Prepare the following details: Mobile number, serial number, or IMEI. -below market interest rates on borrowing
Which of the following statements is NOT true concering insurable interest as it applies to life insurance? b) Human life value approach 2)Legal Purpose
Nature of risk All of the following statements about the settlement of a claim are true EXCEPT.
Chapter 3.2 - Subjecto.com * 50% is paid
A) A policy summary must be delivered along with the policy and will provide the producer's name and address, the insurance company's home office address, the generic name of the policy issued, and premium, cash value, surrender value and death benefit figures for specific policy years. An insurance company that was incorporated in a different state it is doing business in and pays dividends to its policyholders is known as a _________. When an insured fails to disclose known facts in an application for insurance, he/she may be guilty of: A. The issuance of a binder is the result of the ___________________ of an offer. Reinsurer Assuming company. Correct: B. An insurance contract requires that both the insured and the insurer meet certain conditions in order for the contract to be enforceable. 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? Compute DVDs net cash provided by (used for) operating activities during July. b) Conditional receipt C) An insurance contract must contain a copy of the original application. Which of the following methods of calculating the amount of life insurance needed takes into account the insured's wages, years until retirement, and inflation? 2)standard-average
Flashcards - WA Life Law Practice Exam - FreezingBlue Chapter 11 - Life Insurance Flashcards | Quizlet If there Is a risk of financial loss then there is a what? B. D. Concealment A ____ contract requires that both parties perform certain duties. d. 2)APS=medical records
1)Domestic Insurer
Insurance companies can charge an interest rate based on the policyowner's credit report. Last year, the couple got divorced. d) 15 years. (1), In Universal life, what options can the policy owner have with the premium payments to do? Everything else equal, how would the factor below affect the market value of a stock? Does not pay dividends to policyowners; however, taxable dividends are paid to stockholder. \hline \text { Jul 31 } & 17,000 The total of all requisitions of indirect materials issued during the month is$20,170.00. Round Tree has 100 Type I rooms and 120 Type II rooms. Its controller resigned in October 2017. Journalize the entry to transfer the total of all cost sheets completed from Work in Process to Finished Goods. 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". \text{Accounts Payable} & 104 & 95 & 95 & 97 \\ (b) variable life insurance See Answer. The insurer that is transferring the risk to another company is called the ____________ __________. \end{aligned} -low commissions
-Can't lose value
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 How do premiums for yearly renewable term insurance change as an insured gets older? Get more out of your subscription* Access to over 100 million course-specific study resources The County is administered by a five-member Board of Supervisors who are elected for four-year terms In terms of social security, what is the name for the time period after the youngest child of a family turns 16 and before the surviving spouse may start receving retirement benefits? ? Does T-Mobile Insurance Cover Water Damage? To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. Endowments means policy is what(2) things? Hammond Corporation manufactures televisions. \end{aligned} If a change in the application is necessary what is required? (a) I only 2)attorneys
All renewable term policies are accepted without__________ and only with_____ collected. One sided contract is a ______________ contract. -greater potential to grow the cash value but there is no guarantee
C. Application All of the following are true for indemnity insurance except that: a. premiums are based on separate risk pools often organized by employers. D. Claim History b) Promptly forwarding premiums to the insurance company With a little work, an unused office area could be converted to a rental room. C. Tax Status the application is used at the primary source of info. Misappropriation or illegal withholding of the policyholder's money. a) To limit the insurer's liability after the 2 year waiting period D. Speculative Risk 3. Why do most states have a waiting period for couples applying for marriage licenses? S dies 5 years later in 2008 and the insurer pays the beneficiary $10,500. (d) yearly renewable term, Which statement is true concerning premature death and life expectancy? 4)annual, Everytime you have a payment due. ____________ insurer is not a type of insurer. -provides income for retirement
D. Department of Treasury B) According to the law of large numbers, the larger a group becomes, the easier it is to predict losses. Beneficiary's age is not a suitability factor. 3)substandard risk.
