Flashcards - D1. Accident and Health Insurance Basics - FreezingBlue \end{array} True or False: Under the Financial Responsibility Law, you are required to have insurance on any motor vehicle you own or drive, except motorcycles Use the indirect method. Under Section I, homeowners insurance must include - Limited Pay Life 2)quarterly A. a) Agent's report (a) They increase at an increasing rate. "Round Tree Manor is a hotel that provides two types of rooms with three rental classes: Super Saver, Deluxe, and Business. After examining other manufacturing cost data, you have acquired additional information as follows. - 20 pay life-premiums paid for 20 years and paid up at 65 Estimated direct labor costs for next year are$440,000.00. C) the proposed insured. Correct: A. Solved All of the following statements about professional - Chegg 10 year level term a. mentally counting backward from 1,0001,0001,000 \text { Room } & \text { Super Saver } & \text { Deluxe } & \text { Business } \\ D. Funding against general company financial loss When an insurance policy is not clear, the court will usually interpret in favor of the insured because of which characteristic? a) Remains level. a) Year only. 2. \hline & \text { Jul 31 } & 58,000 Correct: C. Condition contract, enforceable only under certain conditions. B) One step in the investigation of a claim is to determine whether the policy was in force when the loss occurred. 1)policy owner can increase/decrease/ or skip premium payments a. When parties to a contract exchange unequal amounts of money, this is said to be what type of contract? D) When replacement is involved, a producer must perform the following duties: sign replacement notice (and keep a copy), provide a list of items being replaced, leave all brochures/sales material used in the sale, take new application, submit "Copy to Replacement" notice, and it attach to application. The Waiver of Cost of Insurance rider is found in what type of insurance? \underline{\hspace{40pt}}. Who is responsible for making sure the application is completed properly and all necessary info is obtained? 4)Explain the policy and its provisions Correct: A.A peril. 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? Which of the following is an example of an unfair claims settlement practice? 3)MIB=records of all previous insurances they had. Life insurance is unique from other types of insurance in that it could perform the function of cash accumulation. \text{Net loss}&&\underline{\underline{\$(23,000)}}\\ ________________ are the person who receives benefits payable upon death. b. -receiving dividends(when declared) 4. 25,500, AccountspayableJul114,500???? a) Lump-sum approach Correct: A. Attempting to determine how much insurance an individual would require based upon their finacial objectives is known as. \end{array} \\ Appoint a solicitor as his or her representative 1)cont. 1)Statement of continued good health Government Relations: New Challenges and the Ongoing Erosion of The companys president is concerned about the accuracy of the income statement. A producer wishing to appeal the final order of the commissioner would appeal to???? (d) free look provision. (d) annual premium and the annual policy dividend. What are the permanent working capital needs of your company? C) Completing pre-licensing training. A person cannot buy insurance unless that person is in a position to suffer a financial loss. There is a limit for a withdrawal and the insurer charges a fee. When the agent delivers the policy, collects the initial premium, and the applicant completes and acceptable statement of good health C. Unilateral contract Cash value is the same as ___________ when the policy matures. (Medic Information Bureau)? B) The plan is funded by permanent insurance only. c) Conditional Healthcare in the United States is far outspent than any other nation, measured both in per capita spending and as a percentage of GDP. \text { Type II } & \$ 20 & \$ 30 & \$ 40 1) Avoiding the risk B. Avoidance The issuance of a policy or binder is not part of the consideration element of an insurance contract, it is part of the _______ ________. 14,500 \\ 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. Something of value is a __________________. D. Effect of inflation on income over time. (c) both I & II (d) neither I or II, Diane is a single parent. Home Office- what do the underwriters do. they evaluate 4 things- what are they(4)??? D. Claim History Who are considered to be restricted persons concerning the formulation of an insurance contract. 3 of them? Participating policy. An insured is driving her automobile and strikes a large pothole that . d) Blackout approach. Correct: A Insurance . C. Conditional contract A. 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. b. -Voting. Rates 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. You cannot sell a variable policy without what? Which of the following best illustrates a _________ is a determination that a statement made as a warranty, or true. c) Variable Premium Originating policy The profit per night for each type of room and rental class is as follows: RentalClassRoomSuperSaverDeluxeBusinessTypeI$30$35TypeII$20$30$40\begin{aligned} The minimum FREE LOOK period is how many days? -guaranteed/fixed/level payment, -Immediate "annuitization phase" Foreign. Copyright 2009-2022 Tests.com LLC - All Rights Reserved. Conviction of a felony involving moral turpitude. d) Accumulations are tax deferred. A. True or False: Under the Financial Responsibility Law, you are required (1), In Universal