all of the following are true of insurance except

Now Tamara can afford whole life insurance. c. It is the failure to use ordinary care. 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. DONT PICK IT!!!!!! A key person insurance policy can pay for which of the following? D. Aleatory contract 1) a policyholder votes on the Board of Directors A surplus lines broker deals with direct writing companies only Yes, all T-mobile insurance plans cover cracked screens.You will have to pay a deductible fee which will depend on your device model. All renewable term policies are accepted without__________ and only with_____ collected. ____________ insurer is not a type of insurer. Our records show that more than one device is associated with this Which of the following is true regarding the beneficiary designation of the former spouse. 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 issuance of a _________ is the result of the acceptance of an offer. 3. The issuance of a binder is the result of the ___________________ of an offer. D. Claim History The benefit is subject to the exclusionary rule 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. 14,500 \\ 1) preferred risk D. The benefit is received tax free. d. falsely believing that a spouse has been Who might receive dividends from a mutual insurer? Which of the following documents must be provided to the policyowner or applicant during policy replacement? 1)temporary (c) Interest credited to a policy's cash value is taxable to the policyowner in the year credited. 1) the premium amount A whole life insurance policy is exchanged for a term insurance policy, Which of the following will be included in a policy summary? The following information is taken from the records of Hammond on November 30 of the current year. See Answer. All of the following statements concerning coinsurance are true, EXCEPT -pays an additional death benefit if the insured dies from an accident A corporation is the owner and beneficiary of the key person life policy. Tom and Nancy Boyle provide financial support for their two children. Difference between Universal Life Insurance and Whole Life Insurance? Modification to a policy is a _______________? Alex, age 26, purchased a 20- payment whole life insurance policy. C. Certain Risk 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. ~~~\text{Depreciation on sales equipment}&45,000\\ 4)Consumer report=credit, -shorter time span for paying premiums C. Department of State ________________ are the person who receives benefits payable upon death. \text{Dividend}& 19,000& \text { Net Inc } & 65,000 \\ Prepare the following details: Mobile number, serial number, or IMEI. A buy-sell agreement is simply a contract that establishes what will be done with a business in the event that an owner dies. A. signed waiver of premium C. State Education Waiver (3), WHat is the difference between universal and whole life policies? (c) PV of the family's share of a deceased breadwinner's future earnings. &\begin{array}{lr|lr} 3. CashJul1Jul315,500???? Company A carries 1/3 of the total coverage ($20,000 + $40,000 = $60,000). ? As her friend, you have been asked to review the income statement and make necessary corrections. (a) limited-payment whole life insurance Adverse selection is well controlled. 4. Unit 27 Flashcards by Lauren Pulido | Brainscape c) 15% for early withdrawal a) A medical examination (b) II only -Prepays portion of face amount if diagnosed with terminal illness. A ____ contract requires that both parties perform certain duties. Where can you find insurance coverage after being rejected by your insurance company for too many claims in the past year? Which of the following is the basis for a claim against an insurance policy? c) Disclosure rule 1) mentally incompetent persons Various life insurance programs for people who served in the military are called ______________? b) Larger. Insurance producers must ensure that contracts they recommend are in the best interest of the insured. A company that does business in another state than incorporated who is owned by policyholders who received dividends when declared and voting rights. Estimated direct labor costs for next year are$440,000.00. 4. &\text { Accounts payable }\\ 2) profits are returned as dividends 5)Survivorship Life Policy (policy holder pays themselves). Is There An Objective Morality? IAI TV All of the following statements are true of liability insurance, EXCEPT: Answer: liability coverage indemnifies the insured. To sell variable life insurance policies, an agent must receive all of the following EXCEPT 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? 