b) Human life value approach Which of the following is a physical hazard? B) According to the law of large numbers, the larger a group becomes, the easier it is to predict losses. Insurance that is provided by the Federal or State Government and sex doesn't determine eligibility? Which of the following about decreasing term insurance is true? C. Funding business continuation agreements A false statement in the application for insurance is_____________. &\begin{array}{lr|lr} a) Consumer Privacy Act Predicted needs of the family after the insured's death B) One step in the investigation of a claim is to determine whether the policy was in force when the loss occurred. Correct: A. Cash value is invested in the stock market. 4. Pertaining to insurance, what is the definition of a fiduciary responsibility? C. Risk -If the insured dies, the policy payed out the PRINCIPAL SUM 1) coverage is permanent All of the following statements are true of liability insurance, EXCEPT: Answer: liability coverage indemnifies the insured. The applicants(policy owner) Should a key person die, the benefit is treated as a reimbursement to the business for loss of services from that key person. C. it is often experience-rated, with premrums based on expected losses. (3), 1)bank trust officer (b) Any withdrawal of cash value reduces the death benefit. \end{array} Does T-Mobile Insurance Cover Water Damage? B. This form of life insurance has fixed premiums and the cash value is not guaranteed. _____________ is a statement that is true to the best of the persons knowledge that is making the statement. This type of life insurance is called It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. The policyowner can add to a policy's cash value at any time subject to policy guidelines. b) Promptly forwarding premiums to the insurance company Findefch a Wife,' 'Pnrple and Fine -men,'^The' Day of Temptation,' ' Of Royal Blood,' etc., etc . Which of the following is an example of an unfair claims settlement practice? It is legal to list nonguaranteed values in the contract, but they must be specifically labeled as projected, not guaranteed values. 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? D) The suicide provision protects the company from those individuals who purchase life insurance with the intention of committing suicide. d) The Medical Information Bureau. ~~~\text{Depreciation on sales equipment}&45,000\\ ? There is no limitation on the number of key employee plans in force at any one time. Government Relations: New Challenges and the Ongoing Erosion of a) Universal life Which of the following best illustrates a C. Solicit applications on the insurer's behalf DONT PICK IT!!!!!! 4)explain policy & provisions (Choose from the following options) A. contract of adhesion Yes, all T-mobile insurance plans cover cracked screens.You will have to pay a deductible fee which will depend on your device model. b. Being young and healthy means you can skip out on health insurance. b) To deter the policyowner from committing suicide cash value increases while face value remains the same. (a) Evidence of insurability is not required to renew the coverage. Premiums are not tax deductible as a business expense (a) I only (b) II only \end{aligned} The insurer that is transferring the risk to another company is called the ____________ __________. The failure to disclose known facts is what? a) Year only. 2)premium gets lower. Limited-Pay Life & Single-Premium Policies? Liquidity in life insurance refers to availability of cash to the insured. a) Withdrawals are not taxable. 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. Age, Sex, Occupation, Hobbies, Habits, Smoking or Non-Drug user or Non. 1. Both life and health insurance can be used for a variety of purposes in a business setting, including the funding of business continuation agreements, compensating executives, and protecting the firm against financial loss resulting from the death or disability of key employees. A debtor has an insurable interest in the life of a lender. 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? C. Unilateral contract Insurers use this law in order to predict certain types of losses and set appropriate premiums. &\text { Inventory }\\ d) Paid-up option. Conviction of a felony involving moral turpitude. 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. An insurer that was incorporated in a different state that it is doing business in. A) They must be given to all Life insurance applicants. (a) They increase at an increasing rate. A mutual insurance company does not have what? 1) insured gets higher amount The following information is taken from the records of Hammond on November 30 of the current year. Numerical identifiers: Each candidate list entry covers both anhydrous and hydrated forms of a substance. C. They can borrow higher amounts off of their policies 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. He would also like to invest in a mutual fund. What is a statement in the application guaranteed true in all respects? Cash value is the same as ___________ when the policy matures. The purpose of an estate clearance fund is to pay all of the following EXCEPT. The ___________ controls all rights of the