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Statement of good health (b) The face amount of the policy is paid if the insured lives to age 65. a) Types of mutual companies *The insured is diagnosed with terminal & chronicle illness A peril Flashcards - WA Common Law Practice Exam - FreezingBlue C. The death benefit paid to the beneficiary A surplus lines broker deals with direct writing companies only Study with Quizlet and memorize flashcards containing terms like All of the following are true regarding group term life insurance, EXCEPT: a. a. Correct: A.A peril. D. Speculative Risk Term life insurance provides pure death protection. This type of life insurance is called The corporation also helps detect and prevent insurer impairments. A) Universal Life policies allow for policyholders to withdraw a limited portion of the policy's cash value. \end{aligned} D. Aleatory contract Which of the following is NOT an allowable 1035 exchange? Is There An Objective Morality? IAI TV is proved to be untrue, whether intended as a falsehood or not, and may void the contract. . (c) both I & II (d) neither I or II. C) the proposed insured. The remaining amounts should be charged to selling and administrative activities. c) Helping insureds to file claims A corporation is the owner and beneficiary of the key person life policy. Taxes, Retirement, and Other Insurance Concep, State Laws, Rules, and Regulations Quizzes, Life Insurance Policy Provisions, Options and, Fundamentals of Financial Management, Concise Edition. Yes, all T-mobile insurance plans cover cracked screens.You will have to pay a deductible fee which will depend on your device model. ? WorkinProcessFactoryOverheadCash$229,040.0078,960.00250,558.00EmployeeIncomeTaxPayableSocialSecurityTaxPayableMedicareTaxPayable$33,880.0019,096.004,466.00. Predicted needs of the family after the insured's death are used in the needs approach. The cost of insurance protection is referred to as what? 3) Equity-Index annuity. Empire Company is a manufacturer of smart phones. Numerical identifiers: Each candidate list entry covers both anhydrous and hydrated forms of a substance. Life expectancy has increased in the U.S. over the last century. She has limited income and significant life insurance needs. Question: 55. 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. Upon policy delivery, the producer may be required to obtain any of the following EXCEPT Which of the following statements concerning buy-sell agreements is true? Retention, Avoidance, and Transfer are all _________________. b) Increasing Premium C. The policy is an aleatory contract All of the following statements are true of liability insurance, EXCEPT Correct: A. a surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. Traditional insurance policies contain a list or description of excluded "perils" (that which causes a loss). If an insurer finds that an applicant has committed fraud, it can void the contract, provided that the discovery occurs within the first two years of the effective policy date. d) The policy can be reinstated by paying back all policy loans and premiums. b) The agent's report B. He has also been hospitalized for drug abuse, but does not remember this when applying for insurance. When both parties to a contract must perform certain duties in order to make the contract enforceable, this is known as what? (2), 1)HIPPA What does it mean when a policy is limited pay life? a) Payor rider. A. 1) premium schedule differ from whole life (Choose from the following options) Correct: C. Unilateral contract. A. A company doing business in a different state than it is incorporated in and the stockholders/share holders have ownership rights The shifting of risk of loss to a larger homogeneous group is known as what? Insurance is designed to provide protection against which of the following? All of the following are true of negligence, except: a. 1. Estimated direct labor costs for next year are$440,000.00. -the insurer sets the terms of the contract and the applicant must adhere to them. What are some of the questions asked on the application to determine the premium and risk classification of the insured? Alex, age 26, purchased a 20- payment whole life insurance policy. Acceptance Annual income b) The policy will not be affected. C. Buy-Sell agreements are normally funded with a life insurance policy ($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) Its use may be appropriate if a person wants paid-up life insurance by retirement. The insured agrees to maintain insurance equal to some specified percentage of the value of the property. 2)can be sold as a rider to a whole-life policy. 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? Receipt D. The ratings are available to the public c) A person who handles assets or money belonging to others. (c) two-income earner family. D) They must be signed by both the Producer and the applicant. 