How much life insurance should Sam advise . Nonparticipating policy. c) Misrepresentation C. Funding business continuation agreements 1) the premium amount
2)Explain and collect any ratings
Prepare the following details: Mobile number, serial number, or IMEI. b. The insurance company may not void the insurance policy for which of the following reasons? Cause of potential loss to property such as fire, windstorm, hail, flood, etc. D. Funding against general company financial loss. The minimum FREE LOOK period is how many days? 2. An Insurer organized in another state than the state in which it is authorized to do business is known as which type of insurer? A buy-sell agreement is simply a contract that establishes what will be done with a business in the event that an owner dies. The preferred risk classification indicates that an insured is in excellent physical condition and employs healthy lifestyles and habits. Hazard ? Carl would like to purchase life insurance. 3)mortality charge. What constitutes the acceptance of an offer? This method of estimating . Which of the following types of insurance policies would perform the function of cash accumulation? Poor adaptation to climate change further widens the gap between what people can afford and the costs of insurance, as risks increase. 3)according to the source of annuity income
Costs of training a replacement -Can't lose value
D. Breach of warranty (D The employer is the owner, payor and beneficiary of the policy. a) Agent's report States regulate the procurement of business from nonadmitted carriers by regulating the brokers who place business with these carriers. *The insured is diagnosed with terminal & chronicle illness
A peril Total personal income in the United States (in billions of dollars) for selected years from 1960 to 2009 is given in the following table. Out of 20 yr or 30 yr which policy is less expensive? Adverse selection is well controlled. d) 15 years. Economics questions and answers. Who is responsible for making sure the application is completed properly and all necessary info is obtained? S buys a $10,000 Whole Life policy in 2003 and pays an annual premium of $100. ~~~\text{Selling and administrative salaries}&75,000\\ d) Tax-deductible. A SEC registration. when the applicant/owner is not the insured-3rd party
Level-increasing face value. \text{Sales revenue}&&\$780,000\\ A Contract that binds only one party to future performance, is a (n): A. -birth of child. A person cannot buy insurance unless that person is in a position to suffer a financial loss. The companys president is concerned about the accuracy of the income statement. b) Human life value approach D. Funding against general company financial loss Credit life When an insurance policy is not clear, the court will usually interpret in favor of the insured because of which characteristic? don't pick binding receipt at all on test. Something of value is a __________________. Only the MIB will provide information about an applicant's medical history. c) Counselor 2)Decreasing term(premium is low) declining face value
An applicant is denied insurance because of information found on a consumer report. 1)physical exam
\end{aligned} 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? Legal Purpose \end{array} ____________ insurer is not a type of insurer. O c. The policyowner has the option of investing the cash value in several investment accounts. The purpose of an estate clearance fund is to pay all of the following EXCEPT. DepreciationExpense-FactoryEquipmentDepreciationExpense-BuildingHeat,Light,andPowerExpenseInsuranceExpense-Factory$5,770.242,822.409,055.201,505.28MiscellaneousExpense-FactoryPayrollTaxesExpense-FactoryPropertyTaxExpense-FactorySuppliesExpense-Factory$13,780.4843,736.006,088.3218,063.36. Long term- the longer the policythe more spread out the policy premiums are. C. A surplus lines broker deals with direct writing companies only Reinsurer Assuming company. All of the following are restricted persons concerning the formulation of an insurance contract except: A producer has __________ authority when he accepts premium on a lapsed policy, and the insurer reinstates the policy. An insurer that is incorporated in the same state that they are doing business in is a_____________.? 1)Statement of continued good health
Signed waiver of premium Appoint a solicitor as his or her representative The insurer's promise to pay a covered loss and the insured's payment of the first premium, are examples of: A. Alex, age 26, purchased a 20- payment whole life insurance policy. b. it frequently includes coverage for losses due to casualty and theft. A contract between insurer and policy holder. -provides income for retirement
Insurance companies can charge an interest rate based on the policyowner's credit report. \\ 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) Term life The policy is a conditional contract \end{array} a) Lump-sum approach Newborns after how many days become covered in a child rider? C. Tax Status 2)Procures insurance 4 itself from another insurer, The tax benefit of annuities is tax deferred growth. A persons assets & liabilities at their time of death. B) Money collected with respect to an insurance transaction must be held in a position of trust by the producer. 4)defined contribution plans. Acceptance -Both parties must follow certain conditions set forth in contract, -IRS classification of a policy that is overfunded
