all of the following are true of insurance except

_________ is a determination that a statement made as a warranty, or true. B. (b) Most policies can be renewed without evidence of insurability. Estate Creation B. AKA-payout phase. c) Misrepresentation a) Aleatory If there Is a risk of financial loss then there is a what? Solved All of the following are true for indemnity insurance | Chegg.com 2)attorneys Last year, the couple got divorced. Question: All of the following statements about professional liability insurance are true, EXCEPT: Select one: O a. Insurance companies can charge an interest rate based on the policyowner's credit report. (1), In Universal life, what options can the policy owner have with the premium payments to do? D. An individual has an insurable interest in her or her own life. 1)physical exam New York City | Robert Klein | Robert Klein At Yale (1982) | baseball D. group credit insurance must have a suicide clause . 2)can be sold as a rider to a whole-life policy. c) Conditional An Insurance broker is responsible for what? Correct: A. 3)substandard risk. b. Which of the following statements about endowment policies is true? (a) I only (b) II only 2)people under the influence of drugs or alcohol The policy is a conditional contract B. this insurance is often written in connection with automobile loans. The employer is the owner . If an insurer is incorporated in Rhode Island, but primarily does business in New York, what type of insurer would it be considered in New York? 2)Increase the face value Modification to a policy is a _______________? Correct: C. Concealment, A. B) Passing examination with 75% or higher score. \hline & \text { Jul 31 } & 58,000 When an insurance policy is not clear, the court will usually interpret in favor of the insured because of which characteristic? 3)Consideration ? 3. C. Premiums are tax deductible by the key employee All of the following are methods of payment? c) National Association of Insurance Commissioners c) The policy will be voided. After everything is signed & premium is collected What does the agent give to the policy holder? a) The policyholders or stockowners of the company D. They can decide when to pay their monthly premiums. B. -pay for certain time and stop Whoso. Who represents the insured when dealing with insurance companies? What type of policy does the insured most likely have? You cannot sell a variable policy without what? B. Buy-Sell Agreements pay in the event of a medical emergency What happens when a policy is surrendered for its cash value? All of the following statements about universal life insurance are true EXCEPT Any withdrawal of a policy's cash value reduces the amount of the death benefit. Which risk management type is shifting the risk of loss to a larger homogeneous group? \hline \text{Cash} & \$ 100 & \$ 100 & \$ 100 & \$ 100 \\ good health \underline{\hspace{40pt}}. Surplus lines broker deals with admitted carriers only Flashcards - PSI online exam Life Insurance - FreezingBlue (c) term insurance A SEC registration. \hline \text { Jul 1 } & 22,000 \\ 4)Based on principle sum(rider) & capital sum(insurer) 50%, 3rd party ownership insurers issues policy to a lending institution 3) Increasing Term. (c) Most policies can be converted to a permanent life insurance policy. A color-coded map illustrating the current legal status of elective-specific abortion procedures in each of the individual 50 states of the United States of America; plus U.S. territories and federal district [a] As of January 31, 2023 Illegal Legally unclear or legal but no providers Legal before cardiac-cell activity [b] Legal through 15th week LMP (1st trimester) Legal through 18th week LMP . b. _____________ is an employer paid disability and health insurance coverage that covers job related illnesses or injuries. -cash value can lose value. 4)underwriting is complete The correct answer is: Maggie's Piano Studio with 1 employee. An agent has authority to do all of the following, except: A. Countersign insurance contracts Close Skip to Content High Contrast Increase Text Size Clear All 515-705-0233. Pure Risk. There is no limitation on the number of key employee plans in force at any one time. 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 accounting records of DVD Sales, Inc., include the following accounts: CashJul15,500???? A company that does business in another state than incorporated who is owned by policyholders who received dividends when declared and voting rights. The policy's cash value grows as the investments grow. James purchased yearly renewable term insurance. Insurance is considered a transfer of risk. An insurer that is incorporated in the same state that they are doing business in is a_____________.? \hline & \text { Jul 31 } & 19,500 C. Whole life B. b) The elderly -the insurer sets the terms of the contract and the applicant must adhere to them. The issuance of a policy or binder is not part of the consideration element of an insurance contract, it is part of the _______ ________. Premiums are not tax deductible as a business expense 1) cash value earns interest All The statements made on the application are called ______? 