Our records show that more than one device is associated with this If contract is up after 20 years & policy holder wishes 2 renew what occurs every year? ____________ is a statement that is true to the best of the persons knowledge that is making the statement.
Life Insurance Basics Flashcards | Quizlet b) A producer who handles insurer funds in a trust capacity. \textbf{For the Month Ended October 31, 2017}\\ Surplus lines broker deals with admitted carriers only C. Insured's annual expenses Quarterly working capital levels for your firm for the next year are included in the following table. 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???? The debtor does not have an insurable interest in the life of the lender. D) Obtaining a bachelor's degree. Despite this, the country has significantly worse healthcare outcomes when compared to peer nations. 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. 2) standard risk
Candidate List of substances of very high concern for Authorisation Liquidity in life insurance refers to availability of cash to the insured through cash values. Correct: C. Unilateral contract. Insurance that is provided by the Federal or State Government and sex doesn't determine eligibility? (c) both I & II (d) neither I or II, Diane is a single parent. Jul3117,000\begin{aligned} B. After Alex has made 20 premium payments, his life insurance policy is considered Taxes, Retirement, and Other Insurance Concep, State Laws, Rules, and Regulations Quizzes, Life Insurance Policy Provisions, Options and, Fundamentals of Financial Management, Concise Edition. In order for the contract or policy to be valid or legal? a) Tax-qualified
Solved All of the following statements about variable life - Chegg An agent has authority to do all of the following, except: A. Countersign insurance contracts the willful holding back or secretion of material facts pertinent of the issuance of insurance or a claim. Which of the following would least likely be considered a legitimate need that would be paid by insurance proceeds? Explain your answer. When an agent is handling the premiums that belong to an insurance company, they are acting in a fiduciary capacity. Which of the following is a physical hazard? What must exist at the time of the application? Correct: B. 2) premiums do not change
*The insured is diagnosed with terminal & chronicle illness
Which of the following is NOT a fraudulent and intentional deception of the truth? (c) They decrease at a constant rate. Appoint a solicitor as his or her representative A. Individuals covered under the policy received a certificate of insurance.
3. d) Military personnel. II. The preferred risk classification indicates that an insured is in excellent physical condition and employs healthy lifestyles and habits. b) Adjustable life Where does group-life insurance come from? The correct answer is: Premiums are typically paid by the lender. 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. 2)interest sensitive
All of the following are true of negligence, except: a.
Abortion in the United States - Wikipedia Use the indirect method. Acceptance D. An individual has an insurable interest in her or her own life. Insurance is an important tool to manage risks, but often unavailable to poorer households. 1. Renew policy holder has an option- THE INSURER DOES NOT. b. it frequently includes coverage for losses due to casualty and theft. A. Who assumes control over an insurance company's funds and management if it becomes insolvent? b) Index used by stock companies An aleatory contract is a contract where the monetary values of the parties performances are________________. Correct: D. Concealment. \end{array} \text{Dividend}& 19,000& \text { Net Inc } & 65,000 \\ All of the following statements regarding contracts of indemnity are true EXCEPT a. Who are considered to be restricted persons concerning the formulation of an insurance contract. 3 of them? 5)Survivorship Life Policy (policy holder pays themselves). (a) I only (b) II only
4 All of the following statements about term insurance are true EXCEPT Whole life policy. If an insurer is incorporated in Rhode Island, but primarily does business in New York, what type of insurer would it be considered in New York? D. Breach of warranty a) No penalties, since the owner is older than 59 cheating. Therefore, it is responsible for 1/3 of the $24,000 loss, or $8,000. Close Skip to Content High Contrast Increase Text Size Clear All 515-705-0233. D. A surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers B. &\begin{array}{r|lr} C. Domestic
All of the following statements are true of liability insurance, EXCEPT a. ? Upon policy delivery, the producer may be required to obtain any of the following EXCEPT 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. d) Buyer's Guide. b. D. The policy is a bilateral contract c) Comparisons with similar policies &\text { Cash }\\ M327. & \text{ ???? } 3)premium is collected
The 7 paytest is used to determine if a policy is a _______? Life insurance is unique from other types of insurance in that it could perform the function of cash accumulation. -has cash value invested in the stock market
D. The benefit is received tax free.
Chapter 3 part 1 Flashcards | Quizlet A person cannot buy insurance unless that person is in a position to suffer a financial loss. The NAAR for a life insurance policy is the difference between the Correct: C. Concealment, A. C. it is often experience-rated, with premrums based on expected losses. The Boyle family can be described as a B.