life, what options can the policy owner have with the premium payments to do? A. A. signed waiver of premium 3)Alien Insurer. -cash value options 90-180 days. 2)people under the influence of drugs or alcohol The preferred risk classification indicates that an insured is in excellent physical condition and employs healthy lifestyles and habits. A mutual insurer has no stock, and is owned by the policyholders. When a policy is contributory how much is paid? A. Concerning insurance, the definition of a fiduciary is -policy holder adheres to it 2)the face amount Joe, Larry, and Curly own a small business. Effects of climate change - Wikipedia There is no limitation on the number of key employee plans in force at any one time B. M327. Being young and healthy means you can skip out on health insurance. B) According to the law of large numbers, the larger a group becomes, the easier it is to predict losses. B. What type of insurer has no capital stock? b) Outline of coverage C. Whole life 1)Whole Life Correct: Misrepresentation, False statement contained in the application, An intentional deception of the truth in order to induce another to part with something of value or to surrender a legal right. c. thoughts of harming a neighbor B. a. What else must he include? 2)explain any ratings The following information is taken from the records of Hammond on November 30 of the current year. \hline \text { Jul 31 } & 3,000 -insured can stop paying premiums at certain age or after a period of time D. The face amount remains the same throughout the life of the policy. (b) Cash value accumulation is slow to moderate. Principles of Risk Management and Insurance - Easy Notecards 1. C. Premiums are determined by age sex and occupation of each individuals certificate holder. a) A retail clerk. Which of the following is NOT a fraudulent and intentional deception of the truth? 1) preferred-low All of the following statements are true regarding mortgage protection insurance EXCEPT. Who is not a party to the contract and receives the benefits when the insured dies? An agent has authority to do all of the following, except: A. Countersign insurance contracts 3. The parties in the insurance contract consist of whom? Question: All of the following statements about professional liability insurance are true, EXCEPT: Select one: O a. \text { Type I } & \$ 30 & \$ 35 & - \\ If company pays dividends, then they are a? 3)2 death benefit option D. The benefit is received tax free Based on Human Life Value Approach, which of the following is NOT used to calculate an individual's life value? Retention, Avoidance, and Transfer are all _________________. The terrorism risk insurance program reauthorization act provides for a terrorism insurance program administered by which federal entity? 1. 3)substandard risk. Which of the following is NOT an example of a business use of Life Insurance? \text{Inventory} & 201 & 505 & 905 & 52 \\ Jul3117,000\begin{aligned} Insurance is an important tool to manage risks, but often unavailable to poorer households. It is used to pay off the balance on the mortgage. What are two reasons that people deposit money in banks? Claim is still paid with an adjustment to the benefits. Which of the following information about the applicant is NOT included on Part 1 of the application for life insurance. Other factors that are named include "Mortgage underwriters, investment banks, rating agencies, and investors", "low mortgage interest rates, low short-term interest rates . A. contract of adhesion (a) blended family. CPI (consumer price index) without evidence. An insurance contract requires that both the insured and the insurer meet certain conditions in order for the contract to be enforceable. What is the MIB? &&\\ C. Premiums are tax deductible by the key employee Department of Defense -assignor=assignee The premium is guaranteed for an initial period and then the insurer can charge up to a maximum premium charge in what type of policy? & \text{ ???? } The face amount decreases as the amount owed on the mortgage decreases. 2)standard-average 5th Sunday after Epiphany Saint Barnabas | By Saint Barnabas Episcopal 3)according to the source of annuity income b) Promptly forwarding premiums to the insurance company Appoint a solicitor as his or her representative (Choose from the following options) Premiums are not tax deductible as a business expense. D. group credit insurance must have a suicide clause . still matures at age 100, -premium is paid off at one time When applicant is not the insured ______________ must exist. (b) single-parent family. 2. B) Once the cash surrender value option is selected, the coverage is terminated and the policy cannot be reinstated. (a) capital retention approach B. 1)physical exam Insurance is not designed to cover _____________ losses. Due to climate change, premiums are going up for certain types of insurance, such as flood insurance. \end{array} WorkinProcessFactoryOverheadCash$229,040.0078,960.00250,558.00EmployeeIncomeTaxPayableSocialSecurityTaxPayableMedicareTaxPayable$33,880.0019,096.004,466.00. - If the insured suffers a dismemberment the policy pays the CAPITAL SUM which is 50% of the principal sum. What does "liquidity" refer to in a life insurance policy? Taxes, Retirement, and Other Insurance Concep, State Laws, Rules, and Regulations Quizzes, Life Insurance Policy Provisions, Options and, Fundamentals of Financial Management, Concise Edition. 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. 