d) Performing reviews of insured's coverage. Increasing term Quarter($000)1234Cash$100$100$100$100AccountsReceivable1999699604Inventory20150590552AccountsPayable104959597\begin{array}{lrrrr} D. Workers compensation. What are (4) characteristics of permanent insurance? Conditional Contract b) An agent offers to share his commission with a policyholder. c. Using the payback period, which project should Bill choose? C. A surplus lines broker deals with direct writing companies only 2)Decreasing term(premium is low) declining face value A) The insurance policy usually has a provision specifying how a notice of loss is to be made to the insurance company. C. Unilateral contract When an agent is handling the premiums that belong to an insurance company, they are acting in a fiduciary capacity. C. Consideration All of the following are true regarding life insurance illustrations EXCEPT. What is a statement in the application guaranteed true in all respects? a) An agent offers the use of his lake house to person as an inducement to buy. considers Lloyds of London an Alien insurer (d) endowment insurance, Rachel needs permanent life insurance. A company doing business in a different state than it is incorporated in and the stockholders/share holders have ownership rights What is the MIB? 4)underwriting is complete (b) reduced. Arrest History. 5th Sunday after Epiphany Saint Barnabas | By Saint Barnabas Episcopal Example: AIL was incorporated in Indiana and its home office is in Texas so in NJ its considered a foreign insurer. ~~~\text{Selling and administrative salaries}&75,000\\ ~~~\text{Rent on factory facilities}&60,000\\ c) Fixed premium I. 1)Level (d) yearly renewable term, Which statement is true concerning premature death and life expectancy? O c. The policyowner has the option of investing the cash value in several investment accounts. 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 . An applicant is denied insurance because of information found on a consumer report. D. Term life. 3) policy builds cash-value (a) limited-payment whole life insurance D. Department of Treasury A persons assets & liabilities at their time of death. Which of the following would least likely be considered a legitimate need that would be paid by insurance proceeds? The accounting records of DVD Sales, Inc., include the following accounts: CashJul15,500???? 2)attorneys The policy is a contract of adhesion. &\begin{array}{lr|rr} Where can you find insurance coverage after being rejected by your insurance company for too many claims in the past year? C. Countersign insurance contracts Each withdrawal, however, is usually charged, and the amount and frequency of withdrawals are usually limited. ____________ insurer is not a type of insurer. -7 pay test is used to determine If a policy is a MEC. 1)temporary All of the following statements concerning coinsurance are true, EXCEPT . C. Tax Status B. \end{array} a) Universal life c) Copy of the original application A. Quarterly working capital levels for your firm for the next year are included in the following table. II. (Choose from the following options) Cash values are available in whole life policies. Pure risk d) Making claims payments which clearly indicate under which coverage payment has been made. The cost of a living rider is calculated by what? b) Policyholder Appoint a solicitor as his or her representative RetainedEarningsDividend19,000Jul1NetIncJul3165,00065,000111,000. ? Surviving family members may experience a reduction in their standard of living if the family breadwinner dies prematurely. An insurer or producer may NOT knowingly employ an individual to act in a fiduciary capacity if that individual has been convicted of a felony or crime of moral turpitude within the past 3. All of the following are methods of payment? Which of the following is the basic source of information used by the company in the risk selection process? Rates. When an agent collects the initial premium from the applicant, the agent should issue the applicant a. All of the following information about a customer must be used in determining annuity suitability EXCEPT a. B. Twisting An insured owns a life insurance policy. B. What type of policy does the insured most likely have? c. It is the failure to use ordinary care. There are many legitimate need-based expenses that can be paid by life insurance proceeds, from groceries to retirement income. -Take it or leave it contract 14,500 \\ Tamara purchased a term insurance policy when she had high life insurance needs and limited income. An Insurance broker is responsible for what? Correct: A.A peril. II. A. What will probably happen? Accumulateddepr.-equipmentJul1DeprJul3155,0003,00058,000, RetainedEarningsJul165,000Dividend19,000NetInc65,000Jul31111,000\begin{aligned} 2)explain any ratings A surplus lines broker accepts business only from non- resident agents \hline \text { Jul 31 } & 17,000 D) the minor in a juvenile policy. 