Accelerated death benefit rider Waiver of premium rider Extended term option Decreasing term insurance. Which type of clause describes the following statement: "We have issued the policy in consideration of the representations in your applications and payment of the first-term premium". C) the authority to represent the insurer B) other insurance Which of the following is the best descriptive word? A - Weegy C.$2,113 A double indemnity benefit will be payable to Matts beneficiary is Matt, All of the following riders can increase the death benefit amount EXCEPT, All of these are valid policy dividend options for a life insurance policyowner EXCEPT, The premium for a Modified whole life policy is, Lower than the typical whole life policy during the first few years and then higher than typical for the remainder, A nonparticipating company is sometimes called a(n), Intentional withholding of material facts that would affect an insurance policys validity is called a(n), Signatures for an insurance application MUST be obtained by the producer from all of the following sources EXCEPT. A Modified Endowment Contract (MEC) is best described as A life insurance contract which accumulates cash values higher than the IRS will allow An annuity contract which was converted from a life insurance contract A modified life contract which enjoys all the tax advantages of whole life insurance A life insurance contract where all withdrawals After first premium is paid, the face amount may be available to the beneficiary, Level premium term life insurance policies, Have premiums that are averaged over the policy period, A policyowner can receive an immediate payment before the insured dies by using a(n), Matt is applying for life insurance and requests a double indemnity rider. In this situation, who will receive Bob's policy proceeds? discreet apparent implied express, Bob and Tom start a business. B) A contract that has the potential for the unequal exchange of consideration for both parties. Determine which insurer offers the best rates Determine which insurer offers the best policies Determine financial strength of an insurance company Determine which agent to use locally, A nonparticipating policy will provide a return of premium provide tax advantages not pay dividends give policyowners special privileges, A rating from a rating service company, such as A.M. Best, Which of the following is NOT considered advertising? The automatic premium loan provision authorized an insurer to withdraw from a policys cash value the amount of, Past due premiums that have not been paid by the end of the grace period. be filed with the state Since each partner contributes an important element to the success of the business, they decide to take life insurance policies out on each other, and name each other as beneficiaries. Barbaras policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of insurability. Aleatory Contract: A contract type in which the parties involved do not have to perform a particular action until a specific event occurs. C) A contract where one party "adheres" to the terms of the contract C) the contract has been prepared by one party (the insurance company) with no negotiation between the applicant and the insurer Principal Capacity, All of the following are elements of an insurance policy EXCEPT D) both the policyowner and the insurer must know all material facts and relevant information, B) only one party (the insurer) makes any kind of legally enforceable promise, Intentional withholding of material facts that would affect an insurance policy's validity is called a(n) 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. All of these are typically sources of underwriting information for life or health insurance EXCEPT. An insurance applicant with a below-average likelihood of loss is typically considered to be a. Which of the following Best Describes a Conditional Insurance Contract Posted on April 19, 2022 by Ephori London To be enforceable, a contract must be concluded by the competent parties. Conditional insurance contracts are insurance policies that require the insured person to satisfy certain conditions in order to become effective and/or to be paid out by the insurer. A contract that requires certain conditions or acts by the insured individual A contract that has the potential for the unequal exchange of consideration for both parties A contract where one party "adheres" to the terms of the contract A contract where only one party makes any kind of enforceable contract, statements made in the application and the premium, In a life or health insurance contract, "consideration" would be the offer and acceptance premium only statements made in the application and the premium statements made in the application only, 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 underwriting issuance of the policy promises made legal reserve, All of the following are elements of an insurance policy EXCEPT definitions other insurance claim forms conditions, The term which describes the fact that both parties of a contract may NOT receive the same value is referred to as Apparent Estoppel Aleatory Unilateral, Which of the following is an example of the insured's consideration? Who is responsible for assembling the policy forms for insureds? Science Study Guide Questions. A) Insurability An example of an unfair claims practice would be, Failing to effectuate prompt, fair, and fair equitable settlements of a claim. Life & Health 1 (Chapters 1, 2, 3, & 4) Flashcards Preview - Brainscape AzAnswer team is here with the right answer to your question. underwriter, Life Insurance Policies - Provisions, Options, Fundamentals of Financial Management, Concise Edition, Micro Oneliners: Urinary Tract Infections (UT. Within how many days must a licensee notify the Commissioner of a change in address? D) legal