-If the insured dies, the policy payed out the PRINCIPAL SUM All of the following statements are true of liability insurance, EXCEPT: Answer: liability coverage indemnifies the insured. c) Accelerated benefit rider. a) Juvenile Life ($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?" B. Who represents the insured when dealing with insurance companies? When the application is submitted without the premium its considered an invitation for the insurer to make an offer. 1. 21,000 \\ Who is not a party to the contract and receives the benefits when the insured dies? C. Buy-Sell agreements are normally funded with a life insurance policy See Answer. D. Offer [Solved] All of the following are true of insurance EXCEPT It transfers c) Variable Premium a) Consumer Privacy Act C. It's a decreasing term insurance. If an insurer is incorporated in Rhode Island, but primarily does business in New York, what type of insurer would it be considered in New York? For this amount of production, total factory overhead is estimated to be $396,000.00. D. Accident D. Workers compensation. M327. B. Reinsurer Assuming company. a) More active. Limited-Pay Life & Single-Premium Policies? b. persistent fear of germs The issuance of a binder is the result of the ___________________ of an offer. The concept that the insured should not profit from an insurance transaction is called what? A. A ______ will receive unfavorable tax treatment. \text{Sales revenue}&&\$780,000\\ C. Social Security works exactly same as private insurance. (b) They increase at a decreasing rate. C. A surplus lines broker deals with direct writing companies only Poor adaptation to climate change further widens the gap between what people can afford and the costs of insurance, as risks increase. _________ is a determination that a statement made as a warranty, or true. 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? An Insurer organized in another state than the state in which it is authorized to do business is known as which type of insurer? D. Aleatory contract Tax-qualified annuities are subject to IRA maximum contribution limits. True or False: Under the Financial Responsibility Law, you are required to have insurance on any motor vehicle you own or drive, except motorcycles c. thoughts of harming a neighbor Part 1 of the application includes the general questions about the applicant, including name, age, address, birth date, gender, income, marital status, and occupation. 4) Joint-Life policy(business part) Insurance policy of 2 or more All of the following are true about health insurance except: All of the following are methods of payment? c) Extended term 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? Which risk management type is shifting the risk of loss to a larger homogeneous group? A producer wishing to appeal the final order of the commissioner would appeal to???? (2), 1)HIPPA Which of the following statements concerning buy-sell agreements is true? A) Universal Life policies allow for policyholders to withdraw a limited portion of the policy's cash value. Whoso. Explanation: (Life Insurance Policy Provisions, Options and Riders) A family term rider will provide term life insurance on a spouse and children. Which of the following statements is not correct regarding rates and premiums? There is a minimum guaranteed interest rate on all sub-accounts. 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. 3)low premiums. Reinsurance has 2 types of policys, what are they? 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 . -receiving dividends(when declared) (a) I only C. A surplus lines broker accepts business only from non- resident agents 2. (d) annual premium and the annual policy dividend. ?19,500, Accumulateddepr.-equipmentJul155,000Depr3,000Jul3158,000\begin{aligned} Question: 55. Retention, Avoidance, and Transfer are all _________________. (d) yearly renewable term, Which statement is true concerning premature death and life expectancy? a. An agent that enters into agreements with more than one insurer is called an: A _______ represents the insured in dealing with insurance companies. 2. Which of the following is an example of liquidity in a life insurance contract? The benefit is subject to the exclusionary rule Chapter 11 - Life Insurance. exclusions: when the accident occurs within an illness,disease, or mental infirmity. D. Agents report. c. Manufacturing expense accounts and their balances for the month are as follows: DepreciationExpense-FactoryEquipment$5,770.24MiscellaneousExpense-Factory$13,780.48DepreciationExpense-Building2,822.40PayrollTaxesExpense-Factory43,736.00Heat,Light,andPowerExpense9,055.20PropertyTaxExpense-Factory6,088.32InsuranceExpense-Factory1,505.28SuppliesExpense-Factory18,063.36\begin{array}{lrlrr}\text { Depreciation Expense-Factory Equipment } & \$ 5,770.24 & \text { Miscellaneous Expense-Factory } & \$ 13,780.48 \\ \text { Depreciation Expense-Building } & 2,822.40 & \text { Payroll Taxes Expense-Factory } & 43,736.00 \\ \text { Heat, Light, and Power Expense } & 9,055.20 & \text { Property Tax Expense-Factory } & 6,088.32 \\ \text { Insurance Expense-Factory } & 1,505.28 & \text { Supplies Expense-Factory } & 18,063.36\end{array} Instructions 5th Sunday after Epiphany Saint Barnabas | By Saint Barnabas Episcopal The purpose of an estate clearance fund is to pay all of the following EXCEPT. D. Unilateral Contract D. A surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers (a) renewal provision Fraud Estate Creation B. (c) PV of the family's share of a deceased breadwinner's future earnings. d) Limited pay. B. a) Year only. 5)Explain when coverage begins 6/1 Quiz: Group Life Insurance Flashcards | Quizlet 3)Alien Insurer. B. Aleatory contract 1) mentally incompetent persons The Boyle family can be described as a Correct: A. b) Outline of coverage Executive office 1)policy owner can increase/decrease/ or skip premium payments -the insurer sets the terms of the contract and the applicant must adhere to them. D. Viatical settlement. How does having children affect the decisions that couples must make when considering a divorce? Solved All of the following statements about professional - Chegg 2)interest sensitive This is called. 3)Minors. b) Fixed income A whole life insurance policy is exchanged for a term insurance policy. Insurance is an important tool to manage risks, but often unavailable to poorer households. B. this insurance is often written in connection with automobile loans. Which of the following about the use of ordinary life insurance is true? d) The Medical Information Bureau. The following are all true regarding risk management, except: A. C. They can borrow higher amounts off of their policies (b) Face amount decreases during the policy period, but premiums remain level. Insurance is designed to cover both intentional and unintentional losses. There is no limitation on the number of key employee plans in force at any one time. (d) neither I nor II. Who gets $$money when the policy holder dies? -marriage Which of the following is the basis for a claim against an insurance policy? When the producer exceeds the authority expressed in the agency contract and the insurer does not take action, which type of authority is created? What are the two options in death benefit options? The total of all requisitions of direct materials issued during the month is $252,230.00. (c) term insurance C. Medical Background 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. 2)Decreasing term(premium is low) declining face value (Choose from the following options) ADD( Accidental death and dismemberment??? c) 15% for early withdrawal A SEC registration. Which of the following types of insurance policies would perform the function of cash accumulation? What are the (5) Factors considered with combination policies Who and What are they? D) Claims result from losses by a peril insured against in an insurance policy. Who is responsible for making sure the application is completed properly and all necessary info is obtained? The applicant has been shown to be a poor personal credit risk. e. The total of costs recorded on all sales invoices for the month is$654,052.00. b) Policyholder b. a) Material change See Answer. (b) level-premium method Free Standardized Tests Flashcards about Health&Life - StudyStack c) Low-income individuals and families A. The accounting records of DVD Sales, Inc., include the following accounts: CashJul15,500???? Which of the following is an example of an unfair claims settlement practice? B) According to the law of large numbers, the larger a group becomes, the easier it is to predict losses. C. Medical Background What are some of the questions asked on the application to determine the premium and risk classification of the insured? Upon policy delivery, the producer may be required to obtain any of the following EXCEPT Signed waiver of premium What type of term do you think would be least expensive a short term or a long? A contract that allows an insured to be restored to the same financial condition as prior to the loss is considered to be what type of contract? II. b) Unilateral D. Effect of inflation on income over time. What is the difference between renewable policy holder & Insurer? The corporation also helps detect and prevent insurer impairments. \end{aligned} 4 All of the following statements about term insurance are true EXCEPT (d) paid-up. Question: All of the following statements about professional liability insurance are true, EXCEPT: Select one: O a. B. Last year, the couple got divorced. C. Whole life 6)free-look period-$ back guaranteed. 