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. Six Reasons the Loss is Excluded - MyNewMarkets.com In order for the contract or policy to be valid or legal? All of the following would be considered to be rebating EXCEPT c. Do you think that the government has the right to make and enforce laws that affect family life? All of the following are true regarding health insurance policies, EXCEPT: A) An agent or producer may not make changes to the policy B) Once issued, a policy may only be changed with the approval of a company officer C) An agent may change an application with the verbal consent of the applicant Breach of warranty B. Buy-sell agreements are normally funded with a life insurance policy. Numerical identifiers: Each candidate list entry covers both anhydrous and hydrated forms of a substance. Flashcards - WA Life Law Practice Exam - FreezingBlue 4)policy matures at age 100. &\begin{array}{r|lr} The cash value of availability to the policyowner Which of the following is TRUE regarding assignment rights for . Which of the following documents must be provided to the policyowner or applicant during policy replacement? D. Concealment & &&\textbf{ Quarter } \\ Difference between Universal Life Insurance and Whole Life Insurance? e. The total of costs recorded on all sales invoices for the month is$654,052.00. \hline 3)MIB=records of all previous insurances they had. Beneficiary's age An Insurance Broker is responsible for what? Which of the following would provide an underwriter with information concerning an applicant's health history? c) 15% for early withdrawal Two years ago he suffered a head injury from an accident, so he cannot remember parts of his past, but is otherwise competent. -its a rider A. The correct answer is: Premiums are typically paid by the lender. 3)increase the length of coverage DepreciationExpense-FactoryEquipmentDepreciationExpense-BuildingHeat,Light,andPowerExpenseInsuranceExpense-Factory$5,770.242,822.409,055.201,505.28MiscellaneousExpense-FactoryPayrollTaxesExpense-FactoryPropertyTaxExpense-FactorySuppliesExpense-Factory$13,780.4843,736.006,088.3218,063.36. 1) a policyholder votes on the Board of Directors D) They must be signed by both the Producer and the applicant. B) Fiduciary refers to a position of trust. -ages 25,28,34,37,40 Yes, all T-mobile insurance plans cover water damage. (b) single-parent family. C. Independent rating services evaluate and rate the financial ability of insurance companies 3)mortality charge. Which $50,000 life insurance contract if purchased when the insured was 32, would have the highest cash value when the insured is 50? Accelerated Living Benefit/Death Benefit is what type of rider? 3)2 Death benefits-(level/increasing) c) Low-income individuals and families 4)annual, Everytime you have a payment due. Their premiums are lower Free Chapter 1 - Tests.com Insurance companies can charge an interest rate based on the policyowner's credit report. D. Accident Type I rooms do not have wireless Internet access and are not available for the Business rental class. 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. A corporation is the owner and beneficiary of the key person life policy. 1) mentally incompetent persons 1) the premium amount Can term insurance be both renewable and convertible? b) Hazard Domestic Insurer b) Universal Life -car accident not in conjunction with an illness Various life insurance programs for people who served in the military are called ______________? Involuntary Risk 3)Rider expires 60,65,75. If a change in the application is necessary what is required? D) Members of the uniformed forces can obtain term group life insurance through Servicemembers' Group Life Insurance (SGLI). He has also been hospitalized for drug abuse, but does not remember this when applying for insurance. \hline & \text { Jul 1 } & 55,000 \\ Premiums are not tax deductible as a business expense. The policy is a conditional contract d. C. Whole life Originating policy CPI (consumer price index) without evidence. O b. D. Unilateral Contract (d) Premiums increase at an increasing rate upon renewal. D. Speculative Risk Premiums are taxable to the employee An insurance contract requires that both the insured and the insurer meet certain conditions in order for the contract to be enforceable. 25,500, AccountspayableJul114,500???? What type of insurer has no capital stock? Healthcare in the United States - Wikipedia Medical exams provide information on current health. \end{array} c) Extended term (4), 1)monthly (c) Most policies can be converted to a permanent life insurance policy. If you don't have health insurance, you pay all costs for healthcare and medical emergencies. What does "liquidity" refer to in a life insurance policy? d) The Guaranty Corporation. b) Unilateral Which of the following about the use of ordinary life insurance is true? A. -policy holder adheres to it \end{array} 3)Increasing term adds face value. Occupation \hline & \text { Jul 31 } & 19,500 21,000 \\ Everything else equal, how would the factor below affect the market value of a stock? Only one party is giving a legally enforceable promise- A one-sided contract is what? 3)substandard risk. 4. This is called. Close Skip to Content High Contrast Increase Text Size Clear All 515-705-0233. All of the following are true about health insurance except: Solved All of the following statements about variable life - Chegg Newborns after how many days become covered in a child rider? 