which of the following best describes a conditional insurance contractwhich of the following best describes a conditional insurance contract

Legal Which Of The Following Best Describes A Conditional Insurance Contract Ken is a producer who has obtained Consumer Informations Reports under false pretenses. conditions, Legal purpose is a term used in contract law meaning Which type of multiple protection policy pays on the death of the last person? Which Of The Following Best Describes A Conditional Insurance Contract A) A contract that requires certain conditions or acts by the insured individual B) A contract that has the potential for the unequal exchange of consideration for both parties C) A contract where one party "adheres" to the terms of the contract What is created after policy proceeds are obtained in a lump sum and then immediately invested? An insurance applicant with a below-average likelihood of loss is typically considered to be a. The face amount and premium will remain constant over the 10-year period. Which of the following policies does NOT build cash value? Which of these features are held exclusively by variable universal life insurance? C) adhesion Insurer's promise to pay benefits Period of time after the initial premium is paid and before the policy is issued Period of time it takes for a policy's underwriting to complete Period of time after a policy is issued and before it is delivered to policyowner Period of time after the premium is due but the policy remains in force, Life insurance policies will normally pay for losses arising from commercial aviation war suicide hazardous jobs, A policyowner may exercise which of these dividend options that uses the dividend to pay all or part of the next premium due? The face amount and policy premium are not affected by the payment Before payment of the benefit is made, specific conditions must exist, such as suffering from a terminal illness There may be a dollar limit on the maximum benefit The benefit can be offered as a rider at a specific extra cost or may be at no cost, Which of the following is NOT part of an insurance contract? B) Authority that is not specifically given to an agent in the agency contract, but that an agent can reasonably assume to carry out his/her duties B) Only the insured can change the provisions term, whole, and universal life insurance increasing term insurance joint, credit, and group life insurance adjustable, permanent, and limited-pay life insurance, Peter has a policy where 80% to 90% of the premium is invested in traditional fixed income securities and the remainder of the premium is invested in contracts tied to a stipulated stock index. In most insurance policies, the insurer is the only one who makes a legally binding promise to pay insured claims. Insurable interest Insurance exchanges Law of large numbers and risk pooling Population table data, People with higher loss exposure have the tendency to purchase insurance more often than those at average risk. the policy provides a straight, level $100,000 of coverage for 5 years. Conditional Contracts: Everything You Need to Know - UpCounsel Sorry, you have Javascript Disabled! Variable life insurance and Universal life insurance are very similar. If threats or force is used to affect an insurance transaction, the unfair trade practice of __________ has been committed. Which of the following BEST describes a conditional insurance contract? Which of the following is true of the law of contracts? Which of the following would be considered an underwriting duty of an agent? A) Tom's spouse Eventually, they retire and dissolve the business. A) implied authority claim forms Which course of action is the insurer entitled to when deliberate concealment is committed by the insured? If the consumer price index had gone up 4%, how much may Ron increase the face value of the policy? What Benefit Does The Payor Clause On A Juvenile Life Policy Provide? B) other insurance C) A contract where one party "adheres" to the terms of the contract Group policy Adjustable life policy Whole life policy Endowment policy, A renewable Term Life insurance policy allows the policyowner the right to renew the policy at anytime the policyowner chooses as many times as the policyowner chooses paying the same premium as before the renewal without producing proof of insurability, When a decreasing term policy is purchased, it contains a decreasing death benefit and increasing premiums level premiums decreasing premiums variable premiums, Julie has a $100,000 30-year mortgage on her new home. I hope you got the correct answer to your question. The death benefit paid will be what the premium would have purchased at the correct age, Converting a group plan to permanent life insurance requires, The conversion being applied for within 31 days of termination. Which of the following does a producer NOT have a fiduciary responsibility to? Which of the following BEST describes a conditional insurance contract? The terms of the policy typically outline these conditions . Which of these is considered to be a disadvantage of owning this type of annuity? C) Probability of loss Loans obtained by a policyowner against the cash value of a life insurance policy. Which of the following BEST describes a conditional insurance contract Which of the following BEST describes a conditional insurance contract. According to the Affordable Care Act (ACA), insurers can no longer deny health coverage due to pre-existing conditions unless that plan is a (n) Grandfathered plan Accident plan Individual plan Group plan Grandfathered plan B) Period to which the coverage exists At what point may a producer sell insurance for an insurer? $2,406 An insurer exaggerating its dividends in a magazine advertisement. A) Contract may be accepted or rejected by the insured, The term which describes the fact that both parties of a contract may NOT receive the same value is referred to as. Plot this function and determine if she is ready to attempt the Bluenose Marathon. Bob dies 12 months later. If the other agreement or condition is performed, then the conditional contract is . C) the contract has been prepared by one party (the insurance company) with no negotiation between the applicant and the insurer B) NAIC The principle of insurable interest, in regards to a life insurance contract, is accurately described in which statement? All of these are typically sources of underwriting information for life or health insurance EXCEPT. issuance of the policy A conditional contract, also called a hypothetical contract, is a contract agreement that only requires performance once the delineated conditions are met. The terms and conditions of insurance contracts should be carefully reviewed by policyholders before signing. Q. Which of the following BEST describes a conditional insurance contract? Which of the following statements correctly describes a contract of indemnity? A marathon is 42.2 kilometers. Incontestable period Probation period Reinstatement period Grace period, The benefit can be offered as a rider at a specific extra cost or may be at no cost, Which of these is NOT a characteristic of the Accelerated Death Benefit option? Which contract element is insurable interest a component of? B) guarantee Vegetable B. C) the terms must be accepted or rejected in full The power given to an individual producer that is not specifically addressed in his/her contract is considered what type of authority? B) premium only Authority given to handle claims and process payments What are conditions in an insurance policy? Bob dies 12 months later. which of the following best describes a conditional insurance contract? Which of the following best describe the term definition C) the authority to represent the insurer The type of annuity she is seeking is called. C) Charge more premium B) written contract For a trip to the hospital, Evan Appleton paid $1,656 in hospital charges, a$750 insurance deductible, and a $457 co-payment. promises made Definition refers to a description which is given to a word, idea or phenomenon . B) Law of adhesion Coverage decreases automatically Coverage increases automatically Coverage remains as long as proof of insurability is provided Coverage is eliminated, Joe has a life insurance policy that has a face amount of $300,000. Guaranteed Insurability rider Family term insurance rider Family whole insurance rider Payor benefit rider, A partial surrender is allowed in which of the following life policies? Advertisement. If Sharon MUST obtain Mikes signature in order to change the beneficiary, what kind of beneficiary designations is this? Returning a portion of a premium as inducement to purchase insurance, An applicant intentionally lying to an insurance company on an application in order to obtain a cheaper premium is an example of, Authority that is not specifically given to an agent in the agency contract, but that an agent can reasonably assume to carry out. How do insurers predict the increase of individual risks? LIFE INSURANCE LICENSING EXAM Flashcards | Chegg.com Under a life insurance policy, what does the insuring clause state? Who is responsible for assembling the policy forms for insureds? B) Unequal consideration A) Parties involved must be competent Producers act in a(n) ________ capacity when holding insurance premiums. Aleatory Contract: A contract type in which the parties involved do not have to perform a particular action until a specific event occurs. Which of these features are held exclusively by variable universal life insurance? C) Aleatory Only the insured is legally bound, According to the principle of Utmost Good Faith, the insured will answer questions on the application to the best of their knowledge and pay the required premium, while the insurer will deal fairly with the insured and it's D) Principal Capacity, A unilateral contract is one in which Updated 10/6/2017 9:10:03 AM. An insurance contract usually involves an exchange of consideration between both parties: the insurer agrees to provide coverage and pay claims in the event of a loss, and the policyholder agrees to pay premiums in return. C) Only the insurer is legally bound D) legal reserve, In an insurance contract, the element that shows each party is giving something of value is called D) Countersignature, According to the principle of Utmost Good Faith, the insured will answer questions on the application to the best of their knowledge and pay the required premium, while the insurer will deal fairly with the insured and it's C) Legal purpose B) Offer and acceptance Child term rider Payor rider Family maintenance rider Family income rider, What happens to the coverage under a children's term rider when that child reaches a certain specified age? A) Express Which of the following is NOT considered rebating? discreet apparent implied express, Bob and Tom start a business. What kind of policy is this? Sharon is the policyowner of a $500,000 life insurance policy. Insurance Exam Flashcards | Chegg.com Bob and Tom start a business. In a life or health insurance contract, "consideration" would be the, statements made in the application and the premium, A professional liability for which producers can be sued for mistakes of putting a policy into effect is called. written contract In most cases, the insured is. D) collateral, Express power given to an agent in an agency agreement is The present cash value of the policy equals $250,000. How could a company manager use a process cost summary to determine if the program to reduce water usage is successful? a. medical expenses covered under Pat's employer-sponsored group health insurance. fichoh. Adjustable life policy Modified life policy Endowment policy Universal life policy, How are survivorship life insurance policies helpful in estate planning? B) Equal consideration is required between the involved parties Post thoughts, events, experiences, and milestones, as you travel along the path that is uniquely yours. A) offer C) Authority given to handle claims and process payments A) Express authority A minimum of 12 months after date of purchase, Insurance premium is determined by each of the following factors EXCEPT. Policy Summary Buyer's Guide Entire Contract Entire Policy, It allows for cash advances to be paid against the death benefit if the insured becomes terminally ill, What is the purpose for having an accelerated death benefit on a life insurance policy? What would happen if a life insurance applicant is given a conditional receipt? Barbaras policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of insurability. A) One party is restored to the same financial position the party was in before the loss occurred. GENERAL LAW OF CONTRACTS A contract is an agreement enforceable by law. D) only when determined by a judge, Xcel Chapter 3 Legal Concepts of the Insuranc, Chapter 3 Exam - Legal Concepts of the Insura, Chapter 4 Exam - Life Insurance - Types of Po, 4 - (Questions) Life Insurance Policies - Pro, Chapter 5: Life Insurance Premiums, Proceeds,, Chapter 4: Type of Insurance Policies Part 1, Chapter 4: Policy Provisions, Options and Rid, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, The Cultural Landscape: An Introduction to Human Geography, AP Edition, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Unit 7 AP Env. What was his total bill? Corporations, like all firms, can raise money by borrowing from banks and other lending institutions. Dorian exercises a nonforfeiture option by using his life policys cash value to purchase an extended term insurance option. B) Offer and acceptance Shirley has a $500,000 10-year-non-renewable level term life policy. B) conditional Which of the following would be a valid reason why a policy premium would be higher than the standard premium? Term insurance is appropriate for someone who, Seeks temporary protection and lower premiums. aleatory The insurer assuming the risk is called the mutual insurer reinsurer reciprocal insurer participating insurer, Karen is a producer who has obtained personal information about a client without having a legitimate reason to do so. The gap between the total death benefit and the policy's cash value The gap between when a claim is filed and when the death benefit is received The amount of interest that has accumulated in the policy's cash value The point in time when the policy's cash value reaches $0, Rob purchased a standard whole life policy with a $500,000 death benefit when he was age 30. Sister and brother C) The insured and the insurer contribute equally to the contract. Which Of The Following Best Describes A Conditional Insurance Contract. Reduction of premium dividend option Extended term option Paid-up option Cash dividend option, Net death benefit will be reduced if the loan is not repaid, Joanne has a $100,000 whole life policy with an accumulated $25,000 of cash value. insurer The two major actions required for a policyowner to comply with the Reinstatement Clause are, Provide evidence of insurability, pay past due premiums, The term which describes the fact that both parties of a contract may NOT receive the same value is referred to as. A. renewal reinstatement resumption renovation, the MEC tends to be an investment vehicle, Pre-death distributions from a modified endowment contract (MEC) receive different tax treatment than other life insurance policies because the MEC has tax deductible premiums the MEC is considered an illegal product the MEC tends to be an investment vehicle the MEC does not accumulate cash value, The face amount and premium will remain constant over the 10-year period, Krissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. D) the contract must be a contract of adhesion, C) there must be legal reasons for entering into the contract, Ambiguities in an insurance policy are always resolved in favor of the In order to maintain coverage and make a successful claim, its crucial that policyholders read and understand their insurance contract carefully. Bob dies 12 months later. Under the Fair Credit Reporting Act, what is the maximum penalty that may be imposed in Ken? Insurance Quiz (MCQs) Archives - Management Notes Which dividend option would an insurer invest the policyowners money and add any interest earnings as the dividends accrue? Premium clause Consideration clause Adhesion clause Contestability clause, When the principal gives the agent authority in writing, it's referred to as express authority implied authority apparent authority imposed authority, Ambiguities in an insurance policy are always resolved in favor of the insured producer insurer underwriter, ______ is NOT an element of a valid contract.
Richard Elden Net Worth Dbest, Northumbria Police Helicopter Tracker, Melanie Martin Obituary, Which Beach Is Better Sanibel Or Captiva?, Articles W