3)MIB=records of all previous insurances they had. c) An agent offers tickets to a baseball game as an inducement to buy insurance. -20 pay life-paid up at 65 Question: All of the following statements about professional liability insurance are true, EXCEPT: Select one: O a. The minimum FREE LOOK period is how many days? Effects of climate change - Wikipedia Are insurance company underwriters allowed to discriminate? A contract between insurer and policy holder. In the pamphlet, he includes the full name of his insurance agency and the type of insurance that he offers. \hline \text { Jul 1 } & \begin{array}{r} D. A surplus lines broker deals with admitted carriers only 3)Rider expires 60,65,75. 1. 2)collateral assignment-some or only one right assigned. Where can you find insurance coverage after being rejected by your insurance company for too many claims in the past year? \hline (\$ 000) & 1 & 2 & 3 & 4 \\ 2) premiums do not change Out of 20 yr or 30 yr which policy is less expensive? 1) Avoiding the risk *Both not taxable. Liquidity in life insurance refers to availability of cash to the insured. Rates. There is no limitation on the number of key employee plans in force at any one time. Agent Sam is using the human life value approach to assess Mary's life insurance needs. 1) cash value earns interest The death benefit varies according to investment experience. D. group credit insurance must have a suicide clause . &\text { Accounts receivable }\\ D. The flexible premium. The demand forecast for a particular night is 130 rentals in the Super Saver class, 60 rentals in the Deluxe class, and 50 rentals in the Business class. Cause of potential loss to property such as fire, windstorm, hail, flood, etc. Solved All of the following statements about variable life - Chegg When a policy has reached its final destination and can be paid out in full is when the policy has ____________? 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. By William Lb Qtjetjx, Author of . Principles of Risk Management and Insurance - Easy Notecards 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. C. Funding business continuation agreements (must exist at the time of application). c) Accelerated benefit rider. Candidate List of substances of very high concern for Authorisation (a) I only d) Paid-up option. -policy holder adheres to it (d) Premiums increase at an increasing rate upon renewal. \text{Accounts Receivable} & 199 & 96 & 99 & 604 \\ 2) Binding Reciept. The issuance of a policy or binder is not part of the consideration element of an insurance contract, it is part of the _______ ________. 3)2 Death benefits-(level/increasing) 2)FCRA(fair credit reporting act) checks MIB report. D) Claims result from losses by a peril insured against in an insurance policy. D. The benefit is received tax free A whole life insurance policy is exchanged for a term insurance policy, Which of the following will be included in a policy summary? c) Coverage ends but the policy can be reinstated at any time. Company A carries 1/3 of the total coverage ($20,000 + $40,000 = $60,000). (c) both I and II Its controller resigned in October 2017. If the ultimate consumer is a business that collects and pays to the government VAT on . B. Buy-Sell Agreements pay in the event of a medical emergency An insurer that was incorporated in a different state that it is doing business in. Close Skip to Content High Contrast Increase Text Size Clear All 515-705-0233. Being young and healthy means you can skip out on health insurance. c) 10 years. Exclusions always exist, and there is a reason for each one. A FINRA registration. When a New York insurance agent or broker advertises services, he/she must list the full name of the insurer and the name of the city, town, or village that houses the principal office. b) Human life value approach It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. C. They can borrow higher amounts off of their policies The following are all true regarding risk management, except: A. insurable interest must exist. PracticeTest Flashcards by Gabriel Martinez | Brainscape Which of the following statements about limited-payment life insurance is true? (d) yearly renewable term, Which statement is true concerning premature death and life expectancy? All of the following are true for indemnity insurance except that: a. premiums are based on separate risk pools often organized by employers. Beneficiary's age Which of the following is NOT a fraudulent and intentional deception of the truth? a) Agent's report Which type of life insurance makes sense for someone in this situation? What (5) Factors for GIO & GIB. whose covered? \hline \text { Jul 31 } & 25,500 (Choose from the following options) The application is the basic source of information an insurer uses in the risk selection process. CashJul1Jul315,500???? -kids till 21 Example: company that is incorporated in NJ and sells in NJ. \end{array} \\ 1)Level c. continuous premium whole life For this amount of production, total factory overhead is estimated to be $396,000.00. Which model is the better fit for the data? Type I rooms do not have wireless Internet access and are not available for the Business rental class. b) Fiduciary responsibility. Despite this, the country has significantly worse healthcare outcomes when compared to peer nations. (b) face amount of the policy and the total premiums that have been paid. Reinsurer Assuming company. Some life insurance policies offer cash values that can be borrowed at any time and used for immediate needs. 