Contract or form of ownership is a ______________? \end{array} An Insurance broker is responsible for what? Carl would like to purchase life insurance. The interest rate credited to the cash value at the time of issuance remains fixed over the life of the policy. 2)administered charge A contract between insurer and policy holder. On DUE DATE. A debtor has insurable interest in the life of a lender All of the following are business uses of life insurance EXCEPT 17,000, InventoryJul122,000???? Insurance is designed to cover both intentional and unintentional losses. Companies may have immediate legal obligations following the inclusion of a substance in the Candidate List on this website including in particular Articles 7, 31 and 33 of the REACH Regulation. d) The policy can be reinstated by paying back all policy loans and premiums. Renew policy holder has an option- THE INSURER DOES NOT. Correct: B. The application is the basic source of information an insurer uses in the risk selection process. -the insurer sets the terms of the contract and the applicant must adhere to them. When both parties to a contract must perform certain duties in order to make the contract enforceable, this is known as what? Each withdrawal, however, is usually charged, and the amount and frequency of withdrawals are usually limited. Which of the following statements regarding the taxation of Modified Endowment Contracts is FALSE? 6)Explain Free Look period-10-30 days- unconditional refund that begins when policy is delivered. \end{array} \\ d) Graded Premium. All of the following are true of key person insurance EXCEPT ) The key employee is the insured. \end{array} \\ Numerical identifiers: Each candidate list entry covers both anhydrous and hydrated forms of a substance. ADD( Accidental death and dismemberment??? Which of the following is an example of an unfair claims settlement practice? Represent the insured's interest 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____________? (3), 1)bank trust officer Waiver of premium is a rider that can be added to a life insurance policy, and not something to be obtained from the applicant. 2)Explain and collect any ratings The cash value of availability to the policyowner By William Lb Qtjetjx, Author of . Permanent Insurance have 3 words in common, what are they? Cash value is invested in the stock market. 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. What does "liquidity" refer to in a life insurance policy? B. Which of the following statements about a life insurance policy is (are) true? a) Material change &\begin{array}{lr|rr} B. The insured agrees to maintain insurance equal to some specified percentage of the value of the property. d) Limited pay. A whole life insurance policy is exchanged for a term insurance policy. a) Offering additional coverage to clients The County is administered by a five-member Board of Supervisors who are elected for four-year terms In a car accident dealing with ADB who covers the passenger? Retention, Avoidance, and Transfer are all _________________. II. 1)cont. &\begin{array}{l|lr} Which of the following is a financial rating service? B) According to the law of large numbers, the larger a group becomes, the easier it is to predict losses. Only the MIB will provide information about an applicant's medical history. What type of term do you think would be least expensive a short term or a long? Which of the following statements is not correct regarding rates and premiums? c) To protect the policyowner \end{aligned} C. Waiver of Estoppel What is used for the underwriting department to determine insurability? Who assumes control over an insurance company's funds and management if it becomes insolvent? Conditional contract means the policy holder does what? Correct: A. Misappropriation or illegal withholding of the policyholder's money. \end{aligned} ~~~\text{Depreciation on sales equipment}&45,000\\ Domestic Insurer The person who receives the benefit when insured dies. (d) They remain level. a) Agent's report is proved to be untrue, whether intended as a falsehood or not, and may void the contract. considers Lloyds of London an Alien insurer An insurance contract requires that both the insured and the insurer meet certain conditions in order for the contract to be enforceable. Their premiums are lower Rating codes are assigned to show financial strength or weakness of each company rated &\text { Retained Earnings }\\ $ cant exceed indebtness. b) Index used by stock companies (d) neither I nor II. ___________ is the persons whose death triggers payment. Forms of interest and are Sensitive Whole Life, 1) Transfers risk to another insurer \end{aligned} D. Funding against general company financial loss. Pertaining to insurance, what is the definition of a fiduciary responsibility? A. & \text { Depr } & 3,000 \\ Correct: A.A peril. &&\\ Individuals covered under the policy received a certificate of insurance. James purchased yearly renewable term insurance. B) The plan is funded by permanent insurance only. (c) conversion provision C. The benefit is received as taxable income Non-Participating (stock) Life Insurance Policy. (2), 1)HIPPA D. Premiums paid are deductible as a business expense. 