14,500 \\ When parties to a contract exchange unequal amounts of money, this is said to be what type of contract? \hline \text { Jul 31 } & 17,000 1) mentally incompetent persons B. b) Coverage ends and the policy cannot be reinstated. A key person insurance policy will pay for costs of running the business and replacing the employee. (1), In Universal life, what options can the policy owner have with the premium payments to do? (a) I only (b) II only The premium is level and guaranteed not to increase. Correct: A. Indicate by a plus (+)(+)(+), minus ()(-)(), or zero (0)(0)(0) if the factor would increase, decrease, or have an indeterminate effect. \end{aligned} 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. 2)Increase the face value 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. -greater potential to grow the cash value but there is no guarantee c. Using the payback period, which project should Bill choose? c. It is the failure to use ordinary care. Which model is the better fit for the data? 3) Equity-Index annuity. Conditional contract means the policy holder does what? A FINRA registration. The Human Life Value Approach to determining the value of an individual's life requires the calculation of probable future earnings of the insured, which involves wages, expenses, inflation, amount of time until retirement, and the time value of money. b) Increasing Premium Which of the following is an example of an unfair claims settlement practice? -marriage _____________ is an employer paid disability and health insurance coverage that covers job related illnesses or injuries. d) Accumulations are tax deferred. Buy-sell agreements are normally funded with a life insurance policy. A. All of the following are true of insurance except: a) protects against uncertainty b)means sharing of loss c)eliminates risk d)transfers risk Answer: Eliminates risk Question: Which of the following is NOT true about insurance? cash value increases while face value remains the same. II. 2)collateral assignment-some or only one right assigned. D. Effect of inflation on income over time. c) Needs approach C. Conditional contract In the pamphlet, he includes the full name of his insurance agency and the type of insurance that he offers. The accounting records of DVD Sales, Inc., include the following accounts: CashJul15,500???? ~~~\text{Insurance expense}&\underline{8,000}&\underline{803,000}\\ The 3 categories of private insurers site of incorporation? a) Premium amounts and surrender values database of previously life and health insurance applications. B) the applicant. ~~~\text{Depreciation on sales equipment}&45,000\\ The interest rate credited to the cash value at the time of issuance remains fixed over the life of the policy. 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 Medical exams provide information on current health. d) Paid-up option. a) Tax-qualified 2)FCRA(fair credit reporting act) checks MIB report. Last year, the couple got divorced. 1) Conditional Reciept \text { Type I } & \$ 30 & \$ 35 & - \\ 2)Family Income(decreasing term-policy) c. continuous premium whole life All renewable term policies are accepted without__________ and only with_____ collected. C. Medical Background \textbf{EMPIRE COMPANY}\\ (a) renewal provision The insurer that is transferring the risk to another company is called the ____________ __________. With a little work, an unused office area could be converted to a rental room. 3)riders & exclusions What is the difference between renewable policy holder & Insurer? (a) Evidence of insurability is not required to renew the coverage. What will probably happen? Participating policy. Correct: A.A peril. D) Using misrepresentation to convince a person to cancel an existing policy and buy a new one is called "twisting.". 2)not payable in conjunction. A persons assets & liabilities at their time of death. d) The Medical Information Bureau. The insurance provides protection for a specified period of time. (b) II only (a) blended family. There is a minimum guaranteed interest rate on all sub-accounts. 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. D. Gender. A. contract of adhesion B. -policyowners right provision a) the risk is transferred to the insurer b)the insured may retain part of the risk through deductibles . Represent the insured's interest, Insurance Licensing - Chapter 2: Property Bas, Chapter 9- Commercial General Liability Cover, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, CompTIA A+ Certification Exam Prep - Chapter. a) Types of mutual companies ? ~~~\text{Indirect labor cost}&28,000\\ B. An insurer that is incorporated in the same state that they are doing business in is a_____________.? and is NOT a party to the contract. B) Passing examination with 75% or higher score. All of the following would be considered to be rebating EXCEPT B. Buy-Sell Agreements pay in the event of a medical emergency She has limited income and significant life insurance needs. B. a) Withdrawals are not taxable. The insurer's promise to pay a covered loss and the insured's payment of the first premium, are examples of: A. \end{array} A. Foregin (b) face amount of the policy and the total premiums that have been paid. Insurance is designed to provide protection against which of the following? The total of all requisitions of indirect materials issued during the month is$20,170.00. What kind of penalty would the IRA owner pay? d) To protect the insurer from persons who purchase life insurance with the intention of committing suicide. D. group credit insurance must have a suicide clause . Hammond estimates that it will manufacture 5,000 televisions next year. All of the following are true regarding health insurance policies, EXCEPT: A) An agent or producer may not make changes to the policy B) Once issued, a policy may only be changed with the approval of a company officer C) An agent may change an application with the verbal consent of the applicant c) Copy of the original application a) Accepted accounting principal. It is legal to list nonguaranteed values in the contract, but they must be specifically labeled as projected, not guaranteed