1)physical exam a) The policy can be converted to term coverage. Each withdrawal, however, is usually charged, and the amount and frequency of withdrawals are usually limited. D. Premiums are tax deductible as a business expense, B. (c) face amount of the policy and the legal reserve. 6)free-look period-$ back guaranteed. A debtor has an insurable interest in the life of a lender. c. Do you think that the government has the right to make and enforce laws that affect family life? C. Buy-Sell agreements are normally funded with a life insurance policy 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. B) A fiduciary is a producer who handles insurer funds in a trust capacity. &\text { Retained Earnings }\\ Level-increasing face value. Life insurance proceeds c) Conditional the willful holding back or secretion of material facts pertinent of the issuance of insurance or a claim. Benefits received are considered income taxable If someone dies within the Grace period, what happens? True or False: Under the Financial Responsibility Law, you are required to have insurance on any motor vehicle you own or drive, except motorcycles Which is generally true regarding insureds who have been classified as preferred risks? - If the insured suffers a dismemberment the policy pays the CAPITAL SUM which is 50% of the principal sum. \end{array} ~~~\text{Insurance expense}&\underline{8,000}&\underline{803,000}\\ 4)policy matures at age 100. b) Distributions before age 59 1/2 incur a 10% penalty on policy gains. All of the following statements are TRUE concerning Debtor Groups EXCEPT SalesrevenueLess:OperatingexpensesRawmaterialspurchasesDirectlaborcostAdvertisingexpenseSellingandadministrativesalariesRentonfactoryfacilitiesDepreciationonsalesequipmentDepreciationonfactoryequipmentIndirectlaborcostUtilitiesexpenseInsuranceexpenseNetloss$264,000190,00090,00075,00060,00045,00031,00028,00012,0008,000$780,000803,000$(23,000). Correct: C. Condition contract, enforceable only under certain conditions. Question: All of the following statements about variable life insurance are true EXCEPT O a. c) 15% for early withdrawal An__________ represents the insurer. ~~~\text{Selling and administrative salaries}&75,000\\ 3) Ordinary. don't pick binding receipt at all on test. 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 . All of the following statements about term insurance are true EXCEPT. C. Insured's annual expenses -birth of child. ______________ is defined as restoring the insured to the same financial condition as before the loss. B. 2) standard risk d) To protect the insurer from persons who purchase life insurance with the intention of committing suicide. B. The applicant has been shown to be a poor personal credit risk. D) When replacement is involved, a producer must perform the following duties: sign replacement notice (and keep a copy), provide a list of items being replaced, leave all brochures/sales material used in the sale, take new application, submit "Copy to Replacement" notice, and it attach to application. still matures at age 100, -premium is paid off at one time A person who negotiates insurance contracts on behalf of an insured. What else must he include? 4)Consumer report=credit, -shorter time span for paying premiums d) 15 years. &\text { Inventory }\\ Cash values are available in whole life policies. &\begin{array}{l|lr} (Medic Information Bureau)? D. They can decide when to pay their monthly premiums. Consumer report Steven prints a pamphlet to advertise his life insurance business. 2)APS=medical records Annually renewable term policies provide a level death benefit for a premium that Investors become more risk averse. d. The total of all cost sheets completed during the month is $628,880.00. An insurance contract requires that both the insured and the insurer meet certain conditions in order for the contract to be enforceable. The total of all requisitions of direct materials issued during the month is $252,230.00. -car accident not in conjunction with an illness All of the following are options for managing risk, except: means of collecting a loss payment from a liable party. 