contract. \end{aligned} b) Fiduciary responsibility. When Applicant P fails to disclose all of his motor vehicle violations in an application for automobile insurance, he may be guilty of: A. Estopple An applicant is denied insurance because of information found on a consumer report. \text{Sales revenue}&&\$780,000\\ -also the agent may be required to initial the change, statement of health from insureds personal physician, What are 2 federal laws that protect policy holders & forms that must be completed? A mutual insurer has no stock, and is owned by the policyholders. All of the following are business uses of life insurance EXCEPT The gross premium charged must reflect, at least for competitive reasons, the actual cost of providing the insurance. All of the following are characteristics of group life insurance EXCEPT. A) Universal Life policies allow for policyholders to withdraw a limited portion of the policy's cash value. Is claim still paid if there is a misstatement of age or sex? Which is generally true regarding insureds who have been classified as preferred risks? (c) They decrease at a constant rate. Total personal income in the United States (in billions of dollars) for selected years from 1960 to 2009 is given in the following table. 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 _________. \hline & \text { Jul 1 } & 55,000 \\ Solved All of the following statements about variable life - Chegg Insurance is designed to cover both intentional and unintentional losses. 2) form of interest sensitive life insurance(current market conditions influence the cash value) It is used to pay off the balance on the mortgage. One sided contract is a ______________ contract. A person who negotiates insurance contracts on behalf of an insured. 3) Retaining the risk. A person cannot buy insurance unless that person is in a position to suffer a financial loss. 167 views, 0 likes, 3 loves, 8 comments, 10 shares, Facebook Watch Videos from Saint Barnabas Episcopal Church Greensboro, NC: 5th Sunday after Epiphany. &\begin{array}{lr|rr} (D The employer is the owner, payor and beneficiary of the policy. Newborns after how many days become covered in a child rider? -ages 25,28,34,37,40 These individuals qualify for lower premiums than those in the other categories. Most agents try to collect the initial premium for submission with the application. What type of insurer has no capital stock? Yes, all T-mobile insurance plans cover water damage. Accelerated Living Benefit/Accelerated Death Benefit? (economy). The cash value of availability to the policyowner b) The policy will not be affected. EMPIRECOMPANYIncomeStatementFortheMonthEndedOctober31,2017, Salesrevenue$780,000Less:OperatingexpensesRawmaterialspurchases$264,000Directlaborcost190,000Advertisingexpense90,000Sellingandadministrativesalaries75,000Rentonfactoryfacilities60,000Depreciationonsalesequipment45,000Depreciationonfactoryequipment31,000Indirectlaborcost28,000Utilitiesexpense12,000Insuranceexpense8,000803,000Netloss$(23,000)\begin{array}{lcc} -its a rider 3)according to the source of annuity income 1)Statement of continued good health The parties in the insurance contract consist of whom? 1.1K 64K views 1 year ago In this video I show you how to one shot Solved All of the following statements about professional - Chegg c) The policy will be voided. All renewable term policies are accepted without__________ and only with_____ collected. 3)riders & exclusions a) No penalties, since the owner is older than 59 What is an exchange of a whole entire life policy for another? Exclusions always exist, and there is a reason for each one. (a) blended family. D. Breach of warranty d. The total of all cost sheets completed during the month is $628,880.00. Explain your answer. With a little work, an unused office area could be converted to a rental room. They keep a high percentage of any interest earned on their policies Flashcards - WA Life Law Practice Exam - FreezingBlue (a) universal life insurance. What are the two options in death benefit options? Legal Purpose 4)underwriting is complete What kind of penalty would the IRA owner pay? c) Copy of the original application c) Counselor 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? She meets the definition of total disability under Social Security. Which risk management type is shifting the risk of loss to a larger homogeneous group? d) Fair Credit Reporting Act. 2) premiums do not change 2)Legal Purpose Any gain in the policy's cash value is . WorkinProcess$229,040.00EmployeeIncomeTaxPayable$33,880.00FactoryOverhead78,960.00SocialSecurityTaxPayable19,096.00Cash250,558.00MedicareTaxPayable4,466.00\begin{array}{lrlr}\text { Work in Process } & \$ 229,040.00 & \text { Employee Income Tax Payable } & \$ 33,880.00 \\ \text { Factory Overhead } & 78,960.00 & \text { Social Security Tax Payable } & 19,096.00 \\ \text { Cash } & 250,558.00 & \text { Medicare Tax Payable } & 4,466.00\end{array} C. The death benefit paid to the beneficiary The debtor does not have an insurable interest in the life of the lender. a. whole life paid at 65 Renew policy holder has an option- THE INSURER DOES NOT. D) Claims result from losses by a peril insured against in an insurance policy. ~~~\text{Depreciation on factory equipment}&31,000\\ It is most appropriate when an insured needs lifetime protection. If someone dies within the Grace period, what happens? 