all of the following are true of insurance except all of the following are true of insurance except

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. 2) Binding Reciept. c. Using the payback period, which project should Bill choose? Represent the insured's interest Solved All of the following statements about professional - Chegg A. Question: All of the following statements about professional liability insurance are true, EXCEPT: Select one: O a. A. Renew policy holder has an option- THE INSURER DOES NOT. Liquidity in life insurance refers to availability of cash to the insured. 3)substandard-highest, 6 factors that are complete for policy 2 be paid? The correct answer is: Premiums are typically paid by the lender. b) 10% for early withdrawal Which of the following would least likely be considered a legitimate need that would be paid by insurance proceeds? When parties to a contract exchange unequal amounts of money, this is said to be what type of contract? Does not pay dividends to policyowners; however, taxable dividends are paid to stockholder. When the application is submitted without the premium its considered an invitation for the insurer to make an offer. The preferred risk classification indicates that an insured is in excellent physical condition and employs healthy lifestyles and habits. 2)no cash-value 6)Explain Free Look period-10-30 days- unconditional refund that begins when policy is delivered. However, the applicant does not wish to give the agent the initial premium, and no conditional receipt is issued. Consumer report Exclusion Categories Can a misrepresentation render the contract void if the misrepresentation is material to the risk? 2)APS=medical records Chapter 11 - Life Insurance. ________________ are the person who receives benefits payable upon death. II. What else must he include? d) Military personnel. a) Because the insured is currently not a drug user, his policy will not be affected. The companys president is concerned about the accuracy of the income statement. B. The policy is a conditional contract Their premiums are lower B. Twisting Insurance is designed to provide protection against which of the following? (b) reduced. &\begin{array}{lccc} In the needs approach, all of the following information is used to establish how much insurance needs to be purchased, EXCEPT: Mary should purchase $1.5 million ($75,000 x 20 working years remaining = $1,500,000). A) The insurance policy usually has a provision specifying how a notice of loss is to be made to the insurance company. c) Fixed premium c. continuous premium whole life (b) tax-free exchange provision a) The policyholders or stockowners of the company -But pays you interest, 1)Fixed annuity B. d) The Guaranty Corporation. An Insurance Broker is responsible for what? (b) level-premium method This is true whether a property or liability form; and regardless whether the insured is a commercial or personal lines client. In this case, the applicant will most likely need to fill out a Statement of Good Health. Which of the following is true regarding the beneficiary designation of the former spouse. 4) Joint-Life policy(business part) Insurance policy of 2 or more A) the agent. Solved All of the following are true for indemnity insurance | Chegg.com All of the following are true of negligence, except: a. (a) I only (b) II only Tamara purchased a term insurance policy when she had high life insurance needs and limited income. The issuance of a policy or binder is not part of the consideration element of an insurance contract, it is part of the _______ ________. Because the insurance company must pay claims and the insured must comply with the policy terms, the insurance contract is considered which of the following types of contracts? (c) both I & II (d) neither I nor II. d) Graded Premium. The correct answer is: The premium decreases to zero by the end of the policy period. ____________ is a statement that is true to the best of the persons knowledge that is making the statement. All of the following statements are TRUE concerning Debtor Groups EXCEPT Which of the following would provide an underwriter with information concerning an applicant's health history? Six Reasons the Loss is Excluded - MyNewMarkets.com Any gain in the policy's cash value is . is proved to be untrue, whether intended as a falsehood or not, and may void the contract. What are the two options in death benefit options? Accelerated Living Benefit/Accelerated Death Benefit? d) Policy dividends. 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 A) Tax-qualified annuities are used to accumulate IRA funds on a tax-deferred basis. 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 . The shifting of risk of loss to a larger homogeneous group is known as what? A person who negotiates insurance contracts on behalf of an insured. Health insurance decreases your healthcare costs. Which of the following is usually true of a participating life insurance policy? Instructions It has cash value that is invested into the stock market through mutual funds/securities. 1) cash value earns interest The applicant's medical background is addressed in Part 2 - Medical Information. &\begin{array}{l|lr} S buys a $10,000 Whole Life policy in 2003 and pays an annual premium of $100. B. this insurance is often written in connection with automobile loans. (b) face amount of the policy and the total premiums that have been paid. Effects of climate change - Wikipedia Jul3119,500\begin{aligned} Life insurance proceeds 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) Policyholder c) A person who handles assets or money belonging to others. Predicted needs of the family after the insured's death are used in the needs approach. Life Insurance Flashcards - Cram.com Pure Risk. What will probably happen? How does having children affect the decisions that couples must make when considering a divorce? One sided contract is a ______________ contract. -car accident not in conjunction with an illness Accelerated Living Benefit/Death Benefit is what type of rider? a) Aleatory 1) Avoiding the risk Where does group-life insurance come from? On DUE DATE. Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, ICEN6003: IC Engines Operation and Constructi. -marriage New York City | Robert Klein | Robert Klein At Yale (1982) | baseball Correct: A. Correct: A Insurance . b) An agent offers to share his commission with a policyholder. Newborns after how many days become covered in a child rider? What are the 3 characteristics of a Mutual Insurance Company? The ___________ controls all rights of the contract. -Not invested in stock market &&\\ 25,500, AccountspayableJul114,500???? (a) I only To sell variable life insurance policies, an agent must receive all of the following EXCEPT In terms of social security, what is the name for the time period after the youngest child of a family turns 16 and before the surviving spouse may start receving retirement benefits? Waiver of premium is a rider that can be added to a life insurance policy, and not something to be obtained from the applicant. Is There An Objective Morality? IAI TV Type of insurance contract that pays its death benefit only during a specified period of time and nothing after that stipulated period. -If the insured dies, the policy payed out the PRINCIPAL SUM \end{array} a) To limit the insurer's liability after the 2 year waiting period B. -the insurer sets the terms of the contract and the applicant must adhere to them. a) No penalties, since the owner is older than 59 \textbf{Income Statement}\\ C. Application 4. 4)Based on principle sum(rider) & capital sum(insurer) 50%, 3rd party ownership insurers issues policy to a lending institution B. -sex doesn't determine eligibility. An insurer that is incorporated in the same state that they are doing business in is a_____________.? Correct: B. Group life insurance is most often issued as guaranteed annual renewable term. (c) PV of the family's share of a deceased breadwinner's future earnings. -and the right to vote. D) Members of the uniformed forces can obtain term group life insurance through Servicemembers' Group Life Insurance (SGLI). All of the following are true of key person insurance EXCEPT ) The key employee is the insured. What is a statement in the application guaranteed true in all respects? d) Performing reviews of insured's coverage. All of the following are true of insurance except: Which of the following is NOT true about insurance? b. D. The ratings are available to the public Which of the following statements is not correct regarding rates and premiums? \hline D. Agents report. d) Contingent. Statements in the application that are guaranteed true but later found to be false may result in what? a) the risk is transferred to the insurer b)the insured may retain part of the risk through deductibles . &\text { Accounts receivable }\\ 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. -guaranteed/fixed/level payment, -Immediate "annuitization phase" 1)Level Surplus lines broker deals with admitted carriers only a) Accumulated at interest B) They illustrate the nonguaranteed elements of the policy. -A Mec will receive unfavorable tax treatment C. Payment of premium 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? Correct: D. Concealment. d) Buyer's Guide. Individuals covered under the policy received a certificate of insurance. a) Juvenile Life -Follows all conditions of contract & pays premium, -insurer says how policy works a) Material change d) Living need rider. d) Fiscal responsibility. All of the following are true of key person insurance EXCEPT Which of the following is the best reason to purchase life insurance rather than annuities? (a) They increase at an increasing rate. 3)Consideration D. The face amount remains the same throughout the life of the policy. D. An individual has an insurable interest in her or her own life. (a) renewal provision Pro rata liability applies. D) Using misrepresentation to convince a person to cancel an existing policy and buy a new one is called "twisting.". All of the following information about a customer must be used in determining annuity suitability EXCEPT D. Gender. In order for the contract or policy to be valid or legal? D. Effect of inflation on income over time. a) Premium amounts and surrender values \text{Accounts Receivable} & 199 & 96 & 99 & 604 \\ and is NOT a party to the contract. EMPIRECOMPANYIncomeStatementFortheMonthEndedOctober31,2017\begin{array}{c} The Waiver of Cost of Insurance rider is found in what type of insurance? Total personal income in the United States (in billions of dollars) for selected years from 1960 to 2009 is given in the following table. Misrepresentation, Concealment and Deceit are all examples of what? A. (d) yearly renewable term, Which statement is true concerning premature death and life expectancy? All of the following statements are true regarding mortgage protection insurance EXCEPT. d) The Medical Information Bureau. 