Correct: A.A peril. Which of the following is the basic source of information used by the company in the risk selection process? An agent and an applicant for a life insurance policy fill out and sign the application. Free Chapter 1 - Tests.com -Take it or leave it contract The 7 paytest is used to determine if a policy is a _______? Limited-Pay Life & Single-Premium Policies? Term. 2) Binding Reciept. Premiums are not tax deductible as a business expense Which of the following statements about universal life insurance is true? a) Offering additional coverage to clients (Choose from the following options) 5)Explain when coverage begins b) Unilateral ___________ is the persons whose death triggers payment. The terrorism risk insurance program reauthorization act provides for a terrorism insurance program administered by which federal entity? Free Standardized Tests Flashcards about Health&Life - StudyStack Unit 27 Flashcards by Lauren Pulido | Brainscape Pro rata liability applies. 14,500 \\ Healthcare in the United States is far outspent than any other nation, measured both in per capita spending and as a percentage of GDP. Health insurance decreases your healthcare costs. 6)Explain Free Look period-10-30 days- unconditional refund that begins when policy is delivered. Flashcards - WA Common Law Practice Exam - FreezingBlue 3)increase the length of coverage d) Older. c) The policy will be voided. (a) Evidence of insurability is not required to renew the coverage. Compensating executives 1) All requirements are met the underwriting process is approved for: Pure Risk. When an agent is handling the premiums that belong to an insurance company, they are acting in a fiduciary capacity. Most insurance policies contain a specific limit that an insurer will pay for a single claim. 5)an agreement is set, 1)Level term(cheapest insurance) face value stays the same ~~~\text{Insurance expense}&\underline{8,000}&\underline{803,000}\\ 2)APS=medical records c. continuous premium whole life B. The NAAR for a life insurance policy is the difference between the Something of value is a __________________. Who represents the insured when dealing with insurance companies? D. The face amount remains the same throughout the life of the policy. (b) reduced. (b) current assumption whole life. C. Whole life An insured owns a life insurance policy. 3)substandard risk. a) Lump-sum approach Who appoints the state insurance regulator in many states? d) Performing reviews of insured's coverage. PracticeTest Flashcards by Gabriel Martinez | Brainscape 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 . 3)Family Policy(Limited but all fam members paid) -The insurance dept. A FINRA registration. - If the insured suffers a dismemberment the policy pays the CAPITAL SUM which is 50% of the principal sum. 1) Avoiding the risk 3)semi-annual B. (c) term insurance Which type of life insurance makes sense for someone in this situation? D. Funding against general company financial loss. What is an exchange of a whole entire life policy for another? \end{array} ($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?" c) The inspection report To sell variable insurance what must you have? (b) Prepare a correct income statement for October 2017. a) Universal life B) The parent is responsible for the premium. B. 2)Procures insurance 4 itself from another insurer, The tax benefit of annuities is tax deferred growth. -Both parties must follow certain conditions set forth in contract, -IRS classification of a policy that is overfunded a. 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? B. B. this insurance is often written in connection with automobile loans. c) Denying coverage after a reasonable investigation has been conducted (6). In a car accident dealing with ADB who covers the passenger? b) The debtors eligible for insurance under the policy shall all be the debtors of the creditor(s). C) They must contain a warning that actual results may vary. A) the agent. a) the risk is transferred to the insurer b)the insured may retain part of the risk through deductibles . 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} Chapter 11 - Life Insurance. 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. Which of the following statements is NOT true concering insurable interest as it applies to life insurance? Which of the following about the use of ordinary life insurance is true? Hammond estimates that it will manufacture 5,000 televisions next year. (a) universal life insurance. When a policy is non-contributory how much is paid? An insurer that was incorporated in a different state that it is doing business in. When an insurance policy is not clear, the court will usually interpret in favor of the insured because of which characteristic? A. (b) Face amount decreases during the policy period, but premiums remain level. The issuance of a binder is the result of the ___________________ of an offer. A securities license. Chapter 1- General Insurance Flashcards | Quizlet Policy Holders/Shareholders have the ability to vote for members of the board of directors or governing body of the company.. this is called their____________? Steven prints a pamphlet to advertise his life insurance business. A. Department of Defense (c) both I & II (d) neither I or II, Diane is a single parent. 2)Straight Life A) The amount of insurance of the life of any debtor may at no time exceed the greater of the scheduled or actual amount of unpaid indebtedness to the creditor. c) 10 years. Candidate List of substances of very high concern for Authorisation 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. c. Premiums may be raised at renewal d. Group term insurance may cover the . Must have at least 32/40 question correct for positive rating. 1. a) Year only. Fraud \hline \text { Jul 31 } & 17,000 5th Sunday after Epiphany Saint Barnabas | By Saint Barnabas Episcopal Question: All of the following statements about variable life insurance are true EXCEPT O a. cheating. Which of the following would least likely be considered a legitimate need that would be paid by insurance proceeds? A mutual insurance company is owned by who? Pertaining to insurance, what is the definition of a fiduciary responsibility? A. To ensure suitability of annuity products, producers must obtain relevant information about the consumer's age, income, financial status, tax status, financial experience and objectives. The insurer issues the policy and learns of his history one year later. The policy is a conditional contract DONT PICK IT!!!!!! How much life insurance should Sam advise . Which of the following types of insurance policies would perform the function of cash accumulation? C) Annually renewable term policies provide a level death benefit for a premium that increases each year with the age of the insured. 4. a) Premium amounts and surrender values Traditional insurance policies contain a list or description of excluded "perils" (that which causes a loss). 1) preferred risk Which of the following is correct concerning the taxation of premiums in a key-person life insurance policy? 3)2 Death benefits-(level/increasing) Which of the families below is likely to have the least need for a large life insurance policy? A person who negotiates insurance contracts on behalf of an insured. \end{aligned} (d) Premiums increase at an increasing rate upon renewal. \hline & \text { Jul 31 } & 58,000 Who is not a party to the contract and receives the benefits when the insured dies? Each policy pays a percentage of the loss based on the percentage of coverage that policy provides. Agent Sam is using the human life value approach to assess Mary's life insurance needs. The following are all true regarding risk management, except: A. -Follows all conditions of contract & pays premium, -insurer says how policy works D) Obtaining a bachelor's degree. Long-term investment decision, payback method Bill Williams has the opportunity to invest in project A that costs $9,000 today and promises to pay annual end-ofyear payments of$2,200, $2,500,$2,500, $2,000, and$1,800 over the next 5 years. \text{Inventory} & 201 & 505 & 905 & 52 \\ Is interest always gained in Universal Life Policy? The applicant's medical background is addressed in Part 2 - Medical Information. \text { Type I } & \$ 30 & \$ 35 & - \\ A. An Insurance Broker is responsible for what? What characteristic must an annuity have if it is used to accumulate funds in an IRA? 1 / 25. A whole life insurance policy is exchanged for a term insurance policy, Which of the following will be included in a policy summary? Pure risk 1)Domestic Insurer _____________ is an employer paid disability and health insurance coverage that covers job related illnesses or injuries.
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