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. C) the proposed insured. The __________ branch of the state government influences public policy regarding insurance laws. Which kind of agent enters into agreements with more than one insurer? d) Decreases annually. A FINRA registration. \end{array} CashJul1Jul315,500???? What contract characteristic does this describe? The insured agrees to maintain insurance equal to some specified percentage of the value of the property. If the ultimate consumer is a business that collects and pays to the government VAT on . Chapter 14/1: Group Health Insurance Flashcards | Quizlet The insurer's promise to pay a covered loss and the insured's payment of the first premium, are examples of: A. 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? B) A "cost of living" rider adjusts the face amount of a policy to maintain the relationship of the face amount and increases in the cost of living. 3) Equity-Index annuity. Which of the following is the basic source of information used by the company in the risk selection process? \text { Type I } & \$ 30 & \$ 35 & - \\ b) 10% for early withdrawal A) loss reserves 2. Use the indirect method. B. If the conversion cost is the same for both types of rooms, would you recommend converting the office to a Type I or a Type II room? Correct: C. Consideration. d. B. The 3 categories of private insurers site of incorporation? Correct: B. ?19,500, Accumulateddepr.-equipmentJul155,000Depr3,000Jul3158,000\begin{aligned} B. Avoidance -cash value can lose value. Jul3125,500\begin{aligned} 2)face amount is set -receiving dividends(when declared) (c) variable life insurance. Hammond Corporation manufactures televisions. 2)Decreasing Term 3)MIB=records of all previous insurances they had. 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. 4) 3 components to the premium, The owner and the insured are different people. 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 total of all requisitions of indirect materials issued during the month is$20,170.00. It has cash value that is invested into the stock market through mutual funds/securities. -then picks a contract. Other factors that are named include "Mortgage underwriters, investment banks, rating agencies, and investors", "low mortgage interest rates, low short-term interest rates . Estate conservation Cause of potential loss to property such as fire, windstorm, hail, flood, etc. 10 year level term Despite this, the country has significantly worse healthcare outcomes when compared to peer nations. A peril 4. Breach of warranty 5)Survivorship Life Policy (policy holder pays themselves). B. The cost of a living rider is calculated by what? (d) Most policies have a CV that is refunded when coverage ceases. -Prepays portion of face amount if diagnosed with terminal illness. b) Fixed income B) A fiduciary is a producer who handles insurer funds in a trust capacity. 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. \hline \text { Jul 31 } & 25,500 c. Premiums may be raised at renewal d. Group term insurance may cover the . insurable interest must exist. Statements in the application that are guaranteed true but later found to be false may result in what? 4. Correct: A. a surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. Which $50,000 life insurance contract if purchased when the insured was 32, would have the highest cash value when the insured is 50? The insurer issues the policy and learns of his history one year later. A. Who is responsible for making sure the application is completed properly and all necessary info is obtained? Correct: D. A surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. -and the right to vote. Applicant pays premium to make agreement. B. [Solved] All of the following are true of insurance EXCEPT It transfers All of the following are types of insurers except: The ________ Branch of the state government influences public policy regarding insurance laws. B) Passing examination with 75% or higher score. 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 nonforfeiture option provides coverage for the longest period of time? Insurance is designed to cover both intentional and unintentional losses. d) Blackout approach. ADD( Accidental death and dismemberment??? Group life insurance is most often issued as guaranteed annual renewable term. a) Offering additional coverage to clients Non-Participating (stock) Life Insurance Policy. d) 15 years. The issuance of a binder is the result of the ___________________ of an offer. d) Older. -provides income for retirement C. Social Security works exactly same as private insurance. D) Obtaining a bachelor's degree. (3), WHat is the difference between universal and whole life policies? Free Standardized Tests Flashcards about Health&Life - StudyStack Life insurance is unique from other types of insurance in that it could perform the function of cash accumulation. ____________ is the transfer of the right of recovery from the insured to the insurance company. Can term insurance be both renewable and convertible? Chapter 4.1 : Life Insurance Flashcards | Chegg.com 3. \hline \text { Jul 1 } & 22,000 \\ B. also known as acceptance. 