4)Consumer report=credit, -shorter time span for paying premiums 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 regarding the taxation of Modified Endowment Contracts is FALSE? Which of the following about the use of ordinary life insurance is true? C. The insurer is always required to pay the . 4)underwriting is complete -insured can stop paying premiums at certain age or after a period of time 2)premium gets lower. Six Reasons the Loss is Excluded - MyNewMarkets.com (c) human life value method What limitations might this model have for predicting consumer's attitudes and purchase behavior towards Cream Silk? d) Decreases annually. D. Concealment (c) both I & II (d) neither I nor II. 4)Offer and Acceptance, -direct and identifiable interest in that persons life/as well as financial interest. the underwriting process is approved for: 1)policy owner can increase/decrease/ or skip premium payments The cost of a living rider is calculated by what? Quarter($000)1234Cash$100$100$100$100AccountsReceivable1999699604Inventory20150590552AccountsPayable104959597\begin{array}{lrrrr} \hline & \text { Jul 1 } & \begin{array}{r} 1. B) The parent is responsible for the premium. Costs of training a replacement Tax-qualified annuities are subject to IRA maximum contribution limits. \hline \text { Jul 31 } & 17,000 Increasing term All of the following statements about the characteristics of Social Security are true EXCEPT A. The requirement that producers must account for all insurance funds collected, and without the expressed consent of the insurance company(ies) are not permitted to co-mingle those funds with their own funds is known as Or, Bill can invest $9,000 in project B that promises to pay annual end-of-year payments of$1,500, $1,500,$1,500, $3,500, and$4,000 over the next 5 years. e. The total of costs recorded on all sales invoices for the month is$654,052.00. (c) face amount of the policy and the legal reserve. All of the following statements concerning coinsurance are true, EXCEPT . C. Concealment . All of the following are true about health insurance except: Purchasing health care can help save you from medical bankruptcy. Question: All of the following statements about variable life insurance are true EXCEPT O a. What is the primary source of info used to determine insurability by the underwriting department? Acceptance What adds coverage and modifies coverage? An insurance contract requires that both the insured and the insurer meet certain conditions in order for the contract to be enforceable. AccountspayableJul1Jul3114,500??? d) Military personnel. Any gain in the policy's cash value is . A. -Not invested in stock market Correct: B. Empire Company is a manufacturer of smart phones. Question: All of the following statements about professional liability insurance are true, EXCEPT: Select one: O a. 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. Claim is still paid with an adjustment to the benefits. 2)the face amount a) A medical examination When will coverage begin? Which of the families below is likely to have the least need for a large life insurance policy? the application is used at the primary source of info. Individuals covered under the policy received a certificate of insurance. Get more out of your subscription* Access to over 100 million course-specific study resources Which of the following is the best reason to purchase life insurance rather than annuities? Solved 55. All of the following statements regarding | Chegg.com B) A fiduciary is a producer who handles insurer funds in a trust capacity. Warranty -Take it or leave it contract All of the following statements about universal life insurance are true EXCEPT -the applicant must always initial the change Which of the following is the basis for a claim against an insurance policy? Principles of Risk Management and Insurance - Easy Notecards A. Most policies can be renewed for additional periods without evidence of insurability. B. a) the risk is transferred to the insurer b)the insured may retain part of the risk through deductibles . 1)temporary The applicant accepts the invitation by paying the ___________. Costs of training a replacement D. Speculative Risk IN WHITE RAIMENT. Which risk management type is shifting the risk of loss to a larger homogeneous group? (b) Any withdrawal of cash value reduces the death benefit. B. What are some of the questions asked on the application to determine the premium and risk classification of the insured? The death benefit varies according to investment experience. Limited-Pay Life & Single-Premium Policies? c) Conditional c) Increases annually. -age 100. Home Office- what do the underwriters do. they evaluate 4 things- what are they(4)??? Value-added tax - Wikipedia B) In insurance, fraud is the intentional misrepresentation of material information that is crucial when deciding whether or not to write a contract for an applicant. Who are considered to be restricted persons concerning the formulation of an insurance contract. 3 of them? c) 15% for early withdrawal D) Claims result from losses by a peril insured against in an insurance policy. -provides income for retirement The employer is the owner . 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. The policyowner can add to a policy's cash value at any time subject to policy guidelines. 