-20 pay life-paid up at 65 Abortion in the United States - Wikipedia Example: AIL was incorporated in Indiana and its home office is in Texas so in NJ its considered a foreign insurer. 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. B) Money collected with respect to an insurance transaction must be held in a position of trust by the producer. Daycare is considered to be among these expenses. Which of the following is NOT an example of a business use of Life Insurance? The correct answer is: The premium decreases to zero by the end of the policy period. What contract characteristic does this describe? Because the insurance company must pay claims and the insured must comply with the policy terms, the insurance contract is considered which of the following types of contracts? (d) paid-up. a) The policyholders or stockowners of the company Economics questions and answers. What must exist at the time of the application? Despite this, the country has significantly worse healthcare outcomes when compared to peer nations. There are many legitimate need-based expenses that can be paid by life insurance proceeds, from groceries to retirement income. \end{aligned} Which of the following statements concerning buy-sell agreements is true? The applicant's medical background is addressed in Part 2 - Medical Information. You cannot sell a variable policy without what? Past-due interest on a policy loan is added to the total debt. 3)premium is collected 2)face amount is set 90-180 days. Insurance is an important tool to manage risks, but often unavailable to poorer households. C. Waiver c) The premium for the policy shall be paid either from the creditor's funds, or from charges collected from the insured debtors, or from both. (2), 1)HIPPA A color-coded map illustrating the current legal status of elective-specific abortion procedures in each of the individual 50 states of the United States of America; plus U.S. territories and federal district [a] As of January 31, 2023 Illegal Legally unclear or legal but no providers Legal before cardiac-cell activity [b] Legal through 15th week LMP (1st trimester) Legal through 18th week LMP . considers Lloyds of London an Alien insurer Reinsurer Assuming company. All of the following statements concerning coinsurance are true, EXCEPT When both parties to a contract must perform certain duties in order to make the contract enforceable, this is known as what? A key person insurance policy will pay for costs of running the business and replacing the employee. b. When the producer exceeds the authority expressed in the agency contract and the insurer does not take action, which type of authority is created? Contract or form of ownership is a ______________? D. Alien As her friend, you have been asked to review the income statement and make necessary corrections. Upon policy delivery, the producer may be required to obtain any of the following EXCEPT Credit life b) The debtors eligible for insurance under the policy shall all be the debtors of the creditor(s). Six Reasons the Loss is Excluded - MyNewMarkets.com Term. 2)administered charge A) Universal Life policies allow for policyholders to withdraw a limited portion of the policy's cash value. b) The elderly 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. -sex doesn't determine eligibility. D. Premiums paid are deductible as a business expense. (c) PV of the family's share of a deceased breadwinner's future earnings. Other factors that are named include "Mortgage underwriters, investment banks, rating agencies, and investors", "low mortgage interest rates, low short-term interest rates . a) Consumer Privacy Act 25,500, AccountspayableJul114,500???? Correct: D. Represent the insured's interest, All of the following statements regarding financial rating services are correct, except. The policy is a contract of adhesion. B) A fiduciary is a producer who handles insurer funds in a trust capacity. 1. Which of the following requires that the insurance company supply the applicant with the name and address of the consumer reporting company? -Both parties must follow certain conditions set forth in contract, -IRS classification of a policy that is overfunded This is called. Something of value is a __________________. 2)premium gets lower. Rates. b) Outline of coverage Flashcards - WA Life Law Practice Exam - FreezingBlue The policy is a conditional contract EMPIRECOMPANYIncomeStatementFortheMonthEndedOctober31,2017\begin{array}{c} All of the following statements are true regarding mortgage protection insurance EXCEPT. D. Represent the insured's interest baseball, fishing | 2K views, 10 likes, 0 loves, 0 comments, 2 shares, Facebook Watch Videos from 800 Pound Gorilla Media: Robert talks about fishing in NYC, baseball, and growing up with protective. A. \text{ ???? } 3)substandard-highest, 6 factors that are complete for policy 2 be paid? don't pick binding receipt at all on test. 2)Increase the face value - Limited Pay Life The replacing company notifies the replacement company. Life insurance proceeds C. Hazards \end{aligned} Accidental Death Benefit Which of the following information about the applicant is NOT included on Part 1 of the application for life insurance. (a) The insurance provides protection for a temporary period of time. Rebating is an unfair trade practice and is regulated by law. C. Department of State b) Hazard When an insurance policy is not clear, the court will usually interpret in favor of the insured because of which characteristic? The primary purpose of buying an annuity is? 1. The insurer that is transferring the risk to another company is called the ____________ __________. D) Obtaining a bachelor's degree. 