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. Business partners have an insurable interest in each other A) the agent. ~~~\text{Insurance expense}&\underline{8,000}&\underline{803,000}\\ A) Tax-qualified annuities are used to accumulate IRA funds on a tax-deferred basis. Correct: D. Concealment. \hline (\$ 000) & 1 & 2 & 3 & 4 \\ The penalty is 50% of the shortfall from the required annual amount. Rates are considered inadequate when they do not cover projected losses and expenses. Cash values can be borrowed at any time Indicate by a plus (+)(+)(+), minus ()(-)(), or zero (0)(0)(0) if the factor would increase, decrease, or have an indeterminate effect. What is the primary source of info used to determine insurability by the underwriting department? 1)absolute assignment-all rights are assigned C. Tax Status Who assumes control over an insurance company's funds and management if it becomes insolvent? All of the following would be exempt from the producer licensing requirements EXCEPT: A) A customer service representative who discusses policies. All of the following information about a customer must be used in determining annuity suitability EXCEPT ? 2)can be sold as a rider to a whole-life policy. -car accident not in conjunction with an illness What must exist at the time of the application? D. The face amount remains the same throughout the life of the policy. Does not pay dividends to policyowners; however, taxable dividends are paid to stockholder. II. a) Payor rider. b) Larger. Home Office- what do the underwriters do. they evaluate 4 things- what are they(4)??? Who would be eligible to obtain SGLI? Where can you find insurance coverage after being rejected by your insurance company for too many claims in the past year? (c) term insurance C) common stock 4. (a) Interest is credited monthly to a policy's cash value. a) Accumulated at interest 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. &\begin{array}{lccc} a) Agent's report Pro rata liability applies. What else must he include? In a conditional receipt if the policy holder dies before delivery of the policy what has to happen for the benefits to be paid? The cash value available to the policyowner The safety margin is narrower, because the cost of the insurance to the policyholder cannot be adjusted at a later time. What are the (5) Factors considered with combination policies Who and What are they? Term life insurance provides pure death protection. a) Small employers -A Mec will receive unfavorable tax treatment Annual income the willful holding back or secretion of material facts pertinent of the issuance of insurance or a claim. A. and what two kinds? 2)people under the influence of drugs or alcohol In addition, they provide financial support for Tom's aged father and Nancy's aged mother. The policy is a contract of adhesion. -the premiums are paid for a limited time only. What (5) Factors for GIO & GIB. whose covered? Which of the following would provide an underwriter with information concerning an applicant's health history? 2. A monthly deduction is made from a policy's cash value for the cost of insurance protection. & \text{ ???? } B. An agent has authority to do all of the following, except: A. Countersign insurance contracts What is the primary source of info for the underwriting department to determine insurability? If the premium was not collected at the time of the application, the producer may also be required to get a Statement of Good Health from the applicant at the time of policy delivery. If a change in the application is necessary what is required? A. A state administered health insurance for the needy? -The insurance dept. c. Using the payback period, which project should Bill choose? -Both parties must follow certain conditions set forth in contract, -IRS classification of a policy that is overfunded \end{array} A. Foregin Chapter 3.2 - Subjecto.com &\text { Accumulated depr.-equipment }\\ An inexperienced assistant accountant has prepared the following income statement for the month of October 2017. Example: company that is incorporated in NJ and sells in NJ. When an insured fails to disclose known facts in an application for insurance, he/she may be guilty of: A. B. this insurance is often written in connection with automobile loans. c) Policy loans are taxable distributions. After everything is signed & premium is collected What does the agent give to the policy holder? 2)standard-average Costs of training a replacement All of the following are true for indemnity insurance except that: a. premiums are based on separate risk pools often organized by employers. If contract is up after 20 years & policy holder wishes 2 renew what occurs every year? \underline{\hspace{40pt}}. To sell variable insurance what must you have? Which of the following statements about universal life insurance is true? B. D. Funding against general company financial loss It is used to help adequacy and equity in rates. D. Department of Treasury The US is the only developed nation without a system of universal healthcare, with a large proportion of its population not carrying health insurance, a . C. group credit life insurance does not build cash values. D. Concealment An IRA uses immediate annuities to pay out benefits; the IRA owner is nearly 75 years old when he decides to collect distributions. Insurance is not designed to cover _____________ losses. 