2)when benefits begin What are (4) ways annuities are classified? Whoso. If the premium was not collected at the time of the application, the producer may also be required to get a Statement of Good Health from the applicant at the time of policy delivery. This method of estimating . InventoryJul1Jul3122,000???? Example: company that is incorporated in NJ and sells in NJ. (a) blended family. The application is the basic source of information an insurer uses in the risk selection process. d. falsely believing that a spouse has been Round Trees management makes a forecast of the demand by rental class for each night in the future. An agent told Carl about a form of life insurance in which Carl could select where the savings component is invested. Most insurance policies contain a specific limit that an insurer will pay for a single claim. D. Breach of warranty When both parties to a contract must perform certain duties in order to make the contract enforceable, this is known as what? B. Yes, all T-mobile insurance plans cover cracked screens.You will have to pay a deductible fee which will depend on your device model. D. The face amount remains the same throughout the life of the policy. The shifting of risk of loss to a larger homogeneous group is known as what? An annuity is exchanged for another annuity. D. The policy is a bilateral contract Exclusion Categories Cash values can be borrowed at any time insurable interest must exist. -below market interest rates on borrowing b. persistent fear of germs d) Joint and Survivor, B) The Waiver of Cost of Insurance rider is found in Universal Life policies. also known as acceptance. \text{Inventory} & 201 & 505 & 905 & 52 \\ (a) present value of future benefits and the present value of future premiums. D. They can decide when to pay their monthly premiums. D. Offer How does having children affect the decisions that couples must make when considering a divorce? Limited-Pay Life & Single-Premium Policies? A whole life insurance policy is exchanged for a term insurance policy, Which of the following will be included in a policy summary? Consumer report The County is administered by a five-member Board of Supervisors who are elected for four-year terms insured is always the borrower & the beneficiary=lender 1. She meets the definition of total disability under Social Security. 2. Rebating is an unfair trade practice and is regulated by law. 2)Foreign Insurer Flashcards - PSI online exam Life Insurance - FreezingBlue &\text { Inventory }\\ Participating policy. B) the applicant. b) Distributions before age 59 1/2 incur a 10% penalty on policy gains. Flashcards - WA Common Law Practice Exam - FreezingBlue Department of Defense 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. Liquidity in life insurance refers to availability of cash to the insured through cash values. (2), 1)HIPPA The insurance company may not void the insurance policy for which of the following reasons? All of the following are true of insurance except: a) protects against uncertainty b)means sharing of loss c)eliminates risk d)transfers risk Answer: Eliminates risk Question: Which of the following is NOT true about insurance? A) the agent. Prior to October 2017, the company had been profitable every month. Journalize the entry to transfer the total of all cost sheets completed from Work in Process to Finished Goods. Who would be eligible to obtain SGLI? 2. Executive office This type of life insurance is called b) Adjustable life When the company earns a profit and elects to share there profits, they pay a ____________to the policyholders or shareholders. The following are all causes for the Insurance Commissioner to suspend or impose conditions upon the continuance of a producer's license EXCEPT 1. In a conditional receipt if the policy holder dies before delivery of the policy what has to happen for the benefits to be paid? (Choose from the following options) -the insurer sets the terms of the contract and the applicant must adhere to them. a) Lump-sum approach A person who negotiates insurance contracts on behalf of an insured. * 50% is paid The 3 categories of private insurers site of incorporation? Is claim still paid if there is a misstatement of age or sex? What are the permanent working capital needs of your company? Where does group-life insurance come from? a) A medical examination A person cannot buy insurance unless that person is in a position to suffer a financial loss. Cash value is invested in the stock market. C. Application The concept that the insured should not profit from an insurance transaction is called what? a) Premium amounts and surrender values B. B. this insurance is often written in connection with automobile loans. If the corporation collects the policy benefit, then C. Certain Risk A) Universal Life policies allow for policyholders to withdraw a limited portion of the policy's cash value. (c) term insurance Rates are considered inadequate when they do not cover projected losses and expenses. The issuance of a _________ is the result of the acceptance of an offer. A. It is most appropriate when an insured needs lifetime protection. M327. A mutual insurance company is owned by who? A ____ contract requires that both parties perform certain duties. -it pays the double indemnity, 1)accident occurs, person must die within 90 days (c) PV of the family's share of a deceased breadwinner's future earnings. C. Whole life After everything is signed & premium is collected What does the agent give to the policy holder? Which of the following statements about limited-payment life insurance is true? Which type of life insurance makes sense for someone in this situation? A linear programming model developed to maximize profit is used to determine how many reservations to accept for each rental class. We participate at both the national and state levels as a leading advocate in the judicial, legislative, and regulatory environment to ensure that Members' concerns are heard by lawmakers on issues that impact medical professional liability. Legislative advocacy is essential to Physicians Insurance/MedChoice's purpose to protect, defend, and support our Members. It does not include breach of contract. 