2)when benefits begin 3)Explain any riders or exclusion (d) free look provision. When will coverage begin? A state administered health insurance for the needy? Insurance is designed to provide protection against which of the following? Beneficiaries are NOT required to sign the application unless they are also the owner. a) More active. The minimum FREE LOOK period is how many days? A key person insurance policy can pay for which of the following? Cash value is the same as ___________ when the policy matures. Hospital bills of the key employee Chapter 3.2 - Subjecto.com What type of insurer has no capital stock? Suitability 3,000, AccountsreceivableJul121,000???? D. Claim History What (5) Factors for GIO & GIB. whose covered? D. Concealment A corporation is the owner and beneficiary of the key person life policy. Universal Life is also known as two things what are they? still matures at age 100, -premium is paid off at one time This is called. \end{array} If contract is up after 20 years & policy holder wishes 2 renew what occurs every year? Daycare is considered to be among these expenses. An insurance contract requires that both the insured and the insurer meet certain conditions in order for the contract to be enforceable. 3)2 Death benefits-(level/increasing) Correct: C. Condition contract, enforceable only under certain conditions. a. B. Marital Status \text{Sales revenue}&&\$780,000\\ B. Twisting (a) limited-payment whole life insurance D. The benefit is received tax free. A securities license. B) A fiduciary is a producer who handles insurer funds in a trust capacity. The replacing company notifies the replacement company. baseball, fishing | 2K views, 10 likes, 0 loves, 0 comments, 2 shares, Facebook Watch Videos from 800 Pound Gorilla Media: Robert talks about fishing in NYC, baseball, and growing up with protective. In this particular instance the applicant did not commit intentional fraud. a) To limit the insurer's liability after the 2 year waiting period c) Increases annually. c. 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. b) Promptly forwarding premiums to the insurance company 2)Decreasing term(premium is low) declining face value B) They illustrate the nonguaranteed elements of the policy. Correct: C. Consideration. Which of the following statements about limited-payment life insurance is true? All of the other statements are true. These individuals qualify for lower premiums than those in the other categories. 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? (c) Interest credited to a policy's cash value is taxable to the policyowner in the year credited. 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. 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. A) the agent. She has limited income and significant life insurance needs. Findefch a Wife,' 'Pnrple and Fine -men,'^The' Day of Temptation,' ' Of Royal Blood,' etc., etc . The terrorism risk insurance program reauthorization act provides for a terrorism insurance program administered by which federal entity? Misappropriation or illegal withholding of the policyholder's money. Investors become more risk averse. Who is responsible for making sure the application is completed properly and all necessary info is obtained? All of the following are true regarding health insurance policies, EXCEPT: A) An agent or producer may not make changes to the policy B) Once issued, a policy may only be changed with the approval of a company officer C) An agent may change an application with the verbal consent of the applicant Quarterly working capital levels for your firm for the next year are included in the following table. All of the following are true of negligence, except: - AZanswer C. Conditional contract Who assumes control over an insurance company's funds and management if it becomes insolvent? What contract characteristic does this describe? 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 b) Human life value approach Free Chapter 1 - Tests.com Costs of training a replacement Which of the following is NOT a fraudulent and intentional deception of the truth? insurable interest must exist. A. Most agents try to collect the initial premium for submission with the application. Example: company that is incorporated in NJ and sells in NJ. A producer wishing to appeal the final order of the commissioner would appeal to???? Under Section I, homeowners insurance must include Life Insurance Basics Flashcards | Quizlet When an agent collects the initial premium from the applicant, the agent should issue the applicant a. On DUE DATE. When a replacement is involved, a replacing insurance company is responsible for all of the following EXCEPT: Provide a copy of the Important Notice Regarding Replacement of Life Insurance to the applicant. 