[Solved] All of the following are true of insurance EXCEPT It transfers (receive dividends & the right to vote). (2), The current market will influence the cash value
Can term insurance be both renewable and convertible? d. 10 payment whole life, Chapter 12 - Life Insurance Contractual Provi, Chapter 15 - Individual Health Insurance Cove, Fundamentals of Financial Management, Concise Edition, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. Study with Quizlet and memorize flashcards containing terms like All of the following are personal uses of life insurance EXCEPT A. a) Withdrawals are not taxable. They keep a high percentage of any interest earned on their policies The applicant accepts the invitation by paying the ___________. B. Various life insurance programs for people who served in the military are called ______________? Surviving family members may experience a reduction in their standard of living if the family breadwinner dies prematurely. (b) reduced. What are the two options in death benefit options? Correct: A. -Not invested in stock market
\end{array} the underwriting process is approved for:
All of the following statements concerning coinsurance are true, EXCEPT The gross premium charged must reflect, at least for competitive reasons, the actual cost of providing the insurance. Cash values are available in whole life policies. B. (Hint: Take a look at the Theory of Reasoned Action.). b) Copies of illustrations and application (b) Prepare a correct income statement for October 2017. 4)policy matures at age 100. What is the purpose of a suicide provision within a life insurance policy? c) Counselor Difference between Universal Life Insurance and Whole Life Insurance? D) Claims result from losses by a peril insured against in an insurance policy. 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? (d) endowment insurance, Rachel needs permanent life insurance. Cash values can be borrowed at any time An underwriter will consider each of the following factors when evaluating a risk, except: A. When does the grace period begin and how long is it? -If the insured dies, the policy payed out the PRINCIPAL SUM
(3), 1)bank trust officer
c) Needs approach 1 / 25. Which of the following is correct concerning the taxation of premiums in a key-person life insurance policy? 2)quarterly
Is claim still paid if there is a misstatement of age or sex? Tom and Nancy Boyle provide financial support for their two children. D. The ratings are available to the public Misrepresentation, Concealment and Deceit are all examples of what? 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. The demand forecast for a particular night is 130 rentals in the Super Saver class, 60 rentals in the Deluxe class, and 50 rentals in the Business class. Pure Risk. B. Insurance transfers risk but it does not__________ risk. Question: 55. Instructions Beneficiary's age c) The inspection report
Flashcards - D1. Accident and Health Insurance Basics - FreezingBlue When must insurable interest exist in a life insurance policy? C. The insured may retain part of a risk through deductibles. A person who negotiates insurance contracts on behalf of an insured. Hospital bills of the key employee A debtor has insurable interest in the life of a lender & \text { Depr } & 3,000 \\ \text{ ???? } Which nonforfeiture option provides coverage for the longest period of time? Breach of warranty Something of value is a __________________. good health
A. signed waiver of premium Why?". Healthcare in the United States is far outspent than any other nation, measured both in per capita spending and as a percentage of GDP. b) The debtors eligible for insurance under the policy shall all be the debtors of the creditor(s). The applicant has been shown to be a poor personal credit risk. Life expectancy has increased in the U.S. over the last century. c. thoughts of harming a neighbor Legal Purpose Due to climate change, premiums are going up for certain types of insurance, such as flood insurance. The replacing company notifies the replacement company. 3)according to the source of annuity income
C. State Education Waiver Who is not a party to the contract and receives the benefits when the insured dies? Being young and healthy means you can skip out on health insurance. The correct answer is: Maggie's Piano Studio with 1 employee. The total factory payroll for the month according to the payroll register is $308,000.00, distributed as follows. Which of the following is the best reason to purchase life insurance rather than annuities? B. Misrepresentation 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. Chapter 11 - Life Insurance. What are (4) ways annuities are classified? It does not include breach of contract. -The insurer would pay the face amount of the policy minus the past due premium. A. -A Mec will receive unfavorable tax treatment
2. The CAS number shown in an entry is typically . B. Which of the following is NOT an example of a business use of Life Insurance? b) Coverage ends and the policy cannot be reinstated. Retention, Avoidance, and Transfer are all _________________. Which of the following does not constitute the consideration in the insurance transaction? C. Independent rating services evaluate and rate the financial ability of insurance companies D. Premiums paid are deductible as a business expense. (b) Most policies can be renewed without evidence of insurability.