2)Decreasing Term A person who negotiates insurance contracts on behalf of an insured. There are many legitimate need-based expenses that can be paid by life insurance proceeds, from groceries to retirement income. A) The insurance policy usually has a provision specifying how a notice of loss is to be made to the insurance company. 4)underwriting is complete D. Offer Represent the insured's interest, Insurance Licensing - Chapter 2: Property Bas, Chapter 9- Commercial General Liability Cover, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, CompTIA A+ Certification Exam Prep - Chapter. Who would be eligible to obtain SGLI? The gross premium charged must reflect, at least for competitive reasons, the actual cost of providing the insurance. Past-due interest on a policy loan is added to the total debt. -pays an additional death benefit if the insured dies from an accident See Answer. Estate conservation On DUE DATE. Social Security is designed to provide a base of economic security B. D. They can decide when to pay their monthly premiums. 2) standard risk C. Payment of premium &\text { Accounts receivable }\\ An Insurance Broker is responsible for what? I. Yes, all T-mobile insurance plans cover cracked screens.You will have to pay a deductible fee which will depend on your device model. Cash values can be borrowed at any time \hline \text { Jul 1 } & 22,000 \\ Unit 27 Flashcards by Lauren Pulido | Brainscape ~~~\text{Rent on factory facilities}&60,000\\ ?19,500, Accumulateddepr.-equipmentJul155,000Depr3,000Jul3158,000\begin{aligned} 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? 2)Legal Purpose ~~~\text{Advertising expense}&90,000\\ (3), 1)bank trust officer A. Term life insurance provides the largest amount of coverage for the lowest amount of premium. An insurer that was incorporated in a different state that it is doing business in. 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. D. Breach of warranty Which of the following about a VUL insurance policy is (are) true? c) Premium accountability. Which kind of agent enters into agreements with more than one insurer? B. \hline && \text { Jul 31 } & 111,000 The applicant has been shown to be a poor personal credit risk. (c) variable life insurance. Are insurance company underwriters allowed to discriminate? Domestic Insurer (b) variable life insurance B. Which of the following about decreasing term insurance is true? 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 4) Joint-Life policy(business part) Insurance policy of 2 or more D. Funding against general company financial loss. It is the specific cause of loss. Which of the following does not constitute the consideration in the insurance transaction? Life insurance prodceeds Pro rata liability applies. A. (c) face amount of the policy and the legal reserve. b) The agent's report c) Guides describing company financial integrity Represent the insured's interest Solved All of the following are true for indemnity insurance | Chegg.com 3) type of plan they applied for. (c) both I & II (d) neither I or II. A. a) Universal life Who represents the insured when dealing with insurance companies? All of the following are true of negligence, except: - AZanswer All of the following statements about ordinary life insurance are true EXCEPT. Insurance transfers risk but it does not__________ risk. (a) I only (b) II only A ____ contract requires that both parties perform certain duties. 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? \hline \text { Jul 31 } & 17,000 Some life insurance policies offer cash values that can be borrowed at any time and used for immediate needs. \hline \text { Jul 31 } & 25,500 ch2 Flashcards | Quizlet Which of the following statements about universal life insurance is true? What are the 3 characteristics of a Mutual Insurance Company? Universal Life is also known as two things what are they? Agents and producers must place business through an insurer with the lowest rated S dies 5 years later in 2008 and the insurer pays the beneficiary $10,500. 5)an agreement is set, 1)Level term(cheapest insurance) face value stays the same The replacing company notifies the replacement company. D. Financial Experience. II. Life insurance proceeds Free Standardized Tests Flashcards about Health&Life - StudyStack The policy is a conditional contract A. Credit life Cash values are available in whole life policies. 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? 1)Level B) The parent is responsible for the premium. Consumer report The following are all true regarding risk management, except: A. d) Fiscal responsibility. & &&\textbf{ Quarter } \\ Empire Company is a manufacturer of smart phones. Steven prints a pamphlet to advertise his life insurance business. Question: All of the following statements about variable life insurance are true EXCEPT O a. Cash value is invested in the stock market. \end{array} D) Obtaining a bachelor's degree. 1) Family Maintenance(breadwinner) If the corporation collects the policy benefit, then a) Indeterminate Premium -immediately considered fully paid up 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. 5)coverage begins An insured becomes disabled at age 22 and can no longer work. \end{aligned} A buy-sell agreement is simply a contract that establishes what will be done with a business in the event that an owner dies. d) Contingent. 1. B) They illustrate the nonguaranteed elements of the policy. 3)Minors. (c) human life value method Correct: D. Department of Treasury, The Terrorism Act, which protects consumers by addressing market disruptions and ensuring the continued widespread availability and affordability of property and casualty insurance for a terrorism risk, is a administered by the Department of Treasury. 