2) premiums do not change Investors become more risk averse. C. A husband or wife has an insurable interest in their spouse good health D. Premiums are tax deductible as a business expense, B. . Reinsurer Assuming company. Group Life Insurance Flashcards | Chegg.com &\text { Rental Class }\\ It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. \hline \text { Jul 1 } & 22,000 \\ Cash value is the same as ___________ when the policy matures. Other factors that are named include "Mortgage underwriters, investment banks, rating agencies, and investors", "low mortgage interest rates, low short-term interest rates . exclusions: when the accident occurs within an illness,disease, or mental infirmity. In addition, they provide financial support for Tom's aged father and Nancy's aged mother. Principles of Risk Management and Insurance - Easy Notecards D) the minor in a juvenile policy. \hline (\$ 000) & 1 & 2 & 3 & 4 \\ B. Avoidance Life expectancy has increased in the U.S. over the last century. All of the following statements are true regarding mortgage protection insurance EXCEPT. What kind of penalty would the IRA owner pay? a) Executive offer of the replacing company Who represents the insured when dealing with insurance companies? 3)Consideration 3) Retaining the risk. a) Aleatory &\text { Accumulated depr.-equipment }\\ 1)physical exam A. 3)Explain any riders or exclusion c) Increases annually. The insurance provides protection for a specified period of time. d) Primary and secondary beneficiary designations. The correct answer is: The premium decreases to zero by the end of the policy period. (c) conversion provision ? Tom and Nancy Boyle provide financial support for their two children. (Medic Information Bureau)? Which kind of agent enters into agreements with more than one insurer? 4)Consumer report=credit, -shorter time span for paying premiums 4)settlement options, 1)stand alone policy ~~~\text{Depreciation on factory equipment}&31,000\\ Question: All of the following statements about variable life insurance are true EXCEPT O a. Certificate holders may convert coverage to an individual policy without evidence of insurability. Non-Participating (stock) Life Insurance Policy. [Solved] All of the following are true of insurance EXCEPT It transfers Most policies can be renewed for additional periods without evidence of insurability. Correct: C. Consideration. \end{array} Any gain in the policy's cash value is . Your device, make and model. Benefits received are considered income taxable A producer wishing to appeal the final order of the commissioner would appeal to???? c) Helping insureds to file claims All of the following statements about term insurance are trueEXCEPTa. a) Agent's report when the company earns a profit and elects to share these profits, they pay a dividend to the policyholders or shareholders. 1)cont. 2)face amount is set Correct: B. Weiss and Fitch are two of these services, although there are more. Inventory balances at the beginning and end of October were: Only 75% of the utilities expense and 60% of the insurance expense apply to factory operations. Whats the "take it or leave it contract"? Insurance transfers risk but it does not__________ risk. _______ pays dividends to the stock holder. An IRA uses immediate annuities to pay out benefits; the IRA owner is nearly 75 years old when he decides to collect distributions. 4) Joint-Life policy(business part) Insurance policy of 2 or more When an insured fails to disclose known facts in an application for insurance, he/she may be guilty of: A. Due to climate change, premiums are going up for certain types of insurance, such as flood insurance. Upon policy delivery, the producer may be required to obtain any of the following EXCEPT Get more out of your subscription* Access to over 100 million course-specific study resources What must exist at the time of the application? Chapter 4.1 : Life Insurance Flashcards | Chegg.com Which of the families below is likely to have the least need for a large life insurance policy? C. Solicit applications on the insurer's behalf a) Material change -has cash value invested in the stock market A false statement in the application for insurance is_____________. &\text { Accounts receivable }\\ A monthly deduction is made from a policy's cash value for the cost of insurance protection. 1) insured gets higher amount Cash Accumulation C. Buy-Sell agreement D. Survivor Protection, All of the following are true of key person insurance except A. I. You cannot sell a variable policy without what? C. Waiver \end{array} (b) face amount of the policy and the total premiums that have been paid. (d) The policyowner can add to a policy's cash value at any time subject to policy guidelines. The purpose of an estate clearance fund is to pay all of the following EXCEPT. It is used to pay off the balance on the mortgage. (c) They decrease at a constant rate. d) The insurer will sue the insured for committing fraud. B. Beneficiarys age C. Buy-Sell agreements are normally funded with a life insurance policy An Applicant inaccurately representing information on the application is guilty of: A. 1)increase cash value
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