all of the following are true of insurance except

(d) They remain level. Tax-qualified annuities are subject to IRA maximum contribution limits. C) They must contain a warning that actual results may vary. The policy does not go into effect until the premium has been collected. What happens when there is a Misstatement of age or sex? 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. The issuance of a policy or binder is not part of the consideration element of an insurance contract, it is part of the _______ ________. _______ pays dividends to the stock holder. Participating policy. b) Adjustable life The insurer's promise to pay a covered loss and the insured's payment of the first premium, are examples of: A. 2. -cash value options 3)substandard-highest, 6 factors that are complete for policy 2 be paid? Where can you find insurance coverage after being rejected by your insurance company for too many claims in the past year? 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. When parties to a contract exchange unequal amounts of money, this is said to be what type of contract? *The insured is diagnosed with terminal & chronicle illness Chapter 11 - Life Insurance Flashcards | Quizlet Cash value is invested in the stock market. There are 2 parties of the contract- what are they? 5)Survivorship Life Policy (policy holder pays themselves). &\text { Retained Earnings }\\ d) Joint and Survivor, B) The Waiver of Cost of Insurance rider is found in Universal Life policies. A. a) Aleatory (b) level-premium method If an insurer finds that an applicant has committed fraud, it can void the contract, provided that the discovery occurs within the first two years of the effective policy date. B. 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? Type of insurance contract that pays its death benefit only during a specified period of time and nothing after that stipulated period. What type of policy does the insured most likely have? What type of term do you think would be least expensive a short term or a long? In this particular instance the applicant did not commit intentional fraud. ___________ is the persons whose death triggers payment. 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. The profit per night for each type of room and rental class is as follows: RentalClassRoomSuperSaverDeluxeBusinessTypeI$30$35TypeII$20$30$40\begin{aligned} Close Skip to Content High Contrast Increase Text Size Clear All 515-705-0233. (d) neither I nor II. 2)Decreasing term(premium is low) declining face value B) Money collected with respect to an insurance transaction must be held in a position of trust by the producer. The interest rate credited to the cash value at the time of issuance remains fixed over the life of the policy. Part 1 of the application includes the general questions about the applicant, including name, age, address, birth date, gender, income, marital status, and occupation. Which of the families below is likely to have the least need for a large life insurance policy? Which of the following would be the best option that would help the surviving spouse of the insured to put her child through daycare after the insured's death? -insured can stop paying premiums at certain age or after a period of time O b. B. For example, a claim will be paid only is there has been a covered loss. Permanent Insurance have 3 words in common, what are they? AccountsreceivableJul1Jul3121,000???? 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. b) 10% for early withdrawal B. (a) Interest is credited monthly to a policy's cash value. (c) human life value method Domestic Insurer B. Life expectancy has increased in the U.S. over the last century. The corporation also helps detect and prevent insurer impairments. 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) Withdrawals are not taxable. What insurance concept is associated with the names Weiss and Fitch? good health 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. 4)policy matures at age 100. (b) Cash value accumulation is slow to moderate. C. Tax Status insured is always the borrower & the beneficiary=lender 3)Consideration Which method makes the most sense for her to employ? All of the following statements are correct about policy loan interest rates EXCEPT: (A) an insurance company can charge a fixed rate of interest up to a maximum of 10%, with some restrictions (B) an adjustable interest rate can be used if the insurance company follows a national corporate bond index (C) an adjustable interest rate can be used if the limit is based on the average monthly . (a) limited-payment whole life insurance -They provide coverage for risks that other insurers normally would not provide. 1) mentally incompetent persons 2)interest sensitive What are the permanent working capital needs of your company? Quarterly working capital levels for your firm for the next year are included in the following table. C. Countersign insurance contracts All of the following characterize term life insurance, EXCEPT: Select one: a. The cash value available to the policyowner 4. d) 15 years. -But pays you interest, 1)Fixed annuity Universal Life is also known as two things what are they? d) Policy dividends. EMPIRECOMPANYIncomeStatementFortheMonthEndedOctober31,2017, Salesrevenue$780,000Less:OperatingexpensesRawmaterialspurchases$264,000Directlaborcost190,000Advertisingexpense90,000Sellingandadministrativesalaries75,000Rentonfactoryfacilities60,000Depreciationonsalesequipment45,000Depreciationonfactoryequipment31,000Indirectlaborcost28,000Utilitiesexpense12,000Insuranceexpense8,000803,000Netloss$(23,000)\begin{array}{lcc} Study with Quizlet and memorize flashcards containing terms like All of the following are personal uses of life insurance EXCEPT A. B. Each policy pays a percentage of the loss based on the percentage of coverage that policy provides. (a) I only \text{Dividend}& 19,000& \text { Net Inc } & 65,000 \\ A. Explanation: (Life Insurance Policy Provisions, Options and Riders) A family term rider will provide term life insurance on a spouse and children. Yes, all T-mobile insurance plans cover cracked screens.You will have to pay a deductible fee which will depend on your device model. Study with Quizlet and memorize flashcards containing terms like All of the following are true regarding group term life insurance, EXCEPT: a. Costs of training a replacement -provides income for retirement C. Unilateral contract (receive dividends & the right to vote). 