values. I. 3) Retaining the risk. 3)premium is collected The minimum FREE LOOK period is how many days? D. Unilateral Contract B) The parent is responsible for the premium. Jul3125,500\begin{aligned} b) Promptly forwarding premiums to the insurance company All of the following are true of insurance EXCEPT It transfers risk. c) Increases annually. Which of the following statements about a life insurance policy is (are) true? ~~~\text{Utilities expense}&12,000\\ ______________ is defined as restoring the insured to the same financial condition as before the loss. Exclusions always exist, and there is a reason for each one. \textbf{Income Statement}\\ Which of the following documents delivered to the policyowner includes information about premium amounts, cash values, surrender values, and death benefits for specific years? d) Loss. The issuance of a _________ is the result of the acceptance of an offer. A color-coded map illustrating the current legal status of elective-specific abortion procedures in each of the individual 50 states of the United States of America; plus U.S. territories and federal district [a] As of January 31, 2023 Illegal Legally unclear or legal but no providers Legal before cardiac-cell activity [b] Legal through 15th week LMP (1st trimester) Legal through 18th week LMP . All of the following statements regarding contracts of indemnity are true EXCEPT a. &\begin{array}{lccc} The __________ branch of the state government influences public policy regarding insurance laws. &\begin{array}{r|lr} -tax free accumulation of borrowing. If applicant is not the insured- then insureds signature is required Total personal income in the United States (in billions of dollars) for selected years from 1960 to 2009 is given in the following table. What is the primary source of info for the underwriting department to determine insurability? Business partners have an insurable interest in each other 2. When an insured fails to disclose known facts in an application for insurance, he/she may be guilty of: A. A. The employer is the owner . 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. Age, Sex, Occupation, Hobbies, Habits, Smoking or Non-Drug user or Non. B. The purpose of an estate clearance fund is to pay all of the following EXCEPT. a) Aleatory Life insurance prodceeds Correct: D. Represent the insured's interest, All of the following statements regarding financial rating services are correct, except. -it pays the double indemnity, 1)accident occurs, person must die within 90 days ADD( Accidental death and dismemberment??? 2)APS=medical records Which of the following requires that the insurance company supply the applicant with the name and address of the consumer reporting company? The cost of a living rider is calculated by what? c) Misrepresentation Whoso. One sided contract is a ______________ contract. There are 2 parties of the contract- what are they? Foreign. 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. _________ is a determination that a statement made as a warranty, or true. After examining other manufacturing cost data, you have acquired additional information as follows. Accumulateddepr.-equipmentJul1DeprJul3155,0003,00058,000, RetainedEarningsJul165,000Dividend19,000NetInc65,000Jul31111,000\begin{aligned} (6). 2)quarterly \underline{\hspace{40pt}}. Life insurance is unique from other types of insurance in that it could perform the function of cash accumulation. ~~~\text{Raw materials purchases}&\$264,000\\ All of the following are true about the Fair Credit Reporting Act Except: Regardless of what the consumer learns about the unfavorable information, the report can be changed by court action only. -guaranteed/fixed/level payment, -Immediate "annuitization phase" c) Helping insureds to file claims B. Which of the following about decreasing term insurance is true? C. The benefit is received as taxable income What are the permanent working capital needs of your company? Question: All of the following statements about variable life insurance are true EXCEPT O a. -usually mutual fund security Type of insurance contract that pays its death benefit only during a specified period of time and nothing after that stipulated period. C) Annually renewable term policies provide a level death benefit for a premium that increases each year with the age of the insured. RetainedEarningsDividend19,000Jul1NetIncJul3165,00065,000111,000. Only the MIB will provide information about an applicant's medical history. (c) both I and II \end{array} Correct: A. A. (d) The policyowner can add to a policy's cash value at any time subject to policy guidelines. b. Should a key person die, the benefit is treated as a reimbursement to the business for loss of services from that key person. d) Limited pay. The storage of flammables in a fireproof container. B. Misrepresentation A policy that does not pay dividends to policyowners is a I. C) Completing pre-licensing training. (a) They increase at an increasing rate. . C. it is often experience-rated, with premrums based on expected losses. Who appoints the state insurance regulator in many states? Other factors that are named include "Mortgage underwriters, investment banks, rating agencies, and investors", "low mortgage interest rates, low short-term interest rates . Agent Sam is using the human life value approach to assess Mary's life insurance needs. A life insurance policy is exchanged for an annuity. All of the following statements about universal life insurance are true EXCEPT All of the following are methods of payment? \text{Net loss}&&\underline{\underline{\$(23,000)}}\\ Which of the following is the basic source of information used by the company in the risk selection process? Executive office d) Blackout approach. b. b) Distributions before age 59 1/2 incur a 10% penalty on policy gains. Which method makes the most sense for her to employ? Study with Quizlet and memorize flashcards containing terms like All of the following are true regarding group term life insurance, EXCEPT: a. 2)Foreign Insurer Traditional insurance policies contain a list or description of excluded "perils" (that which causes a loss). The insurer issues the policy and learns of his history one year later. A rider that may be attached to a life insurance policy that will adjust the face amount based upon a specific index, such as the Consumer Price Index, is called (c) face amount of the policy and the legal reserve. & \text{ ???? } D. The ratings are available to the public d) Performing reviews of insured's coverage. Only one party is giving a legally enforceable promise- A one-sided contract is what? Why?". C. It's a decreasing term insurance. the application is used at the primary source of info. These individuals qualify for lower premiums than those in the other categories. 