinstated. c) Extended term The insurer's promise to pay a covered loss and the insured's payment of the first premium, are examples of: A. \hline && \text { Jul 1 } & 65,000 \\ A) the agent. C. Whole life What are the (5) Factors considered with combination policies Who and What are they? D. Offer B. a) More active. Which of the following is the best reason to purchase life insurance rather than annuities? A life insurance policy is exchanged for an annuity. Solved All of the following statements about variable life - Chegg A) Universal Life policies allow for policyholders to withdraw a limited portion of the policy's cash value. 4. c. It is the failure to use ordinary care. The issuance of a binder is the result of the ___________________ of an offer. b) Increasing Premium D. A surplus lines broker deals with admitted carriers only 2)no cash-value d) Military personnel. What is the primary source of info for the underwriting department to determine 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. A. ____________ insurer is not a type of insurer. 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} A. Most policies can be renewed for additional periods without evidence of insurability. (a) limited-payment whole life insurance 4)explain policy & provisions A peril 1)tax qualified plans This is true whether a property or liability form; and regardless whether the insured is a commercial or personal lines client. Contract or form of ownership is a ______________? c. thoughts of harming a neighbor Surplus lines broker deals with admitted carriers only 2)interest sensitive 167 views, 0 likes, 3 loves, 8 comments, 10 shares, Facebook Watch Videos from Saint Barnabas Episcopal Church Greensboro, NC: 5th Sunday after Epiphany. Numerical identifiers: Each candidate list entry covers both anhydrous and hydrated forms of a substance. 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. \end{aligned} Under Section I, homeowners insurance must include 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. The policyowner can add to a policy's cash value at any time subject to policy guidelines. \\ D) the minor in a juvenile policy. S buys a $10,000 Whole Life policy in 2003 and pays an annual premium of $100. We participate at both the national and state levels as a leading advocate in the judicial, legislative, and regulatory environment to ensure that Members' concerns are heard by lawmakers on issues that impact medical professional liability. 3) type of plan they applied for. Receipt Our records show that more than one device is associated with this d) Joint and Survivor, B) The Waiver of Cost of Insurance rider is found in Universal Life policies. c. An Insurance broker is responsible for what? Flashcards - WA Common Law Practice Exam - FreezingBlue \hline \text { Jul 31 } & 25,500 Life insurance prodceeds D. Viatical settlement. Premiums are taxable to the employee Chapter 4.1 : Life Insurance Flashcards | Chegg.com 1 / 25. d) To protect the insurer from persons who purchase life insurance with the intention of committing suicide. A conditional contract requires both the insurer and policyowner to meet certain conditions before the contract can be executed, unlike other types of policies, which put the burden of condition on either the insurer or the policyowner. Members are assessed to fund the corporation. Represent the insured's interest Daycare is considered to be among these expenses. \end{array} \\ One sided contract is a ______________ contract. A false statement in the application for insurance is_____________. [Solved] All of the following are true of insurance EXCEPT It transfers Eight Summoning Eyes need to be placed to summon the Ender Dragon and players need to have 450 Dragon Weight to have a chance of getting the sword. "Round Tree Manor is a hotel that provides two types of rooms with three rental classes: Super Saver, Deluxe, and Business. c) An agent offers tickets to a baseball game as an inducement to buy insurance. 4. C. it is often experience-rated, with premrums based on expected losses. -Can't lose value Appoint a solicitor as his or her representative All of the following statements regarding contracts of indemnity are true EXCEPT a. (2), 1)HIPPA Based on Human Life Value Approach, which of the following is NOT used to calculate an individual's life value? -Prepays portion of face amount if diagnosed with terminal illness. (d) Its use may be appropriate if a person wants paid-up life insurance by retirement. Effects of climate change - Wikipedia Who gets $$money when the policy holder dies? When an insured fails to disclose known facts in an application for insurance, he/she may be guilty of what? It requires evidence of insurability for renewal. Solved 55. All of the following statements regarding | Chegg.com 1) preferred-low All of the following statements are correct about policy loan interest rates EXCEPT: (A) an insurance company can charge a fixed rate of interest up to a maximum of 10%, with some restrictions (B) an adjustable interest rate can be used if the insurance company follows a national corporate bond index (C) an adjustable interest rate can be used if the limit is based on the average monthly . Total personal income in the United States (in billions of dollars) for selected years from 1960 to 2009 is given in the following table. \end{array} B. d) The Medical Information Bureau. D. The benefit is received tax free. (a) I only It does not include breach of contract. 