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? C. Concealment You cannot sell a variable policy without what? -20 pay life-paid up at 65 Chapter 3.2 - Subjecto.com Annually renewable term policies provide a level death benefit for a premium that Findefch a Wife,' 'Pnrple and Fine -men,'^The' Day of Temptation,' ' Of Royal Blood,' etc., etc . Department of Defense 4)Explain the policy and its provisions 5)coverage begins Their premiums are lower Correct: C. Condition contract, enforceable only under certain conditions. c. Manufacturing expense accounts and their balances for the month are as follows: DepreciationExpense-FactoryEquipment$5,770.24MiscellaneousExpense-Factory$13,780.48DepreciationExpense-Building2,822.40PayrollTaxesExpense-Factory43,736.00Heat,Light,andPowerExpense9,055.20PropertyTaxExpense-Factory6,088.32InsuranceExpense-Factory1,505.28SuppliesExpense-Factory18,063.36\begin{array}{lrlrr}\text { Depreciation Expense-Factory Equipment } & \$ 5,770.24 & \text { Miscellaneous Expense-Factory } & \$ 13,780.48 \\ \text { Depreciation Expense-Building } & 2,822.40 & \text { Payroll Taxes Expense-Factory } & 43,736.00 \\ \text { Heat, Light, and Power Expense } & 9,055.20 & \text { Property Tax Expense-Factory } & 6,088.32 \\ \text { Insurance Expense-Factory } & 1,505.28 & \text { Supplies Expense-Factory } & 18,063.36\end{array} B) According to the law of large numbers, the larger a group becomes, the easier it is to predict losses. b) The policy will not be affected. d) Graded Premium. Explain your answer. -it is a type of Rider A. Poor adaptation to climate change further widens the gap between what people can afford and the costs of insurance, as risks increase. Nonparticipating policy. c) A person who handles assets or money belonging to others. The NAAR for a life insurance policy is the difference between the ? All of the following would be exempt from the producer licensing requirements EXCEPT: A) A customer service representative who discusses policies. \hline & \text { Jul 1 } & \begin{array}{r} D. The benefit is received tax free. Cash Accumulation C. Buy-Sell agreement D. Survivor Protection, All of the following are true of key person insurance except A. What are some of the questions asked on the application to determine the premium and risk classification of the insured? 3) Increasing Term. If a parent purchases life insurance on their child all of the following are true, EXCEPT: A) The child is the insured. \end{aligned} ? Which of the following statements regarding the taxation of Modified Endowment Contracts is FALSE? a) Tax-qualified 1. 3. 3)certified public accountants, Is insurance that is provided by the Federal or State government See Answer. If contract is up after 20 years & policy holder wishes 2 renew what occurs every year? Compensating executives d) Blackout approach. 2)Explain and collect any ratings 3) Equity-Index annuity. D) adding cost of living coverage. a) A medical examination &\text { Inventory }\\ 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? \end{array} Acceptance a) Offering additional coverage to clients A contract that allows an insured to be restored to the same financial condition as prior to the loss is considered to be what type of contract? 2)Legal Purpose The County is administered by a five-member Board of Supervisors who are elected for four-year terms Statements in the application that are guaranteed true but later found to be false may result in what? (must exist at the time of application). Increasing term d. 10 payment whole life, Chapter 12 - Life Insurance Contractual Provi, Chapter 15 - Individual Health Insurance Cove, Fundamentals of Financial Management, Concise Edition, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. c) Smaller. $ cant exceed indebtness. Accidental Death Benefit A lender has an insurable interest in the life of a debtor, but only to the extent of the debt. 1)Domestic Insurer Conditional contract means the policy holder does what? When an agent is handling the premiums that belong to an insurance company, they are acting in a fiduciary capacity. d) 50% tax on the amount not distributed as required. d) Paid-up option. D) real estate, Under one method of estimating a loss reserve, the reserve is based on life expectancy, duration of disability, and similar factors. Last year, the couple got divorced. B. Buy-sell agreements are normally funded with a life insurance policy. 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 2)explain any ratings \text{Accounts Receivable} & 199 & 96 & 99 & 604 \\ (Hint: Take a look at the Theory of Reasoned Action.). If there Is a risk of financial loss then there is a what? A person who negotiates insurance contracts on behalf of an insured. (c) Interest credited to a policy's cash value is taxable to the policyowner in the year credited. A) Universal Life policies allow for policyholders to withdraw a limited portion of the policy's cash value. (Medic Information Bureau)? 