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. In the pamphlet, he includes the full name of his insurance agency and the type of insurance that he offers. 2. 3)Rider expires 60,65,75. D) The suicide provision protects the company from those individuals who purchase life insurance with the intention of committing suicide. 2)quarterly -car accident not in conjunction with an illness Compensating executives when the applicant/owner is not the insured-3rd party (b) tax-free exchange provision 21,000 \\ \hline \text { Jul 1 } & 5,500 &&\\ C. Conditional contract A conditional contract requires both the insurer and policyowner to meet certain conditions before the contract can be executed, unlike other types of policies, which put the burden of condition on either the insurer or the policyowner. The issuance of a binder is the result of the ___________________ of an offer. D. Funding against general company financial loss Hammond Corporation manufactures televisions. 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? B. b. Journalize the entry to transfer the total of all cost sheets completed from Work in Process to Finished Goods. Credit life C. A surplus lines broker accepts business only from non- resident agents CPI (consumer price index) without evidence. C. Insured's annual expenses Surplus lines broker deals with admitted carriers only Last year, the couple got divorced. The shifting of risk of loss to a larger homogeneous group is known as what? Correct: B. 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. b) Larger. A SEC registration. ? still matures at age 100, -premium is paid off at one time An__________ represents the insurer. The safety margin is narrower, because the cost of the insurance to the policyholder cannot be adjusted at a later time. (a) The insurance provides protection for a temporary period of time. What insurance concept is associated with the names Weiss and Fitch? 3)MIB=records of all previous insurances they had. (Medic Information Bureau)? Insurance is an important tool to manage risks, but often unavailable to poorer households. \end{aligned} Endowments means policy is what(2) things? -cash value options Example: company that is incorporated in NJ and sells in NJ. Business partners have an insurable interest in each other 3)Minors. 4) 3 components to the premium, The owner and the insured are different people. I. A whole life insurance policy is exchanged for a term insurance policy, Which of the following will be included in a policy summary? All of the following are true of negligence, except: a. A company doing business in a different state than it is incorporated in and the stockholders/share holders have ownership rights B. All of the following statements are true regarding mortgage protection insurance EXCEPT. Alex, age 26, purchased a 20- payment whole life insurance policy. (b) reduced. 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. 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. c) Increases annually. (c) term insurance Costs of training a replacement Question: All of the following statements about professional liability insurance are true, EXCEPT: Select one: O a. (b) Face amount decreases during the policy period, but premiums remain level. B) They illustrate the nonguaranteed elements of the policy. 3) Increasing Term. . 1)temporary (a) universal life insurance. b. An insured owns a life insurance policy. The companys president is concerned about the accuracy of the income statement. C) Completing pre-licensing training. ($000)CashAccountsReceivableInventoryAccountsPayable1$1001992011042$1009650595Quarter3$10099905954$1006045297, Describe Cream Silk's promotion within the context of the multi-attribute model: Which attribute(s) were central to the promotion and how does the model explain what the company was trying to accomplish with the "Human Hair Quartet?" C. Tax Status &\begin{array}{lr|lr} -marriage How do premiums for yearly renewable term insurance change as an insured gets older? Explain your answer. 4. The employer is the owner . When the company earns a profit and elects to share there profits, they pay a ____________to the policyholders or shareholders. d) Policy dividends. All of the following would be exempt from the producer licensing requirements EXCEPT: A) A customer service representative who discusses policies. B) A "cost of living" rider adjusts the face amount of a policy to maintain the relationship of the face amount and increases in the cost of living. C) Annually renewable term policies provide a level death benefit for a premium that increases each year with the age of the insured. Out of 20 yr or 30 yr which policy is less expensive? D. Delivery receipt. A. (c) both I & II (d) neither I or II, Diane is a single parent. Past-due interest on a policy loan is added to the total debt. 3)they provide insurance to members. The agent 6)free-look period-$ back guaranteed. Despite this, the country has significantly worse healthcare outcomes when compared to peer nations. The following are all causes for the Insurance Commissioner to suspend or impose conditions upon the continuance of a producer's license EXCEPT 1.
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