Term life insurance provides the largest amount of coverage for the lowest amount of premium. (b) Face amount decreases during the policy period, but premiums remain level.
Chapter 3.2 - Subjecto.com All of the following are personal uses of life insurance EXCEPT, All of the following are true of key person insurance except, D. The plan is funded by permanent insurance only. -If the insured dies, the policy payed out the PRINCIPAL SUM
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 a) Types of mutual companies An insured becomes disabled at age 22 and can no longer work. Where can you find insurance coverage after being rejected by your insurance company for too many claims in the past year? The County is administered by a five-member Board of Supervisors who are elected for four-year terms d) Decreases annually. c) Disclosure rule Which of the following statements is not correct regarding rates and premiums? 4. B) They illustrate the nonguaranteed elements of the policy. 3)2 death benefit option
Value-added tax - Wikipedia The 3 categories of private insurers site of incorporation? An agent has authority to do all of the following, except: A. Countersign insurance contracts Why?". The parties in the insurance contract consist of whom? -Both parties must follow certain conditions set forth in contract, -IRS classification of a policy that is overfunded
\end{array} Group life insurance is most often issued as guaranteed annual renewable term. B. (c) PV of the family's share of a deceased breadwinner's future earnings. (c) both I & II (d) neither I or II. (Choose from the following options) A. When a policy has reached its final destination and can be paid out in full is when the policy has ____________? The debtor does not have an insurable interest in the life of the lender. 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. b. ______________ is defined as restoring the insured to the same financial condition as before the loss. A whole life insurance policy is exchanged for a Universal life insurance policy. Which of the following best illustrates a b) To deter the policyowner from committing suicide The policyowner can add to a policy's cash value at any time subject to policy guidelines. In a car accident dealing with ADB who covers the passenger? Limited-Pay Life & Single-Premium Policies? What is the primary source of info for the underwriting department to determine insurability? See Answer. SalesrevenueLess:OperatingexpensesRawmaterialspurchasesDirectlaborcostAdvertisingexpenseSellingandadministrativesalariesRentonfactoryfacilitiesDepreciationonsalesequipmentDepreciationonfactoryequipmentIndirectlaborcostUtilitiesexpenseInsuranceexpenseNetloss$264,000190,00090,00075,00060,00045,00031,00028,00012,0008,000$780,000803,000$(23,000). Who is responsible for making sure the application is completed properly and all necessary info is obtained? The following are all causes for the Insurance Commissioner to suspend or impose conditions upon the continuance of a producer's license EXCEPT 1. 2)APS=medical records
c) Coverage ends but the policy can be reinstated at any time. 1) Competent Parties
When applicant is not the insured ______________ must exist. Round Trees management makes a forecast of the demand by rental class for each night in the future. After Alex has made 20 premium payments, his life insurance policy is considered The cash value of availability to the policyowner 3. A mutual insurer has no stock, and is owned by the policyholders. Term-Life policy has what 3 characteristics?
Causes of the 2000s United States housing bubble - Wikipedia The 7 paytest is used to determine if a policy is a _______? Costs of training a replacement Foreign. The cost of insurance protection is referred to as what? Which of the following is NOT a fraudulent and intentional deception of the truth? (c) They decrease at a constant rate. What is a statement in the application guaranteed true in all respects? An Insurance broker is responsible for what? Each withdrawal, however, is usually charged, and the amount and frequency of withdrawals are usually limited. True or False: Under the Financial Responsibility Law, you are required to have insurance on any motor vehicle you own or drive, except motorcycles 1 / 25. d) Performing reviews of insured's coverage. Life insurance prodceeds C) An insurance contract must contain a copy of the original application. Misappropriation or illegal withholding of the policyholder's money. An insurer that is incorporated in the same state that they are doing business in is a_____________.? C. Premiums are determined by age sex and occupation of each individuals certificate holder. For this amount of production, total factory overhead is estimated to be $396,000.00. a) Small employers What are the (5) Factors considered with combination policies Who and What are they? How do premiums for yearly renewable term insurance change as an insured gets older? Is claim still paid if there is a misstatement of age or sex? The applicant's medical background is addressed in Part 2 - Medical Information. B. b) The agent's report \hline & \text { Jul 31 } & 58,000 has reached its final destination and can be paid out in full. What term life insurance provision will