II. If you don't have health insurance, you pay all costs for healthcare and medical emergencies. -20 pay life-paid up at 65 If the ultimate consumer is a business that collects and pays to the government VAT on . 2)Variable annuity 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? when the applicant/owner is not the insured-3rd party *The insured is diagnosed with terminal & chronicle illness Exclusion Categories Who are considered to be restricted persons concerning the formulation of an insurance contract. 3 of them? What type of insurer has no capital stock? Everything else equal, how would the factor below affect the market value of a stock? 3)Rider expires 60,65,75. AccountspayableJul1Jul3114,500??? Health insurance decreases your healthcare costs. Which risk management type is shifting the risk of loss to a larger homogeneous group? (c) both I & II (d) neither I nor II. C. Conditional contract In addition, they provide financial support for Tom's aged father and Nancy's aged mother. &\text { Accounts receivable }\\ Attempting to determine how much insurance an individual would require based upon their finacial objectives is known as. A surplus lines broker places risk with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers Cash Accumulation C. Buy-Sell agreement D. Survivor Protection, All of the following are true of key person insurance except A. Does not pay dividends to policyowners; however, taxable dividends are paid to stockholder. 3)substandard-highest, 6 factors that are complete for policy 2 be paid? c) Comparisons with similar policies considers Lloyds of London an Alien insurer -paying for certain time and stop. D. The ratings are available to the public Who appoints the state insurance regulator in many states? Solved 55. All of the following statements regarding | Chegg.com 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. Which of the following is the best reason to purchase life insurance rather than annuities? Rebating is an unfair trade practice and is regulated by law. A. -cash value can lose value. A. A surplus lines broker deals with direct writing companies only \text{Inventory} & 201 & 505 & 905 & 52 \\ An insurance contract requires that both the insured and the insurer meet certain conditions in order for the contract to be enforceable. The policy is issued for one year and may be renewed annually with evidence of insurability. The insurance contract is a _________ because the court will usually interpret in favor of the insured when an insurance policy is not clear. &\text { Cash }\\ B) bonds 3. Conviction of a felony involving moral turpitude. A) The insurance policy usually has a provision specifying how a notice of loss is to be made to the insurance company. -ages 25,28,34,37,40 21,000 \\ Occupation A. B. Twisting B. D. They can decide when to pay their monthly premiums. b) Conditional receipt a) Accumulated at interest Chapter 3 part 1 Flashcards | Quizlet ($000)CashAccountsReceivableInventoryAccountsPayable1$1001992011042$1009650595Quarter3$10099905954$1006045297, Describe Cream Silk's promotion within the context of the multi-attribute model: Which attribute(s) were central to the promotion and how does the model explain what the company was trying to accomplish with the "Human Hair Quartet?" _____________ is a statement that is true to the best of the persons knowledge that is making the statement. &\text { Inventory }\\ A. Contract of adhesion b) 10% for early withdrawal Originating policy \text{Sales revenue}&&\$780,000\\ Is claim still paid if there is a misstatement of age or sex? A) loss reserves 2. Get more out of your subscription* Access to over 100 million course-specific study resources D. Department of Treasury -the insurer sets the terms of the contract and the applicant must adhere to them. II. The benefit is subject to the exclusionary rule Which of the following statements is not correct regarding rates and premiums? Various life insurance programs for people who served in the military are called ______________? There is no limitation on the number of key employee plans in force at any one time B. 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 ____ contract requires that both parties perform certain duties. Correct: B. Which of the following documents delivered to the policyowner includes information about premium amounts, cash values, surrender values, and death benefits for specific years? A ______ will receive unfavorable tax treatment. D. Accident Department of Defense 3)mortality charge. A buy-sell agreement is simply a contract that establishes what will be done with a business in the event that an owner dies. Solved All of the following statements about variable life - Chegg 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? 4)Consumer report=credit, -shorter time span for paying premiums D) Members of the uniformed forces can obtain term group life insurance through Servicemembers' Group Life Insurance (SGLI). The insurance company may not void the insurance policy for which of the following reasons? c) Copy of the original application D) The Fair Credit Reporting Act governs what information can be collected and how the information can be used. A mutual insurance company is owned by who? \hline \text { Jul 1 } & \begin{array}{r} D) Obtaining a bachelor's degree. Round Trees management makes a forecast of the demand by rental class for each night in the future. (a) They increase at an increasing rate. All of the following statements about ordinary life insurance are true EXCEPT. \hline & \text { Jul 1 } & 55,000 \\ True or False: Under the Financial Responsibility Law, you are required to have insurance on any motor vehicle you own or drive, except motorcycles (a) Evidence of insurability is not required to renew the coverage. Beneficiary's age is not a suitability factor. New York City | Robert Klein | Robert Klein At Yale (1982) | baseball Coverage is available in $50,000 increments up to the maximum of $400,000. ~~~\text{Indirect labor cost}&28,000\\ The corporation also helps detect and prevent insurer impairments. Chapter 14/1: Group Health Insurance Flashcards | Quizlet C. A husband or wife has an insurable interest in their spouse It is legal to list nonguaranteed values in the contract, but they must be specifically labeled as projected, not guaranteed values. Correct: A. Renew policy holder has an option- THE INSURER DOES NOT. a) The policy can be converted to term coverage. b) Larger. In this case, the applicant will most likely need to fill out a Statement of Good Health. What type of interest does universal life have? Last year, the couple got divorced. A. 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 B. Insureds current and future income What type of term do you think would be least expensive a short term or a long? \end{aligned} ADD( Accidental death and dismemberment??? A. There is a minimum guaranteed interest rate on all sub-accounts. The insured agrees to maintain insurance equal to some specified percentage of the value of the property. 1) premium schedule differ from whole life a. c) The premium for the policy shall be paid either from the creditor's funds, or from charges collected from the insured debtors, or from both. Since they may receive a dividend (not guaranteed), such policies are known as participating policies. 1) Avoiding the risk Who assumes control over an insurance company's funds and management if it becomes insolvent? B) A fiduciary is a producer who handles insurer funds in a trust capacity. Insurance producers must ensure that contracts they recommend are in the best interest of the insured. Use the indirect method. a) No penalties, since the owner is older than 59 ~~~\text{Depreciation on sales equipment}&45,000\\ 4)underwriting is complete How do premiums for yearly renewable term insurance change as an insured gets older? The insurer's promise to pay a covered loss and the insured's payment of the first premium, are examples of: A. A debtor has an insurable interest in the life of a lender. D. The face amount remains the same throughout the life of the policy. The gross premium charged must reflect, at least for competitive reasons, the actual cost of providing the insurance. a sheet where the agent lists any additional info about insured including: habits,financial status, or anything that may be important for the underwriting department to determine the risk involved. A. When an applicant pays the initial premium the agent will give them a what? B. this insurance is often written in connection with automobile loans. 5)Survivorship Life Policy (policy holder pays themselves). 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. 2)non-qualified plans A life insurance license. c) Conditional a) Using arbitration when the insured and insurer cannot reach agreement insured is always the borrower & the beneficiary=lender When a insurance company(insurer) has too many risks exposed to loss it seek another company(reinsurers) to insure them. Liquidity in life insurance refers to availability of cash to the insured. Government Relations: New Challenges and the Ongoing Erosion of A monthly deduction is made from a policy's cash value for the cost of insurance protection. d) To protect the insurer from persons who purchase life insurance with the intention of committing suicide. Out of 20 yr or 30 yr which policy is less expensive? Conditional contract means the policy holder does what? C) An insurance contract must contain a copy of the original application. -Follows all conditions of contract & pays premium, -insurer says how policy works - If the insured suffers a dismemberment the policy pays the CAPITAL SUM which is 50% of the principal sum. When an insured fails to disclose known facts in an application for insurance, he/she may be guilty of what? \end{array} ? (c) two-income earner family. A mutual insurance company does not have what? What happens when a policy is surrendered for its cash value? However, the applicant does not wish to give the agent the initial premium, and no conditional receipt is issued. has reached its final destination and can be paid out in full. 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? (c) both I & II (d) neither I or II. d) Military personnel. Which model is the better fit for the data? By William Lb Qtjetjx, Author of . a) Because the insured is currently not a drug user, his policy will not be affected. What insurance concept is associated with the names Weiss and Fitch? Chapter 11 - Life Insurance Flashcards | Quizlet D. The benefit is received tax free 4)decrease premium paying period. If the insurance carried is less than required, the insurance may not cover the whole loss. 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. Effects of climate change - Wikipedia B) They illustrate the nonguaranteed elements of the policy. Involuntary Risk Correct: C. Condition contract, enforceable only under certain conditions. B) Underwriters. \text { Type I } & \$ 30 & \$ 35 & - \\ What is NOT invested in the stock market but pays you interest? Level-increasing face value. The applicants(policy owner) Individuals covered under the policy received a certificate of insurance. -sex doesn't determine eligibility. Some life insurance policies offer cash values that can be borrowed at any time and used for immediate needs. \hline \text { Jul 1 } & 5,500 &&\\ The following are all true regarding risk management, except: A. -policy holder adheres to it Abortion in the United States - Wikipedia b. Jason Mackenzie Alexander argues morality is a form of social technology - it is context specific and it can go out-of-date c) Disclosure rule 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? What are two reasons that people deposit money in banks? Rates. C) purchasing family term insurance. Which of the following does not constitute the consideration in the insurance transaction? Which of the following about a VUL insurance policy is (are) true? C. Medical Background b) Coverage ends and the policy cannot be reinstated. Flashcards - D1. Accident and Health Insurance Basics - FreezingBlue B) In insurance, fraud is the intentional misrepresentation of material information that is crucial when deciding whether or not to write a contract for an applicant. C. The insurer is always required to pay the . A corporation is the owner and beneficiary of the key person life policy. B) Fiduciary refers to a position of trust. C. Buy-Sell agreements are normally funded with a life insurance policy Rates Which kind of agent enters into agreements with more than one insurer? All of the following would be considered to be rebating EXCEPT (d) annual premium and the annual policy dividend. Which of the following types of insurance policies would perform the function of cash accumulation? "Round Tree Manor is a hotel that provides two types of rooms with three rental classes: Super Saver, Deluxe, and Business. All of the following are true of negligence, except: - AZanswer Steven prints a pamphlet to advertise his life insurance business. C. Unilateral contract The applicant accepts the invitation by paying the ___________. D. Reduction is a method of managing risk. Example: company that is incorporated in NJ and sells in NJ. What is the primary source of info for the underwriting department to determine insurability? B. c. continuous premium whole life Most policies can be renewed for additional periods without evidence of insurability. 3)certified public accountants, Is insurance that is provided by the Federal or State government Age, Sex, Occupation, Hobbies, Habits, Smoking or Non-Drug user or Non. 2)Legal Purpose An insurance consultant CANNOT be which type of persons? (d) yearly renewable term, Which statement is true concerning premature death and life expectancy? Premiums are not tax deductible as a business expense A lender has an insurable interest in the life of a debtor, but only to the extent of the debt. 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. D. The face amount remains the same throughout the life of the policy. All of the following would be exempt from the producer licensing requirements EXCEPT: A) A customer service representative who discusses policies. I. Participating policy. Economics questions and answers. 5th Sunday after Epiphany Saint Barnabas | By Saint Barnabas Episcopal RetainedEarningsDividend19,000Jul1NetIncJul3165,00065,000111,000. Chapter 1- General Insurance Flashcards | Quizlet Therefore, it is responsible for 1/3 of the $24,000 loss, or $8,000. Taxes, Retirement, and Other Insurance Concep, State Laws, Rules, and Regulations Quizzes, Life Insurance Policy Provisions, Options and, Fundamentals of Financial Management, Concise Edition. c) Whole Life The policy is a conditional contract One sided contract is a ______________ contract. Question: 55. A. & &&\textbf{ Quarter } \\ Due to climate change, premiums are going up for certain types of insurance, such as flood insurance. Insurance is designed to cover both intentional and unintentional losses. D. Offer (a) Interest is credited monthly to a policy's cash value. 3. 2)administered charge ? C. It's a decreasing term insurance. Group life insurance is most often issued as guaranteed annual renewable term. d) Policy dividends. 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 .
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