all of the following are true of insurance exceptfairhope election results

Life insurance is unique from other types of insurance in that it could perform the function of cash accumulation. What constitutes the acceptance of an offer? \hline & \text { Jul 1 } & 55,000 \\ 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____________? Hammond Corporation manufactures televisions. Where does group-life insurance come from? D. The flexible premium. -20 pay life-paid up at 65 Most policies can be renewed for additional periods without evidence of insurability. d) The policy can be reinstated by paying back all policy loans and premiums. a) Remains level. A _______ __ is the additional premium needed to get covered with high or substandard risk. 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? Compute DVDs net cash provided by (used for) operating activities during July. A. c. \underline{\hspace{40pt}}. DONT PICK IT!!!!!! 3)they provide insurance to members. D. Aleatory contract Out of 20 yr or 30 yr which policy is less expensive? &\begin{array}{cr|} Costs of training a replacement 3)2 Death benefits-(level/increasing) B) Passing examination with 75% or higher score. 4. C. