all of the following are true of insurance except

Investors become more risk averse. Which of the following requires that the insurance company supply the applicant with the name and address of the consumer reporting company? 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. Which of the following is an example of liquidity in a life insurance contract? 1)Statement of continued good health (c) term insurance 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. Which of the following is an example of an unfair claims settlement practice? B. Nonadmitted Which of the following statements about a life insurance policy is (are) true? What are some of the questions asked on the application to determine the premium and risk classification of the insured? The correct answer is: Maggie's Piano Studio with 1 employee. 2)Family Income(decreasing term-policy) By William Lb Qtjetjx, Author of . -has cash value invested in the stock market & \text{ ???? } The applicant's medical background is addressed in Part 2 - Medical Information. A. D. Workers compensation. The cost of a living rider is calculated by what? D) the minor in a juvenile policy. 4. the willful holding back or secretion of material facts pertinent of the issuance of insurance or a claim. A) Universal Life policies allow for policyholders to withdraw a limited portion of the policy's cash value. \end{aligned} Term life insurance provides the largest amount of coverage for the lowest amount of premium. True or False: Under the Financial Responsibility Law, you are required to have insurance on any motor vehicle you own or drive, except motorcycles C. Waiver The concept that the insured should not profit from an insurance transaction is called what? All of the following statements regarding contracts of indemnity are true EXCEPT a. & &&\textbf{ Quarter } \\ b) Hazard d) To protect the insurer from persons who purchase life insurance with the intention of committing suicide. See Answer. 2)when benefits begin -cash value can lose value. O d. 3. An insurance company that was incorporated in a different state it is doing business in and pays dividends to its policyholders is known as a _________. When the agent delivers the policy, collects the initial premium, and the applicant completes and acceptable statement of good health -and the right to vote. Estimated direct labor costs for next year are$440,000.00. Why?". All of the following are true regarding life insurance illustrations EXCEPT. b) The agent's report (b) The face amount of the policy is paid if the insured lives to age 65. She has limited income and significant life insurance needs. B. this insurance is often written in connection with automobile loans. 6)free-look period-$ back guaranteed. B. &\begin{array}{r|lr} When applicant is not the insured ______________ must exist. d) Producer. Quarter($000)1234Cash$100$100$100$100AccountsReceivable1999699604Inventory20150590552AccountsPayable104959597\begin{array}{lrrrr} c) Fixed premium &\text { Accounts receivable }\\ Beneficiary's age is not a suitability factor. 2. (a) renewal provision c) An agent offers tickets to a baseball game as an inducement to buy insurance. \underline{\hspace{40pt}}. 3)mortality charge. -usually mutual fund security In the needs approach, all of the following information is used to establish how much insurance needs to be purchased, EXCEPT: Mary should purchase $1.5 million ($75,000 x 20 working years remaining = $1,500,000). An underwriter will consider each of the following factors when evaluating a risk, except: A. Some life insurance policies offer cash values that can be borrowed at any time and used for immediate needs. A state administered health insurance for the needy? Participating policy. c) Helping insureds to file claims The companys president is concerned about the accuracy of the income statement. C. Whole life (d) The policyowner can add to a policy's cash value at any time subject to policy guidelines. Statement of good health Which risk management type is shifting the risk of loss to a larger homogeneous group? 21,000 \\ C. Payment of premium 4)Explain the policy and its provisions 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? D. The flexible premium. \text{Sales revenue}&&\$780,000\\ 1)policy owner can increase/decrease/ or skip premium payments 3)Consideration Conviction of a felony involving moral turpitude. b) Fluctuates. The application is the basic source of information an insurer uses in the risk selection process. A person who negotiates insurance contracts on behalf of an insured. 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. What term life insurance provision will permit Tamara to switch her term insurance to whole life insurance without having to show that she is still insurable? -The insurer would pay the face amount of the policy minus the past due premium. Receipt The correct answer is: The premium decreases to zero by the end of the policy period. They keep a high percentage of any interest earned on their policies A. 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? * 50% is paid (c) variable life insurance. An insured is driving her automobile and strikes a large pothole that . A. 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____________? The interest rate credited to the cash value at the time of issuance remains fixed over the life of the policy. Study with Quizlet and memorize flashcards containing terms like Which of the following would not appear in the asset section of an insurance company's balance sheet? (a) Interest is credited monthly to a policy's cash value. 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. 3)according to the source of annuity income - 20 pay life-premiums paid for 20 years and paid up at 65 The policy is a contract of adhesion. -guarantee a stream of income to the person purchasing it known as the annuitant. See Answer. a) Because the insured is currently not a drug user, his policy will not be affected. Concerning insurance, the definition of a fiduciary is -it is a type of Rider -it pays the double indemnity, 1)accident occurs, person must die within 90 days Whoso. "Round Tree Manor is a hotel that provides two types of rooms with three rental classes: Super Saver, Deluxe, and Business. (c) both I & II (d) neither I nor II. What are the temporary needs? Correct: C. Condition contract, enforceable only under certain conditions. -guaranteed/fixed/level payment, -Immediate "annuitization phase" Hazard Findefch a Wife,' 'Pnrple and Fine -men,'^The' Day of Temptation,' ' Of Royal Blood,' etc., etc . d) Loss. What happens when there is a Misstatement of age or sex? A ____ contract requires that both parties perform certain duties. a. A peril Which kind of agent enters into agreements with more than one insurer? C) They must contain a warning that actual results may vary. Signed waiver of premium (b) Any withdrawal of cash value reduces the death benefit. A. If the corporation collects the policy benefit, then Arrest History. D. Reduction is a method of managing risk. The policy's cash value grows as the investments grow. 