The policy's cash value grows as the investments grow. D. Viatical settlement. \\ Which of the following statements about limited-payment life insurance is true? ____________ insurer is not a type of insurer. & \text{ ???? } Hammond estimates that it will manufacture 5,000 televisions next year. \end{array} A. 3)Alien Insurer. 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? Pure risk (b) tax-free exchange provision (b) The face amount of the policy is paid if the insured lives to age 65. d) Decreases annually. Funding against financial loss caused by the death of a key employee The Waiver of Cost of Insurance rider is found in what type of insurance? All of the following statements concerning coinsurance are true, EXCEPT . The policyowner can add to a policy's cash value at any time subject to policy guidelines. (b) Cash value accumulation is slow to moderate. D. The face amount remains the same throughout the life of the policy. 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? \hline && \text { Jul 31 } & 111,000 - 20 pay life-premiums paid for 20 years and paid up at 65
Medical exams provide information on current health. An insured is driving her automobile and strikes a large pothole that . If company pays dividends, then they are a? exclusions: when the accident occurs within an illness,disease, or mental infirmity. D. Accident Premiums are taxable to the employee C. Solicit applications on the insurer's behalf 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. C. Buy-Sell agreements are normally funded with a life insurance policy Only the MIB will provide information about an applicant's medical history. To sell variable insurance what must you have? All of the following statements are TRUE concerning Debtor Groups EXCEPT A corporation is the owner and beneficiary of the key person life policy.
What happens when there is a Misstatement of age or sex? After Alex has made 20 premium payments, his life insurance policy is considered A company doing business in the same state it was incorporated in and owned by the policy holders. The applicants(policy owner)
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 . D. Claim History RentalClassRoomTypeITypeIISuperSaver$30$20Deluxe$35$30Business$40. D) The Life and Health Insurance Guaranty Corporation protects Maryland residents who are policyholders, insureds, beneficiaries, annuitants, and assignees of life and health insurance policies, annuities, and supplemental contracts, if the insurer issuing the policies fails to perform its contractual obligations because it becomes impaired. According to the entire contract provision, what document must be made part of the insurance policy? b) Universal Life If contract is up after 20 years & policy holder wishes 2 renew what occurs every year? What happens when a policy is surrendered for its cash value? If there Is a risk of financial loss then there is a what? 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. a) Consumer Privacy Act (a) I only 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. Which of the following documents delivered to the policyowner includes information about premium amounts, cash values, surrender values, and death benefits for specific years? b) Fiduciary responsibility. -cash value can lose value. B. Insureds current and future income b) Adjustable life Modification to a policy is a _______________? The primary purpose of buying an annuity is? The County is administered by a five-member Board of Supervisors who are elected for four-year terms Two years ago he suffered a head injury from an accident, so he cannot remember parts of his past, but is otherwise competent. a) Withdrawals are not taxable. ? 1. Correct: A. a surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. Quarterly working capital levels for your firm for the next year are included in the following table. d) Limited pay. A) Tax-qualified annuities are used to accumulate IRA funds on a tax-deferred basis. When must insurable interest exist in a life insurance policy? D. Aleatory contract This type of life insurance is called Misappropriation or illegal withholding of the policyholder's money. Numerical identifiers: Each candidate list entry covers both anhydrous and hydrated forms of a substance. 2)Family Income(decreasing term-policy)
I. IRS classification of a policy that is overfunded? 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. Accidental Death Benefit
Because the insurance company must pay claims and the insured must comply with the policy terms, the insurance contract is considered which of the following types of contracts? ? M327. If a parent purchases life insurance on their child all of the following are true, EXCEPT: A) The child is the insured. It is used to help adequacy and equity in rates. Jul3125,500\begin{aligned} b) Outline of coverage (must exist at the time of application). 3)Consideration
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? D. Premiums paid are deductible as a business expense. Term. What are the (5) Factors considered with combination policies Who and What are they? -it pays the double indemnity, 1)accident occurs, person must die within 90 days
A conditional contract requires both the insurer and policyowner to meet certain conditions before the contract can be executed, unlike other types of policies, which put the burden of condition on either the insurer or the policyowner. b. 2) Binding Reciept. a) Offering additional coverage to clients 3)according to the source of annuity income