5th Sunday after Epiphany Saint Barnabas | By Saint Barnabas Episcopal An agent told Carl about a form of life insurance in which Carl could select where the savings component is invested. A. a) Universal life \text { Room } & \text { Super Saver } & \text { Deluxe } & \text { Business } \\ This type of life insurance is called c) Premium accountability. 4)Consumer report=credit, -shorter time span for paying premiums (6). Tax-qualified annuities are subject to IRA maximum contribution limits. Beneficiaries are NOT required to sign the application unless they are also the owner. 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. b. (3), 1)bank trust officer 3)Consideration IRS classification of a policy that is overfunded? 1 / 25. Which of the following is NOT an allowable 1035 exchange? Some life insurance policies offer cash values that can be borrowed at any time and used for immediate needs. 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. Compensating executives D. Gender. 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. 3) Retaining the risk. 2) Transferring the risk What are the (5) Factors considered with combination policies Who and What are they? B. Aleatory contract B) One step in the investigation of a claim is to determine whether the policy was in force when the loss occurred. Which of the following is TRUE regarding assignment rights for . Exclusion Categories (d) Its use may be appropriate if a person wants paid-up life insurance by retirement. (c) The number of times the coverage can be renewed is limited. a) More active. D. The face amount remains the same throughout the life of the policy. 3)mortality charge. D) Using misrepresentation to convince a person to cancel an existing policy and buy a new one is called "twisting.". 4)annual, Everytime you have a payment due. Coverage is available in $50,000 increments up to the maximum of $400,000. Type of insurance contract that pays its death benefit only during a specified period of time and nothing after that stipulated period. Statements in the application that are guaranteed true but later found to be false may result in what? \textbf{EMPIRE COMPANY}\\ Nonparticipating policy. b. it frequently includes coverage for losses due to casualty and theft. Prior to October 2017, the company had been profitable every month. The NAAR for a life insurance policy is the difference between the Insurance transfers risk but it does not__________ risk. a) Lump-sum approach Which of the following is the basis for a claim against an insurance policy? A policy that does not pay dividends to policyowners is a A. a) Agent's report B. The applicant has been shown to be a poor personal credit risk. Insurance is not designed to cover _____________ losses. B. ? 3)2 death benefit option Since they may receive a dividend (not guaranteed), such policies are known as participating policies. b) Larger. Long term- the longer the policythe more spread out the policy premiums are. Estate conservation &\begin{array}{lr|rr} What constitutes the acceptance of an offer? Premiums are taxable to the employee 1)cont. Involuntary Risk 1)Level (a) matured. c) Fixed premium D. Concealment ___________ is the persons whose death triggers payment. Where does group-life insurance come from? 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. Age, Sex, Occupation, Hobbies, Habits, Smoking or Non-Drug user or Non. Chapter 1- General Insurance Flashcards | Quizlet c. Using the payback period, which project should Bill choose? The following information is taken from the records of Hammond on November 30 of the current year. Originating policy compulsion? Study with Quizlet and memorize flashcards containing terms like Which of the following would not appear in the asset section of an insurance company's balance sheet? 1)Whole Life C. State Education Waiver Correct: B. A. Represent the insured's interest 2) premiums do not change b) State attorney general Poor adaptation to climate change further widens the gap between what people can afford and the costs of insurance, as risks increase. When will coverage begin? d) Limited pay. D. The benefit is received tax free Investors become more risk averse. Legal Purpose An underwriter will consider each of the following factors when evaluating a risk, except: A. D) the minor in a juvenile policy. II. \hline \text { Jul 31 } & 17,000 Non-Participating (stock) Life Insurance Policy. Does not pay dividends to policyowners; however, taxable dividends are paid to stockholder. What are two reasons that people deposit money in banks? 