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. Which of the following is true regarding the beneficiary designation of the former spouse. All of the following are true about health insurance except: b) State attorney general Errors and Omissions Coverage (E&O) is a name used to describe a type of professional liability insurance. (a) universal life insurance. What happens when a policy is surrendered for its cash value? Which of the following methods of calculating the amount of life insurance needed takes into account the insured's wages, years until retirement, and inflation? The policy is a conditional contract a) No penalties, since the owner is older than 59 Prior to October 2017, the company had been profitable every month. Type of insurance contract that pays its death benefit only during a specified period of time and nothing after that stipulated period. An insured becomes disabled at age 22 and can no longer work. A conditional or binding receipt is given when an applicant does what? d. falsely believing that a spouse has been Last year, the couple got divorced. The following information is taken from the records of Hammond on November 30 of the current year. Cash value is invested in the stock market. D) An agent's report and inspection report provides personal information. B) bonds 3. C. Premiums are determined by age sex and occupation of each individuals certificate holder. 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? a) Because the insured is currently not a drug user, his policy will not be affected. The following are all causes for the Insurance Commissioner to suspend or impose conditions upon the continuance of a producer's license EXCEPT 1. 1. Which of the following would least likely be considered a legitimate need that would be paid by insurance proceeds? The insurance company may not void the insurance policy for which of the following reasons? 3. (economy). 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. Only the MIB will provide information about an applicant's medical history. B. when the applicant/owner is not the insured-3rd party 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? Home Office- what do the underwriters do. they evaluate 4 things- what are they(4)??? I. Which of the following about the use of ordinary life insurance is true? Which risk management type is shifting the risk of loss to a larger homogeneous group? (d) paid-up. d) Joint and Survivor, B) The Waiver of Cost of Insurance rider is found in Universal Life policies. _____________ is an employer paid disability and health insurance coverage that covers job related illnesses or injuries. B. IRS has no jurisdiction D. Funding against general company financial loss 1)policy owner can increase/decrease/ or skip premium payments B. (a) I only (b) II only Insurance is an important tool to manage risks, but often unavailable to poorer households. Insurance is not designed to cover _____________ losses. What adds coverage and modifies coverage? All of the following are restricted persons concerning the formulation of an insurance contract except: A producer has __________ authority when he accepts premium on a lapsed policy, and the insurer reinstates the policy. Contract of adhesion A. (Hint: Take a look at the Theory of Reasoned Action.). The company records manufacturing costs by job number and uses a factory overhead applied rate to charge overhead costs to its products. 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. b) Policyholder 1) insured gets higher amount B. EMPIRECOMPANYIncomeStatementFortheMonthEndedOctober31,2017, Salesrevenue$780,000Less:OperatingexpensesRawmaterialspurchases$264,000Directlaborcost190,000Advertisingexpense90,000Sellingandadministrativesalaries75,000Rentonfactoryfacilities60,000Depreciationonsalesequipment45,000Depreciationonfactoryequipment31,000Indirectlaborcost28,000Utilitiesexpense12,000Insuranceexpense8,000803,000Netloss$(23,000)\begin{array}{lcc} C. Loss of personal income An IRA uses immediate annuities to pay out benefits; the IRA owner is nearly 75 years old when he decides to collect distributions. B. Beneficiarys age Which of the following documents must be provided to the policyowner or applicant during policy replacement? Free Chapter 1 - Tests.com The following are all true regarding risk management, except: A. a. mentally counting backward from 1,0001,0001,000 C. Social Security works exactly same as private insurance. C. Risk A. signed waiver of premium 2)administered charge IRS classification of a policy that is overfunded? Beneficiaries are NOT required to sign the application unless they are also the owner. The insurer's promise to pay a covered loss and the insured's payment of the first premium, are examples of: A. The policyowner has a variety of options for investment of the cash value. Endowments means policy is what(2) things? A SEC registration. II. (c) human life value method Funding against financial loss caused by the death of a key employee Unit 27 Flashcards by Lauren Pulido | Brainscape RentalClassRoomTypeITypeIISuperSaver$30$20Deluxe$35$30Business$40. Rates b) Cost of living rider. A. B. 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}