B. (a) present value of future benefits and the present value of future premiums. Fraud DepreciationExpense-FactoryEquipmentDepreciationExpense-BuildingHeat,Light,andPowerExpenseInsuranceExpense-Factory$5,770.242,822.409,055.201,505.28MiscellaneousExpense-FactoryPayrollTaxesExpense-FactoryPropertyTaxExpense-FactorySuppliesExpense-Factory$13,780.4843,736.006,088.3218,063.36. B. 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? b) Fluctuates. The correct answer is: The premium decreases to zero by the end of the policy period. The requirement that producers must account for all insurance funds collected, and without the expressed consent of the insurance company(ies) are not permitted to co-mingle those funds with their own funds is known as -its a rider
Most policies can be renewed for additional periods without evidence of insurability. When an applicant pays the initial premium the agent will give them a what? b. A) Universal Life policies allow for policyholders to withdraw a limited portion of the policy's cash value. D. Represent the insured's interest C. Conditional contract A. Address of his principal office 1) insured gets higher amount
c. Premiums may be raised at renewal d. Group term insurance may cover the . d) Military personnel. CPI (consumer price index) without evidence. The correct answer is: Maggie's Piano Studio with 1 employee. The debtor does not have an insurable interest in the life of the lender. B) They illustrate the nonguaranteed elements of the policy. 4) Joint-Life policy(business part) Insurance policy of 2 or more
Which of the following requires that the insurance company supply the applicant with the name and address of the consumer reporting company? \textbf{Income Statement}\\ Which of the following best illustrates a C. Payment of premium All of the following would be exempt from the producer licensing requirements EXCEPT: A) A customer service representative who discusses policies. 2)attorneys
Carl would like to purchase life insurance. Something of value is a __________________. -then picks a contract. If you don't have health insurance, you pay all costs for healthcare and medical emergencies. It is legal to list nonguaranteed values in the contract, but they must be specifically labeled as projected, not guaranteed values. &\text { Rental Class }\\ Weiss and Fitch are two of these services, although there are more. (Choose from the following options) The total of all requisitions of indirect materials issued during the month is$20,170.00. Certificate holders may convert coverage to an individual policy without evidence of insurability. II. \textbf{EMPIRE COMPANY}\\ The applicant has been shown to be a poor personal credit risk. They become permanently disabled
Which of the following statements is NOT true concering insurable interest as it applies to life insurance? What does it mean when a policy is limited pay life? A mutual insurance company is owned by who? Surviving family members may experience a reduction in their standard of living if the family breadwinner dies prematurely. 1)premium payment
3) Increasing Term. b) Failure to promptly settle a claim when liability has been clearly established \text { Room } & \text { Super Saver } & \text { Deluxe } & \text { Business } \\ Who appoints the state insurance regulator in many states? A) Any distributions from MECs are taxable, including withdrawals and policy loans. A. C. Premiums are tax deductible by the key employee -But pays you interest, 1)Fixed annuity
Credit life Due to climate change, premiums are going up for certain types of insurance, such as flood 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. S dies 5 years later in 2008 and the insurer pays the beneficiary $10,500. Whats the cheapest type of permanent insurance? \end{array} (b) single-parent family. -age 100. B. Twisting This is called. Terms that apply to the insurer not the applicant. \hline \text { Jul 31 } & 25,500 The premium is level and guaranteed not to increase. Are insurance company underwriters allowed to discriminate? \hline (\$ 000) & 1 & 2 & 3 & 4 \\ A debtor has an insurable interest in the life of a lender. A linear programming model developed to maximize profit is used to determine how many reservations to accept for each rental class. All of the other statements are true.
A. -Can't lose value
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. The money in a savings account 25,500, AccountspayableJul114,500???? 5)Survivorship Life Policy (policy holder pays themselves). (c) Most policies can be converted to a permanent life insurance policy. D. Alien c. 3. d) Primary and secondary beneficiary designations. 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. ADD( Accidental death and dismemberment??? . Question: 55. ?19,500, Accumulateddepr.-equipmentJul155,000Depr3,000Jul3158,000\begin{aligned} -provides income for retirement
2)Legal Purpose
&\text { Accounts receivable }\\ c) To protect the policyowner c) Smaller. The NAAR for a life insurance policy is the difference between the 3)Increasing term adds face value. Term-Life policy has what 3 characteristics? A. A peril Round Trees management makes a forecast of the demand by rental class for each night in the future. D) adding cost of living coverage. b) Conditional receipt Age, Sex, Occupation, Hobbies, Habits, Smoking or Non-Drug user or Non.