4 All of the following statements about term insurance are true EXCEPT Which of the following documents delivered to the policyowner includes information about premium amounts, cash values, surrender values, and death benefits for specific years? A linear programming model developed to maximize profit is used to determine how many reservations to accept for each rental class. c. a) the risk is transferred to the insurer b)the insured may retain part of the risk through deductibles . Endowments means policy is what(2) things? Certificate holders may convert coverage to an individual policy without evidence of insurability. Correct: B. d) An insurer may exclude any debtors as to whom evidence of individual insurability is not satisfactory to the insurer. 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 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. b) Universal Life a) To limit the insurer's liability after the 2 year waiting period A policy that does not pay dividends to policyowners is a b) Adjustable life 4)Consumer report=credit, -shorter time span for paying premiums ~~~\text{Depreciation on factory equipment}&31,000\\ e. The total of costs recorded on all sales invoices for the month is$654,052.00. An insurance consultant CANNOT be which type of persons? 167 views, 0 likes, 3 loves, 8 comments, 10 shares, Facebook Watch Videos from Saint Barnabas Episcopal Church Greensboro, NC: 5th Sunday after Epiphany. Which type of risk involves the possibility of loss or gain? (d) Most policies have a CV that is refunded when coverage ceases. \end{aligned} Study with Quizlet and memorize flashcards containing terms like All of the following are true regarding group term life insurance, EXCEPT: a. Compute DVDs net cash provided by (used for) operating activities during July. 2)collateral assignment-some or only one right assigned. With a little work, an unused office area could be converted to a rental room. Where can you find insurance coverage after being rejected by your insurance company for too many claims in the past year? Yes, all T-mobile insurance plans cover water damage. Chapter 11 - Life Insurance. C. Countersign insurance contracts B. When will coverage begin? Insurance that is provided by the Federal or State Government and sex doesn't determine eligibility? a. whole life paid at 65 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". _______ pays dividends to the stock holder. D. Gender. d) Fair Credit Reporting Act. c) Low-income individuals and families Which of the following statements regarding the taxation of Modified Endowment Contracts is FALSE? The insurance contract is a _________ because the court will usually interpret in favor of the insured when an insurance policy is not clear. (c) The number of times the coverage can be renewed is limited. D) They must be signed by both the Producer and the applicant. 2) Transferring the risk (2), The current market will influence the cash value In order for the contract or policy to be valid or legal? (c) both I and II b) Human life value approach a) Juvenile Life -birth of child. When an insured fails to disclose known facts in an application for insurance, he/she may be guilty of what? Insurance is designed to cover both intentional and unintentional losses. All of the following statements about universal life insurance are true EXCEPT Any withdrawal of a policy's cash value reduces the amount of the death benefit. When a insurance company(insurer) has too many risks exposed to loss it seek another company(reinsurers) to insure them. 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. 2)Straight Life The interest rate credited to the cash value at the time of issuance remains fixed over the life of the policy. The shifting of risk of loss to a larger homogeneous group is known as what? 21,000 \\ A. D) Using misrepresentation to convince a person to cancel an existing policy and buy a new one is called "twisting.". (a) renewal provision Costs of training a replacement when the applicant/owner is not the insured-3rd party All of the following statements about the settlement of a claim are true EXCEPT. Where To Find Sea Glass In Hawaii, Articles A
">

all of the following are true of insurance except

A debtor has an insurable interest in the life of a lender. Applicant pays premium to make agreement. Exclusions always exist, and there is a reason for each one. a) A medical examination Upon policy delivery, the producer may be required to obtain any of the following EXCEPT Cause of potential loss to property such as fire, windstorm, hail, flood, etc. A. A. Why do most states have a waiting period for couples applying for marriage licenses? A life insurance policy is exchanged for an annuity. \text{Accounts Receivable} & 199 & 96 & 99 & 604 \\ 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. Health insurance decreases your healthcare costs. There is a minimum guaranteed interest rate on all sub-accounts. The penalty is 50% of the shortfall from the required annual amount. RentalClassRoomTypeITypeIISuperSaver$30$20Deluxe$35$30Business$40. b. A lender has an insurable interest in the life of a debtor, but only to the extent of the debt. A) the agent. a) The policy can be converted to term coverage. Mutual life policy. Why?". c) The policy will be voided. What is an exchange of a whole entire life policy for another? d) Producer. I. If the insurance carried is less than required, the insurance may not cover the whole loss. To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. A life insurance license. 