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. Type I rooms do not have wireless Internet access and are not available for the Business rental class. A FINRA registration. Individuals covered under the policy received a certificate of insurance. 3)certified public accountants, Is insurance that is provided by the Federal or State government What is used for the underwriting department to determine insurability? c) Conditional c) Copy of the original application Investors become more risk averse. Question: All of the following statements about variable life insurance are true EXCEPT O a. A. 4. An__________ represents the insurer. D. The ratings are available to the public 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. (d) paid-up. (a) Evidence of insurability is not required to renew the coverage. See Page 1. Term life insurance provides pure death protection. 2)interest sensitive 3)according to the source of annuity income Involuntary Risk 6)free-look period-$ back guaranteed. Arrest History. Department of Defense The remaining amounts should be charged to selling and administrative activities. Which of the following statements about limited-payment life insurance is true? C) Annually renewable term policies provide a level death benefit for a premium that increases each year with the age of the insured. ______________ is defined as restoring the insured to the same financial condition as before the loss. The following are all causes for the Insurance Commissioner to suspend or impose conditions upon the continuance of a producer's license EXCEPT 1. \end{array} -immediately considered fully paid up ~~~\text{Rent on factory facilities}&60,000\\ 1)increase cash value CPI (consumer price index) without evidence. \text{Dividend}& 19,000& \text { Net Inc } & 65,000 \\ Universal Life is also known as two things what are they? b) Cost of living rider. The following are all true regarding risk management, except: A. Healthcare in the United States is far outspent than any other nation, measured both in per capita spending and as a percentage of GDP. 3)mortality charge. What else must he include? A company formed in a different country doing business in any state of American who owners are stockholders that receive dividends and have voting rights. Cash values can be borrowed at any time (c) two-income earner family. (2), The current market will influence the cash value (b) Most policies can be renewed without evidence of insurability. When does the grace period begin and how long is it? A person who negotiates insurance contracts on behalf of an insured. B. All of the following statements about universal life insurance are true EXCEPT 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? The 4 characteristics of a universal life policy are? a) Accepted accounting principal. Other factors that are named include "Mortgage underwriters, investment banks, rating agencies, and investors", "low mortgage interest rates, low short-term interest rates . (a) renewal provision d) Older. 1. Life expectancy has increased in the U.S. over the last century. One sided contract is a ______________ contract. C. Insured's annual expenses c) Guides describing company financial integrity Prepare the following details: Mobile number, serial number, or IMEI. A SEC registration. 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. By William Lb Qtjetjx, Author of . 3) policy builds cash-value The following are all true regarding risk management, except: A. \hline \text { Jul 1 } & \begin{array}{r} ($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?" (d) neither I nor II. The applicants(policy owner) The companys president is concerned about the accuracy of the income statement. (a) They increase at an increasing rate. Address of his principal office All of the following statements are true regarding mortgage protection insurance EXCEPT. Tamara purchased a term insurance policy when she had high life insurance needs and limited income. & \text { Depr } & 3,000 \\ a) The policy can be converted to term coverage. &\begin{array}{cr|} Group life insurance is most often issued as guaranteed annual renewable term. What are (4) ways annuities are classified? b) Reduced paid-up a) Using arbitration when the insured and insurer cannot reach agreement 4) Joint-Life policy(business part) Insurance policy of 2 or more \text{Less: Operating expenses}\\ B. When must insurable interest exist in a life insurance policy? Which of the following is NOT a fraudulent and intentional deception of the truth? Costs of training a replacement When an applicant pays the initial premium the agent will give them a what? Predicted needs of the family after the insured's death are used in the needs approach. These individuals qualify for lower premiums than those in the other categories. C. Certain Risk An applicant is denied insurance because of information found on a consumer report. Healthcare in the United States - Wikipedia 1 / 25. c) Counselor (receive dividends & the right to vote). A ______ will receive unfavorable tax treatment. 1. 3)substandard risk. 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. Life Insurance Flashcards - Cram.com The applicant's medical background is addressed in Part 2 - Medical Information. D) the minor in a juvenile policy. All of the following information about a customer must be used in determining annuity suitability EXCEPT What are the 3 characteristics of a Mutual Insurance Company? Jul313,000\begin{aligned} The insurer issues the policy and learns of his history one year later. All of the following would be considered to be rebating EXCEPT 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. 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. 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} ADD( Accidental death and dismemberment??? Upon policy delivery, the producer may be required to obtain any of the following EXCEPT The shifting of risk of loss to a larger homogeneous group is known as what? 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. d) Tax-deductible. A persons assets & liabilities at their time of death. 1)temporary A. B. When applicant is not the insured ______________ must exist. 3) Ordinary. -Staged intervals There is a minimum guaranteed interest rate on all sub-accounts. still matures at age 100, -premium is paid off at one time C. The insured may retain part of a risk through deductibles. Correct: A.A peril. B. Aleatory contract D) When immediate annuities are used to pay IRA benefits, distributions must begin no later than age 70 in order for the annuitant to avoid penalties. You cannot sell a variable policy without what? 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. D) Obtaining a bachelor's degree. 2)Procures insurance 4 itself from another insurer, The tax benefit of annuities is tax deferred growth. 3) type of plan they applied for. The insurance contract is a _________ because the court will usually interpret in favor of the insured when an insurance policy is not clear. 2) form of interest sensitive life insurance(current market conditions influence the cash value) The issuance of a policy or binder is not part of the consideration element of an insurance contract, it is part of the _______ ________. An insured is driving her automobile and strikes a large pothole that . -receiving dividends(when declared) -Prepays portion of face amount if diagnosed with terminal illness. &\begin{array}{lccc} \textbf{EMPIRE COMPANY}\\ -provides income for retirement What (5) Factors for GIO & GIB. whose covered? Correct: B. Dividends received by policyholders of a mutual insurer are not taxable. -sex doesn't determine eligibility. The 3 categories of private insurers site of incorporation? D. Gender. O b. Explain your answer. c) Term life d) 15 years. 2)Decreasing Term a) More active. D) the minor in a juvenile policy. 2)FCRA(fair credit reporting act) checks MIB report. This is called. C. Medical Background What are some of the questions asked on the application to determine the premium and risk classification of the insured? Legislative advocacy is essential to Physicians Insurance/MedChoice's purpose to protect, defend, and support our Members. 1)Whole Life A. 2)when benefits begin Limited-Pay Life & Single-Premium Policies? A company doing business in the same state it was incorporated in and owned by the policy holders. - 20 pay life-premiums paid for 20 years and paid up at 65 (b) single-parent family. \end{array} Which of the following is NOT an allowable 1035 exchange? A surplus lines broker accepts business only from non- resident agents B. -pays an additional death benefit if the insured dies from an accident A life insurance policy is exchanged for an annuity. (b) tax-free exchange provision a) Withdrawals are not taxable. D. A surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers (a) blended family. 2)people under the influence of drugs or alcohol S dies 5 years later in 2008 and the insurer pays the beneficiary $10,500. Attempting to determine how much insurance an individual would require based upon their finacial objectives is known as. If the initial premium is not paid with the application, the agent will be required to collect the premium at the time of policy delivery. An annuity whose based on the stock market index? 1) cash value earns interest Company A carries 1/3 of the total coverage ($20,000 + $40,000 = $60,000). 3)defined benefit plans A policy summary usually includes all the listed information, and must be delivered along with a new policy. Legal Purpose What contract characteristic does this describe? b. it frequently includes coverage for losses due to casualty and theft. c) The inspection report &\begin{array}{lr|rr} Hammond estimates that it will manufacture 5,000 televisions next year. 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} (b) Cash value accumulation is slow to moderate. Certificate holders may convert coverage to an individual policy without evidence of insurability. Chapter 3 part 1 Flashcards | Quizlet D. Offer b. C. Waiver of Estoppel B. Nonadmitted exclusions: when the accident occurs within an illness,disease, or mental infirmity. (d) Premiums increase at an increasing rate upon renewal. 2)not payable in conjunction. Correct: C. Consideration. Your device, make and model. b) The agent's report B. Beneficiarys age ____________ is the transfer of the right of recovery from the insured to the insurance company. Signed waiver of premium B. When the agent delivers the policy, collects the initial premium, and the applicant completes and acceptable statement of good health Something of value is a __________________. d) The Medical Information Bureau. C. Application b) Increasing Premium A mutual insurance company does not have what? Level-increasing face value. The profit per night for each type of room and rental class is as follows: RentalClassRoomSuperSaverDeluxeBusinessTypeI$30$35TypeII$20$30$40\begin{aligned} _____________ is an employer paid disability and health insurance coverage that covers job related illnesses or injuries. Members are assessed to fund the corporation. Therefore, it is responsible for 1/3 of the $24,000 loss, or $8,000. O c. The policyowner has the option of investing the cash value in several investment accounts. Jul3125,500\begin{aligned} (d) yearly renewable term, Which statement is true concerning premature death and life expectancy? Accelerated Living Benefit/Death Benefit is what type of rider? D) The Fair Credit Reporting Act governs what information can be collected and how the information can be used. 2. Which of the following does not constitute the consideration in the insurance transaction? D. The face amount remains the same throughout the life of the policy. Should a key person die, the benefit is treated as a reimbursement to the business for loss of services from that key person. (d) indeterminate-premium whole life. To sell variable life insurance policies, an agent must receive all of the following EXCEPT Estimated direct labor costs for next year are$440,000.00. a) Premium amounts and surrender values IN WHITE RAIMENT. An agent has authority to do all of the following, except: A. Countersign insurance contracts Compute DVDs net cash provided by (used for) operating activities during July. -paying for certain time and stop. d) The insurer will sue the insured for committing fraud. Insurance companies can charge an interest rate based on the policyowner's credit report. A. Foregin A. Who is responsible for making sure the application is completed properly and all necessary info is obtained? The applicant accepts the invitation by paying the ___________. Misappropriation or illegal withholding of the policyholder's money. Life insurance proceeds B. What constitutes the acceptance of an offer? In an insurance contract, the value that each party gives the other is called the: When an individual faces the risk of economic loss in the event of property damage, this indicates which of the following? C. It's a decreasing term insurance. D) They must be signed by both the Producer and the applicant. D. Solicit applications on insurer's behalf The premium is guaranteed for an initial period and then the insurer can charge up to a maximum premium charge in what type of policy? It is a type of tort. Yes, all T-mobile insurance plans cover water damage. The accounting records of DVD Sales, Inc., include the following accounts: CashJul15,500???? A. Rates are considered inadequate when they do not cover projected losses and expenses. What is the MIB? (economy). Jason Mackenzie Alexander argues morality is a form of social technology - it is context specific and it can go out-of-date Correct: A. Domestic Insurer C. A surplus lines broker accepts business only from non- resident agents 3. -age 100. c) Conditional 2)administered charge 1)policy owner can increase/decrease/ or skip premium payments In terms of social security, what is the name for the time period after the youngest child of a family turns 16 and before the surviving spouse may start receving retirement benefits? Only one party is giving a legally enforceable promise- A one-sided contract is what? Chapter 1- General Insurance Flashcards | Quizlet The safety margin is narrower, because the cost of the insurance to the policyholder cannot be adjusted at a later time. D. Unilateral Contract Nature of risk When both parties to a contract must perform certain duties in order to make the contract enforceable, this is known as what? (D The employer is the owner, payor and beneficiary of the policy. Now Tamara can afford whole life insurance. D. Reduction is a method of managing risk. 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? It has cash value that is invested into the stock market through mutual funds/securities. The company records manufacturing costs by job number and uses a factory overhead applied rate to charge overhead costs to its products. A) The insurance policy usually has a provision specifying how a notice of loss is to be made to the insurance company. What limitations might this model have for predicting consumer's attitudes and purchase behavior towards Cream Silk? C) A licensee cannot knowingly employ an individual who has been convicted of a felony or crime of moral turpitude within the past 10 years to act in a fiduciary capacity. 