2)attorneys d) Accumulations are tax deferred. C. Premiums are tax deductible by the key employee 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. The profit per night for each type of room and rental class is as follows: RentalClassRoomSuperSaverDeluxeBusinessTypeI$30$35TypeII$20$30$40\begin{aligned} A. d) Buyer's Guide. The Terrorism Risk Insurance Program is administered by which of the following Federal entities? \text{Dividend}& 19,000& \text { Net Inc } & 65,000 \\ -The insurance dept. -policyowners right provision C. The insurer is always required to pay the . All of the following statements are true regarding mortgage protection insurance EXCEPT. 5)coverage begins 3)certified public accountants, Is insurance that is provided by the Federal or State government b. Surviving family members may experience a reduction in their standard of living if the family breadwinner dies prematurely. Can term insurance be both renewable and convertible? A buy-sell agreement is simply a contract that establishes what will be done with a business in the event that an owner dies. c) Conditional \text{Net loss}&&\underline{\underline{\$(23,000)}}\\ 1. -tax free accumulation of borrowing. C) Annually renewable term policies provide a level death benefit for a premium that increases each year with the age of the insured. (4), 1)monthly A company doing business in a different state than it is incorporated in and the stockholders/share holders have ownership rights Conditional Contract 4. The ___________ controls all rights of the contract. (d) free look provision. b. b) Coverage ends and the policy cannot be reinstated. Which of the following statements about universal life insurance is true? Life Insurance Flashcards - Cram.com D. Term life. B) Underwriters. When a policy is non-contributory how much is paid? a) Accepted accounting principal. The designation will be void/. d) Performing reviews of insured's coverage. Why?". Which of the following would provide an underwriter with information concerning an applicant's health history? Chapter 3 part 1 Flashcards | Quizlet b) Fluctuates. They keep a high percentage of any interest earned on their policies B) The plan is funded by permanent insurance only. (b) variable life insurance A. Which of the following would least likely be considered a legitimate need that would be paid by insurance proceeds? A policy summary ____________ is a statement that is true to the best of the persons knowledge that is making the statement. D. Financial Experience. Medical exams provide information on current health. Costs of training a replacement (c) face amount of the policy and the legal reserve. The replacing company notifies the replacement company. 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? A policy that does not pay dividends to policyowners is a Candidate List of substances of very high concern for Authorisation B. 2)premium gets lower. 1.1K 64K views 1 year ago In this video I show you how to one shot 3) Increasing Term. What does it mean when a policy is limited pay life? a) Because the insured is currently not a drug user, his policy will not be affected. 4. a) Offering additional coverage to clients Yes, all T-mobile insurance plans cover cracked screens.You will have to pay a deductible fee which will depend on your device model. Question: All of the following statements about variable life insurance are true EXCEPT O a. a) Small employers (Medic Information Bureau)? Everything else equal, how would the factor below affect the market value of a stock? 2)the face amount Which of the following statements about endowment policies is true? A securities license. A ____ contract requires that both parties perform certain duties. d. It does not require a duty to be owed. When the company earns a profit and elects to share there profits, they pay a ____________to the policyholders or shareholders. Rates the willful holding back or secretion of material facts pertinent of the issuance of insurance or a claim. d) Decreases annually. Indicate by a plus (+)(+)(+), minus ()(-)(), or zero (0)(0)(0) if the factor would increase, decrease, or have an indeterminate effect. Home Office- what do the underwriters do. they evaluate 4 things- what are they(4)??? Which of the following about yearly renewable term insurance is true? ch2 Flashcards | Quizlet 1) cash value earns interest Annual income ch 7 Flashcards | Quizlet 5)Survivorship Life Policy (policy holder pays themselves). D. Speculative Risk D) adding cost of living coverage. 