4)settlement options, 1)stand alone policy Quarterly working capital levels for your firm for the next year are included in the following table. Most professional liability insurance policies are written with an occurrence coverage trigger instead of a claims made trigger O c Insureds C. It's a decreasing term insurance. It requires evidence of insurability for renewal. 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. AccountspayableJul1Jul3114,500??? C. A husband or wife has an insurable interest in their spouse -A Mec will receive unfavorable tax treatment ____________ insurer is not a type of insurer. 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. b) Conditional receipt All of the following statements are TRUE concerning Debtor Groups EXCEPT 4. d) Older. (a) limited-payment whole life insurance It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. D) real estate, Under one method of estimating a loss reserve, the reserve is based on life expectancy, duration of disability, and similar factors. (Hint: Take a look at the Theory of Reasoned Action.). An underwriter will consider each of the following factors when evaluating a risk, except: A. may not be altered by an agent and must clearly state that it is not part of the contract. Flashcards - D1. Accident and Health Insurance Basics - FreezingBlue \end{array} True or False: Under the Financial Responsibility Law, you are required to have insurance on any motor vehicle you own or drive, except motorcycles Use the indirect method. Under Section I, homeowners insurance must include - Limited Pay Life 2)quarterly A. a) Agent's report (a) They increase at an increasing rate. "Round Tree Manor is a hotel that provides two types of rooms with three rental classes: Super Saver, Deluxe, and Business. After examining other manufacturing cost data, you have acquired additional information as follows. - 20 pay life-premiums paid for 20 years and paid up at 65 Estimated direct labor costs for next year are$440,000.00. C) the proposed insured. Correct: A. Solved All of the following statements about professional - Chegg 10 year level term a. mentally counting backward from 1,0001,0001,000 \text { Room } & \text { Super Saver } & \text { Deluxe } & \text { Business } \\ D. Funding against general company financial loss When an insurance policy is not clear, the court will usually interpret in favor of the insured because of which characteristic? a) Remains level. a) Year only. 2. \hline & \text { Jul 31 } & 58,000 Correct: C. Condition contract, enforceable only under certain conditions. B) One step in the investigation of a claim is to determine whether the policy was in force when the loss occurred. 1)policy owner can increase/decrease/ or skip premium payments a. When parties to a contract exchange unequal amounts of money, this is said to be what type of contract? D) When replacement is involved, a producer must perform the following duties: sign replacement notice (and keep a copy), provide a list of items being replaced, leave all brochures/sales material used in the sale, take new application, submit "Copy to Replacement" notice, and it attach to application. The Waiver of Cost of Insurance rider is found in what type of insurance? \underline{\hspace{40pt}}. Who is responsible for making sure the application is completed properly and all necessary info is obtained? 4)Explain the policy and its provisions Correct: A.A peril. 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? Which of the following is an example of an unfair claims settlement practice? 3)MIB=records of all previous insurances they had. Life insurance is unique from other types of insurance in that it could perform the function of cash accumulation. \text{Net loss}&&\underline{\underline{\$(23,000)}}\\ ________________ are the person who receives benefits payable upon death. b. -receiving dividends(when declared) 4. 25,500, AccountspayableJul114,500???? a) Lump-sum approach Correct: A. Attempting to determine how much insurance an individual would require based upon their finacial objectives is known as. \end{array} \\ Appoint a solicitor as his or her representative 1)cont. 1)Statement of continued good health Government Relations: New Challenges and the Ongoing Erosion of The companys president is concerned about the accuracy of the income statement. A producer wishing to appeal the final order of the commissioner would appeal to???? (d) free look provision. (d) annual premium and the annual policy dividend. What are the permanent working capital needs of your company? C) Completing pre-licensing training. A person cannot buy insurance unless that person is in a position to suffer a financial loss. There is a limit for a withdrawal and the insurer charges a fee. When the agent delivers the policy, collects the initial premium, and the applicant completes and acceptable statement of good health C. Unilateral contract Cash value is the same as ___________ when the policy matures. (Medic Information Bureau)? B) The plan is funded by permanent insurance only. c) Conditional Healthcare in the United States is far outspent than any other nation, measured both in per capita spending and as a percentage of GDP. \text { Type II } & \$ 20 & \$ 30 & \$ 40 1) Avoiding the risk B. Avoidance The issuance of a policy or binder is not part of the consideration element of an insurance contract, it is part of the _______ ________. 