5)an agreement is set, 1)Level term(cheapest insurance) face value stays the same Conviction of a felony involving moral turpitude. 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} Cause of potential loss to property such as fire, windstorm, hail, flood, etc. A value-added tax ( VAT ), known in some countries as a goods and services tax ( GST ), is a type of tax that is assessed incrementally. 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. Accidental Death Benefit What does "liquidity" refer to in a life insurance policy? & &&\textbf{ Quarter } \\ After insurer makes an offer, what must the applicant do? The policy is a contract of adhesion All of the following groups may purchase group health insurance coverage, EXCEPT: Groups must have at least two employees to be eligible for group insurance coverage. When does the grace period begin and how long is it? B. d. The total of all cost sheets completed during the month is $628,880.00. A life insurance license. 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. An individual applies for a life policy. The applicant has been shown to be a poor personal credit risk. The total factory payroll for the month according to the payroll register is $308,000.00, distributed as follows. Numerical identifiers: Each candidate list entry covers both anhydrous and hydrated forms of a substance. Increasing term According to the entire contract provision, what document must be made part of the insurance policy? D. The policy is a bilateral contract Liquidity in life insurance refers to availability of cash to the insured through cash values. 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 Pro rata liability applies. 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? 2)the face amount (c) The number of times the coverage can be renewed is limited. Conditional contract means the policy holder does what? Mutual life policy. Costs of training a replacement An agent and an applicant for a life insurance policy fill out and sign the application. Abortion in the United States - Wikipedia What is the MIB? 3) policy builds cash-value The following information is taken from the records of Hammond on November 30 of the current year. Waive the premium if the INSURED becomes totally disabled. What is the primary source of info for the underwriting department to determine insurability? A. signed waiver of premium 4)settlement options, 1)stand alone policy All of the following statements about universal life insurance are true EXCEPT When an insured fails to disclose known facts in an application for insurance, he/she may be guilty of what? \end{array} 1)cont. 2)Decreasing Term Funding against financial loss caused by the death of a key employee (a) matured. Carl would like to purchase life insurance. 6/1 Quiz: Group Life Insurance Flashcards | Quizlet c) Extended term (a) The insurance provides protection for a temporary period of time. -Can't lose value D) The suicide provision protects the company from those individuals who purchase life insurance with the intention of committing suicide. 1) Conditional Reciept * 50% is paid B. Adverse selection is well controlled. a) No penalties, since the owner is older than 59 2)Family Income(decreasing term-policy) \hline && \text { Jul 31 } & 111,000 A whole life insurance policy is exchanged for a term insurance policy. Which model is the better fit for the data? The policy is a contract of adhesion. Any profit realized in the operation will be used to provide dividends to stockholders as well as surplus funds that may be used as a buffer for future adverse experience. C. Concealment C. A surplus lines broker accepts business only from non- resident agents b) Distributions before age 59 1/2 incur a 10% penalty on policy gains. ~~~\text{Selling and administrative salaries}&75,000\\ A debtor has an insurable interest in the life of a lender. c) A person who handles assets or money belonging to others. If the corporation collects the policy benefit, then Explanation: (Life Insurance Policy Provisions, Options and Riders) A family term rider will provide term life insurance on a spouse and children. When a insurance company(insurer) has too many risks exposed to loss it seek another company(reinsurers) to insure them. A surplus lines broker accepts business only from non- resident agents don't pick binding receipt at all on test. c) Helping insureds to file claims (Choose from the following options) A. Traditional insurance policies contain a list or description of excluded "perils" (that which causes a loss). How does having children affect the decisions that couples must make when considering a divorce? It requires evidence of insurability for renewal. Permanent Insurance have 3 words in common, what are they?

all of the following are true of insurance except 2023