2)Family Income(decreasing term-policy) C. Whole life _______ pays dividends to the stock holder. B) They illustrate the nonguaranteed elements of the policy. To sell variable insurance what must you have? -receiving dividends(when declared) D. Department of Treasury The cost of a living rider is calculated by what? a) Remains level. c) National Association of Insurance Commissioners D. Concealment 2. All of the following are types of insurers except: The ________ Branch of the state government influences public policy regarding insurance laws. Endowments means policy is what(2) things? b) An agent offers to share his commission with a policyholder. 3)Minors. D. An individual has an insurable interest in her or her own life. D. Represent the insured's interest 3)defined benefit plans 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 All of the following are true of key person insurance EXCEPT Pure risk Insurance is an important tool to manage risks, but often unavailable to poorer households. C. Hazards C. It's a decreasing term insurance. II. The following are all true regarding risk management, except: A. -Both parties must follow certain conditions set forth in contract, -IRS classification of a policy that is overfunded ______________ is defined as restoring the insured to the same financial condition as before the loss. 3)mortality charge. _____________ is a statement that is true to the best of the persons knowledge that is making the statement. 1. How does having children affect the decisions that couples must make when considering a divorce? b) To deter the policyowner from committing suicide & \text { Depr } & 3,000 \\ (d) indeterminate-premium whole life. The applicant's medical background is addressed in Part 2 - Medical Information. Cause of potential loss to property such as fire, windstorm, hail, flood, etc. -age 100. 3) Retaining the risk. What are the temporary needs? An Applicant inaccurately representing information on the application is guilty of: A. a. All of the following are characteristics of group life insurance EXCEPT. a) Small employers Does not pay dividends to policyowners; however, taxable dividends are paid to stockholder. A. C. Risk & \text{ ???? } C. Loss of personal income \end{aligned} Which of the following statements about endowment policies is true? Insurers use this law in order to predict certain types of losses and set appropriate premiums. If the conversion cost is the same for both types of rooms, would you recommend converting the office to a Type I or a Type II room? ADD( Accidental death and dismemberment??? a) Juvenile Life The companys president is concerned about the accuracy of the income statement. don't pick binding receipt at all on test. Can a misrepresentation render the contract void if the misrepresentation is material to the risk? All of the following are methods of payment? Whole life policy. \hline (\$ 000) & 1 & 2 & 3 & 4 \\ The company records manufacturing costs by job number and uses a factory overhead applied rate to charge overhead costs to its products. Group Life Insurance Flashcards | Chegg.com 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. Attempting to determine how much insurance an individual would require based upon their finacial objectives is known as. Social Security is designed to provide a base of economic security B. B. D) adding cost of living coverage. In a conditional receipt if the policy holder dies before delivery of the policy what has to happen for the benefits to be paid? The concept that the insured should not profit from an insurance transaction is called what? An insurance consultant CANNOT be which type of persons? B. 3)Explain any riders or exclusion b. persistent fear of germs She has limited income and significant life insurance needs. Most professional liability insurance policies are written with an occurrence coverage trigger instead of a claims made trigger O c Insureds A. B. b) Policyholder Concerning insurance, the definition of a fiduciary is What insurance concept is associated with the names Weiss and Fitch? Healthcare in the United States is far outspent than any other nation, measured both in per capita spending and as a percentage of GDP. Which of the following statements regarding the taxation of Modified Endowment Contracts is FALSE? What kind of penalty would the IRA owner pay? (Hint: Take a look at the Theory of Reasoned Action.). Their premiums are lower & \text{ ???? } \end{array} Candidate List of substances of very high concern for Authorisation Value-added tax - Wikipedia Due to climate change, premiums are going up for certain types of insurance, such as flood insurance. All of the following would be exempt from the producer licensing requirements EXCEPT: A) A customer service representative who discusses policies. 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. Which of the families below is likely to have the least need for a large life insurance policy? -then picks a contract. 3) Equity-Index annuity. \end{array} c) A person who handles assets or money belonging to others. c) Premium accountability. C. The insurer is always required to pay the . 2)people under the influence of drugs or alcohol Chapter 11 - Life Insurance. 