14,500 \\ 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. Something of value is a __________________. D. Effect of inflation on income over time. (c) both I & II (d) neither I or II, Diane is a single parent. Home Office- what do the underwriters do. they evaluate 4 things- what are they(4)??? D. Claim History Who are considered to be restricted persons concerning the formulation of an insurance contract. 3 of them? Participating policy. An insured is driving her automobile and strikes a large pothole that . d) Blackout approach. Correct: A Insurance . C. Conditional contract A. 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. b. -Voting. Rates 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. You cannot sell a variable policy without what? Which of the following best illustrates a _________ is a determination that a statement made as a warranty, or true. c) Variable Premium Originating policy The profit per night for each type of room and rental class is as follows: RentalClassRoomSuperSaverDeluxeBusinessTypeI$30$35TypeII$20$30$40\begin{aligned} The minimum FREE LOOK period is how many days? -guaranteed/fixed/level payment, -Immediate "annuitization phase" Foreign. Copyright 2009-2022 Tests.com LLC - All Rights Reserved. Conviction of a felony involving moral turpitude. d) Accumulations are tax deferred. A. True or False: Under the Financial Responsibility Law, you are required (1), In Universal life, what options can the policy owner have with the premium payments to do? A. A. signed waiver of premium 3)Alien Insurer. -cash value options 90-180 days. 2)people under the influence of drugs or alcohol The preferred risk classification indicates that an insured is in excellent physical condition and employs healthy lifestyles and habits. A mutual insurer has no stock, and is owned by the policyholders. When a policy is contributory how much is paid? A. Concerning insurance, the definition of a fiduciary is -policy holder adheres to it 2)the face amount Joe, Larry, and Curly own a small business. Effects of climate change - Wikipedia There is no limitation on the number of key employee plans in force at any one time B. M327. Being young and healthy means you can skip out on health insurance. B) According to the law of large numbers, the larger a group becomes, the easier it is to predict losses. B. What type of insurer has no capital stock? b) Outline of coverage C. Whole life 1)Whole Life Correct: Misrepresentation, False statement contained in the application, An intentional deception of the truth in order to induce another to part with something of value or to surrender a legal right. c. thoughts of harming a neighbor B. a. What else must he include? 2)explain any ratings The following information is taken from the records of Hammond on November 30 of the current year. \hline \text { Jul 31 } & 3,000 -insured can stop paying premiums at certain age or after a period of time D. The face amount remains the same throughout the life of the policy. (b) Cash value accumulation is slow to moderate. Principles of Risk Management and Insurance - Easy Notecards 1. C. Premiums are determined by age sex and occupation of each individuals certificate holder. a) A retail clerk. Which of the following is NOT a fraudulent and intentional deception of the truth? 1) preferred-low All of the following statements are true regarding mortgage protection insurance EXCEPT. Who is not a party to the contract and receives the benefits when the insured dies? An agent has authority to do all of the following, except: A. Countersign insurance contracts 3. The parties in the insurance contract consist of whom? Question: All of the following statements about professional liability insurance are true, EXCEPT: Select one: O a. \text { Type I } & \$ 30 & \$ 35 & - \\ If company pays dividends, then they are a? 3)2 death benefit option D. The benefit is received tax free Based on Human Life Value Approach, which of the following is NOT used to calculate an individual's life value? Retention, Avoidance, and Transfer are all _________________. The terrorism risk insurance program reauthorization act provides for a terrorism insurance program administered by which federal entity? 1. 3)substandard risk. Which of the following is NOT an example of a business use of Life Insurance? \text{Inventory} & 201 & 505 & 905 & 52 \\ Jul3117,000\begin{aligned} Insurance is an important tool to manage risks, but often unavailable to poorer households. It is used to pay off the balance on the mortgage. What are two reasons that people deposit money in banks? Claim is still paid with an adjustment to the benefits. Which of the following information about the applicant is NOT included on Part 1 of the application for life insurance. Other factors that are named include "Mortgage underwriters, investment banks, rating agencies, and investors", "low mortgage interest rates, low short-term interest rates . A. contract of adhesion (a) blended family. CPI (consumer price index) without evidence. An insurance contract requires that both the insured and the insurer meet certain conditions in order for the contract to be enforceable. What is the MIB? &&\\ C. Premiums are tax deductible by the key employee Department of Defense -assignor=assignee The premium is guaranteed for an initial period and then the insurer can charge up to a maximum premium charge in what type of policy? & \text{ ???? } The face amount decreases as the amount owed on the mortgage decreases. 