When a policy is non-contributory how much is paid? 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. cash value increases while face value remains the same. The preferred risk classification indicates that an insured is in excellent physical condition and employs healthy lifestyles and habits. Modification to a policy is a _______________? What does it mean when a policy is limited pay life? C. Conditional contract The insurance provides protection for a specified period of time. Which of the following statements is NOT true concering insurable interest as it applies to life insurance? b) The policy will not be affected. 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. Beneficiary's age is not a suitability factor. ch2 Flashcards | Quizlet saalt menstrual disc how to use - evcc-estheticstraining.com d) Making claims payments which clearly indicate under which coverage payment has been made. 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 _________. (c) both I & II (d) neither I or II, Diane is a single parent. Based on Human Life Value Approach, which of the following is NOT used to calculate an individual's life value? The Terrorism Risk Insurance Program is administered by which of the following Federal entities? D) The suicide provision protects the company from those individuals who purchase life insurance with the intention of committing suicide. 2)administered charge 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. c) Term life Jul313,000\begin{aligned} compulsion? 2)Variable annuity When both parties to a contract must perform certain duties in order to make the contract enforceable, this is known as what? Suitability Group life insurance is most often issued as guaranteed annual renewable term. C. Social Security works exactly same as private insurance. c) Variable Premium D. Solicit applications on insurer's behalf Which of the following is NOT a fraudulent and intentional deception of the truth? B) The reduced paid-up nonforfeiture option would provide protection until the insured reaches 100, but the face amount is reduced to what the cash would buy. \hline \text { Jul 1 } & 22,000 \\ Which of the following statements about endowment policies is true? (a) present value of future benefits and the present value of future premiums. Which of the following would be the best option that would help the surviving spouse of the insured to put her child through daycare after the insured's death? d) Performing reviews of insured's coverage. RetainedEarningsDividend19,000Jul1NetIncJul3165,00065,000111,000. What will probably happen? Effects of climate change - Wikipedia B. \textbf{EMPIRE COMPANY}\\ A __________ represents the insured. Address of his principal office Individuals covered under the policy received a certificate of insurance. 2) form of interest sensitive life insurance(current market conditions influence the cash value) 1) coverage is permanent (a) I only (b) II only All of the following are business uses of life insurance EXCEPT 14,500 \\ Why do most states have a waiting period for couples applying for marriage licenses? As her friend, you have been asked to review the income statement and make necessary corrections. C. The death benefit paid to the beneficiary An insurer that was incorporated in a different state that it is doing business in. The 7 paytest is used to determine if a policy is a _______? How does having children affect the decisions that couples must make when considering a divorce? All of the following statements about term insurance are true EXCEPT. Prepare the following details: Mobile number, serial number, or IMEI. a) Juvenile Life d) Joint and Survivor, B) The Waiver of Cost of Insurance rider is found in Universal Life policies. - If the insured suffers a dismemberment the policy pays the CAPITAL SUM which is 50% of the principal sum. Past-due interest on a policy loan is added to the total debt. What is the purpose of a suicide provision within a life insurance policy? C) They must contain a warning that actual results may vary. c) Policy loans are taxable distributions. 1.1K 64K views 1 year ago In this video I show you how to one shot (a) renewal provision The employer is the owner . The face amount decreases as the amount owed on the mortgage decreases. All of the following are true of insurance EXCEPT It transfers risk. B) The parent is responsible for the premium. 3)low premiums. c. The NAAR for a life insurance policy is the difference between the Payor benefit/Clause is always a _________. 4) Joint-Life policy(business part) Insurance policy of 2 or more -the insurer sets the terms of the contract and the applicant must adhere to them. b) Coverage ends and the policy cannot be reinstated. Nature of risk All of the following statements are correct about policy loan interest rates EXCEPT: (A) an insurance company can charge a fixed rate of interest up to a maximum of 10%, with some restrictions (B) an adjustable interest rate can be used if the insurance company follows a national corporate bond index (C) an adjustable interest rate can be used if the limit is based on the average monthly . Tamara purchased a term insurance policy when she had high life insurance needs and limited income. B. Correct: B. How has the Aswan High Dam affected the lives of Egyptians? 