2) profits are returned as dividends Liquidity in life insurance refers to availability of cash to the insured through cash values. ____________ insurer is not a type of insurer. a) The policy can be converted to term coverage. ~~~\text{Selling and administrative salaries}&75,000\\ Type I rooms do not have wireless Internet access and are not available for the Business rental class. B) Underwriters. Rebating is an unfair trade practice and is regulated by law. -Prepays portion of face amount if diagnosed with terminal illness. -its a rider B. Home Office- what do the underwriters do. they evaluate 4 things- what are they(4)??? C. Waiver of Estoppel e. The total of costs recorded on all sales invoices for the month is$654,052.00. c) An agent offers tickets to a baseball game as an inducement to buy insurance. Taxes, Retirement, and Other Insurance Concep, State Laws, Rules, and Regulations Quizzes, Life Insurance Policy Provisions, Options and, Fundamentals of Financial Management, Concise Edition. D. Accident D) The suicide provision protects the company from those individuals who purchase life insurance with the intention of committing suicide. What are (4) ways annuities are classified? The failure to disclose known facts is what? Costs of training a replacement To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. when the applicant/owner is not the insured-3rd party A monthly deduction is made from a policy's cash value for the cost of insurance protection. D. The flexible premium. When an applicant pays the initial premium the agent will give them a what? Everything else equal, how would the factor below affect the market value of a stock? Which of the following documents must be provided to the policyowner or applicant during policy replacement? Rates \hline & \text { Jul 1 } & 55,000 \\ A. A producer wishing to appeal the final order of the commissioner would appeal to???? What is the difference between renewable policy holder & Insurer? A life insurance license. 3)MIB=records of all previous insurances they had. After examining other manufacturing cost data, you have acquired additional information as follows. Insurance producers must ensure that contracts they recommend are in the best interest of the insured. B. A) loss reserves 2. 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 . 2)interest sensitive -below market interest rates on borrowing A ____ contract requires that both parties perform certain duties. 2) premiums do not change All of the following statements concerning coinsurance are true, EXCEPT (b) II only When an insurance policy is not clear, the court will usually interpret in favor of the insured because of which characteristic? Get more out of your subscription* Access to over 100 million course-specific study resources What are two reasons that people deposit money in banks? The employer is the owner . B. S dies 5 years later in 2008 and the insurer pays the beneficiary $10,500. *Both not taxable. D. Breach of warranty You cannot sell a variable policy without what? A debtor has an insurable interest in the life of a lender. A life insurance policy is exchanged for an annuity. \text{Inventory} & 201 & 505 & 905 & 52 \\ (a) blended family. The applicant accepts the invitation by paying the ___________. Cash values can be borrowed at any time What is the primary source of info used to determine insurability by the underwriting department? B) After a claim has been adjusted and is found to be covered under the policy, the insurer must pay the claim upon receipt of a signed proof of loss. By William Lb Qtjetjx, Author of . D) An agent's report and inspection report provides personal information. A. b) Cost of living rider. B. (receive dividends & the right to vote). (b) variable life insurance Foreign. 1 / 25. Quarterly working capital levels for your firm for the next year are included in the following table. Nature of risk -cash value options B. Marital Status If there Is a risk of financial loss then there is a what? An Insurer organized in another state than the state in which it is authorized to do business is known as which type of insurer? According to the entire contract provision, what document must be made part of the insurance policy? Is claim still paid if there is a misstatement of age or sex? \text { Type II } & \$ 20 & \$ 30 & \$ 40 2) standard risk D. Aleatory contract The designation will be void/. also known as acceptance. The CAS number shown in an entry is typically . An applicant is denied insurance because of information found on a consumer report. considers Lloyds of London an Alien insurer If a parent purchases life insurance on their child all of the following are true, EXCEPT: A) The child is the insured. Correct: A. a surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. 4)decrease premium paying period. A ______ will receive unfavorable tax treatment. D. Workers compensation. Example: company that is incorporated in NJ and sells in NJ. The correct answer is: Maggie's Piano Studio with 1 employee. b) Fluctuates. Most agents try to collect the initial premium for submission with the application. There are 2 parties of the contract- what are they? \end{array} \\ ch2 Flashcards | Quizlet 1)absolute assignment-all rights are assigned A. b) Human life value approach d) Tax-deductible. b) Conditional receipt B. (b) current assumption whole life. The 3 categories of private insurers site of incorporation? Which of the following is the basic source of information used by the company in the risk selection process? Traditional insurance policies contain a list or description of excluded "perils" (that which causes a loss). (d) endowment insurance, Rachel needs permanent life insurance. &\text { Retained Earnings }\\ Premiums are not tax deductible as a business expense. An inexperienced assistant accountant has prepared the following income statement for the month of October 2017. 1. A rider that may be attached to a life insurance policy that will adjust the face amount based upon a specific index, such as the Consumer Price Index, is called 1) premium schedule differ from whole life A. Study with Quizlet and memorize flashcards containing terms like All of the following are personal uses of life insurance EXCEPT A. d) Older. Which of the following statements about universal life insurance is true? (d) Most policies have a CV that is refunded when coverage ceases.