2)APS=medical records 4)settlement options, 1)stand alone policy If applicant is not the insured- then insureds signature is required & \text { Depr } & 3,000 \\ What kind of penalty would the IRA owner pay? 4. \end{aligned} 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 Can term insurance be both renewable and convertible? a) Payor rider. The accounting records of DVD Sales, Inc., include the following accounts: CashJul15,500???? When an agent is handling the premiums that belong to an insurance company, they are acting in a fiduciary capacity. c) Misrepresentation Correct: A. D. Premiums are tax deductible as a business expense, B. C. Independent rating services evaluate and rate the financial ability of insurance companies Receipt The following are all causes for the Insurance Commissioner to suspend or impose conditions upon the continuance of a producer's license EXCEPT 1. b) Fixed income Which of the following is correct concerning the taxation of premiums in a key-person life insurance policy? The total of all requisitions of indirect materials issued during the month is$20,170.00. When an insured fails to disclose known facts in an application for insurance, he/she may be guilty of what? II. Should a key person die, the benefit is treated as a reimbursement to the business for loss of services from that key person. Conviction of a felony involving moral turpitude. Chapter 4.1 : Life Insurance Flashcards | Chegg.com All of the following are true of insurance except: Which of the following is NOT true about insurance? Solved All of the following are true for indemnity insurance | Chegg.com Jason Mackenzie Alexander argues morality is a form of social technology - it is context specific and it can go out-of-date Correct: C. Consideration. The application is the basic source of information an insurer uses in the risk selection process. What is NOT invested in the stock market but pays you interest? A life insurance license. Who is not a party to the contract and receives the benefits when the insured dies? 1)tax qualified plans They keep a high percentage of any interest earned on their policies C. Tax Status insurable interest must exist. An insurer that is incorporated in the same state that they are doing business in is a_____________.? Total personal income in the United States (in billions of dollars) for selected years from 1960 to 2009 is given in the following table. 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". Department of Defense Their premiums are lower b) A producer who handles insurer funds in a trust capacity. B. A Contract that binds only one party to future performance, is a (n): A. Which of the following is true regarding the beneficiary designation of the former spouse. All of the following statements are true of liability insurance, EXCEPT D) Claims result from losses by a peril insured against in an insurance policy. Example: company that is incorporated in NJ and sells in NJ. In terms of social security, what is the name for the time period after the youngest child of a family turns 16 and before the surviving spouse may start receving retirement benefits? \textbf{For the Month Ended October 31, 2017}\\ All of the following are methods of payment? D. Aleatory contract c) Whole Life Who might receive dividends from a mutual insurer? It has cash value that is invested into the stock market through mutual funds/securities. Legislative advocacy is essential to Physicians Insurance/MedChoice's purpose to protect, defend, and support our Members. L4. Life Insurance Policy Provisions Options and Riders \hline \text { Jul 31 } & 3,000 Causes of the 2000s United States housing bubble - Wikipedia 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. Waive the premium if the INSURED becomes totally disabled. 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 c. Do you think that the government has the right to make and enforce laws that affect family life? 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? Why do most states have a waiting period for couples applying for marriage licenses? Errors and Omissions Coverage (E&O) is a name used to describe a type of professional liability insurance. 4)explain policy & provisions d) The policy can be reinstated by paying back all policy loans and premiums. B. ch 7 Flashcards | Quizlet 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. Get more out of your subscription* Access to over 100 million course-specific study resources All of the other statements are true. b) Universal Life A lender has an insurable interest in the life of a debtor, but only to the extent of the debt. Who assumes control over an insurance company's funds and management if it becomes insolvent? a) The amount of insurance on the life of any debtor may exceed the greater of the scheduled or actual amount of unpaid indebtedness to the creditor. The CAS number shown in an entry is typically . 