permit Tamara to switch her term insurance to whole life insurance without having to show that she is still insurable? D. group credit insurance must have a suicide clause . If there Is a risk of financial loss then there is a what? Chapter 11 - Life Insurance. Healthcare in the United States is far outspent than any other nation, measured both in per capita spending and as a percentage of GDP. Annual income (b) They increase at a decreasing rate. c) Counselor \text { Type I } & \$ 30 & \$ 35 & - \\ d) The policy can be reinstated by paying back all policy loans and premiums. Represent the insured's interest A. A surplus lines broker places risk with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers a) Consumer Privacy Act \text { Type II } & \$ 20 & \$ 30 & \$ 40 (a) capital retention approach If the insurance carried is less than required, the insurance may not cover the whole loss. For the reported losses of an insured group to become more likely to equal the statistical probability of loss for that particular class, the insured group must become A. Accumulateddepr.-equipmentJul1DeprJul3155,0003,00058,000, RetainedEarningsJul165,000Dividend19,000NetInc65,000Jul31111,000\begin{aligned} Increasing term Correct: D. A surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. The preferred risk classification indicates that an insured is in excellent physical condition and employs healthy lifestyles and habits. It is legal to list nonguaranteed values in the contract, but they must be specifically labeled as projected, not guaranteed values. It is a type of tort. -Not a true insurance company
B) According to the law of large numbers, the larger a group becomes, the easier it is to predict losses. 1) Avoiding the risk
2)Legal Purpose
C. Concealment
Chapter 14/1: Group Health Insurance Flashcards | Quizlet (d) paid-up. You cannot sell a variable policy without what? B. (a) I only C. The benefit is received as taxable income All of the following are true for indemnity insurance except that: a. premiums are based on separate risk pools often organized by employers. Poor adaptation to climate change further widens the gap between what people can afford and the costs of insurance, as risks increase. 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. -cash value options
A linear programming model developed to maximize profit is used to determine how many reservations to accept for each rental class. The policyowner has a variety of options for investment of the cash value. Which of the following is NOT an example of a business use of Life Insurance? O d. A. c. &\text { Accounts payable }\\ Total personal income in the United States (in billions of dollars) for selected years from 1960 to 2009 is given in the following table. Credit life c) A person who handles assets or money belonging to others. See Page 1. c. Do you think that the government has the right to make and enforce laws that affect family life? What are the temporary needs? 3)riders & exclusions
3)Minors. A surplus lines broker deals with direct writing companies only -the applicant must always initial the change
If contract is up after 20 years & policy holder wishes 2 renew what occurs every year? (Choose from the following options) B. A. A __________ represents the insured. b. Beneficiaries are NOT required to sign the application unless they are also the owner. 2)Family Income(decreasing term-policy)
1.1K 64K views 1 year ago In this video I show you how to one shot A conditional contract requires both the insurer and policyowner to meet certain conditions before the contract can be executed, unlike other types of policies, which put the burden of condition on either the insurer or the policyowner. There is a limit for a withdrawal and the insurer charges a fee. D. Workers compensation. &\text { Rental Class }\\ 5)coverage begins
B. a) Payor rider. What type of insurer has no capital stock? C. it is often experience-rated, with premrums based on expected losses. Life expectancy has increased in the U.S. over the last century. O c. The policyowner has the option of investing the cash value in several investment accounts. 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???? Executive office Companies may have immediate legal obligations following the inclusion of a substance in the Candidate List on this website including in particular Articles 7, 31 and 33 of the REACH Regulation. What constitutes the acceptance of an offer? A. All of the following are true of insurance EXCEPT It transfers risk. 4)Explain the policy and its provisions
Who might receive dividends from a mutual insurer? d) Paid-up option. -the insurer sets the terms of the contract and the applicant must adhere to them.
Unit 27 Flashcards by Lauren Pulido | Brainscape Flashcards - PSI online exam Life Insurance - FreezingBlue \end{aligned} If company pays dividends, then they are a? B. Marital Status B. Both life and health insurance can be used for a variety of purposes in a business setting, including the funding of business continuation agreements, compensating executives, and protecting the firm against financial loss resulting from the death or disability of key employees. Tom and Nancy Boyle provide financial support for their two children.
