(b) variable life insurance (d) indeterminate-premium whole life. A) The amount of insurance of the life of any debtor may at no time exceed the greater of the scheduled or actual amount of unpaid indebtedness to the creditor. B. Study with Quizlet and memorize flashcards containing terms like All of the following are personal uses of life insurance EXCEPT A. See Answer. If a change in the application is necessary what is required? Estate conservation All of the following are characteristics of group life insurance EXCEPT. D. group credit insurance must have a suicide clause . Pertaining to insurance, what is the definition of a fiduciary responsibility? (c) Interest credited to a policy's cash value is taxable to the policyowner in the year credited. These individuals qualify for lower premiums than those in the other categories. Policyholders Compute DVDs net cash provided by (used for) operating activities during July. *The insured is diagnosed with terminal & chronicle illness Terms that apply to the insurer not the applicant. Correct: A. a surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. B) According to the law of large numbers, the larger a group becomes, the easier it is to predict losses. (b) reduced. The issuance of a _________ is the result of the acceptance of an offer. What are the 3 characteristics of a Mutual Insurance Company? 1) All requirements are met C) common stock 4. The cash value available to the policyowner When an agent is handling the premiums that belong to an insurance company, they are acting in a fiduciary capacity. -the insurer sets the terms of the contract and the applicant must adhere to them. d) Decreases annually. c) Accelerated benefit rider. good health 3. A. 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. Which of the following is NOT a fraudulent and intentional deception of the truth? B. Insureds current and future income Term-Life policy has what 3 characteristics? In this particular instance the applicant did not commit intentional fraud. (a) I only (b) II only C. Department of State 3)substandard-highest, 6 factors that are complete for policy 2 be paid? (D The employer is the owner, payor and beneficiary of the policy. Appoint a solicitor as his or her representative The applicant has been shown to be a poor personal credit risk. a. A mutual insurer has no stock, and is owned by the policyholders. C. it is often experience-rated, with premrums based on expected losses. 3)defined benefit plans Represent the insured's interest, Insurance Licensing - Chapter 2: Property Bas, Chapter 9- Commercial General Liability Cover, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, CompTIA A+ Certification Exam Prep - Chapter. D) Insurance covers intentional losses as well as unintentional. ~~~\text{Insurance expense}&\underline{8,000}&\underline{803,000}\\ -and the right to vote. (d) Its use may be appropriate if a person wants paid-up life insurance by retirement. A SEC registration. (c) They decrease at a constant rate. c. thoughts of harming a neighbor An insurance consultant CANNOT be which type of persons? Which of the following is NOT an example of a business use of Life Insurance? C) A licensee cannot knowingly employ an individual who has been convicted of a felony or crime of moral turpitude within the past 10 years to act in a fiduciary capacity. The shifting of risk of loss to a larger homogeneous group is known as what? D. Funding against general company financial loss. Which type of risk involves the possibility of loss or gain? Alex, age 26, purchased a 20- payment whole life insurance policy. 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. a) Material change 2. 6)free-look period-$ back guaranteed. . (a) limited-payment whole life insurance Who represents the insured when dealing with insurance companies? Quarter($000)1234Cash$100$100$100$100AccountsReceivable1999699604Inventory20150590552AccountsPayable104959597\begin{array}{lrrrr} 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. 21,000 \\ d) Contingent. Statements in the application that are guaranteed true but later found to be false may result in what? The CAS number shown in an entry is typically . Explanation: (Life Insurance Policy Provisions, Options and Riders) A family term rider will provide term life insurance on a spouse and children. 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. 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. -20 pay life-paid up at 65 (c) variable life insurance. All of the following statements concerning coinsurance are true, EXCEPT . The application is the basic source of information an insurer uses in the risk selection process. Claim is still paid with an adjustment to the benefits. b. it frequently includes coverage for losses due to casualty and theft. B. The policy is a contract of adhesion. Health insurance decreases your healthcare costs. Arrest History. the underwriting process is approved for: 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? They become permanently disabled D. Premiums paid are deductible as a business expense. Rating codes are assigned to show financial strength or weakness of each company rated C. Insured's annual expenses Question: All of the following statements about variable life insurance are true EXCEPT O a. (receive dividends & the right to vote). c. Your device, make and model. Mutual life policy. O d. To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. 4)explain policy & provisions 3)increase the length of coverage Whoso. 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. Which of the families below is likely to have the least need for a large life insurance policy? d) Blackout approach. A. Conditional Contract insured is always the borrower & the beneficiary=lender The correct answer is: Maggie's Piano Studio with 1 employee. - Limited Pay Life B. a) A retail clerk. Height Weight and Health conditions. Rates are considered inadequate when they do not cover projected losses and expenses. The gross premium charged must reflect, at least for competitive reasons, the actual cost of providing the insurance. 