2)standard-average 5th Sunday after Epiphany Saint Barnabas | By Saint Barnabas Episcopal 3)according to the source of annuity income b) Promptly forwarding premiums to the insurance company Appoint a solicitor as his or her representative (Choose from the following options) Premiums are not tax deductible as a business expense. D. group credit insurance must have a suicide clause . still matures at age 100, -premium is paid off at one time When applicant is not the insured ______________ must exist. (b) single-parent family. 2. B) Once the cash surrender value option is selected, the coverage is terminated and the policy cannot be reinstated. (a) capital retention approach B. 1)physical exam Insurance is not designed to cover _____________ losses. Due to climate change, premiums are going up for certain types of insurance, such as flood insurance. \end{array} WorkinProcessFactoryOverheadCash$229,040.0078,960.00250,558.00EmployeeIncomeTaxPayableSocialSecurityTaxPayableMedicareTaxPayable$33,880.0019,096.004,466.00. - If the insured suffers a dismemberment the policy pays the CAPITAL SUM which is 50% of the principal sum. What does "liquidity" refer to in a life insurance policy? Taxes, Retirement, and Other Insurance Concep, State Laws, Rules, and Regulations Quizzes, Life Insurance Policy Provisions, Options and, Fundamentals of Financial Management, Concise Edition. 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. 2)Decreasing Term A person who negotiates insurance contracts on behalf of an insured. There are many legitimate need-based expenses that can be paid by life insurance proceeds, from groceries to retirement income. A) The insurance policy usually has a provision specifying how a notice of loss is to be made to the insurance company. 4)underwriting is complete D. Offer Represent the insured's interest, Insurance Licensing - Chapter 2: Property Bas, Chapter 9- Commercial General Liability Cover, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, CompTIA A+ Certification Exam Prep - Chapter. Who would be eligible to obtain SGLI? The gross premium charged must reflect, at least for competitive reasons, the actual cost of providing the insurance. Past-due interest on a policy loan is added to the total debt. -pays an additional death benefit if the insured dies from an accident See Answer. Estate conservation On DUE DATE. Social Security is designed to provide a base of economic security B. D. They can decide when to pay their monthly premiums. 2) standard risk C. Payment of premium &\text { Accounts receivable }\\ An Insurance Broker is responsible for what? I. Yes, all T-mobile insurance plans cover cracked screens.You will have to pay a deductible fee which will depend on your device model. Cash values can be borrowed at any time \hline \text { Jul 1 } & 22,000 \\ Unit 27 Flashcards by Lauren Pulido | Brainscape ~~~\text{Rent on factory facilities}&60,000\\ ?19,500, Accumulateddepr.-equipmentJul155,000Depr3,000Jul3158,000\begin{aligned} 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? 2)Legal Purpose ~~~\text{Advertising expense}&90,000\\ (3), 1)bank trust officer A. Term life insurance provides the largest amount of coverage for the lowest amount of premium. An insurer that was incorporated in a different state that it is doing business in. 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. D. Breach of warranty Which of the following about a VUL insurance policy is (are) true? c) Premium accountability. Which kind of agent enters into agreements with more than one insurer? B. \hline && \text { Jul 31 } & 111,000 The applicant has been shown to be a poor personal credit risk. (c) variable life insurance. Are insurance company underwriters allowed to discriminate? Domestic Insurer (b) variable life insurance B. Which of the following about decreasing term insurance is true? 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 4) Joint-Life policy(business part) Insurance policy of 2 or more D. Funding against general company financial loss. It is the specific cause of loss. Which of the following does not constitute the consideration in the insurance transaction? Life insurance prodceeds Pro rata liability applies. A. (c) face amount of the policy and the legal reserve. b) The agent's report c) Guides describing company financial integrity Represent the insured's interest Solved All of the following are true for indemnity insurance | Chegg.com 3) type of plan they applied for. (c) both I & II (d) neither I or II. A. a) Universal life Who represents the insured when dealing with insurance companies? All of the following are true of negligence, except: - AZanswer All of the following statements about ordinary life insurance are true EXCEPT. Insurance transfers risk but it does not__________ risk. (a) I only (b) II only A ____ contract requires that both parties perform certain duties. 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? \hline \text { Jul 31 } & 17,000 Some life insurance policies offer cash values that can be borrowed at any time and used for immediate needs. \hline \text { Jul 31 } & 25,500 ch2 Flashcards | Quizlet Which of the following statements about universal life insurance is true? What are the 3 characteristics of a Mutual Insurance Company? Universal Life is also known as two things what are they? Agents and producers must place business through an insurer with the lowest rated S dies 5 years later in 2008 and the insurer pays the beneficiary $10,500. 5)an agreement is set, 1)Level term(cheapest insurance) face value stays the same The replacing company notifies the replacement company. D. Financial Experience. II. Life insurance proceeds Free Standardized Tests Flashcards about Health&Life - StudyStack The policy is a conditional contract A. Credit life Cash values are available in whole life policies. 