_____________ is a statement that is true to the best of the persons knowledge that is making the statement. Term-Life policy has what 3 characteristics? C. Whole life Which of the following documents must be provided to the policyowner or applicant during policy replacement? Findefch a Wife,' 'Pnrple and Fine -men,'^The' Day of Temptation,' ' Of Royal Blood,' etc., etc . See Answer. D. Speculative Risk D. An individual has an insurable interest in her or her own life. Flashcards - D1. Accident and Health Insurance Basics - FreezingBlue The following are all true regarding risk management, except: A. The parties in the insurance contract consist of whom? The designation will be void/. C. Whole life Cash value is the same as ___________ when the policy matures. B) Fiduciary refers to a position of trust. A company doing business in a different state than it is incorporated in and the stockholders/share holders have ownership rights 3. An insurer that is incorporated in the same state that they are doing business in is a_____________.? The demand forecast for a particular night is 130 rentals in the Super Saver class, 60 rentals in the Deluxe class, and 50 rentals in the Business class. The correct answer is: Maggie's Piano Studio with 1 employee. Individuals covered under the policy received a certificate of insurance. Does T-Mobile Insurance Cover Water Damage? Agent Sam is using the human life value approach to assess Mary's life insurance needs. 1. What are some of the questions asked on the application to determine the premium and risk classification of the insured? D. Accident 2) Transferring the risk \text { Room } & \text { Super Saver } & \text { Deluxe } & \text { Business } \\ D. Solicit applications on insurer's behalf What is the term for a cause of loss, such as the theft of a car? What type of policy does the insured most likely have? A. A _______ __ is the additional premium needed to get covered with high or substandard risk. \textbf{EMPIRE COMPANY}\\ b) Adjustable life 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. B. 1)premium payment 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. a) Withdrawals are not taxable. Most insurance policies contain a specific limit that an insurer will pay for a single claim. What will probably happen? (b) tax-free exchange provision How do premiums for yearly renewable term insurance change as an insured gets older? The cost of insurance protection is referred to as what? \hline & \text { Jul 1 } & 55,000 \\ Mutual life policy. Correct: A. What kind of penalty would the IRA owner pay? 3)defined benefit plans D. The face amount remains the same throughout the life of the policy. The total factory payroll for the month according to the payroll register is $308,000.00, distributed as follows. 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. (D The employer is the owner, payor and beneficiary of the policy. A key person insurance policy can pay for which of the following? (a) They increase at an increasing rate. When a policy is non-contributory how much is paid? d. Who is responsible for making sure the application is completed properly and all necessary info is obtained? 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. (c) They decrease at a constant rate. (b) variable life insurance a. b) 10% for early withdrawal \end{aligned} \\ 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. What adds coverage and modifies coverage? b. Exclusion Categories Attempting to determine how much insurance an individual would require based upon their finacial objectives is known as. \hline (\$ 000) & 1 & 2 & 3 & 4 \\ The total of all requisitions of direct materials issued during the month is $252,230.00. \end{aligned} 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. 2)interest sensitive 4)policy matures at age 100. Carl would like to purchase life insurance. Certificate holders may convert coverage to an individual policy without evidence of insurability. Correct: C. Condition contract, enforceable only under certain conditions. D. The benefit is received tax free C. Unilateral contract Premiums are not tax deductible as a business expense A person cannot buy insurance unless that person is in a position to suffer a financial loss. A. Who gets $$money when the policy holder dies? Concerning insurance, the definition of a fiduciary is All of the following statements are correct about policy loan interest rates EXCEPT: (A) an insurance company can charge a fixed rate of interest up to a maximum of 10%, with some restrictions (B) an adjustable interest rate can be used if the insurance company follows a national corporate bond index (C) an adjustable interest rate can be used if the limit is based on the average monthly . -The insurer would pay the face amount of the policy minus the past due premium. A. Flashcards - WA Life Law Practice Exam - FreezingBlue II. b. d) Buyer's Guide. Social Security is designed to provide a base of economic security B. *The insured is diagnosed with terminal & chronicle illness Renew policy holder has an option- THE INSURER DOES NOT. Contract or form of ownership is a ______________? All of the following are true regarding life insurance illustrations EXCEPT. Who might receive dividends from a mutual insurer? 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. B. Beneficiarys age a) the risk is transferred to the insurer b)the insured may retain part of the risk through deductibles . New York City | Robert Klein | Robert Klein At Yale (1982) | baseball The NAAR for a life insurance policy is the difference between the They have made a legal arrangement which states that if one of them dies or becomes disabled, the other two wull be able to buy the partner's shares, Which term best describes this arrangement? Policy Holders/Shareholders have the ability to vote for members of the board of directors or governing body of the company.. this is called their____________? a) An agent offers the use of his lake house to person as an inducement to buy. B. Avoidance Who is not a party to the contract and receives the benefits when the insured dies? Whats the cheapest type of permanent insurance? The accounting records of DVD Sales, Inc., include the following accounts: CashJul15,500???? 3) policy builds cash-value c. Premiums may be raised at renewal d. Group term insurance may cover the . Must have at least 32/40 question correct for positive rating. 1. d) Blackout approach. When an insured fails to disclose known facts in an application for insurance, he/she may be guilty of: A. 3)Consideration Beneficiary's age is not a suitability factor. Who would be eligible to obtain SGLI? c) Disclosure rule Newborns after how many days become covered in a child rider? \hline \text { Jul 1 } & \begin{array}{r} If the insured becomes disabled, the rider allows the cost of insurance to be waived, with the exception of premium costs required to accumulate cash value, Who must notify the replacement company of a policy that is being replaced? A linear programming model developed to maximize profit is used to determine how many reservations to accept for each rental class. 