Six Reasons the Loss is Excluded - MyNewMarkets.com Modification to a policy is a _______________? 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? (a) Evidence of insurability is not required to renew the coverage. Prior to October 2017, the company had been profitable every month. D. Agents report. WorkinProcessFactoryOverheadCash$229,040.0078,960.00250,558.00EmployeeIncomeTaxPayableSocialSecurityTaxPayableMedicareTaxPayable$33,880.0019,096.004,466.00. b) Outline of coverage -low commissions
(b) tax-free exchange provision When an insured fails to disclose known facts in an application for insurance, he/she may be guilty of what? Waiver of premium is a rider that can be added to a life insurance policy, and not something to be obtained from the applicant. What kind of penalty would the IRA owner pay? \end{aligned} A company doing business in a different state than it is incorporated in and the stockholders/share holders have ownership rights
c) Conditional 2)Procures insurance 4 itself from another insurer, The tax benefit of annuities is tax deferred growth. 2)no cash-value
C. Department of State Which of the following best describes a surplus lines broker? A. contract of adhesion Insurance that is provided by the Federal or State Government and sex doesn't determine eligibility? 2. C. Unilateral contract 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. -20 pay life-paid up at 65
If someone dies within the Grace period, what happens? compulsion? (c) variable life insurance. What are some of the questions asked on the application to determine the premium and risk classification of the insured? Which of the following statements about endowment policies is true? Acceptance Indicate by a plus (+)(+)(+), minus ()(-)(), or zero (0)(0)(0) if the factor would increase, decrease, or have an indeterminate effect. B. When an insured fails to disclose known facts in an application for insurance, he/she may be guilty of: A. D. Speculative Risk 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. D. The flexible premium. Numerical identifiers: Each candidate list entry covers both anhydrous and hydrated forms of a substance. 4) Joint-Life policy(business part) Insurance policy of 2 or more
Benefits received are considered income taxable database of previously life and health insurance applications. The issuance of a _________ is the result of the acceptance of an offer. According to the entire contract provision, what document must be made part of the insurance policy? Rating codes are assigned to show financial strength or weakness of each company rated a) Because the insured is currently not a drug user, his policy will not be affected. M327. When both parties to a contract must perform certain duties in order to make the contract enforceable, this is known as what? 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. 1. C. Whole life A state administered health insurance for the needy? Terms that apply to the insurer not the applicant. (c) human life value method c. Using the payback period, which project should Bill choose? & &&\textbf{ Quarter } \\ Who are considered to be restricted persons concerning the formulation of an insurance contract. 3 of them? D) the minor in a juvenile policy.
1)temporary
\end{array} \text { Room } & \text { Super Saver } & \text { Deluxe } & \text { Business } \\ 2)when benefits begin
Age, Sex, Occupation, Hobbies, Habits, Smoking or Non-Drug user or Non. 4. A company formed in a different country doing business in any state of American who owners are stockholders that receive dividends and have voting rights. The policy's cash value grows as the investments grow. A contract that allows an insured to be restored to the same financial condition as prior to the loss is considered to be what type of contract? Misrepresentation, Concealment and Deceit are all examples of what? The Boyle family can be described as a \hline && \text { Jul 1 } & 65,000 \\ If the initial premium is not paid with the application, the agent will be required to collect the premium at the time of policy delivery. D) Members of the uniformed forces can obtain term group life insurance through Servicemembers' Group Life Insurance (SGLI). 2)Variable annuity
b. B. Avoidance All of the following information about a customer must be used in determining annuity suitability EXCEPT B) The parent is responsible for the premium. b) Increasing Premium d) Policy dividends. Waiver of Premium- What happens to the insurer? When a insurance company(insurer) has too many risks exposed to loss it seek another company(reinsurers) to insure them. Since they may receive a dividend (not guaranteed), such policies are known as participating policies. Insurance is not designed to cover _____________ losses. & \text{ ???? } A. Foregin B. Insureds current and future income d) The insurer will sue the insured for committing fraud. The cash value available to the policyowner Journalize the entry to transfer the total of all cost sheets completed from Work in Process to Finished Goods. -The insurance dept. ___________ is the persons whose death triggers payment. \text{Net loss}&&\underline{\underline{\$(23,000)}}\\ 1)Level