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? 1)Level B) The parent is responsible for the premium. Consumer report The following are all true regarding risk management, except: A. d) Fiscal responsibility. & &&\textbf{ Quarter } \\ Empire Company is a manufacturer of smart phones. Steven prints a pamphlet to advertise his life insurance business. Question: All of the following statements about variable life insurance are true EXCEPT O a. Cash value is invested in the stock market. \end{array} D) Obtaining a bachelor's degree. 1) Family Maintenance(breadwinner) If the corporation collects the policy benefit, then a) Indeterminate Premium -immediately considered fully paid up 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. 5)coverage begins An insured becomes disabled at age 22 and can no longer work. \end{aligned} A buy-sell agreement is simply a contract that establishes what will be done with a business in the event that an owner dies. d) Contingent. 1. B) They illustrate the nonguaranteed elements of the policy. 3)Minors. (c) human life value method Correct: D. Department of Treasury, The Terrorism Act, which protects consumers by addressing market disruptions and ensuring the continued widespread availability and affordability of property and casualty insurance for a terrorism risk, is a administered by the Department of Treasury. 4 All of the following statements about term insurance are true EXCEPT Which of the following documents delivered to the policyowner includes information about premium amounts, cash values, surrender values, and death benefits for specific years? A linear programming model developed to maximize profit is used to determine how many reservations to accept for each rental class. c. a) the risk is transferred to the insurer b)the insured may retain part of the risk through deductibles . Endowments means policy is what(2) things? Certificate holders may convert coverage to an individual policy without evidence of insurability. Correct: B. d) An insurer may exclude any debtors as to whom evidence of individual insurability is not satisfactory to the insurer. 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 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. b) Universal Life a) To limit the insurer's liability after the 2 year waiting period A policy that does not pay dividends to policyowners is a b) Adjustable life 4)Consumer report=credit, -shorter time span for paying premiums ~~~\text{Depreciation on factory equipment}&31,000\\ e. The total of costs recorded on all sales invoices for the month is$654,052.00. An insurance consultant CANNOT be which type of persons? 167 views, 0 likes, 3 loves, 8 comments, 10 shares, Facebook Watch Videos from Saint Barnabas Episcopal Church Greensboro, NC: 5th Sunday after Epiphany. Which type of risk involves the possibility of loss or gain? (d) Most policies have a CV that is refunded when coverage ceases. \end{aligned} Study with Quizlet and memorize flashcards containing terms like All of the following are true regarding group term life insurance, EXCEPT: a. Compute DVDs net cash provided by (used for) operating activities during July. 2)collateral assignment-some or only one right assigned. With a little work, an unused office area could be converted to a rental room. Where can you find insurance coverage after being rejected by your insurance company for too many claims in the past year? Yes, all T-mobile insurance plans cover water damage. Chapter 11 - Life Insurance. C. Countersign insurance contracts B. When will coverage begin? Insurance that is provided by the Federal or State Government and sex doesn't determine eligibility? a. whole life paid at 65 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". _______ pays dividends to the stock holder. D. Gender. d) Fair Credit Reporting Act. c) Low-income individuals and families Which of the following statements regarding the taxation of Modified Endowment Contracts is FALSE? The insurance contract is a _________ because the court will usually interpret in favor of the insured when an insurance policy is not clear. (c) The number of times the coverage can be renewed is limited. D) They must be signed by both the Producer and the applicant. 2) Transferring the risk (2), The current market will influence the cash value In order for the contract or policy to be valid or legal? (c) both I and II b) Human life value approach a) Juvenile Life -birth of child. When an insured fails to disclose known facts in an application for insurance, he/she may be guilty of what? Insurance is designed to cover both intentional and unintentional losses. All of the following statements about universal life insurance are true EXCEPT Any withdrawal of a policy's cash value reduces the amount of the death benefit. When a insurance company(insurer) has too many risks exposed to loss it seek another company(reinsurers) to insure them. 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. 2)Straight Life The interest rate credited to the cash value at the time of issuance remains fixed over the life of the policy. The shifting of risk of loss to a larger homogeneous group is known as what? 21,000 \\ A. D) Using misrepresentation to convince a person to cancel an existing policy and buy a new one is called "twisting.". (a) renewal provision Costs of training a replacement when the applicant/owner is not the insured-3rd party All of the following statements about the settlement of a claim are true EXCEPT.

Where To Find Sea Glass In Hawaii, Articles A