3) Ordinary. Compute DVDs net cash provided by (used for) operating activities during July. A. Surviving family members may experience a reduction in their standard of living if the family breadwinner dies prematurely. Occupation The benefit is subject to the exclusionary rule 1) preferred-low Last year, the couple got divorced. 2) form of interest sensitive life insurance(current market conditions influence the cash value) Correct: B. Example: AIL was incorporated in Indiana and its home office is in Texas so in NJ its considered a foreign insurer. AccountsreceivableJul1Jul3121,000???? -tax free accumulation of borrowing. A. c) Counselor A policy summary usually includes all the listed information, and must be delivered along with a new policy. D. Department of Treasury He would also like to invest in a mutual fund. All of the following characterize term life insurance, EXCEPT: Select one: a. Term life insurance provides pure death protection. b) Failure to promptly settle a claim when liability has been clearly established Agents and producers must place business through an insurer with the lowest rated The CAS number shown in an entry is typically . It has cash value that is invested into the stock market through mutual funds/securities. the willful holding back or secretion of material facts pertinent of the issuance of insurance or a claim. 2)non-qualified plans a) Using arbitration when the insured and insurer cannot reach agreement To sell variable insurance what must you have? Which of the following statements is NOT true concering insurable interest as it applies to life insurance? The cash value available to the policyowner Pro rata liability applies. 2)Increase the face value -Not a true insurance company B. 1) cash value earns interest A. 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 . A securities license. Company A carries 1/3 of the total coverage ($20,000 + $40,000 = $60,000). C) the proposed insured. B. A) They must be given to all Life insurance applicants. Which of the following statements about a life insurance policy is (are) true? d) Living need rider. All of the following statements about term insurance are true EXCEPT. &\text { Accounts payable }\\ An inexperienced assistant accountant has prepared the following income statement for the month of October 2017. A. 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. States regulate the procurement of business from nonadmitted carriers by regulating the brokers who place business with these carriers. Chapter 1- General Insurance Flashcards | Quizlet Effects of climate change - Wikipedia (d) annual premium and the annual policy dividend. 90-180 days. Nonparticipating policy. D) Claims result from losses by a peril insured against in an insurance policy. A. compulsion? To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. B. Surplus lines broker deals with admitted carriers only (economy). Estimated direct labor costs for next year are$440,000.00. ___________ is the persons whose death triggers payment. What characteristic must an annuity have if it is used to accumulate funds in an IRA? 5)Survivorship Life Policy (policy holder pays themselves). ~~~\text{Depreciation on sales equipment}&45,000\\ What is NOT invested in the stock market but pays you interest? An insurance contract requires that both the insured and the insurer meet certain conditions in order for the contract to be enforceable. D. Term life. Flashcards - PSI online exam Life Insurance - FreezingBlue O b. b) Cost of living rider. Or, Bill can invest $9,000 in project B that promises to pay annual end-of-year payments of$1,500, $1,500,$1,500, $3,500, and$4,000 over the next 5 years. Use the indirect method. Whoso. A. C. it is often experience-rated, with premrums based on expected losses. a) Accepted accounting principal. (d) free look provision. All of the following are true of insurance EXCEPT It transfers risk. Study with Quizlet and memorize flashcards containing terms like All of the following are true regarding group term life insurance, EXCEPT: a. 2)Foreign Insurer exclusions: when the accident occurs within an illness,disease, or mental infirmity. Retention, Avoidance, and Transfer are all _________________. Annually renewable term policies provide a level death benefit for a premium that c) Conditional -Prepays portion of face amount if diagnosed with terminal illness. Each withdrawal, however, is usually charged, and the amount and frequency of withdrawals are usually limited. AKA-payout phase. All of the following statements about the characteristics of Social Security are true EXCEPT A. A debtor has an insurable interest in the life of a lender. \end{array} B. All of the following are true of negligence, except: a. 2)Procures insurance 4 itself from another insurer, The tax benefit of annuities is tax deferred growth. a. mentally counting backward from 1,0001,0001,000 Life insurance prodceeds Tom and Nancy Boyle provide financial support for their two children. the application is used at the primary source of info. These individuals qualify for lower premiums than those in the other categories. The companys president is concerned about the accuracy of the income statement. Where does group-life insurance come from? 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. B. c) A person who handles assets or money belonging to others. Why?". All of the following statement regarding credit life insurance are true, except: A. credit life insurance may be written on either and individual or group basis. d) 15 years. Who appoints the state insurance regulator in many states? b. When the company earns a profit and elects to share there profits, they pay a ____________to the policyholders or shareholders. Which nonforfeiture option provides coverage for the longest period of time? An insurance company that was incorporated in a different state it is doing business in and pays dividends to its policyholders is known as a _________. Which of the following is TRUE regarding assignment rights for . c. 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. 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 following are all causes for the Insurance Commissioner to suspend or impose conditions upon the continuance of a producer's license EXCEPT 1. A monthly deduction is made from a policy's cash value for the cost of insurance protection. The company records manufacturing costs by job number and uses a factory overhead applied rate to charge overhead costs to its products.