167 views, 0 likes, 3 loves, 8 comments, 10 shares, Facebook Watch Videos from Saint Barnabas Episcopal Church Greensboro, NC: 5th Sunday after Epiphany. Appoint a solicitor as his or her representative A policy summary D) Insurance covers intentional losses as well as unintentional. Which of the following about yearly renewable term insurance is true? What (5) Factors for GIO & GIB. whose covered? All of the following are required signatures on a life insurance application EXCEPT. When the application is submitted without the premium its considered an invitation for the insurer to make an offer. 14,500 \\ If you don't have health insurance, you pay all costs for healthcare and medical emergencies. What are the two options in death benefit options? (c) PV of the family's share of a deceased breadwinner's future earnings. If a change in the application is necessary what is required? c) Disclosure rule C. Conditional contract \text { Room } & \text { Super Saver } & \text { Deluxe } & \text { Business } \\ An Insurance broker is responsible for what? A mutual insurance company is owned by who? (c) variable life insurance. To sell variable life insurance policies, an agent must receive all of the following EXCEPT All of the following statement regarding credit life insurance are true, except: A. credit life insurance may be written on either and individual or group basis. D) real estate, Under one method of estimating a loss reserve, the reserve is based on life expectancy, duration of disability, and similar factors. For example, a claim will be paid only is there has been a covered loss. The face amount decreases as the amount owed on the mortgage decreases. 3)substandard-highest, 6 factors that are complete for policy 2 be paid? (b) Most policies can be renewed without evidence of insurability. \end{aligned} (d) They remain level. I. 1)Domestic Insurer When a replacement is involved, a replacing insurance company is responsible for all of the following EXCEPT: Provide a copy of the Important Notice Regarding Replacement of Life Insurance to the applicant. What happens when a policy is surrendered for its cash value? A FINRA registration. -birth of child. In this particular instance the applicant did not commit intentional fraud. An underwriter will consider each of the following factors when evaluating a risk, except: A. -and the right to vote. Retention, Avoidance, and Transfer are all _________________. 2)administered charge Solved All of the following statements about professional - Chegg All of the following are methods of payment? For this amount of production, total factory overhead is estimated to be $396,000.00. 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. -car accident not in conjunction with an illness 4)Explain the policy and its provisions A surplus lines broker accepts business only from non- resident agents The policyowner has a variety of options for investment of the cash value. Which of the following is usually true of a participating life insurance policy? What happens when there is a Misstatement of age or sex? Correct: A. a surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. The total factory payroll for the month according to the payroll register is $308,000.00, distributed as follows. An applicant is denied insurance because of information found on a consumer report. Premiums are not tax deductible as a business expense. 2. &\begin{array}{lr|rr} Why do most states have a waiting period for couples applying for marriage licenses? 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 _________. Beneficiary's age It is a type of tort. B) Once the cash surrender value option is selected, the coverage is terminated and the policy cannot be reinstated. Dividends received by policyholders of a mutual insurer are not taxable. A. contract of adhesion A. -guarantee a stream of income to the person purchasing it known as the annuitant. The storage of flammables in a fireproof container. 2) premiums do not change Why?". -Voting. How has the Aswan High Dam affected the lives of Egyptians? (2), 1)HIPPA Which of the following statements about a life insurance policy is (are) true? d) Joint and Survivor, B) The Waiver of Cost of Insurance rider is found in Universal Life policies. 1) insured gets higher amount c) The policy will be voided. -receiving dividends(when declared) \end{array} -But pays you interest, 1)Fixed annuity An insured owns a life insurance policy. B. Which of the following is a physical hazard? It is used to help adequacy and equity in rates. InventoryJul1Jul3122,000???? d) An agent misrepresents policy benefits to convince a policyowner to replace policies. See Page 1. (d) annual premium and the annual policy dividend. IRS classification of a policy that is overfunded? 1. -pay for certain time and stop 1.1K 64K views 1 year ago In this video I show you how to one shot Our records show that more than one device is associated with this b. (Medic Information Bureau)? What else must he include? A. Foregin b. 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. A. B. Misrepresentation -it pays the double indemnity, 1)accident occurs, person must die within 90 days (c) both I & II (d) neither I or II, Diane is a single parent. Economics questions and answers. The 4 characteristics of a universal life policy are? Consumer report a sheet where the agent lists any additional info about insured including: habits,financial status, or anything that may be important for the underwriting department to determine the risk involved. Participating policy. \hline \text { Jul 1 } & 5,500 &&\\ -Follows all conditions of contract & pays premium, -insurer says how policy works All of the following are true about the Fair Credit Reporting Act Except: Regardless of what the consumer learns about the unfavorable information, the report can be changed by court