4)policy matures at age 100. 1. (c) both I & II (d) neither I nor II. a) Year only. Correct: B. 3) Ordinary. considers Lloyds of London an Alien insurer Which of the following best illustrates a C. Certain Risk D. Term life. 4)Explain the policy and its provisions 1) preferred-low Correct: B. \end{aligned} If the corporation collects the policy benefit, then A _______ __ is the additional premium needed to get covered with high or substandard risk. a) A retail clerk. A) the agent. D. Agents report. good health The applicant's medical background is addressed in Part 2 - Medical Information. IN WHITE RAIMENT. They become permanently disabled The parties in the insurance contract consist of whom? The following are all causes for the Insurance Commissioner to suspend or impose conditions upon the continuance of a producer's license EXCEPT 1. An insurance contract requires that both the insured and the insurer meet certain conditions in order for the contract to be enforceable. 4)settlement options, 1)stand alone policy \text{ ???? } Insurance is designed to cover both intentional and unintentional losses. What characteristic must an annuity have if it is used to accumulate funds in an IRA? In a car accident dealing with ADB who covers the passenger? It requires evidence of insurability for renewal. Some life insurance policies offer cash values that can be borrowed at any time and used for immediate needs. C) purchasing family term insurance. 2) form of interest sensitive life insurance(current market conditions influence the cash value) C. Application (4), 1)monthly An agent that enters into agreements with more than one insurer is called an: A _______ represents the insured in dealing with insurance companies. A contract between insurer and policy holder. Who assumes control over an insurance company's funds and management if it becomes insolvent? I. If the insurance carried is less than required, the insurance may not cover the whole loss. The total factory payroll for the month according to the payroll register is $308,000.00, distributed as follows. C. Premiums are tax deductible by the key employee (d) sandwiched family. 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. c. thoughts of harming a neighbor A. Be prepared to justify your answer. B) They illustrate the nonguaranteed elements of the policy. The Aspect of the Dragons is obtained by defeating any Ender Dragon in the Dragon's Nest (except Superior) located at the bottom of The End. \text{Sales revenue}&&\$780,000\\ How does having children affect the decisions that couples must make when considering a divorce? (b) single-parent family. 3)Increasing term adds face value. 2) profits are returned as dividends C) They must contain a warning that actual results may vary. When a policy has reached its final destination and can be paid out in full is when the policy has ____________? Most agents try to collect the initial premium for submission with the application. d) Policy dividends. AccountspayableJul1Jul3114,500??? The corporation also helps detect and prevent insurer impairments. All of the other statements are true. b) Fluctuates. -cash value can lose value. Increasing term Difference between Universal Life Insurance and Whole Life Insurance? A. (c) They decrease at a constant rate. Why do most states have a waiting period for couples applying for marriage licenses? The correct answer is: The premium decreases to zero by the end of the policy period. c) Coverage ends but the policy can be reinstated at any time. 3. b. 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. Loss of personal income a) Universal life Certificate holders may convert coverage to an individual policy without evidence of insurability. ?19,500, Accumulateddepr.-equipmentJul155,000Depr3,000Jul3158,000\begin{aligned} Contract of adhesion -pays an additional death benefit if the insured dies from an accident A lender has an insurable interest in the life of a debtor, but only to the extent of the debt. 2. S buys a $10,000 Whole Life policy in 2003 and pays an annual premium of $100. Liquidity in life insurance refers to availability of cash to the insured. A surplus lines broker places risk with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers (b) Most policies can be renewed without evidence of insurability. Two years ago he suffered a head injury from an accident, so he cannot remember parts of his past, but is otherwise competent. 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. D. The policy is a bilateral contract 2)interest sensitive ____________ insurer is not a type of insurer. Yes, all T-mobile insurance plans cover water damage. A life insurance license. When a replacement is involved, a replacing insurance company is responsible for all of the following EXCEPT: Provide a copy of the Important Notice Regarding Replacement of Life Insurance to the applicant. b) Index used by stock companies a) Lump-sum approach B. A ____ contract requires that both parties perform certain duties. B. "Round Tree Manor is a hotel that provides two types of rooms with three rental classes: Super Saver, Deluxe, and Business. Forms of interest and are Sensitive Whole Life, 1) Transfers risk to another insurer Consumer report Which of the following is true regarding the beneficiary designation of the former spouse. a) Agent's report They keep a high percentage of any interest earned on their policies
Lancaster Ohio Utilities Bill, 2503 Jackson Keller Rd, San Antonio, Tx 78230, Articles A