-insured can stop paying premiums at certain age or after a period of time
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. The gross premium charged must reflect, at least for competitive reasons, the actual cost of providing the insurance. ~~~\text{Depreciation on factory equipment}&31,000\\ D. Term life. C. Waiver ~~~\text{Advertising expense}&90,000\\ Which of the following is TRUE regarding assignment rights for . Term life insurance provides the largest amount of coverage for the lowest amount of premium. An IRA uses immediate annuities to pay out benefits; the IRA owner is nearly 75 years old when he decides to collect distributions. If you don't have health insurance, you pay all costs for healthcare and medical emergencies. In the pamphlet, he includes the full name of his insurance agency and the type of insurance that he offers. A mutual insurance company is owned by who? \end{aligned} C. Whole life The cost of a living rider is calculated by what? Accumulateddepr.-equipmentJul1DeprJul3155,0003,00058,000, RetainedEarningsJul165,000Dividend19,000NetInc65,000Jul31111,000\begin{aligned} The __________ branch of the state government influences public policy regarding insurance laws. 3)increase the length of coverage
What type of interest does universal life have? -sex doesn't determine eligibility.
b) Cost of living rider. c) Fixed premium a) Payor rider. 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? B. Which of the following statements is NOT true concering insurable interest as it applies to life insurance? Whoso. Which of the following is an example of an unfair claims settlement practice? Who are considered to be restricted persons concerning the formulation of an insurance contract. 3 of them? B. Twisting Explain your answer. b. 5)coverage begins
Correct: D. A surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. d) Fair Credit Reporting Act. Who represents the insured when dealing with insurance companies? To sell variable life insurance policies, an agent must receive all of the following EXCEPT (c) both I and II C) A licensee cannot knowingly employ an individual who has been convicted of a felony or crime of moral turpitude within the past 10 years to act in a fiduciary capacity. D. Premiums are tax deductible as a business expense, B. For the reported losses of an insured group to become more likely to equal the statistical probability of loss for that particular class, the insured group must become The following are all true regarding risk management, except: A. Non-Participating (stock) Life Insurance Policy. b) Index used by stock companies -Take it or leave it contract
~~~\text{Utilities expense}&12,000\\ If a change in the application is necessary what is required? c) Increases annually. 2)FCRA(fair credit reporting act) checks MIB report. An insurance consultant CANNOT be which type of persons? You cannot sell a variable policy without what?
With a little work, an unused office area could be converted to a rental room. All of the following statements regarding contracts of indemnity are true EXCEPT a. A. Why?". (c) expired. Represent the insured's interest, Insurance Licensing - Chapter 2: Property Bas, Chapter 9- Commercial General Liability Cover, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, CompTIA A+ Certification Exam Prep - Chapter. All of the following statements about ordinary life insurance are true EXCEPT. Surplus lines broker deals with admitted carriers only The CAS number shown in an entry is typically . 1)Whole Life
&\text { Inventory }\\ D) They must be signed by both the Producer and the applicant. There are 2 parties of the contract- what are they? Insurance is designed to provide protection against which of the following? B. Beneficiarys age B. A. Pertaining to insurance, what is the definition of a fiduciary responsibility? Which of the following best describes a surplus lines broker? \end{aligned} Difference between Universal Life Insurance and Whole Life Insurance? ~~~\text{Rent on factory facilities}&60,000\\ What is an exchange of a whole entire life policy for another? ___________ is the persons whose death triggers payment. (4), 1)monthly
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. a) To limit the insurer's liability after the 2 year waiting period Weiss and Fitch are two of these services, although there are more. Who assumes control over an insurance company's funds and management if it becomes insolvent? Which of the following methods of calculating the amount of life insurance needed takes into account the insured's wages, years until retirement, and inflation? An insured owns a life insurance policy. EMPIRECOMPANYIncomeStatementFortheMonthEndedOctober31,2017\begin{array}{c} An insurer or producer may NOT knowingly employ an individual to act in a fiduciary capacity if that individual has been convicted of a felony or crime of moral turpitude within the past the underwriting process is approved for:
Example: AIL was incorporated in Indiana and its home office is in Texas so in NJ its considered a foreign insurer. Accelerated Living Benefit/Death Benefit is what type of rider? d) Buyer's Guide. B. IRS has no jurisdiction Daycare is considered to be among these expenses. All of the following are true about the Fair Credit Reporting Act Except: Regardless of what the consumer learns about the unfavorable information, the report can be changed by court action only. -assignor=assignee
Which of the following is NOT an allowable 1035 exchange? (b) They increase at a decreasing rate. &\begin{array}{lr|rr} What is the difference between renewable policy holder & Insurer? &\text { Accounts payable }\\ B. A whole life insurance policy is exchanged for a term insurance policy, Which of the following will be included in a policy summary? Part 1 of the application includes the general questions about the applicant, including name, age, address, birth date, gender, income, marital status, and occupation. C. Unilateral contract Insurance is an important tool to manage risks, but often unavailable to poorer households. a. . What is the MIB? b) A producer who handles insurer funds in a trust capacity. What are the permanent working capital needs of your company? c) Low-income individuals and families Agent Sam is using the human life value approach to assess Mary's life insurance needs. A. Insurance producers must adhere to the concept of suitability by ensuring that, to the best of their belief, the purchase, sale or exchange of a policy is in the best interest of the insured. a) Because the insured is currently not a drug user, his policy will not be affected. Other factors that are named include "Mortgage underwriters, investment banks, rating agencies, and investors", "low mortgage interest rates, low short-term interest rates . The safety margin is narrower, because the cost of the insurance to the policyholder cannot be adjusted at a later time. If applicant is not the insured- then insureds signature is required
A. What insurance concept is associated with the names Weiss and Fitch? 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. 3)they provide insurance to members. The cash value available to the policyowner An Insurance broker is responsible for what? (c) face amount of the policy and the legal reserve. _______ pays dividends to the stock holder. A policy that does not pay dividends to policyowners is a Their premiums are lower Investors become more risk averse. Last year, the couple got divorced. B) Fiduciary refers to a position of trust. O d. (1), In Universal life, what options can the policy owner have with the premium payments to do? 2)no cash-value
(3), 1)bank trust officer
Type of insurance contract that pays its death benefit only during a specified period of time and nothing after that stipulated period. (a) present value of future benefits and the present value of future premiums. All of the following are true of negligence, except: a. 3) Retaining the risk. Which of the following is the basis for a claim against an insurance policy? 167 views, 0 likes, 3 loves, 8 comments, 10 shares, Facebook Watch Videos from Saint Barnabas Episcopal Church Greensboro, NC: 5th Sunday after Epiphany. a) The policyholders or stockowners of the company Most policies can be renewed for additional periods without evidence of insurability. To sell variable insurance what must you have? Medical exams provide information on current health. b) State attorney general b) 10% for early withdrawal b. An insurer that was incorporated in a different state that it is doing business in. A. Which of the following is true regarding the beneficiary designation of the former spouse. Arrest History. Concerning insurance, the definition of a fiduciary is What is the purpose of a suicide provision within a life insurance policy? (2), 1)HIPPA
and is NOT a party to the contract. 3. \hline && \text { Jul 1 } & 65,000 \\ See Answer. b. 1 / 25. B. Journalize the entry to transfer the total of all cost sheets completed from Work in Process to Finished Goods. 2)interest sensitive
When a policy is contributory how much is paid? 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. The employer is the owner . If the ultimate consumer is a business that collects and pays to the government VAT on . Reinsurance has 2 types of policys, what are they? 2)when benefits begin
c) A person who handles assets or money belonging to others. D) An agent's report and inspection report provides personal information. Cash Accumulation C. Buy-Sell agreement D. Survivor Protection, All of the following are true of key person insurance except A. The following are all true regarding risk management, except: A. Now Tamara can afford whole life insurance. A. \underline{\hspace{40pt}}. d) The Guaranty Corporation. Numerical identifiers: Each candidate list entry covers both anhydrous and hydrated forms of a substance. C. Loss of personal income -receiving dividends(when declared)
Various life insurance programs for people who served in the military are called ______________?
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