2)Increase the face value Solved All of the following are true for indemnity insurance | Chegg.com C. Conditional contract Correct: C. Unilateral contract. Group life insurance is most often issued as guaranteed annual renewable term. -pays an additional death benefit if the insured dies from an accident &\text { Cash }\\ 4 All of the following statements about term insurance are true EXCEPT \end{array} \\ Pure Risk. 1) cash value earns interest C. Payment of premium The primary purpose of buying an annuity is? Solved 55. All of the following statements regarding | Chegg.com \end{aligned} 2)Variable annuity Economics questions and answers. It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. Which of the following is the best reason to purchase life insurance rather than annuities? -kids till 21 Under Section I, homeowners insurance must include (economy). The total factory payroll for the month according to the payroll register is $308,000.00, distributed as follows. The Aspect of the Dragons is obtained by defeating any Ender Dragon in the Dragon's Nest (except Superior) located at the bottom of The End. Term life insurance provides pure death protection. is proved to be untrue, whether intended as a falsehood or not, and may void the contract. Round Trees management makes a forecast of the demand by rental class for each night in the future. Which of the following statements about universal life insurance is true? A policy summary usually includes all the listed information, and must be delivered along with a new policy. An insured owns a life insurance policy. Coverage is available in $50,000 increments up to the maximum of $400,000. 2) Binding Reciept. A. 1) preferred-low A company doing business in the same state it was incorporated in and owned by the policy holders. Which of the following information about the applicant is NOT included on Part 1 of the application for life insurance. (b) variable life insurance d. It does not require a duty to be owed. D. Agents report. the willful holding back or secretion of material facts pertinent of the issuance of insurance or a claim. A ______ will receive unfavorable tax treatment. A surplus lines broker deals with direct writing companies only 1)policy owner can increase/decrease/ or skip premium payments a) The policyholders or stockowners of the company a) Premium amounts and surrender values B) Underwriters. What are (4) ways annuities are classified? An agent has authority to do all of the following, except: A. Countersign insurance contracts 3)riders & exclusions Copyright 2009-2022 Tests.com LLC - All Rights Reserved. Age, Sex, Occupation, Hobbies, Habits, Smoking or Non-Drug user or Non. All of the following information about a customer must be used in determining annuity suitability EXCEPT c) Extended term All of the following statements are true of liability insurance, EXCEPT -tax free accumulation of borrowing. B. (a) I only (b) II only B) One step in the investigation of a claim is to determine whether the policy was in force when the loss occurred. C. Certain Risk "Round Tree Manor is a hotel that provides two types of rooms with three rental classes: Super Saver, Deluxe, and Business. Which of the following requires that the insurance company supply the applicant with the name and address of the consumer reporting company? Despite this, the country has significantly worse healthcare outcomes when compared to peer nations. -the premiums are paid for a limited time only. The safety margin is narrower, because the cost of the insurance to the policyholder cannot be adjusted at a later time. A) the agent. The issuance of a binder is the result of the ___________________ of an offer. Which of the following is an example of liquidity in a life insurance contract? Chapter 11 - Life Insurance. when the applicant/owner is not the insured-3rd party (1), In Universal life, what options can the policy owner have with the premium payments to do? The policy is a conditional contract Which risk management type is shifting the risk of loss to a larger homogeneous group? 4)Based on principle sum(rider) & capital sum(insurer) 50%, 3rd party ownership insurers issues policy to a lending institution All of the following statements about the characteristics of Social Security are true EXCEPT A. All of the following are characteristics of group life insurance EXCEPT. B) A fiduciary is a producer who handles insurer funds in a trust capacity. Correct: D. Concealment. Flashcards - D1. Accident and Health Insurance Basics - FreezingBlue 3)2 Death benefits-(level/increasing) \hline \text { Jul 1 } & 22,000 \\ c) The policy will be voided. D. Speculative Risk An agent and an applicant for a life insurance policy fill out and sign the application. -pay for certain time and stop Which of the following best describes a surplus lines broker? Any gain in the policy's cash value is . Two years ago he suffered a head injury from an accident, so he cannot remember parts of his past, but is otherwise competent. What are two reasons that people deposit money in banks? d) The Guaranty Corporation. Surplus lines broker deals with admitted carriers only (a) capital retention approach Prepare a pie chart of on-time delivery performance for last month. Value-added tax - Wikipedia D. Term life. Jul3119,500\begin{aligned} 5th Sunday after Epiphany Saint Barnabas | By Saint Barnabas Episcopal D) The Life and Health Insurance Guaranty Corporation protects Maryland residents who are policyholders, insureds, beneficiaries, annuitants, and assignees of life and health insurance policies, annuities, and supplemental contracts, if the insurer issuing the policies fails to perform its contractual obligations because it becomes impaired. It is used to pay off the balance on the mortgage. 