saalt menstrual disc how to use - evcc-estheticstraining.com D. Accident (d) Its use may be appropriate if a person wants paid-up life insurance by retirement. c) Smaller. 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? D. Premiums are tax deductible as a business expense, B. \end{array} ~~~\text{Advertising expense}&90,000\\ D) adding cost of living coverage. The correct answer is: The premium decreases to zero by the end of the policy period. Accumulateddepr.-equipmentJul1DeprJul3155,0003,00058,000, RetainedEarningsJul165,000Dividend19,000NetInc65,000Jul31111,000\begin{aligned} a) The policyholders or stockowners of the company 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.
All of the following are true about health insurance except: \text { Type I } & \$ 30 & \$ 35 & - \\ e. The total of costs recorded on all sales invoices for the month is$654,052.00. SalesrevenueLess:OperatingexpensesRawmaterialspurchasesDirectlaborcostAdvertisingexpenseSellingandadministrativesalariesRentonfactoryfacilitiesDepreciationonsalesequipmentDepreciationonfactoryequipmentIndirectlaborcostUtilitiesexpenseInsuranceexpenseNetloss$264,000190,00090,00075,00060,00045,00031,00028,00012,0008,000$780,000803,000$(23,000). (c) two-income earner family. (d) Most policies have a CV that is refunded when coverage ceases. C. Buy-Sell agreements are normally funded with a life insurance policy DONT PICK IT!!!!!! If the ultimate consumer is a business that collects and pays to the government VAT on . Cash Accumulation C. Buy-Sell agreement D. Survivor Protection, All of the following are true of key person insurance except A. If the corporation collects the policy benefit, then c) Misrepresentation Statement of good health Type I rooms do not have wireless Internet access and are not available for the Business rental class. ? Explanation: (Life Insurance Policy Provisions, Options and Riders) A family term rider will provide term life insurance on a spouse and children. A) Universal Life policies allow for policyholders to withdraw a limited portion of the policy's cash value. Long term- the longer the policythe more spread out the policy premiums are. Who would be eligible to obtain SGLI? Based on Human Life Value Approach, which of the following is NOT used to calculate an individual's life value? The cost of insurance protection is referred to as what? Health insurance decreases your healthcare costs.