reserve, In an insurance contract, the element that shows each party is giving something of value is called 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 Loan against the cash value Policy withdrawal Policy dividend Death benefit, A business will typically use which type of life insurance to cover their employees? A) Unilateral contract Which of the following does a producer NOT have a fiduciary responsibility to? Use the binomial distribution to find P(x13)P(x \leq 13)P(x13) if the stain removal product's claim is correct. the contract must be aleatory A. c. income earned by Pat's spouse. Consideration Who assumes the investment risk with a fixed annuity contract? express, ______ is NOT an element of a valid contract. Whole life policy that pays out its cash value over a 20 year period Whole life policy with premiums paid up after 20 years Term life policy that returns cash value after 20 years Term life policy with premiums paid up after 20 years, Which type of multiple protection policy pays on the death of the last person? Which of the following BEST describes a conditional insurance contract? Insurance Quiz (MCQs) Archives - Management Notes Describe the structure. A) definitions Insurance producer Jerry offers a $350 shopping card if they purchase an insurance product through him. Express Interest on policy loans is tax deductible Premium payments are tax deductible Pre-death distributions will become taxable Cash value cannot be surrendered early, seeks temporary protection and lower premiums, Term insurance is appropriate for someone who seeks living benefits for themselves seeks a policy that builds cash value seeks temporary protection and lower premiums seeks permanent protection and higher premiums, Shirley has a $500,000 10-year non-renewable level term life policy. C) Law of large numbers Eventually, they retire and dissolve the business. producer Sharing commissions with a producer licensed in the same line of business. When the term insurance expires. Policy Application Riders Certificate of Authority, A life insurance rider that allows an individual to purchase insurance as they grow older, regardless of insurability, is called a(n) guaranteed term rider guaranteed insurability rider accelerated benefit rider cost of living rider, The suicide clause of a life insurance policy states that if an insured commits suicide within a stated period from the policy's inception, the insurer will only be liable for a return of premiums paid minus indebtedness and with interest during the last 12 months minus indebtedness and without interest during the last 6 months, A life insurance policyowner does NOT have the right to change a beneficiary select a beneficiary take out a policy loan revoke an absolute assignment, A life insurance policy normally contains a provision that restricts coverage in the event of death under all of the following situations EXCEPT fare-paying passenger pilot of personal airplane suicide war, The insurer's obligation to pay a death benefit upon an approved death claim, Under a life insurance policy, what does the insuring clause state? If the consumer price index had gone up 4%, how much may Ron increase the face value of the policy? C) adhesion Insurance interest does NOT occur in which of the following relationships? Loans obtained by a policyowner against the cash value of a life insurance policy. When does a life insurance policy typically become effective? Answer Explanation: A contract that requires certain conditions or acts by the insured individual. A minimum of 12 months after date of purchase, Insurance premium is determined by each of the following factors EXCEPT. Orissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. the policy provides a straight, level $100,000 of coverage for 5 years. The principle of insurable interest, in regards to a life insurance contract, is accurately described in which statement? A unilateral contract is one in which only one party makes a legally binding guarantee. D. $2,863. A) Competent parties A conditional contract, also called a hypothetical contract, is a contract agreement that only requires performance once the delineated conditions are met. warranty guarantee representation collateral, there must be legal reasons for entering into the contract, Legal purpose is a term used in contract law meaning there must be an offer and acceptance the contract must be aleatory there must be legal reasons for entering into the contract the contract must be a contract of adhesion, In an insurance contract, the element that shows each party is giving something of value is called offer acceptance consideration purpose, What makes an insurance policy a unilateral contract? Which of these features are held exclusively by variable universal life insurance? Insurance Cram Ch. 6 Flashcards | Chegg.com How could a company manager use a process cost summary to determine if the program to reduce water usage is successful? C) Consideration Bob dies 12 months later. The death benefit would be. Which of the following is a requirement to attain an Utah resident producer license? D) Only the insured is legally bound, Bob and Tom start a business. All of the following are examples of pure risk EXCEPT. Insurable interest can be based on the love and affection of individuals related by blood or law An applicant intentionally lying to an insurance company on an application in order to obtain a cheaper premium is an example of Premium clause Since each partner contributes an important element to the success of the business, they decide to take life insurance policies out on each other, and name each other as beneficiaries. guarantee Expert answered| selymi |Points 23307|. During periods of inflation, annuitants will experience a decrease in purchasing power of their payments.
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