1)Whole Life (c) both I & II (d) neither I or II, Diane is a single parent. Which of the following is TRUE regarding assignment rights for . the willful holding back or secretion of material facts pertinent of the issuance of insurance or a claim. All of the following statements are TRUE concerning Debtor Groups EXCEPT Prior to October 2017, the company had been profitable every month. Premiums are not tax deductible as a business expense B) In insurance, fraud is the intentional misrepresentation of material information that is crucial when deciding whether or not to write a contract for an applicant. *Both not taxable. 1. Fraud -They provide coverage for risks that other insurers normally would not provide. Which of the following would be the best option that would help the surviving spouse of the insured to put her child through daycare after the insured's death? -then picks a contract. Predicted needs of the family after the insured's death 2)when benefits begin AccountspayableJul1Jul3114,500??? d) The policy can be reinstated by paying back all policy loans and premiums. -paying for certain time and stop. 2)premium gets lower. The death benefit varies according to investment experience. B. Correct: B. When parties to a contract exchange unequal amounts of money, this is said to be what type of contract? Cash values are available in whole life policies. _____________ is an employer paid disability and health insurance coverage that covers job related illnesses or injuries. Originating policy M327. (c) variable life insurance. 4. (d) Most policies have a CV that is refunded when coverage ceases. and is NOT a party to the contract. D. Premiums paid are deductible as a business expense. c) Premium accountability. The terrorism risk insurance program reauthorization act provides for a terrorism insurance program administered by which federal entity? -The insurer would pay the face amount of the policy minus the past due premium. Their premiums are lower C. Funding business continuation agreements 6)free-look period-$ back guaranteed. 2)collateral assignment-some or only one right assigned. 3)MIB=records of all previous insurances they had. B. c) 15% for early withdrawal An insured becomes disabled at age 22 and can no longer work. A SEC registration. Participating policy. (Medic Information Bureau)? C. The insurer is always required to pay the . Whats the "take it or leave it contract"? c) The premium for the policy shall be paid either from the creditor's funds, or from charges collected from the insured debtors, or from both. a. whole life paid at 65 3)Family Policy(Limited but all fam members paid) 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? Can term insurance be both renewable and convertible? All renewable term policies are accepted without__________ and only with_____ collected. D. Claim History ____________ is the transfer of the right of recovery from the insured to the insurance company. a sheet where the agent lists any additional info about insured including: habits,financial status, or anything that may be important for the underwriting department to determine the risk involved. a) To limit the insurer's liability after the 2 year waiting period 3)Increasing term adds face value. (c) face amount of the policy and the legal reserve. B. Pure risk The NAAR for a life insurance policy is the difference between the 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? A monthly deduction is made from a policy's cash value for the cost of insurance protection. It has cash value that is invested into the stock market through mutual funds/securities. \hline & \text { Jul 1 } & 55,000 \\ An Applicant inaccurately representing information on the application is guilty of: A. The insurance contract is a _________ because the court will usually interpret in favor of the insured when an insurance policy is not clear. Correct: A.A peril. Which of the following statements about limited-payment life insurance is true? Which of the following about a VUL insurance policy is (are) true? 