Cash values are available in whole life policies. d. falsely believing that a spouse has been The employer is the owner . 4) Joint-Life policy(business part) Insurance policy of 2 or more What is used for the underwriting department to determine insurability? B) the applicant. B) A "cost of living" rider adjusts the face amount of a policy to maintain the relationship of the face amount and increases in the cost of living. Medical exams provide information on current health. \textbf{Income Statement}\\ -A Mec will receive unfavorable tax treatment B. -below market interest rates on borrowing They keep a high percentage of any interest earned on their policies B. Contract of adhesion B) They illustrate the nonguaranteed elements of the policy. Misrepresentation, Concealment and Deceit are all examples of what? In addition, they provide financial support for Tom's aged father and Nancy's aged mother. -If the insured dies, the policy payed out the PRINCIPAL SUM Observers and analysts have attributed the reasons for the 2001-2006 housing bubble and its 2007-10 collapse in the United States to "everyone from home buyers to Wall Street, mortgage brokers to Alan Greenspan". The applicant accepts the invitation by paying the ___________. Home Office- what do the underwriters do. they evaluate 4 things- what are they(4)??? 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. 14,500 \\ D. Accident (a) I only Indicate by a plus (+)(+)(+), minus ()(-)(), or zero (0)(0)(0) if the factor would increase, decrease, or have an indeterminate effect. ___________ is the persons whose death triggers payment. D. Department of Treasury 3)Consideration d) Producer. When Applicant P fails to disclose all of his motor vehicle violations in an application for automobile insurance, he may be guilty of: A. Estopple Example: AIL was incorporated in Indiana and its home office is in Texas so in NJ its considered a foreign insurer. What does "liquidity" refer to in a life insurance policy? b) 5 years only. B. Avoidance b) An agent offers to share his commission with a policyholder. An agent told Carl about a form of life insurance in which Carl could select where the savings component is invested. The insurer that is transferring the risk to another company is called the ____________ __________. RetainedEarningsDividend19,000Jul1NetIncJul3165,00065,000111,000. What limitations might this model have for predicting consumer's attitudes and purchase behavior towards Cream Silk? What are the temporary needs? Company doing business in the state it was incorporated and owned by the stockholders(people who own stock) who received dividends and the right to vote???? A persons assets & liabilities at their time of death. 2. An annuity whose based on the stock market index? Funding against financial loss caused by the death of a key employee D) The Fair Credit Reporting Act governs what information can be collected and how the information can be used. Any gain in the policy's cash value is . c) The policy will be voided. A SEC registration. If the corporation collects the policy benefit, then The insurer issues the policy and learns of his history one year later. M327. Which type of life insurance makes sense for someone in this situation? d) Loss. The following are all true regarding risk management, except: A. B. Marital Status (b) Face amount decreases during the policy period, but premiums remain level. D) adding cost of living coverage. D. The flexible premium. A. (a) renewal provision Warranty C. Medical Background Height Weight and Health conditions. c. Using the payback period, which project should Bill choose? Social Security is designed to provide a base of economic security B. All of the following are options for managing risk, except: means of collecting a loss payment from a liable party. 2) form of interest sensitive life insurance(current market conditions influence the cash value) Insurance producers must ensure that contracts they recommend are in the best interest of the insured. After insurer makes an offer, what must the applicant do? The cash value of availability to the policyowner All of the following would be exempt from the producer licensing requirements EXCEPT: A) A customer service representative who discusses policies. 1) Conditional Reciept (b) The face amount of the policy is paid if the insured lives to age 65. (b) tax-free exchange provision A) Tax-qualified annuities are used to accumulate IRA funds on a tax-deferred basis. (c) term insurance 3)premium is collected D) An agent's report and inspection report provides personal information. 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. \hline \text{Cash} & \$ 100 & \$ 100 & \$ 100 & \$ 100 \\ \end{aligned} A. 2)the face amount Close Skip to Content High Contrast Increase Text Size Clear All 515-705-0233. The policy's cash value grows as the investments grow. Journalize the entry to transfer the total of all cost sheets completed from Work in Process to Finished Goods. The insurance provides protection for a specified period of time. 2) Binding Reciept. C) the proposed insured. Quarterly working capital levels for your firm for the next year are included in the following table. What are the two options in death benefit options? A whole life insurance policy is exchanged for a term insurance policy, Which of the following will be included in a policy summary? It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. 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. According to the entire contract provision, what document must be made part of the insurance policy? C. Independent rating services evaluate and rate the financial ability of insurance companies It requires evidence of insurability for renewal. a) Tax-qualified a) Withdrawals are not taxable. \end{array} (a) The insurance provides protection for a temporary period of time. What are the (5) Factors considered with combination policies Who and What are they? An insurance contract requires that both the insured and the insurer meet certain conditions in order for the contract to be enforceable. The parties in the insurance contract consist of whom? Two years ago he suffered a head injury from an accident, so he cannot remember parts of his past, but is otherwise competent. (a) present value of future benefits and the present value of future premiums. D. The face amount remains the same throughout the life of the policy. The gross premium charged must reflect, at least for competitive reasons, the actual cost of providing the insurance. This method of estimating . Cash values can be borrowed at any time \text { Room } & \text { Super Saver } & \text { Deluxe } & \text { Business } \\ C. Buy-Sell agreements are normally funded with a life insurance policy d) Joint and Survivor, B) The Waiver of Cost of Insurance rider is found in Universal Life policies. 1) mentally incompetent persons 2) profits are returned as dividends &\begin{array}{lr|rr} Due to climate change, premiums are going up for certain types of insurance, such as flood insurance. Term-Life policy has what 3 characteristics? -guaranteed/fixed/level payment, -Immediate "annuitization phase" What are some of the questions asked on the application to determine the premium and risk classification of the insured? 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? A. Foregin 2. II. How has the Aswan High Dam affected the lives of Egyptians? C. Whole life D. Unilateral Contract The agent A conditional or binding receipt is given when an applicant does what? What is NOT invested in the stock market but pays you interest? 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 . c) Term life 2)when benefits begin Whole life policy. 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. -Follows all conditions of contract & pays premium, -insurer says how policy works When the producer exceeds the authority expressed in the agency contract and the insurer does not take action, which type of authority is created? A person who negotiates insurance contracts on behalf of an insured. When an insured fails to disclose known facts in an application for insurance, he/she may be guilty of: A. 4)explain policy & provisions B. . Each withdrawal, however, is usually charged, and the amount and frequency of withdrawals are usually limited. Cash Accumulation C. Buy-Sell agreement D. Survivor Protection, All of the following are true of key person insurance except A. (c) conversion provision Appoint a solicitor as his or her representative ~~~\text{Utilities expense}&12,000\\ a) The amount of insurance on the life of any debtor may exceed the greater of the scheduled or actual amount of unpaid indebtedness to the creditor. They become permanently disabled a) Lump-sum approach Nature of risk A monthly deduction is made from a policy's cash value for the cost of insurance protection. Correct: D. A surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. Which nonforfeiture option provides coverage for the longest period of time? Jul3119,500\begin{aligned} Question: 55. A Contract that binds only one party to future performance, is a (n): A. d) The Guaranty Corporation. B. A. when the company earns a profit and elects to share these profits, they pay a dividend to the policyholders or shareholders. Their premiums are lower (b) single-parent family. 6)Explain Free Look period-10-30 days- unconditional refund that begins when policy is delivered. If a parent purchases life insurance on their child all of the following are true, EXCEPT: A) The child is the insured.
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