action only. There is no limitation on the number of key employee plans in force at any one time B. a) Material change b. Non-Participating (stock) Life Insurance Policy. C) A licensee cannot knowingly employ an individual who has been convicted of a felony or crime of moral turpitude within the past 10 years to act in a fiduciary capacity. \hline \text { Jul 31 } & 3,000 A) They must be given to all Life insurance applicants. Chapter 4.1 : Life Insurance Flashcards | Chegg.com A. When an agent is handling the premiums that belong to an insurance company, they are acting in a fiduciary capacity. Eight Summoning Eyes need to be placed to summon the Ender Dragon and players need to have 450 Dragon Weight to have a chance of getting the sword. a) Small employers Where can you find insurance coverage after being rejected by your insurance company for too many claims in the past year? Life insurance prodceeds Tom and Nancy Boyle provide financial support for their two children. Who appoints the state insurance regulator in many states? A. a. mentally counting backward from 1,0001,0001,000 \hline & \text { Jul 31 } & 58,000 -ages 25,28,34,37,40 2)FCRA(fair credit reporting act) checks MIB report. Upon policy delivery, the producer may be required to obtain any of the following EXCEPT A. Chapter 11 - Life Insurance Flashcards | Quizlet b) Human life value approach Whole life policy. Certificate holders may convert coverage to an individual policy without evidence of insurability. A _______ __ is the additional premium needed to get covered with high or substandard risk. 1)increase cash value (3), 1)bank trust officer (c) Most policies can be converted to a permanent life insurance policy. b) Cost of living rider. a) An agent offers the use of his lake house to person as an inducement to buy. B) They illustrate the nonguaranteed elements of the policy. Which kind of agent enters into agreements with more than one insurer? Predicted needs of the family after the insured's death Effects of climate change - Wikipedia All of the following are true of negligence, except: a. Beneficiary's age is not a suitability factor. A. C) Completing pre-licensing training. II. a) The policy can be converted to term coverage. Which of the following best describes a surplus lines broker? C. Buy-Sell agreements are normally funded with a life insurance policy Instructions According to the entire contract provision, what document must be made part of the insurance policy? Where does group-life insurance come from? Suitability Which of the following is an example of liquidity in a life insurance contract? a. (b) Cash value accumulation is slow to moderate. B. IRS has no jurisdiction a) Accumulated at interest B) Human life value approach is determined by the loss of income that would result with the death of the insured, after making adjustments for expenses, inflation, etc. Which method makes the most sense for her to employ? Government Relations: New Challenges and the Ongoing Erosion of Jul313,000\begin{aligned} Healthcare in the United States - Wikipedia c) The inspection report b) Adjustable life -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? 3) type of plan they applied for. Receipt Close Skip to Content High Contrast Increase Text Size Clear All 515-705-0233. B. Marital Status Which of the following is correct concerning the taxation of premiums in a key-person life insurance policy? Flashcards - PSI online exam Life Insurance - FreezingBlue The insurance company may not void the insurance policy for which of the following reasons? Final practice questions Flashcards | Chegg.com A securities license. \hline \text { Jul 1 } & 22,000 \\ b) An agent offers to share his commission with a policyholder. b) Distributions before age 59 1/2 incur a 10% penalty on policy gains. She has limited income and significant life insurance needs. 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. Which of the following is an example of an unfair claims settlement practice? What will probably happen? The correct answer is: Maggie's Piano Studio with 1 employee. In this case, the applicant will most likely need to fill out a Statement of Good Health. Which of the following does not constitute the consideration in the insurance transaction? In addition, they provide financial support for Tom's aged father and Nancy's aged mother. D. Funding against general company financial loss All of the following statements are true of liability insurance, EXCEPT Accelerated Living Benefit/Death Benefit is what type of rider? 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. 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? I. A life insurance license. A. B. ________________ are the person who receives benefits payable upon death. Correct: C. Concealment, A. \hline -kids till 21 All of the following are true for indemnity insurance except that: a. premiums are based on separate risk pools often organized by employers. A debtor has an insurable interest in the life of a lender. D) When immediate annuities are used to pay IRA benefits, distributions must begin no later than age 70 in order for the annuitant to avoid penalties. &\text { Cash }\\ a) Because the insured is currently not a drug user, his policy will not be affected. Cash values can be borrowed at any time D. Agents report. (a) I only (b) II only B. An annuity is exchanged for another annuity. In order for the contract or policy to be valid or legal? Originating policy Use the indirect method. What are the permanent working capital needs of your company? Life Insurance Basics Flashcards | Quizlet