6)Explain Free Look period-10-30 days- unconditional refund that begins when policy is delivered. Correct: A. -receiving dividends(when declared) Payor benefit/Clause is always a _________. 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 . Agent Sam is using the human life value approach to assess Mary's life insurance needs. What does it mean when a policy is limited pay life? (a) present value of future benefits and the present value of future premiums. A. b) Universal Life Originating policy Who are considered to be restricted persons concerning the formulation of an insurance contract. 3 of them? a) Material change You should now have gotten the answer to your question "All of the following statements are true of liability insurance, EXCEPT:", which was part of Insurance MCQs & Answers. a) Accumulated at interest c) Guides describing company financial integrity b) Index used by stock companies Question: All of the following statements about variable life insurance are true EXCEPT O a. &\text { Accounts payable }\\ c) Coverage ends but the policy can be reinstated at any time. & \text{ ???? } d) Fiscal responsibility. The US is the only developed nation without a system of universal healthcare, with a large proportion of its population not carrying health insurance, a . A. Their premiums are lower d. The total of all cost sheets completed during the month is $628,880.00. c) Denying coverage after a reasonable investigation has been conducted The cash value of availability to the policyowner Address of his principal office All of the following statements concerning coinsurance are true, EXCEPT . The companys president is concerned about the accuracy of the income statement. b. and is NOT a party to the contract. D. Claim History Can term insurance be both renewable and convertible? Investors become more risk averse. D. Offer 3) type of plan they applied for. Breach of warranty b) Promptly forwarding premiums to the insurance company The Terrorism Risk Insurance Program is administered by which of the following Federal entities? 1. b. it frequently includes coverage for losses due to casualty and theft. The ___________ controls all rights of the contract. ch2 Flashcards | Quizlet 4)defined contribution plans. B. It is the specific cause of loss. Our records show that more than one device is associated with this a) No penalties, since the owner is older than 59 3) Retaining the risk. I. The money in a savings account C. The insurer is always required to pay the . -Not invested in stock market What are the (5) Factors considered with combination policies Who and What are they? -and the right to vote. a) Consumer Privacy Act A FINRA registration. c) Helping insureds to file claims The concept that the insured should not profit from an insurance transaction is called what? Premiums are taxable to the employee A _______ __ is the additional premium needed to get covered with high or substandard risk. B. C. Medical Background An annuity is exchanged for another annuity. The policy is issued for one year and may be renewed annually with evidence of insurability. c) The inspection report Correct: D. Department of Treasury, The Terrorism Act, which protects consumers by addressing market disruptions and ensuring the continued widespread availability and affordability of property and casualty insurance for a terrorism risk, is a administered by the Department of Treasury. Companies may have immediate legal obligations following the inclusion of a substance in the Candidate List on this website including in particular Articles 7, 31 and 33 of the REACH Regulation. d) The insurer will sue the insured for committing fraud. Being young and healthy means you can skip out on health insurance. Which is generally true regarding insureds who have been classified as preferred risks? 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. The purpose of an estate clearance fund is to pay all of the following EXCEPT. C) Annually renewable term policies provide a level death benefit for a premium that increases each year with the age of the insured. (a) They increase at an increasing rate. -then picks a contract. &\begin{array}{l|lr} compulsion? B) Once the cash surrender value option is selected, the coverage is terminated and the policy cannot be reinstated. 1) All requirements are met 2. Executive office D. Unilateral Contract A whole life insurance policy is exchanged for a term insurance policy. All of the following statements concerning coinsurance are true, EXCEPT B. 1)physical exam I. B) the applicant. ____________ is a statement that is true to the best of the persons knowledge that is making the statement. ______________ is defined as restoring the insured to the same financial condition as before the loss. B. Misrepresentation When a insurance company(insurer) has too many risks exposed to loss it seek another company(reinsurers) to insure them. Conditional Contract -guaranteed/fixed/level payment, -Immediate "annuitization phase" 2)FCRA(fair credit reporting act) checks MIB report. An Insurance broker is responsible for what? b) 5 years only. \end{aligned} b) A producer who handles insurer funds in a trust capacity. 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. a) Year only. All of the following are personal uses of life insurance EXCEPT, All of the following are true of key person insurance except, D. The plan is funded by permanent insurance only. 1. 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.

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