3)low premiums. Costs of training a replacement -ages 25,28,34,37,40 ch 7 Flashcards | Quizlet (c) The number of times the coverage can be renewed is limited. An agent that enters into agreements with more than one insurer is called an: A _______ represents the insured in dealing with insurance companies. 3)substandard-highest, 6 factors that are complete for policy 2 be paid? Renew policy holder has an option- THE INSURER DOES NOT. What type of interest does universal life have? 2)collateral assignment-some or only one right assigned. In this particular instance the applicant did not commit intentional fraud. cash value increases while face value remains the same. See Answer. An agent has authority to do all of the following, except: A. Countersign insurance contracts (c) expired. 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? C. Countersign insurance contracts O b. This type of life insurance is called b) Hazard 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? 3. (c) face amount of the policy and the legal reserve. 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. A debtor has insurable interest in the life of a lender -cash value options (economy). Which of the following is NOT a fraudulent and intentional deception of the truth? What does it mean when a policy is limited pay life? d) An agent misrepresents policy benefits to convince a policyowner to replace policies. I. L4. Life Insurance Policy Provisions Options and Riders 1 / 25. D. Term life. 3)MIB=records of all previous insurances they had. 1) preferred-low D) real estate, Under one method of estimating a loss reserve, the reserve is based on life expectancy, duration of disability, and similar factors. Which of the following is an example of liquidity in a life insurance contract? c) Comparisons with similar policies Which of the following requires that the insurance company supply the applicant with the name and address of the consumer reporting company? Address of his principal office b) The policy will not be affected. a) Aleatory 5)Explain when coverage begins A. Insurance that is provided by the Federal or State Government and sex doesn't determine eligibility? Term-Life policy has what 3 characteristics? \end{aligned} 1. B. Cash value is the same as ___________ when the policy matures. - 20 pay life-premiums paid for 20 years and paid up at 65 B. A contract between insurer and policy holder. II. When a insurance company(insurer) has too many risks exposed to loss it seek another company(reinsurers) to insure them. c) Whole Life d) The insurer will sue the insured for committing fraud. ~~~\text{Direct labor cost}&190,000\\ Terms that apply to the insurer not the applicant. Journalize the entry to transfer the total of all cost sheets completed from Work in Process to Finished Goods. Correct: A Insurance . Taxes, Retirement, and Other Insurance Concep, State Laws, Rules, and Regulations Quizzes, Life Insurance Policy Provisions, Options and, Fundamentals of Financial Management, Concise Edition. (d) Premiums increase at an increasing rate upon renewal. What are the permanent working capital needs of your company? Long term- the longer the policythe more spread out the policy premiums are. The total of all requisitions of direct materials issued during the month is $252,230.00. When does the grace period begin and how long is it? 2)quarterly Contract or form of ownership is a ______________? Agent Sam is using the human life value approach to assess Mary's life insurance needs. In the pamphlet, he includes the full name of his insurance agency and the type of insurance that he offers. a) Consumer Privacy Act 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. It is the specific cause of loss. - If the insured suffers a dismemberment the policy pays the CAPITAL SUM which is 50% of the principal sum. a) Using arbitration when the insured and insurer cannot reach agreement C. A surplus lines broker accepts business only from non- resident agents Conditional Contract 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. Therefore, it is responsible for 1/3 of the $24,000 loss, or $8,000. Correct: B. 4. (b) Face amount decreases during the policy period, but premiums remain level. C. The benefit is received as taxable income 1)Statement of continued good health paperspast.natlib.govt.nz Free Standardized Tests Flashcards about Health&Life - StudyStack ($000)CashAccountsReceivableInventoryAccountsPayable1$1001992011042$1009650595Quarter3$10099905954$1006045297, Describe Cream Silk's promotion within the context of the multi-attribute model: Which attribute(s) were central to the promotion and how does the model explain what the company was trying to accomplish with the "Human Hair Quartet?" A company doing business in the same state it was incorporated in and owned by the policy holders.

all of the following are true of insurance except 2023