O b. \end{array} (c) human life value method \end{array} It has cash value that is invested into the stock market through mutual funds/securities. Are insurance company underwriters allowed to discriminate? The Waiver of Cost of Insurance rider is found in what type of insurance? Annually renewable term policies provide a level death benefit for a premium that C. A surplus lines broker accepts business only from non- resident agents Solved All of the following statements about variable life - Chegg A life insurance license. B. Should a key person die, the benefit is treated as a reimbursement to the business for loss of services from that key person. 4. Claim is still paid with an adjustment to the benefits. Pro rata liability applies. B. ____________ is the transfer of the right of recovery from the insured to the insurance company. (d) annual premium and the annual policy dividend. c) Coverage ends but the policy can be reinstated at any time. 1)cont. Breach of warranty The policy is a contract of adhesion. If the conversion cost is the same for both types of rooms, would you recommend converting the office to a Type I or a Type II room? 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. The employer is the owner . Quarterly working capital levels for your firm for the next year are included in the following table. What are the two options in death benefit options? A false statement in the application for insurance is_____________. Empire Company is a manufacturer of smart phones. In addition, they provide financial support for Tom's aged father and Nancy's aged mother. ~~~\text{Depreciation on factory equipment}&31,000\\ Modification to a policy is a _______________? \hline \text{Cash} & \$ 100 & \$ 100 & \$ 100 & \$ 100 \\ \hline && \text { Jul 1 } & 65,000 \\ B. Accelerated Living Benefit/Death Benefit is what type of rider? Solved All of the following statements about universal life - Chegg A state administered health insurance for the needy? Estate Creation B. 3)they provide insurance to members. Whats the "take it or leave it contract"? (economy). D. Represent the insured's interest Home Office- what do the underwriters do. they evaluate 4 things- what are they(4)??? Appoint a solicitor as his or her representative d) The Guaranty Corporation. The cash value of availability to the policyowner 1)Statement of continued good health The issuance of a binder is the result of the ___________________ of an offer. Adverse selection is well controlled. Rates _________ is a determination that a statement made as a warranty, or true. 1) preferred risk B) According to the law of large numbers, the larger a group becomes, the easier it is to predict losses. 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. A. B. Buy-Sell Agreements pay in the event of a medical emergency (b) Cash value accumulation is slow to moderate. B. Insureds current and future income A peril (c) Most policies can be converted to a permanent life insurance policy. C) Because an insurance company's strength and stability are two very crucial factors in its sustainability, independent rating services have formed to publish regular updates on the financial integrity of different insurance companies. Payor benefit/Clause is always a _________. When the agent delivers the policy, collects the initial premium, and the applicant completes and acceptable statement of good health c) Variable Premium I. Type I rooms do not have wireless Internet access and are not available for the Business rental class. (2), The current market will influence the cash value d) An insurer may exclude any debtors as to whom evidence of individual insurability is not satisfactory to the insurer. When applicant is not the insured ______________ must exist. \text { Type I } & \$ 30 & \$ 35 & - \\ Occupation 2)Variable annuity 1)tax qualified plans \hline & \text { Jul 1 } & 55,000 \\ ~~~\text{Utilities expense}&12,000\\ b. Non-Participating (stock) Life Insurance Policy. a) Premium amounts and surrender values compulsion? (a) I only (b) II only All of the following are true of key person insurance EXCEPT ) The key employee is the insured. B. An insurer that was incorporated in a DIFFERENT STATE that it is doing business in is a _____________??? D) The Fair Credit Reporting Act governs what information can be collected and how the information can be used. Which of the following would least likely be considered a legitimate need that would be paid by insurance proceeds? C. It's a decreasing term insurance. b) Reduced paid-up All of the following are true of negligence, except: - AZanswer CashJul1Jul315,500???? This is called. Past-due interest on a policy loan is added to the total debt. A) Any distributions from MECs are taxable, including withdrawals and policy loans. Errors and Omissions Coverage (E&O) is a name used to describe a type of professional liability insurance. Who represents the insured when dealing with insurance companies? Correct: C. Concealment, A. 3. 3. 