4)Based on principle sum(rider) & capital sum(insurer) 50%, 3rd party ownership insurers issues policy to a lending institution A producer wishing to appeal the final order of the commissioner would appeal to???? 6)Explain Free Look period-10-30 days- unconditional refund that begins when policy is delivered. a) Indeterminate Premium All renewable term policies are accepted without__________ and only with_____ collected. d) Primary and secondary beneficiary designations. Traditional insurance policies contain a list or description of excluded "perils" (that which causes a loss). 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? A lender has an insurable interest in the life of a debtor, but only to the extent of the debt. A value-added tax ( VAT ), known in some countries as a goods and services tax ( GST ), is a type of tax that is assessed incrementally. 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???? AccountspayableJul1Jul3114,500??? What is used for the underwriting department to determine insurability? 3)MIB=records of all previous insurances they had. After examining other manufacturing cost data, you have acquired additional information as follows. 2)APS=medical records 5)Survivorship Life Policy (policy holder pays themselves). -guarantee a stream of income to the person purchasing it known as the annuitant. Any profit realized in the operation will be used to provide dividends to stockholders as well as surplus funds that may be used as a buffer for future adverse experience. C. A surplus lines broker accepts business only from non- resident agents These individuals qualify for lower premiums than those in the other categories. B. The corporation also helps detect and prevent insurer impairments. Findefch a Wife,' 'Pnrple and Fine -men,'^The' Day of Temptation,' ' Of Royal Blood,' etc., etc . Represent the insured's interest Certificate holders may convert coverage to an individual policy without evidence of insurability. It does not include breach of contract. good health IN WHITE RAIMENT. True or False: Under the Financial Responsibility Law, you are required Correct: B. d) An insurer may exclude any debtors as to whom evidence of individual insurability is not satisfactory to the insurer. Rating codes are assigned to show financial strength or weakness of each company rated ? (c) face amount of the policy and the legal reserve. All of the following statements are true of liability insurance, EXCEPT II. Foreign. The storage of flammables in a fireproof container. Correct: A. Which of the following is NOT an allowable 1035 exchange? A) the agent. 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. (Medic Information Bureau)? &\begin{array}{l|lr} Part 1 of the application includes the general questions about the applicant, including name, age, address, birth date, gender, income, marital status, and occupation. c) Helping insureds to file claims Final practice questions Flashcards | Chegg.com when the applicant/owner is not the insured-3rd party Liquidity in life insurance refers to availability of cash to the insured. By William Lb Qtjetjx, Author of . 2)Decreasing Term 3)they provide insurance to members. &\begin{array}{lccc} Who is responsible for making sure the application is completed properly and all necessary info is obtained? Predicted needs of the family after the insured's death are used in the needs approach. D. Workers compensation. (a) I only (b) II only B) Passing examination with 75% or higher score. ? -marriage \text{Less: Operating expenses}\\ Retention, Avoidance, and Transfer are all _________________. ~~~\text{Raw materials purchases}&\$264,000\\ C. Buy-Sell agreements are normally funded with a life insurance policy Flashcards - WA Common Law Practice Exam - FreezingBlue d) Decreases annually. b) State attorney general What characteristic must an annuity have if it is used to accumulate funds in an IRA? (must exist at the time of application). B. 1)increase cash value What kind of penalty would the IRA owner pay? Chapter 11 - Life Insurance. & \text{ ???? } Compensating executives (d) endowment insurance, Rachel needs permanent life insurance. Beneficiary's age In addition, they provide financial support for Tom's aged father and Nancy's aged mother. It is used to pay off the balance on the mortgage. D. A surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers 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) both I & II (d) neither I or II. Which of the following is usually true of a participating life insurance policy? 5th Sunday after Epiphany Saint Barnabas | By Saint Barnabas Episcopal The following are all true regarding risk management, except: A. Only one party is giving a legally enforceable promise- A one-sided contract is what? What is the MIB? ~~~\text{Depreciation on sales equipment}&45,000\\ 2)collateral assignment-some or only one right assigned. 2)Decreasing term(premium is low) declining face value Involuntary Risk In order for the contract or policy to be valid or legal? &\begin{array}{r|lr} -If the insured dies, the policy payed out the PRINCIPAL SUM Can term insurance be both renewable and convertible?
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