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all of the following are true of insurance except

\text{Dividend}& 19,000& \text { Net Inc } & 65,000 \\ A) the agent. M327. Predicted needs of the family after the insured's death are used in the needs approach. One sided contract is a ______________ contract. C. The death benefit paid to the beneficiary c) National Association of Insurance Commissioners _____________ is an employer paid disability and health insurance coverage that covers job related illnesses or injuries. A. -tax free accumulation of borrowing. 2)the face amount Beneficiaries are NOT required to sign the application unless they are also the owner. 4)Based on principle sum(rider) & capital sum(insurer) 50%, 3rd party ownership insurers issues policy to a lending institution -Not invested in stock market 21,000 \\ d. A whole life insurance policy is exchanged for a term insurance policy, Which of the following will be included in a policy summary? -If the insured dies, the policy payed out the PRINCIPAL SUM A company doing business in a different state than it is incorporated in and the stockholders/share holders have ownership rights The policy is a contract of adhesion Endowments means policy is what(2) things? 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. 2)APS=medical records \end{array} \\ 2. -marriage B. Which of the following statements is not correct regarding rates and premiums? 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. Is claim still paid if there is a misstatement of age or sex? Which of the following documents must be provided to the policyowner or applicant during policy replacement? a) No penalties, since the owner is older than 59 A) Universal Life policies allow for policyholders to withdraw a limited portion of the policy's cash value. b. Predicted needs of the family after the insured's death Most professional liability insurance policies are written with an occurrence coverage trigger instead of a claims made trigger O c Insureds \end{aligned} Conviction of a felony involving moral turpitude. -The insurance dept. The cash value available to the policyowner A. b. 3)premium is collected a) the risk is transferred to the insurer b)the insured may retain part of the risk through deductibles . Yes, all T-mobile insurance plans cover cracked screens.You will have to pay a deductible fee which will depend on your device model. 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? Therefore, it is responsible for 1/3 of the $24,000 loss, or $8,000. 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 . Question: All of the following statements about variable life insurance are true EXCEPT O a. C. Premiums are determined by age sex and occupation of each individuals certificate holder. a) Remains level. \text{ ???? } The remaining amounts should be charged to selling and administrative activities. For this amount of production, total factory overhead is estimated to be $396,000.00. All of the following statements about the characteristics of Social Security are true EXCEPT A. Which risk management type is shifting the risk of loss to a larger homogeneous group? It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. What type of term do you think would be least expensive a short term or a long? Statements in the application that are guaranteed true but later found to be false may result in what? By William Lb Qtjetjx, Author of . 3)2 death benefit option 14,500 \\ Accidental Death Benefit Various life insurance programs for people who served in the military are called ______________? 2. 2)interest sensitive d) Performing reviews of insured's coverage. (Medic Information Bureau)? A surplus lines broker places risk with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers 2)Explain and collect any ratings A) The insurance policy usually has a provision specifying how a notice of loss is to be made to the insurance company. -low commissions -greater potential to grow the cash value but there is no guarantee 90-180 days. D. Speculative Risk Out of 20 yr or 30 yr which policy is less expensive? A policy summary usually includes all the listed information, and must be delivered along with a new policy. Prepare the following details: Mobile number, serial number, or IMEI. 3)they provide insurance to members. c. Using the payback period, which project should Bill choose? (c) The number of times the coverage can be renewed is limited. An agent and an applicant for a life insurance policy fill out and sign the application. D. Concealment The applicants(policy owner) D. The policy is a bilateral contract What are (4) ways annuities are classified? c) Misrepresentation A company doing business in the same state it was incorporated in and owned by the policy holders. D. group credit insurance must have a suicide clause . b) Conditional receipt Findefch a Wife,' 'Pnrple and Fine -men,'^The' Day of Temptation,' ' Of Royal Blood,' etc., etc . B. b) Cost of living rider. (c) expired. Address of his principal office (a) I only An insured becomes disabled at age 22 and can no longer work. The insurer issues the policy and learns of his history one year later. B) The parent is responsible for the premium. d) The Medical Information Bureau. b) 5 years only. 2)Family Income(decreasing term-policy) An insured owns a life insurance policy. A peril 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. d) Fiscal responsibility. 2. Which model is the better fit for the data? 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. 4) 3 components to the premium, The owner and the insured are different people. All of the following are restricted persons concerning the formulation of an insurance contract except: A producer has __________ authority when he accepts premium on a lapsed policy, and the insurer reinstates the policy. C. Buy-Sell agreements are normally funded with a life insurance policy As her friend, you have been asked to review the income statement and make necessary corrections. \hline & \text { Jul 1 } & \begin{array}{r} (d) annual premium and the annual policy dividend. b) State attorney general Legislative advocacy is essential to Physicians Insurance/MedChoice's purpose to protect, defend, and support our Members. What are the (5) Factors considered with combination policies Who and What are they? C. Consideration All of the other statements are true. Insurance transfers risk but it does not__________ risk. 3) Retaining the risk. An aleatory contract is a contract where the monetary values of the parties performances are________________. Type of insurance contract that pays its death benefit only during a specified period of time and nothing after that stipulated period. Which of the families below is likely to have the least need for a large life insurance policy? don't pick binding receipt at all on test. a) Lump-sum approach \\ (d) neither I nor II. 2)Procures insurance 4 itself from another insurer, The tax benefit of annuities is tax deferred growth. ____________ is the transfer of the right of recovery from the insured to the insurance company. 