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. \hline & \text { Jul 31 } & 58,000 b) Hazard B. d. It does not require a duty to be owed. (c) Interest credited to a policy's cash value is taxable to the policyowner in the year credited. When a policy has reached its final destination and can be paid out in full is when the policy has ____________? If you don't have health insurance, you pay all costs for healthcare and medical emergencies. It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. C. Countersign insurance contracts The benefit is subject to the exclusionary rule d) Paid-up option. A. D. Funding against general company financial loss. C. Risk insurable interest must exist. All of the following statements about term insurance are true EXCEPT. B. Marital Status Age, Sex, Occupation, Hobbies, Habits, Smoking or Non-Drug user or Non. C. Tax Status D) Obtaining a bachelor's degree. Abortion in the United States - Wikipedia d) Accumulations are tax deferred. 2)non-qualified plans EMPIRECOMPANYIncomeStatementFortheMonthEndedOctober31,2017, Salesrevenue$780,000Less:OperatingexpensesRawmaterialspurchases$264,000Directlaborcost190,000Advertisingexpense90,000Sellingandadministrativesalaries75,000Rentonfactoryfacilities60,000Depreciationonsalesequipment45,000Depreciationonfactoryequipment31,000Indirectlaborcost28,000Utilitiesexpense12,000Insuranceexpense8,000803,000Netloss$(23,000)\begin{array}{lcc} Long-term investment decision, payback method Bill Williams has the opportunity to invest in project A that costs $9,000 today and promises to pay annual end-ofyear payments of$2,200, $2,500,$2,500, $2,000, and$1,800 over the next 5 years. The Terrorism Risk Insurance Program is administered by which of the following Federal entities? II. \hline Jul3117,000\begin{aligned} b) Increasing Premium &\begin{array}{lr|lr} Chapter 4.1 : Life Insurance Flashcards | Chegg.com All of the following statements about the characteristics of Social Security are true EXCEPT A. 3)2 death benefit option C. Certain Risk What type of insurer has no capital stock? 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. (b) level-premium method CPI (consumer price index) without evidence. A conditional or binding receipt is given when an applicant does what? (b) II only Which is generally true regarding insureds who have been classified as preferred risks? -Take it or leave it contract 3)riders & exclusions Which model is the better fit for the data? What are (4) ways annuities are classified? What is NOT invested in the stock market but pays you interest? d) Blackout approach. Healthcare in the United States is far outspent than any other nation, measured both in per capita spending and as a percentage of GDP. (a) I only (b) II only Prepare a pie chart of on-time delivery performance for last month. 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. -Not invested in stock market If the premium was not collected at the time of the application, the producer may also be required to get a Statement of Good Health from the applicant at the time of policy delivery. Endowments means policy is what(2) things? The concept that the insured should not profit from an insurance transaction is called what? 2)Procures insurance 4 itself from another insurer, The tax benefit of annuities is tax deferred growth. -below market interest rates on borrowing What are the temporary needs? 1) Competent Parties b) Unilateral \textbf{EMPIRE COMPANY}\\ \hline \text { Jul 1 } & 22,000 \\ 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. All of the following would be considered to be rebating EXCEPT What is an exchange of a whole entire life policy for another? D) Members of the uniformed forces can obtain term group life insurance through Servicemembers' Group Life Insurance (SGLI). B. 1) Avoiding the risk The correct answer is: Maggie's Piano Studio with 1 employee. Value-added tax - Wikipedia A. C. Medical Background Causes of the 2000s United States housing bubble - Wikipedia The company records manufacturing costs by job number and uses a factory overhead applied rate to charge overhead costs to its products. 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. b) Copies of illustrations and application Traditional insurance policies contain a list or description of excluded "perils" (that which causes a loss). The person who receives the benefit when insured dies. B. Misrepresentation 5)an agreement is set, 1)Level term(cheapest insurance) face value stays the same Term. Insurance producers must ensure that contracts they recommend are in the best interest of the insured. &\text { Cash }\\ Which of the following is NOT an allowable 1035 exchange? Hammond Corporation manufactures televisions. D) When replacement is involved, a producer must perform the following duties: sign replacement notice (and keep a copy), provide a list of items being replaced, leave all brochures/sales material used in the sale, take new application, submit "Copy to