1) Competent Parties a) A retail clerk. Modification to a policy is a _______________? Universal Life is also known as two things what are they? All The statements made on the application are called ______? SalesrevenueLess:OperatingexpensesRawmaterialspurchasesDirectlaborcostAdvertisingexpenseSellingandadministrativesalariesRentonfactoryfacilitiesDepreciationonsalesequipmentDepreciationonfactoryequipmentIndirectlaborcostUtilitiesexpenseInsuranceexpenseNetloss$264,000190,00090,00075,00060,00045,00031,00028,00012,0008,000$780,000803,000$(23,000). 1) preferred-low -usually mutual fund security 1) cash value earns interest b) Conditional receipt Credit life The policy's cash value grows as the investments grow. B) the applicant. When a New York insurance agent or broker advertises services, he/she must list the full name of the insurer and the name of the city, town, or village that houses the principal office. Claim is still paid with an adjustment to the benefits. Term. (d) endowment insurance, Rachel needs permanent life insurance. C. Consideration Empire Company is a manufacturer of smart phones. C. Whole life What does it mean when a policy is limited pay life? \end{aligned} b. d) Making claims payments which clearly indicate under which coverage payment has been made. c) Needs approach A. -low commissions Chapter 11 - Life Insurance Flashcards | Quizlet Insurance is considered a transfer of risk. 1. Attempting to determine how much insurance an individual would require based upon their finacial objectives is known as. 5th Sunday after Epiphany Saint Barnabas | By Saint Barnabas Episcopal 2) profits are returned as dividends Correct: C. Unilateral contract. Various life insurance programs for people who served in the military are called ______________? Which of the following is the best reason to purchase life insurance rather than annuities? -marriage The company records manufacturing costs by job number and uses a factory overhead applied rate to charge overhead costs to its products. When a policy is contributory how much is paid? c) Term life d) The Guaranty Corporation. Tax-qualified annuities are subject to IRA maximum contribution limits. \end{array} When an agent collects the initial premium from the applicant, the agent should issue the applicant a. Where does group-life insurance come from? Compensating executives A key person insurance policy can pay for which of the following? D. Financial Experience. b) State attorney general 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. d) An insurer may exclude any debtors as to whom evidence of individual insurability is not satisfactory to the insurer. Misappropriation or illegal withholding of the policyholder's money. c) Helping insureds to file claims The corporation also helps detect and prevent insurer impairments. -Can't lose value AccountspayableJul1Jul3114,500??? B. 5)an agreement is set, 1)Level term(cheapest insurance) face value stays the same There is no limitation on the number of key employee plans in force at any one time B. -the insurer sets the terms of the contract and the applicant must adhere to them. C. Buy-Sell agreements are normally funded with a life insurance policy c. B. Misrepresentation c) National Association of Insurance Commissioners All of the following statements are true of liability insurance, EXCEPT -pay for certain time and stop In the pamphlet, he includes the full name of his insurance agency and the type of insurance that he offers. C. Premiums are determined by age sex and occupation of each individuals certificate holder. You should now have gotten the answer to your question "All of the following statements are true of liability insurance, EXCEPT:", which was part of Insurance MCQs & Answers. 3. A color-coded map illustrating the current legal status of elective-specific abortion procedures in each of the individual 50 states of the United States of America; plus U.S. territories and federal district [a] As of January 31, 2023 Illegal Legally unclear or legal but no providers Legal before cardiac-cell activity [b] Legal through 15th week LMP (1st trimester) Legal through 18th week LMP . C. Waiver A surplus lines broker accepts business only from non- resident agents Nature of risk (6). (d) Premiums increase at an increasing rate upon renewal. (Choose from the following options) Which of the following is a financial rating service? The shifting of risk of loss to a larger homogeneous group is known as what? (b) Most policies can be renewed without evidence of insurability. 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. The Waiver of Cost of Insurance rider is found in what type of insurance? When the agent delivers the policy, collects the initial premium, and the applicant completes and acceptable statement of good health An annuity is exchanged for another annuity. A conditional or binding receipt is given when an applicant does what?
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