4 All of the following statements about term insurance are true EXCEPT Prior to October 2017, the company had been profitable every month. Cause of potential loss to property such as fire, windstorm, hail, flood, etc. Cash Accumulation C. Buy-Sell agreement D. Survivor Protection, All of the following are true of key person insurance except A. -it pays the double indemnity, 1)accident occurs, person must die within 90 days 2)Explain and collect any ratings Whats the cheapest type of permanent insurance? d) Policy dividends. \underline{\hspace{40pt}}. -kids till 21 I. D. Breach of warranty Accelerated Living Benefit/Accelerated Death Benefit? Adverse selection is well controlled. Most policies can be renewed for additional periods without evidence of insurability. A. Pertaining to insurance, what is the definition of a fiduciary responsibility? Which of the following is TRUE regarding assignment rights for . \\ B. (c) face amount of the policy and the legal reserve. C. Tax Status Correct: D. A surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. Health insurance decreases your healthcare costs. Who appoints the state insurance regulator in many states? The concept that the insured should not profit from an insurance transaction is called what? Appoint a solicitor as his or her representative A _______ __ is the additional premium needed to get covered with high or substandard risk. Premiums are taxable to the employee B. What kind of penalty would the IRA owner pay? Out of 20 yr or 30 yr which policy is less expensive? A. signed waiver of premium D. The benefit is received tax free. 3) Equity-Index annuity. A) A policy summary must be delivered along with the policy and will provide the producer's name and address, the insurance company's home office address, the generic name of the policy issued, and premium, cash value, surrender value and death benefit figures for specific policy years. The cost of a living rider is calculated by what? Pure Risk. A. The policy is a contract of adhesion What must exist at the time of the application? (Choose from the following options) Which of the following statements about universal life insurance is true? \hline & \text { Jul 1 } & \begin{array}{r} -its a rider (c) face amount of the policy and the legal reserve. Jul3117,000\begin{aligned} B. B. \end{array} The insurer that is transferring the risk to another company is called the ____________ __________. Various life insurance programs for people who served in the military are called ______________? Yes, all T-mobile insurance plans cover cracked screens.You will have to pay a deductible fee which will depend on your device model. B) One step in the investigation of a claim is to determine whether the policy was in force when the loss occurred. The following information is taken from the records of Hammond on November 30 of the current year. C. Conditional contract 2. The ___________ controls all rights of the contract. -Follows all conditions of contract & pays premium, -insurer says how policy works 3)Minors. D. Workers compensation. Correct: B. *The insured is diagnosed with terminal & chronicle illness D. Term life. Mutual life policy. b. For this amount of production, total factory overhead is estimated to be $396,000.00. 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. 2)Family Income(decreasing term-policy) What is the term for a cause of loss, such as the theft of a car? All renewable term policies are accepted without__________ and only with_____ collected. Which of the following best describes a surplus lines broker? b) Index used by stock companies The minimum FREE LOOK period is how many days? B. All of the following are true for indemnity insurance except that: a. premiums are based on separate risk pools often organized by employers. 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. It is used to pay off the balance on the mortgage. 2)standard-average ? d) An agent misrepresents policy benefits to convince a policyowner to replace policies. b) Fluctuates. b) The policy will not be affected. Which of the following is correct concerning the taxation of premiums in a key-person life insurance policy? All of the following statements are true of liability insurance, EXCEPT: Answer: liability coverage indemnifies the insured. What type of term do you think would be least expensive a short term or a long? B. An insurance consultant CANNOT be which type of persons? d) Fair Credit Reporting Act. &\text { Inventory }\\ -insured can stop paying premiums at certain age or after a period of time What does it mean when a policy is limited pay life? Inventory balances at the beginning and end of October were: Only 75% of the utilities expense and 60% of the insurance expense apply to factory operations. B) They illustrate the nonguaranteed elements of the policy. 2)APS=medical records D. The benefit is received tax free the underwriting process is approved for: A mutual insurer has no stock, and is owned by the policyholders. (Hint: Take a look at the Theory of Reasoned Action.). Exclusions always exist, and there is a reason for each one.
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