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 Carl would like to purchase life insurance. Study with Quizlet and memorize flashcards containing terms like All of the following are personal uses of life insurance EXCEPT A. What is the MIB? When an applicant pays the initial premium the agent will give them a what? Round Trees management makes a forecast of the demand by rental class for each night in the future. When an agent collects the initial premium from the applicant, the agent should issue the applicant a. 2)Legal Purpose 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. CashJul1Jul315,500???? What characteristic must an annuity have if it is used to accumulate funds in an IRA? Is interest always gained in Universal Life Policy? B) They illustrate the nonguaranteed elements of the policy. still matures at age 100, -premium is paid off at one time The total factory payroll for the month according to the payroll register is $308,000.00, distributed as follows. What must exist at the time of the application? Taxes, Retirement, and Other Insurance Concep, State Laws, Rules, and Regulations Quizzes, Life Insurance Policy Provisions, Options and, Fundamentals of Financial Management, Concise Edition. CPI (consumer price index) without evidence. Department of Defense C. A husband or wife has an insurable interest in their spouse d) The insurer will sue the insured for committing fraud. &&\\ (a) blended family. Cash value is invested in the stock market. Joe, Larry, and Curly own a small business. Which of the following statements about a life insurance policy is (are) true? Cause of potential loss to property such as fire, windstorm, hail, flood, etc. Dividends received by policyholders of a mutual insurer are not taxable. C. Consideration 4)settlement options, 1)stand alone policy You cannot sell a variable policy without what? All of the following are common characteristics of this coverage EXCEPT This form of life insurance has fixed premiums and the cash value is not guaranteed. 3) Equity-Index annuity. -the applicant must always initial the change d) An insurer may exclude any debtors as to whom evidence of individual insurability is not satisfactory to the insurer. Solved All of the following are true for indemnity insurance | Chegg.com Which of the following is the basic source of information used by the company in the risk selection process? c) 10 years. What are (4) ways annuities are classified? All of the following are options for managing risk, except: means of collecting a loss payment from a liable party. O d. -the premiums are paid for a limited time only. Which of the following is TRUE regarding assignment rights for . For example, a claim will be paid only is there has been a covered loss. Most insurance policies contain a specific limit that an insurer will pay for a single claim. -Follows all conditions of contract & pays premium, -insurer says how policy works Newborns after how many days become covered in a child rider? B) Money collected with respect to an insurance transaction must be held in a position of trust by the producer. An insurance consultant CANNOT be which type of persons? What type of interest does universal life have? All of the following statements about ordinary life insurance are true EXCEPT. a) The policy can be converted to term coverage. ~~~\text{Direct labor cost}&190,000\\ 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. A. signed waiver of premium C. Concealment -pays an additional death benefit if the insured dies from an accident An annuity is exchanged for another annuity. 2)APS=medical records A. Chapter 4.1 : Life Insurance Flashcards | Chegg.com D. They can decide when to pay their monthly premiums. C. Application Who might receive dividends from a mutual insurer? c) Disclosure rule All of the following statements about term insurance are trueEXCEPTa. 3)Explain any riders or exclusion Predicted needs of the family after the insured's death are used in the needs approach. paperspast.natlib.govt.nz O c. The policyowner has the option of investing the cash value in several investment accounts. Rebating is an unfair trade practice and is regulated by law. As her friend, you have been asked to review the income statement and make necessary corrections. It requires evidence of insurability for renewal. 2) premiums do not change B. Beneficiarys age A _______ __ is the additional premium needed to get covered with high or substandard risk. B. What happens when there is a Misstatement of age or sex? It is legal to list nonguaranteed values in the contract, but they must be specifically labeled as projected, not guaranteed values. All of the following statements concerning coinsurance are true, EXCEPT . (Choose from the following options) considers Lloyds of London an Alien insurer Buy-sell agreements are normally funded with a life insurance policy. Whole life policy. Healthcare in the United States - Wikipedia Which of the following is true regarding the beneficiary designation of the former spouse. Based on Human Life Value Approach, which of the following is NOT used to calculate an individual's life value? 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 key person insurance policy can pay for which of the following? Which nonforfeiture option provides coverage for the longest period of time? saalt menstrual disc how to use - evcc-estheticstraining.com C. State Education Waiver -Voting. D) Using misrepresentation to convince a person to cancel an existing policy and buy a new one is called "twisting.". c) Misrepresentation