Prior to October 2017, the company had been profitable every month. An insured is driving her automobile and strikes a large pothole that . d) An agent misrepresents policy benefits to convince a policyowner to replace policies. -If the insured dies, the policy payed out the PRINCIPAL SUM (b) The face amount of the policy is paid if the insured lives to age 65. Past-due interest on a policy loan is added to the total debt. C. Waiver of Estoppel Who might receive dividends from a mutual insurer? (economy). 3)Explain any riders or exclusion b) The debtors eligible for insurance under the policy shall all be the debtors of the creditor(s). All of the following statements about term insurance are true EXCEPT. What is an exchange of a whole entire life policy for another? 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. D. Delivery receipt. What are (4) characteristics of permanent insurance? All of the following groups may purchase group health insurance coverage, EXCEPT: Groups must have at least two employees to be eligible for group insurance coverage. c. Using the payback period, which project should Bill choose? D) Using misrepresentation to convince a person to cancel an existing policy and buy a new one is called "twisting.". 3)according to the source of annuity income 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. Accelerated Living Benefit/Accelerated Death Benefit? \text { Type I } & \$ 30 & \$ 35 & - \\ don't pick binding receipt at all on test. 1. A. Prepare the following details: Mobile number, serial number, or IMEI. When a policy is contributory how much is paid? The correct answer is: The premium decreases to zero by the end of the policy period. 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 The terrorism risk insurance program reauthorization act provides for a terrorism insurance program administered by which federal entity? The policy does not go into effect until the premium has been collected. B. Buy-Sell Agreements pay in the event of a medical emergency A lender has an insurable interest in the life of a debtor, but only to the extent of the debt. 3) policy builds cash-value A FINRA registration. Insurance is designed to provide protection against which of the following? Occupation An inexperienced assistant accountant has prepared the following income statement for the month of October 2017. Get more out of your subscription* Access to over 100 million course-specific study resources All of the following are true of insurance except: Which of the following is NOT true about insurance? b) Reduced paid-up 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? D. Workers compensation. 1. He would also like to invest in a mutual fund. A key person insurance policy can pay for which of the following? Universal Life is also known as two things what are they? L4. Life Insurance Policy Provisions Options and Riders I. C. Conditional contract Most policies can be renewed for additional periods without evidence of insurability. To sell variable insurance what must you have? Other factors that are named include "Mortgage underwriters, investment banks, rating agencies, and investors", "low mortgage interest rates, low short-term interest rates . One sided contract is a ______________ contract. Which of the following best describes a surplus lines broker? c) An agent offers tickets to a baseball game as an inducement to buy insurance. A. 1) Conditional Reciept 4)Based on principle sum(rider) & capital sum(insurer) 50%, 3rd party ownership insurers issues policy to a lending institution 2)people under the influence of drugs or alcohol -paying for certain time and stop. C) They must contain a warning that actual results may vary. The issuance of a _________ is the result of the acceptance of an offer. d) Contingent. Government Relations: New Challenges and the Ongoing Erosion of C. Medical Background It is a type of tort. ~~~\text{Rent on factory facilities}&60,000\\ \hline \text { Jul 31 } & 25,500 Life Insurance Basics Flashcards | Quizlet d) Decreases annually. Which of the following about yearly renewable term insurance is true? B. Which of the following documents delivered to the policyowner includes information about premium amounts, cash values, surrender values, and death benefits for specific years? All of the following statements about term insurance are true EXCEPT. The person who receives the benefit when insured dies. ~~~\text{Utilities expense}&12,000\\ 5)coverage begins WorkinProcess$229,040.00EmployeeIncomeTaxPayable$33,880.00FactoryOverhead78,960.00SocialSecurityTaxPayable19,096.00Cash250,558.00MedicareTaxPayable4,466.00\begin{array}{lrlr}\text { Work in Process } & \$ 229,040.00 & \text { Employee Income Tax Payable } & \$ 33,880.00 \\ \text { Factory Overhead } & 78,960.00 & \text { Social Security Tax Payable } & 19,096.00 \\ \text { Cash } & 250,558.00 & \text { Medicare Tax Payable } & 4,466.00\end{array} ? A person who negotiates insurance contracts on behalf of an insured. b) State attorney general All of the following statements about universal life insurance are true EXCEPT Any withdrawal of a policy's cash value reduces the amount of the death benefit. Their premiums are lower C. group credit life insurance does not build cash values. c) Whole Life C. Premiums are determined by age sex and occupation of each individuals certificate holder. D. Solicit applications on insurer's behalf Involuntary Risk b) Fiduciary responsibility. 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? 4) Joint-Life policy(business part) Insurance policy of 2 or more Company A carries 1/3 of the total coverage ($20,000 + $40,000 = $60,000). Predicted needs of the family after the insured's death 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? 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. Total personal income in the United States (in billions of dollars) for selected years from 1960 to 2009 is given in the following table. C. Department of State a) The policy can be converted to term coverage. Most agents try to collect the initial premium for submission with the application. Quarterly working capital levels for your firm for the next year are included in the following table. The profit per night for each type of room and rental class is as follows: RentalClassRoomSuperSaverDeluxeBusinessTypeI$30$35TypeII$20$30$40\begin{aligned} b) The policy will not be affected. D. Speculative Risk a) Premium amounts and surrender values (d) annual premium and the annual policy dividend. 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? B. Avoidance \end{array} Jul3117,000\begin{aligned} What are (4) ways annuities are classified? a) To limit the insurer's liability after the 2 year waiting period Which of the following best illustrates a What type of term do you think would be least expensive a short term or a long? (c) term insurance Correct: A. a surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. A) An indeterminate premium reduction policy is a policy in which the premium is guaranteed for an initial period, then the insurer can charge up to a maximum premium charge that is specified in the policy. b) Universal Life Which is generally true regarding insureds who have been classified as preferred risks? Flashcards - WA Common Law Practice Exam - FreezingBlue (receive dividends & the right to vote). Liquidity in life insurance refers to availability of cash to the insured. -insured can stop paying premiums at certain age or after a period of time 2)Variable annuity A. Must have at least 32/40 question correct for positive rating. 1. Despite this, the country has significantly worse healthcare outcomes when compared to peer nations. 3) type of plan they applied for. Renew policy holder has an option- THE INSURER DOES NOT. d) The insurer will sue the insured for committing fraud. A producer wishing to appeal the final order of the commissioner would appeal to???? Use the indirect method. -greater potential to grow the cash value but there is no guarantee D. Breach of warranty C. Social Security works exactly same as private insurance. The total of all requisitions of indirect materials issued during the month is$20,170.00. *Both not taxable. Members are assessed to fund the corporation. -its a rider 3)low premiums. D. Agents report. . Pure Risk. Reinsurer Assuming company. -tax free accumulation of borrowing. C. Payment of premium B) The plan is funded by permanent insurance only. 4)annual, Everytime you have a payment due. a) Universal life Correct: A. A. Our records show that more than one device is associated with this The insurer issues the policy and learns of his history one year later. 2) premiums do not change Does T-Mobile Insurance Cover Water Damage? There is a minimum guaranteed interest rate on all sub-accounts. Life insurance proceeds A. A mutual insurer has no stock, and is owned by the policyholders. Any profit realized in the operation will be used to provide dividends to stockholders as well as surplus funds that may be used as a buffer for future adverse experience.