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? -7 pay test is used to determine If a policy is a MEC. What type of interest does universal life have? Round Tree has 100 Type I rooms and 120 Type II rooms. D. Accident The following information is taken from the records of Hammond on November 30 of the current year. A. The issuance of a policy or binder is not part of the consideration element of an insurance contract, it is part of the _______ ________. 2)face amount is set B. Twisting B. 2)Straight Life D. Funding against general company financial loss (c) The number of times the coverage can be renewed is limited. a) Executive offer of the replacing company B) Passing examination with 75% or higher score. A company doing business in a different state than it is incorporated in and the stockholders/share holders have ownership rights (c) human life value method What are the permanent working capital needs of your company? \text{Net loss}&&\underline{\underline{\$(23,000)}}\\ 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. He would also like to invest in a mutual fund. When a policy is contributory how much is paid? An Insurer organized in another state than the state in which it is authorized to do business is known as which type of insurer? Signed waiver of premium The following are all causes for the Insurance Commissioner to suspend or impose conditions upon the continuance of a producer's license EXCEPT 1. Why do most states have a waiting period for couples applying for marriage licenses? To sell variable insurance what must you have? (Hint: Take a look at the Theory of Reasoned Action.). &\begin{array}{cr|} If applicant is not the insured- then insureds signature is required 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 type of insurer has no capital stock? Liquidity in life insurance refers to availability of cash to the insured. 3)MIB=records of all previous insurances they had. 1 / 25. 2. A life insurance license. Any gain in the policy's cash value is . Home Office- what do the underwriters do. they evaluate 4 things- what are they(4)??? This form of life insurance has fixed premiums and the cash value is not guaranteed. D. Speculative Risk &\begin{array}{lccc} b) State attorney general Being young and healthy means you can skip out on health insurance. \end{array} A debtor has an insurable interest in the life of a lender. (b) single-parent family. 1)Whole Life \text{Accounts Receivable} & 199 & 96 & 99 & 604 \\ Poor adaptation to climate change further widens the gap between what people can afford and the costs of insurance, as risks increase. The failure to disclose known facts is what? In a car accident dealing with ADB who covers the passenger? Company A carries 1/3 of the total coverage ($20,000 + $40,000 = $60,000). Findefch a Wife,' 'Pnrple and Fine -men,'^The' Day of Temptation,' ' Of Royal Blood,' etc., etc . 3)Consideration 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. B) Underwriters. ADD( Accidental death and dismemberment??? Correct: B. 1. Insurance is not designed to cover _____________ losses. D. The benefit is received tax free 1. When the agent delivers the policy, collects the initial premium, and the applicant completes and acceptable statement of good health 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. Question: 55. &\text { Inventory }\\ Which of the following statements about universal life insurance is true? d) Tax-deductible. Insurance is designed to cover both intentional and unintentional losses. b. persistent fear of germs d. falsely believing that a spouse has been Costs of training a replacement -Prepays portion of face amount if diagnosed with terminal illness. Upon policy delivery, the producer may be required to obtain any of the following EXCEPT Forms of interest and are Sensitive Whole Life, 1) Transfers risk to another insurer It has cash value that is invested into the stock market through mutual funds/securities. 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???? -But pays you interest, 1)Fixed annuity (d) They remain level. A conditional or binding receipt is given when an applicant does what? _____________ is an employer paid disability and health insurance coverage that covers job related illnesses or injuries. Despite this, the country has significantly worse healthcare outcomes when compared to peer nations. Tom and Nancy Boyle provide financial support for their two children. What type of term do you think would be least expensive a short term or a long? B. a) Universal life 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. and is NOT a party to the contract. 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 5)coverage begins B. A) Universal Life policies allow for policyholders to withdraw a limited portion of the policy's cash value. The total of all requisitions of indirect materials issued during the month is$20,170.00. -tax free accumulation of borrowing. A. Use the indirect method. 2)Increase the face value The Terrorism Risk Insurance Program is administered by which of the following Federal entities? d. The total of all cost sheets completed during the month is $628,880.00. The Aspect of the Dragons is obtained by defeating any Ender Dragon in the Dragon's Nest (except Superior) located at the bottom of The End. a) Tax-qualified \end{array} All renewable term policies are accepted without__________ and only with_____ collected. D. A surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers ____________ is a statement that is true to the best of the persons knowledge that is making the statement.

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