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 With a little work, an unused office area could be converted to a rental room. Reinsurance has 2 types of policys, what are they? 4)Based on principle sum(rider) & capital sum(insurer) 50%, 3rd party ownership insurers issues policy to a lending institution An insurer that was incorporated in a different state that it is doing business in. -receiving dividends(when declared) Which of the following best describes a surplus lines broker? Rating codes are assigned to show financial strength or weakness of each company rated PracticeTest Flashcards by Gabriel Martinez | Brainscape c) Low-income individuals and families Statements in the application that are guaranteed true but later found to be false may result in what? In a conditional receipt if the policy holder dies before delivery of the policy what has to happen for the benefits to be paid? Misrepresentation, Concealment and Deceit are all examples of what? Group life insurance is most often issued as guaranteed annual renewable term. Why?". b) Hazard b) Larger. Which $50,000 life insurance contract if purchased when the insured was 32, would have the highest cash value when the insured is 50? when the applicant/owner is not the insured-3rd party 4)policy matures at age 100. An insured owns a life insurance policy. \text { Type II } & \$ 20 & \$ 30 & \$ 40 B. Out of 20 yr or 30 yr which policy is less expensive? -it pays the double indemnity, 1)accident occurs, person must die within 90 days Solved All of the following are true for indemnity insurance | Chegg.com Which of the following about decreasing term insurance is true? Accelerated Living Benefit/Accelerated Death Benefit? Level-increasing face value. b) Human life value approach 2. ______________ is defined as restoring the insured to the same financial condition as before the loss. Solved All of the following statements about universal life - Chegg \hline & \text { Jul 1 } & \begin{array}{r} Prepare the following details: Mobile number, serial number, or IMEI. 2)Explain and collect any ratings All of the following are true about health insurance except: Purchasing health care can help save you from medical bankruptcy. Despite this, the country has significantly worse healthcare outcomes when compared to peer nations. C. Consideration Accidental Death Benefit (a) blended family. If the insurance carried is less than required, the insurance may not cover the whole loss. Which of the following documents must be provided to the policyowner or applicant during policy replacement? ($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?" Legislative advocacy is essential to Physicians Insurance/MedChoice's purpose to protect, defend, and support our Members. -greater potential to grow the cash value but there is no guarantee The insurer issues the policy and learns of his history one year later. 6/1 Quiz: Group Life Insurance Flashcards | Quizlet &\begin{array}{lr|rr} & \text{ ???? } Who appoints the state insurance regulator in many states? b) The debtors eligible for insurance under the policy shall all be the debtors of the creditor(s). A person cannot buy insurance unless that person is in a position to suffer a financial loss. 1) coverage is permanent also known as acceptance. Past-due interest on a policy loan is added to the total debt. d) Buyer's Guide. All of the following statements are true of liability insurance, EXCEPT: Answer: liability coverage indemnifies the insured. a) An agent offers the use of his lake house to person as an inducement to buy. -guaranteed/fixed/level payment, -Immediate "annuitization phase" Certificate holders may convert coverage to an individual policy without evidence of insurability. What is the term for a cause of loss, such as the theft of a car? Exclusion Categories B. The policy's cash value grows as the investments grow. C. Domestic Question: All of the following statements about variable life insurance are true EXCEPT O a. 2)FCRA(fair credit reporting act) checks MIB report. d) The insurer will sue the insured for committing fraud. Consumer report The policy is issued for one year and may be renewed annually with evidence of insurability. The storage of flammables in a fireproof container. 3) policy builds cash-value c) Comparisons with similar policies See Page 1. ~~~\text{Raw materials purchases}&\$264,000\\ d) Loss. a) Consumer Privacy Act D. A surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers The company records manufacturing costs by job number and uses a factory overhead applied rate to charge overhead costs to its products. Foreign. c) Disclosure rule b. Term life insurance provides the largest amount of coverage for the lowest amount of premium. A surplus lines broker accepts business only from non- resident agents On DUE DATE. B) Underwriters. 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. \end{array} (c) term insurance (c) Interest credited to a policy's cash value is taxable to the policyowner in the year credited. ?19,500, Accumulateddepr.-equipmentJul155,000Depr3,000Jul3158,000\begin{aligned} -kids till 21 C. Solicit applications on the insurer's behalf Now Tamara can afford whole life insurance. A. -tax free accumulation of borrowing. Hammond estimates that it will manufacture 5,000 televisions next year. Coverage is available in $50,000 increments up to the maximum of $400,000.
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