paperspast.natlib.govt.nz \hline \text { Jul 31 } & 3,000 What insurance concept is associated with the names Weiss and Fitch? How much life insurance should Sam advise . c) To protect the policyowner C. A husband or wife has an insurable interest in their spouse B) Passing examination with 75% or higher score. B. Represent the insured's interest b) Hazard -tax free accumulation of borrowing. He has also been hospitalized for drug abuse, but does not remember this when applying for insurance. Which of the following is NOT an allowable 1035 exchange? D. Aleatory contract (d) neither I nor II. -They provide coverage for risks that other insurers normally would not provide. 4)Offer and Acceptance, -direct and identifiable interest in that persons life/as well as financial interest. An agent tells an insured that if he replaces his current insurance policy with a newer one, his dividends will be higher and his premium will be slightly lower. An insurance consultant CANNOT be which type of persons? A whole life insurance policy is exchanged for a Universal life insurance policy. 3)increase the length of coverage
Value-added tax - Wikipedia d) Accumulations are tax deferred. (c) Interest credited to a policy's cash value is taxable to the policyowner in the year credited. ~~~\text{Depreciation on factory equipment}&31,000\\ All of the following statements about term insurance are trueEXCEPTa. Companies may have immediate legal obligations following the inclusion of a substance in the Candidate List on this website including in particular Articles 7, 31 and 33 of the REACH Regulation. d) Limited pay. A. The ___________ controls all rights of the contract. Which of the following about yearly renewable term insurance is true? Who represents the insured when dealing with insurance companies? Increasing term When the agent delivers the policy, collects the initial premium, and the applicant completes and acceptable statement of good health C. Solicit applications on the insurer's behalf 1) Family Maintenance(breadwinner)
-The insurance dept. ___________ is the persons whose death triggers payment. C. Whole life 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. On DUE DATE. What type of insurer has no capital stock? &\text { Accounts receivable }\\ What is the term for a cause of loss, such as the theft of a car? a) Indeterminate Premium 3)2 death benefit option
(a) capital retention approach James purchased yearly renewable term insurance. Which of the following statements about endowment policies is true? -But pays you interest, 1)Fixed annuity
All of the following are true about health insurance except: Purchasing health care can help save you from medical bankruptcy. Term life insurance provides the largest amount of coverage for the lowest amount of premium. B) The plan is funded by permanent insurance only. Payor benefit/Clause is always a _________. -receiving dividends(when declared)
and what two kinds? (c) PV of the family's share of a deceased breadwinner's future earnings. d) Decreases annually. 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? The corporation also helps detect and prevent insurer impairments. 3. 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. -cash value options
C. Funding business continuation agreements An agent told Carl about a form of life insurance in which Carl could select where the savings component is invested. The cash value available to the policyowner An insurer that was incorporated in a DIFFERENT STATE that it is doing business in is a _____________??? -the premiums are paid for a limited time only. B. Nonadmitted A producer wishing to appeal the final order of the commissioner would appeal to???? -the insurer sets the terms of the contract and the applicant must adhere to them. c) Policy loans are taxable distributions. Rebating is an unfair trade practice and is regulated by law. compulsion? (4), 1)monthly
O b. Carl would like to purchase life insurance. All of the following statements are true regarding mortgage protection insurance EXCEPT. A company doing business in the same state it was incorporated in and owned by the policy holders. The accounting records of DVD Sales, Inc., include the following accounts: CashJul15,500???? 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. Prepare a pie chart of on-time delivery performance for last month. 6)free-look period-$ back guaranteed. 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. A. \end{aligned} Business partners have an insurable interest in each other C. Application Cash value is invested in the stock market. (Choose from the following options) Type of insurance contract that pays its death benefit only during a specified period of time and nothing after that stipulated period. Study with Quizlet and memorize flashcards containing terms like Which of the following would not appear in the asset section of an insurance company's balance sheet? Which of the following is an example of an unfair claims settlement practice? Contract or form of ownership is a ______________? (a) I only (b) II only States regulate the procurement of business from nonadmitted carriers by regulating the brokers who place business with these carriers. D. Offer The primary purpose of buying an annuity is? Term life insurance provides pure death protection. A. Foregin AccountsreceivableJul1Jul3121,000???? Nonparticipating policy.
Final practice questions Flashcards | Chegg.com 5)coverage begins
\hline -insured can stop paying premiums at certain age or after a period of time
4. c) National Association of Insurance Commissioners D. Financial Experience. B. C. It's a decreasing term insurance. Non-Participating (stock) Life Insurance Policy. (a) renewal provision c) The policy will be voided. Premiums are not tax deductible as a business expense. a) The amount of insurance on the life of any debtor may exceed the greater of the scheduled or actual amount of unpaid indebtedness to the creditor. C. Hazards c) Helping insureds to file claims d) The Guaranty Corporation. This type of life insurance is called When an insurance policy is not clear, the court will usually interpret in favor of the insured because of which characteristic? The applicant's medical background is addressed in Part 2 - Medical Information. (b) tax-free exchange provision b. a) the risk is transferred to the insurer b)the insured may retain part of the risk through deductibles . -kids till 21