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. (b) Cash value accumulation is slow to moderate. Term life insurance provides the largest amount of coverage for the lowest amount of premium. 3)increase the length of coverage All of the following statements about universal life insurance are true EXCEPT Permanent Insurance have 3 words in common, what are they? (a) I only (b) II only The insurer's promise to pay a covered loss and the insured's payment of the first premium, are examples of: A. All of the following are true of key person insurance EXCEPT 2)Decreasing term(premium is low) declining face value 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? C. The benefit is received as taxable income 1)increase cash value Reinsurance has 2 types of policys, what are they? ________________ are the person who receives benefits payable upon death. D) Insurance covers intentional losses as well as unintentional. Flashcards - WA Common Law Practice Exam - FreezingBlue The penalty is 50% of the shortfall from the required annual amount. d) Fair Credit Reporting Act. B. Insureds current and future income Chapter 11 - Life Insurance. -age 100. _______ pays dividends to the stock holder. \hline All of the following statements are TRUE concerning Debtor Groups EXCEPT 1) coverage is permanent Which of the following statements regarding the taxation of Modified Endowment Contracts is FALSE? 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? d) Accumulations are tax deferred. Indicate by a plus (+)(+)(+), minus ()(-)(), or zero (0)(0)(0) if the factor would increase, decrease, or have an indeterminate effect. Which of the following best illustrates a The __________ branch of the state government influences public policy regarding insurance laws. Universal Life is also known as two things what are they? Policyholders (b) tax-free exchange provision Insurance that is provided by the Federal or State Government and sex doesn't determine eligibility? When a policy is contributory how much is paid? still matures at age 100, -premium is paid off at one time When the agent delivers the policy, collects the initial premium, and the applicant completes and acceptable statement of good health 4. c) Extended term D. Delivery receipt. 2) Binding Reciept. The Human Life Value Approach to determining the value of an individual's life requires the calculation of probable future earnings of the insured, which involves wages, expenses, inflation, amount of time until retirement, and the time value of money. Applicant pays premium to make agreement. the willful holding back or secretion of material facts pertinent of the issuance of insurance or a claim. d) 50% tax on the amount not distributed as required. \end{array} Which of the following would provide an underwriter with information concerning an applicant's health history? Health insurance decreases your healthcare costs. ~~~\text{Indirect labor cost}&28,000\\ It is used to pay off the balance on the mortgage. Which of the following statements is not correct regarding rates and premiums? ~~~\text{Depreciation on factory equipment}&31,000\\ (d) neither I nor II. b. 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. After insurer makes an offer, what must the applicant do? (c) They decrease at a constant rate. A policy summary Term life insurance provides pure death protection. An insured becomes disabled at age 22 and can no longer work. See Answer. An Applicant inaccurately representing information on the application is guilty of: A. Various life insurance programs for people who served in the military are called ______________? Hospital bills of the key employee 4)policy matures at age 100. B. ~~~\text{Rent on factory facilities}&60,000\\ Mutual life policy. If a parent purchases life insurance on their child all of the following are true, EXCEPT: A) The child is the insured. &\text { Accounts payable }\\ 1)temporary 2)Decreasing Term Company A carries 1/3 of the total coverage ($20,000 + $40,000 = $60,000). B) The plan is funded by permanent insurance only. Rates a) Types of mutual companies C) Annually renewable term policies provide a level death benefit for a premium that increases each year with the age of the insured. Costs of training a replacement d) An insurer may exclude any debtors as to whom evidence of individual insurability is not satisfactory to the insurer. Based on Human Life Value Approach, which of the following is NOT used to calculate an individual's life value? D) Obtaining a bachelor's degree. Chapter 3.2 - Subjecto.com Terms that apply to the insurer not the applicant. 1) the premium amount Accelerated Living Benefit/Accelerated Death Benefit?
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