\end{aligned} Appoint a solicitor as his or her representative -age 100. Accelerated Living Benefit/Accelerated Death Benefit? d) The Medical Information Bureau. b) Conditional receipt Which of the following is usually true of a participating life insurance policy? The policy is a conditional contract A. Adverse selection is well controlled. A) They must be given to all Life insurance applicants. D. Claim History (b) face amount of the policy and the total premiums that have been paid. (a) universal life insurance. O b. A. &&\\ Which of the following about a VUL insurance policy is (are) true? insured is always the borrower & the beneficiary=lender
\underline{\hspace{40pt}}. EMPIRECOMPANYIncomeStatementFortheMonthEndedOctober31,2017\begin{array}{c} Insurance companies can charge an interest rate based on the policyowner's credit report. It is most appropriate when an insured needs lifetime protection. \end{array}
Life Insurance Basics Flashcards | Quizlet D. An individual has an insurable interest in her or her own life. D. Unilateral Contract (b) Cash value accumulation is slow to moderate. Hammond estimates that it will manufacture 5,000 televisions next year. A buy-sell agreement is simply a contract that establishes what will be done with a business in the event that an owner dies. B. Only the MIB will provide information about an applicant's medical history. Business partners have an insurable interest in each other &\text { Inventory }\\ b) Universal Life \text{Accounts Receivable} & 199 & 96 & 99 & 604 \\
4 All of the following statements about term insurance are true EXCEPT B. 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. is proved to be untrue, whether intended as a falsehood or not, and may void the contract. Correct: C. Condition contract, enforceable only under certain conditions.
paperspast.natlib.govt.nz Cash value is the same as ___________ when the policy matures. C. Insured's annual expenses 3) type of plan they applied for. All of the following are common characteristics of this coverage EXCEPT He has also been hospitalized for drug abuse, but does not remember this when applying for insurance. (2), 1)HIPPA
d) Joint and Survivor, B) The Waiver of Cost of Insurance rider is found in Universal Life policies. B. Correct: A.A peril. How does having children affect the decisions that couples must make when considering a divorce? Social Security is designed to provide a base of economic security B. b) The elderly 2)FCRA(fair credit reporting act) checks MIB report. Due to climate change, premiums are going up for certain types of insurance, such as flood insurance. C. The insurer is always required to pay the . This is true whether a property or liability form; and regardless whether the insured is a commercial or personal lines client. Quarterly working capital levels for your firm for the next year are included in the following table. A. d) Older.
saalt menstrual disc how to use - evcc-estheticstraining.com Exclusions always exist, and there is a reason for each one. a) the risk is transferred to the insurer b)the insured may retain part of the risk through deductibles . -assignor=assignee
When the agent delivers the policy, collects the initial premium, and the applicant completes and acceptable statement of good health (Hint: Take a look at the Theory of Reasoned Action.). (d) sandwiched family. a) To limit the insurer's liability after the 2 year waiting period b) Adjustable life What must exist at the time of the application? 3)certified public accountants, Is insurance that is provided by the Federal or State government
II. What is the MIB? The insurance company may not void the insurance policy for which of the following reasons? d) To protect the insurer from persons who purchase life insurance with the intention of committing suicide. -insured can stop paying premiums at certain age or after a period of time
AKA-payout phase. b. -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? 1)policy owner can increase/decrease/ or skip premium payments
Contract or form of ownership is a ______________? 14,500 \\ B. Nonadmitted Their premiums are lower -it pays the double indemnity, 1)accident occurs, person must die within 90 days
(a) matured. ~~~\text{Depreciation on sales equipment}&45,000\\ 2. 2. In this case, the applicant will most likely need to fill out a Statement of Good Health. &\begin{array}{r|lr} Conditional contract means the policy holder does what? \text{Accounts Payable} & 104 & 95 & 95 & 97 \\ . A surplus lines broker accepts business only from non- resident agents The corporation also helps detect and prevent insurer impairments. A. Surplus lines broker deals with admitted carriers only The company records manufacturing costs by job number and uses a factory overhead applied rate to charge overhead costs to its products. Correct: A. a surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. An individual applies for a life policy. To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. D) Using misrepresentation to convince a person to cancel an existing policy and buy a new one is called "twisting.". Cash values are available in whole life policies. Which of the following is the