Replacement" notice, and it attach to application. Jul3125,500\begin{aligned} &\text { Rental Class }\\ One sided contract is a ______________ contract. The policy does not go into effect until the premium has been collected. Business partners have an insurable interest in each other The profit per night for each type of room and rental class is as follows: RentalClassRoomSuperSaverDeluxeBusinessTypeI$30$35TypeII$20$30$40\begin{aligned} Solved All of the following statements about professional - Chegg 2) premiums do not change All of the following are business uses of life insurance EXCEPT If the insurance carried is less than required, the insurance may not cover the whole loss. *Both not taxable. Most professional liability insurance policies are written with an occurrence coverage trigger instead of a claims made trigger O c Insureds Attempting to determine how much insurance an individual would require based upon their finacial objectives is known as. 1 / 25. -the premiums are paid for a limited time only. They keep a high percentage of any interest earned on their policies 3)Increasing term adds face value. 3. Six Reasons the Loss is Excluded - MyNewMarkets.com 5)Explain when coverage begins (c) conversion provision \text { Type II } & \$ 20 & \$ 30 & \$ 40 Insurance that is provided by the Federal or State Government and sex doesn't determine eligibility? The corporation also helps detect and prevent insurer impairments. Statements in the application that are guaranteed true but later found to be false may result in what? Participating policy. Correct: A. a surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. The applicants(policy owner) & \text{ ???? } C. Hazards What contract characteristic does this describe? B. A ____ contract requires that both parties perform certain duties. 4)Consumer report=credit, -shorter time span for paying premiums O b. a) Material change c) Conditional AKA-payout phase. a) Types of mutual companies When an insurance policy is not clear, the court will usually interpret in favor of the insured because of which characteristic? All of the following statements about term insurance are true EXCEPT. A) Tax-qualified annuities are used to accumulate IRA funds on a tax-deferred basis. 3) Retaining the risk. d) Policy dividends. Conviction of a felony involving moral turpitude. This form of life insurance has fixed premiums and the cash value is not guaranteed. Hammond estimates that it will manufacture 5,000 televisions next year. Waive the premium if the INSURED becomes totally disabled. (c) face amount of the policy and the legal reserve. Correct: B. B) Underwriters. 2)collateral assignment-some or only one right assigned. An insurance consultant CANNOT be which type of persons? 2)Decreasing Term It does not include breach of contract. 2. (3), 1)bank trust officer Legal Purpose Alex, age 26, purchased a 20- payment whole life insurance policy. If the corporation collects the policy benefit, then 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???? What constitutes the acceptance of an offer? C. Conditional contract Carl would like to purchase life insurance. A. *The insured is diagnosed with terminal & chronicle illness \end{aligned} B. (d) Most policies have a CV that is refunded when coverage ceases. b) Conditional receipt a) Universal life An Insurer organized in another state than the state in which it is authorized to do business is known as which type of insurer? (b) Prepare a correct income statement for October 2017. Social Security is designed to provide a base of economic security B. -receiving dividends(when declared) c) National Association of Insurance Commissioners B) The plan is funded by permanent insurance only. Question: 55. 1.1K 64K views 1 year ago In this video I show you how to one shot d) Buyer's Guide. B. d) Producer. a. whole life paid at 65 If the ultimate consumer is a business that collects and pays to the government VAT on . a) Small employers -the insurer sets the terms of the contract and the applicant must adhere to them. Correct: C. Consideration. b) Cost of living rider. C. The policy is an aleatory contract \text{Less: Operating expenses}\\ Economics questions and answers. It is used to pay off the balance on the mortgage. Jul313,000\begin{aligned} B. b) State attorney general Policyholders B. 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. -7 pay test is used to determine If a policy is a MEC. good health The insurer's promise to pay a covered loss and the insured's payment of the first premium, are examples of: A. Level-increasing face value. Final practice questions Flashcards | Chegg.com Solved 55. All of the following statements regarding | Chegg.com 4. 5)Survivorship Life Policy (policy holder pays themselves). Flashcards - D1. Accident and Health Insurance Basics - FreezingBlue (a) blended family. Who assumes control over an insurance company's funds and management if it becomes insolvent?
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