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. B) A fiduciary is a producer who handles insurer funds in a trust capacity. 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? Occupation -ages 25,28,34,37,40 The following are all causes for the Insurance Commissioner to suspend or impose conditions upon the continuance of a producer's license EXCEPT 1. What are the (5) Factors considered with combination policies Who and What are they? C. Social Security works exactly same as private insurance. Whats the "take it or leave it contract"? There are 2 parties of the contract- what are they? Social Security is designed to provide a base of economic security B. According to the entire contract provision, what document must be made part of the insurance policy? Height Weight and Health conditions. The face amount decreases as the amount owed on the mortgage decreases. 3) Equity-Index annuity. &\begin{array}{lr|rr} c. continuous premium whole life What are the permanent working capital needs of your company? Total personal income in the United States (in billions of dollars) for selected years from 1960 to 2009 is given in the following table. D. Claim History 1. C) the proposed insured. D. Department of Treasury B. Aleatory contract Beneficiaries are NOT required to sign the application unless they are also the owner. Involuntary Risk B. D. Financial Experience. c) Premium accountability. Which of the following about yearly renewable term insurance is true? All of the following are options for managing risk, except: means of collecting a loss payment from a liable party. a) Executive offer of the replacing company d) The Guaranty Corporation. Which of the following best describes a surplus lines broker? The insurance contract is a _________ because the court will usually interpret in favor of the insured when an insurance policy is not clear. &\text { Retained Earnings }\\ ~~~\text{Utilities expense}&12,000\\ 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. IN WHITE RAIMENT. An agent told Carl about a form of life insurance in which Carl could select where the savings component is invested. a. whole life paid at 65 cheating. Which of the following is NOT an example of a business use of Life Insurance? c) Guides describing company financial integrity Pro rata liability applies. b) 5 years only. Annually renewable term policies provide a level death benefit for a premium that 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. All of the following information about a customer must be used in determining annuity suitability EXCEPT Which of the following is NOT a fraudulent and intentional deception of the truth? The CAS number shown in an entry is typically . a) The policyholders or stockowners of the company ? 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. Most policies can be renewed for additional periods without evidence of insurability. Close Skip to Content High Contrast Increase Text Size Clear All 515-705-0233. The penalty is 50% of the shortfall from the required annual amount. Jul3119,500\begin{aligned} Foreign. James purchased yearly renewable term insurance. The total of all requisitions of indirect materials issued during the month is$20,170.00. These individuals qualify for lower premiums than those in the other categories. Example: company that is incorporated in NJ and sells in NJ. Home Office- what do the underwriters do. they evaluate 4 things- what are they(4)??? Who represents the insured when dealing with insurance companies? A lender has an insurable interest in the life of a debtor, but only to the extent of the debt. \end{array} \hline \text { Jul 1 } & 22,000 \\ All of the following would be considered to be rebating EXCEPT What are (4) characteristics of permanent insurance? Surviving family members may experience a reduction in their standard of living if the family breadwinner dies prematurely. A) loss reserves 2. Agents and producers must place business through an insurer with the lowest rated 2)premium gets lower. When an agent is handling the premiums that belong to an insurance company, they are acting in a fiduciary capacity. 3)Increasing term adds face value. (d) endowment insurance, Rachel needs permanent life insurance. Carl would like to purchase life insurance. Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, ICEN6003: IC Engines Operation and Constructi. 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. (c) both I & II (d) neither I or II. Does T-Mobile Insurance Cover Water Damage? Both life and health insurance can be used for a variety of purposes in a business setting, including the funding of business continuation agreements, compensating executives, and protecting the firm against financial loss resulting from the death or disability of key employees. Correct: A. If the insured commits suicide after the 2 year period, the policy will pay the death proceeds to the designated beneficiary the same as if the insured had died of natural causes. D. Premiums are tax deductible as a business expense, B. D. Offer c) Misrepresentation \end{aligned} Originating policy (d) indeterminate-premium whole life. ~~~\text{Selling and administrative salaries}&75,000\\ What insurance concept is associated with the names Weiss and Fitch? We participate at both the national and state levels as a leading advocate in the judicial, legislative, and regulatory environment to ensure that Members' concerns are heard by lawmakers on issues that impact medical professional liability. C. Whole life compulsion? c) Disclosure rule A) the agent. C. Unilateral contract 2)people under the influence of drugs or alcohol ~~~\text{Direct labor cost}&190,000\\ II. All of the following are true about health insurance except: Purchasing health care can help save you from medical bankruptcy. c) Accelerated benefit rider. To sell variable insurance what must you have? (c) face amount of the policy and the legal reserve. 2. database of previously life and health insurance applications.

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