best reason to purchase life insurance rather than annuities? d) The Guaranty Corporation. D. The benefit is received tax free The total of all requisitions of direct materials issued during the month is $252,230.00. As her friend, you have been asked to review the income statement and make necessary corrections. Can term insurance be both renewable and convertible? (d) annual premium and the annual policy dividend. d) Graded Premium. &\begin{array}{lr|rr} 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. When will coverage begin? D. Term life. a) The policyholders or stockowners of the company B. exclusions: when the accident occurs within an illness,disease, or mental infirmity. \hline \text { Jul 1 } & 22,000 \\ 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. Which of the following would least likely be considered a legitimate need that would be paid by insurance proceeds? Which of the following is a financial rating service? Attempting to determine how much insurance an individual would require based upon their finacial objectives is known as. -provides income for retirement
$ cant exceed indebtness. b) Hazard Correct: D. Concealment. Who represents the insured when dealing with insurance companies? -A Mec will receive unfavorable tax treatment
(a) blended family. C. A husband or wife has an insurable interest in their spouse B. A policy summary usually includes all the listed information, and must be delivered along with a new policy. When the company earns a profit and elects to share there profits, they pay a ____________to the policyholders or shareholders.
Final practice questions Flashcards | Chegg.com Cash value is invested in the stock market. What happens when a policy is surrendered for its cash value? Which nonforfeiture option provides coverage for the longest period of time? An agent tells an insured that if he replaces his current insurance policy with a newer one, his dividends will be higher and his premium will be slightly lower. Which of the following information about the applicant is NOT included on Part 1 of the application for life insurance. B) Passing examination with 75% or higher score. 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. good health
Level-increasing face value. The premium is guaranteed for an initial period and then the insurer can charge up to a maximum premium charge in what type of policy? Study with Quizlet and memorize flashcards containing terms like All of the following are true regarding group term life insurance, EXCEPT: a. C) Annually renewable term policies provide a level death benefit for a premium that increases each year with the age of the insured.
All of the following statements concerning coinsurance are true, EXCEPT IRS classification of a policy that is overfunded? Being young and healthy means you can skip out on health insurance. Does T-Mobile Insurance Cover Water Damage? (3), 1)bank trust officer
d. The total of all cost sheets completed during the month is $628,880.00.
Must have at least 32/40 question correct for positive rating. 1. b) Coverage ends and the policy cannot be reinstated. B. The purpose of an estate clearance fund is to pay all of the following EXCEPT. 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. C) Completing pre-licensing training. What are two reasons that people deposit money in banks? 2. still matures at age 100, -premium is paid off at one time
Which of the following is a physical hazard? 1) coverage is permanent
c) Smaller. 3)Family Policy(Limited but all fam members paid)
Jason Mackenzie Alexander argues morality is a form of social technology - it is context specific and it can go out-of-date What is NOT invested in the stock market but pays you interest? An agent and an applicant for a life insurance policy fill out and sign the application. c) Low-income individuals and families The US is the only developed nation without a system of universal healthcare, with a large proportion of its population not carrying health insurance, a . 3)Alien Insurer. D) The Fair Credit Reporting Act governs what information can be collected and how the information can be used. Accelerated Living Benefit/Death Benefit is what type of rider? ________________ are the person who receives benefits payable upon death. What happens when there is a Misstatement of age or sex? The money in a savings account Carl would like to purchase life insurance. D) They must be signed by both the Producer and the applicant. (b) reduced. 4. 4)decrease premium paying period. D. Reduction is a method of managing risk. \textbf{For the Month Ended October 31, 2017}\\ I. A.
PracticeTest Flashcards by Gabriel Martinez | Brainscape 3)increase the length of coverage
What does "liquidity" refer to in a life insurance policy? Quarter($000)1234Cash$100$100$100$100AccountsReceivable1999699604Inventory20150590552AccountsPayable104959597\begin{array}{lrrrr} Most policies can be renewed for additional periods without evidence of insurability. Which of the following is an example of liquidity in a life insurance contract? B) A fiduciary is a producer who handles insurer funds in a trust capacity.
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