In a conditional receipt if the policy holder dies before delivery of the policy what has to happen for the benefits to be paid? All of the following are characteristics of group life insurance EXCEPT. -pays an additional death benefit if the insured dies from an accident
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Causes of the 2000s United States housing bubble - Wikipedia c) Needs approach d) Making claims payments which clearly indicate under which coverage payment has been made. Business partners have an insurable interest in each other When an insured fails to disclose known facts in an application for insurance, he/she may be guilty of: A. The cash value available to the policyowner A key person insurance policy can pay for which of the following? c) Low-income individuals and families A) loss reserves 2. B.
-But pays you interest, 1)Fixed annuity
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 b) Conditional receipt Last year, the couple got divorced. Company A carries 1/3 of the total coverage ($20,000 + $40,000 = $60,000). Contract or form of ownership is a ______________? Tamara purchased a term insurance policy when she had high life insurance needs and limited income. Which of the following is NOT an example of a business use of Life Insurance? All of the following are true of negligence, except: a. 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?
Chapter 14/1: Group Health Insurance Flashcards | Quizlet (receive dividends & the right to vote). C. Application 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.
Six Reasons the Loss is Excluded - MyNewMarkets.com What is a statement in the application guaranteed true in all respects? Conditional contract means the policy holder does what? a) Because the insured is currently not a drug user, his policy will not be affected. For example, a claim will be paid only is there has been a covered loss. 3)certified public accountants, Is insurance that is provided by the Federal or State government
A. insurable interest must exist. B. 4)annual, Everytime you have a payment due. b) Failure to promptly settle a claim when liability has been clearly established (a) universal life insurance. All of the following are business uses of life insurance EXCEPT 2. Yes, all T-mobile insurance plans cover water damage. Weiss and Fitch are two of these services, although there are more. 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? C. Conditional contract Its controller resigned in October 2017. A policy that does not pay dividends to policyowners is a DONT PICK IT!!!!!! The premium is guaranteed for an initial period and then the insurer can charge up to a maximum premium charge in what type of policy? ~~~\text{Advertising expense}&90,000\\ Modification to a policy is a _______________? c) Increases annually. Executive office D. Department of Treasury 1) cash value earns interest
An insurance consultant CANNOT be which type of persons? A SEC registration. B. What happens when there is a Misstatement of age or sex? Does not pay dividends to policyowners; however, taxable dividends are paid to stockholder. 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. 1)cont. Correct: B. 1)Whole Life
Which of the following is usually true of a participating life insurance policy? 90-180 days. Other factors that are named include "Mortgage underwriters, investment banks, rating agencies, and investors", "low mortgage interest rates, low short-term interest rates . Both life and health insurance can be used for a variety of purposes in a business setting, including the funding of business continuation agreements, compensating executives, and protecting the firm against financial loss resulting from the death or disability of key employees. D. Gender. All of the following statements are TRUE concerning Debtor Groups EXCEPT Which of the following is the basic source of information used by the company in the risk selection process? ? 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???? A mutual insurer has no stock, and is owned by the policyholders. An insured becomes disabled at age 22 and can no longer work. Certificate holders may convert coverage to an individual policy without evidence of insurability. Should a key person die, the benefit is treated as a reimbursement to the business for loss of services from that key person. Hammond Corporation manufactures televisions.
Is There An Objective Morality? IAI TV C. Tax Status (b) reduced. insured is always the borrower & the beneficiary=lender
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Correct: D. Represent the insured's interest, All of the following statements regarding financial rating services are correct, except. What adds coverage and modifies coverage? Domestic Insurer
a) Consumer Privacy Act The insurer issues the policy and learns of his history one year later. \end{array} All of the following statements concerning coinsurance are true, EXCEPT . Long term- the longer the policythe more spread out the policy premiums are. A _______ __ is the additional premium needed to get covered with high or substandard risk. Life insurance is unique from other types of insurance in that it could perform the function of cash accumulation. What must exist at the time of the application? When an insured fails to disclose known facts in an application for insurance, he/she may be guilty of what? -ages 25,28,34,37,40
Where can you find insurance coverage after being rejected by your insurance company for too many claims in the past year? Beneficiary's age B. Avoidance Exclusion Categories A) the agent. Correct: Misrepresentation, False statement contained in the application, An intentional deception of the truth in order to induce another to part with something of value or to surrender a legal right. 1)physical exam
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\hline & \text { Jul 31 } & 19,500 Question: All of the following statements about professional liability insurance are true, EXCEPT: Select one: O a. B. 2) Transferring the risk
Correct: A. a surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. Why?". With a little work, an unused office area could be converted to a rental room. 2)Foreign Insurer
D. Represent the insured's interest \text { Type I } & \$ 30 & \$ 35 & - \\ 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. Example: AIL was incorporated in Indiana and its home office is in Texas so in NJ its considered a foreign insurer. Retention, Avoidance, and Transfer are all _________________. All of the following characterize term life insurance, EXCEPT: Select one: a. All of the following are methods of payment? Which of the following is TRUE regarding assignment rights for . Insurance is not designed to cover _____________ losses. (a) matured.
Principles of Risk Management and Insurance - Easy Notecards S buys a $10,000 Whole Life policy in 2003 and pays an annual premium of $100. Social Security is designed to provide a base of economic security B. A debtor has insurable interest in the life of a lender By William Lb Qtjetjx, Author of . Cash values are available in whole life policies. The Waiver of Cost of Insurance rider is found in what type of insurance? Correct: D. A surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. A life insurance policy is exchanged for an annuity. What are the temporary needs? When a policy is non-contributory how much is paid? D. Term life. d. The total of all cost sheets completed during the month is $628,880.00. D. They can decide when to pay their monthly premiums. 2) standard risk
b) An agent offers to share his commission with a policyholder. Journalize the entry to transfer the total of all cost sheets completed from Work in Process to Finished Goods. EMPIRECOMPANYIncomeStatementFortheMonthEndedOctober31,2017\begin{array}{c} -Not a true insurance company
Rates are considered inadequate when they do not cover projected losses and expenses. Which of the following statements regarding the taxation of Modified Endowment Contracts is FALSE? 3,000, AccountsreceivableJul121,000???? b) 10% for early withdrawal c) Premium accountability. A whole life insurance policy is exchanged for a Universal life insurance policy. c) Conditional Pertaining to insurance, what is the definition of a fiduciary responsibility? Errors and Omissions Coverage (E&O) is a name used to describe a type of professional liability insurance. 4)underwriting is complete
b) 5 years only. What constitutes the acceptance of an offer? Legislative advocacy is essential to Physicians Insurance/MedChoice's purpose to protect, defend, and support our Members. Conditional Contract Pro rata liability applies. This type of life insurance is called All of the following are types of insurers except: The ________ Branch of the state government influences public policy regarding insurance laws. They keep a high percentage of any interest earned on their policies 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 &\begin{array}{lr|rr} b) Unilateral What will probably happen? C. Insured's annual expenses The cash value of availability to the policyowner Correct: A Insurance . C. The benefit is received as taxable income They become permanently disabled
D. Offer A whole life insurance policy is exchanged for a term insurance policy, Which of the following will be included in a policy summary? b) Fixed income 2) profits are returned as dividends
c) Disclosure rule What is the term for a cause of loss, such as the theft of a car? 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}