3)substandard risk. Who is responsible for making sure the application is completed properly and all necessary info is obtained? B. 3)2 Death benefits-(level/increasing) ____________ insurer is not a type of insurer. c) 15% for early withdrawal For example, a claim will be paid only is there has been a covered loss. &\begin{array}{lr|rr} What are the two options in death benefit options? C) An insurance contract must contain a copy of the original application. A __________ represents the insured. -and the right to vote. (2), The current market will influence the cash value Errors and Omissions Coverage (E&O) is a name used to describe a type of professional liability insurance. \hline & \text { Jul 1 } & 55,000 \\ What is an exchange of a whole entire life policy for another? a) The policyholders or stockowners of the company 1. B) bonds 3. A _______ __ is the additional premium needed to get covered with high or substandard risk. All of the following statements about term insurance are true EXCEPT. Agents and producers must place business through an insurer with the lowest rated \hline \text { Jul 31 } & 3,000 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? 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. Which of the following statements is NOT true concering insurable interest as it applies to life insurance? -has cash value invested in the stock market Suitability What else must he include? b) Fixed income Can a misrepresentation render the contract void if the misrepresentation is material to the risk? What are the temporary needs? D. Premiums paid are deductible as a business expense. When a policy is non-contributory how much is paid? 3)Increasing term adds face value. &\begin{array}{lccc} -car accident not in conjunction with an illness 2)can be sold as a rider to a whole-life policy. a) Accumulated at interest Quarter($000)1234Cash$100$100$100$100AccountsReceivable1999699604Inventory20150590552AccountsPayable104959597\begin{array}{lrrrr} (6). C. Unilateral contract 10 year level term All of the following characterize term life insurance, EXCEPT: Select one: a. Quarterly working capital levels for your firm for the next year are included in the following table. There are many legitimate need-based expenses that can be paid by life insurance proceeds, from groceries to retirement income. b) Universal Life & \text{ ???? } This is true whether a property or liability form; and regardless whether the insured is a commercial or personal lines client. Pro rata liability applies. Height Weight and Health conditions. considers Lloyds of London an Alien insurer a) Tax-qualified when the company earns a profit and elects to share these profits, they pay a dividend to the policyholders or shareholders. &\text { Accumulated depr.-equipment }\\ Which type of life insurance makes sense for someone in this situation? (b) Any withdrawal of cash value reduces the death benefit. 4)settlement options, 1)stand alone policy Correct: B. b. (b) Cash value accumulation is slow to moderate. -insured can stop paying premiums at certain age or after a period of time Your device, make and model. -Can't lose value How much life insurance should Sam advise . Who gets $$money when the policy holder dies? b) Reduced paid-up What is the difference between renewable policy holder & Insurer? Appoint a solicitor as his or her representative 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. b) The debtors eligible for insurance under the policy shall all be the debtors of the creditor(s). \text { Room } & \text { Super Saver } & \text { Deluxe } & \text { Business } \\ & \text { Depr } & 3,000 \\ A. What will probably happen? 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. b) Index used by stock companies 3. (economy). Example: AIL was incorporated in Indiana and its home office is in Texas so in NJ its considered a foreign insurer. (b) current assumption whole life. - If the insured suffers a dismemberment the policy pays the CAPITAL SUM which is 50% of the principal sum. 1. Whats the cheapest type of permanent insurance? 4. Hazard The following are all causes for the Insurance Commissioner to suspend or impose conditions upon the continuance of a producer's license EXCEPT 1. InventoryJul1Jul3122,000???? Misappropriation or illegal withholding of the policyholder's money. A conditional or binding receipt is given when an applicant does what? ___________ is the persons whose death triggers payment. An IRA uses immediate annuities to pay out benefits; the IRA owner is nearly 75 years old when he decides to collect distributions. 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. C. group credit life insurance does not build cash values. Numerical identifiers: Each candidate list entry covers both anhydrous and hydrated forms of a substance. d) Decreases annually. 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. A key person insurance policy can pay for which of the following? &&\\ 2)quarterly All of the following are business uses of life insurance EXCEPT (a) The insurance provides protection for a temporary period of time. c) 10 years. D) Obtaining a bachelor's degree. 4. Question: 55. Which of the following is a financial rating service? 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 B. A. Which of the following would provide an underwriter with information concerning an applicant's health history? A. (3), WHat is the difference between universal and whole life policies? Correct: C. Consideration. 2)face amount is set Credit life When the producer exceeds the authority expressed in the agency contract and the insurer does not take action, which type of authority is created? 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 . A producer wishing to appeal the final order of the commissioner would appeal to???? -They provide coverage for risks that other insurers normally would not provide. ~~~\text{Depreciation on factory equipment}&31,000\\ D) Claims result from losses by a peril insured against in an insurance policy. (c) conversion provision 1)Whole Life B. Round Tree has 100 Type I rooms and 120 Type II rooms. 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. (b) reduced. B. In a car accident dealing with ADB who covers the passenger? e. The total of costs recorded on all sales invoices for the month is$654,052.00. B. Beneficiarys age \hline & \text { Jul 31 } & 19,500 O d. d) Blackout approach. Waive the premium if the INSURED becomes totally disabled. ~~~\text{Selling and administrative salaries}&75,000\\ 3)according to the source of annuity income D. Solicit applications on insurer's behalf What happens when a policy is surrendered for its cash value? A. A whole life insurance policy is exchanged for a term insurance policy. ~~~\text{Raw materials purchases}&\$264,000\\ Is interest always gained in Universal Life Policy? A. Correct: C. Condition contract, enforceable only under certain conditions. Permanent Insurance have 3 words in common, what are they? All of the following are common characteristics of this coverage EXCEPT To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. c) Whole Life Jul3125,500\begin{aligned} Level-increasing face value. A surplus lines broker deals with direct writing companies only a) Universal life

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all of the following are true of insurance except

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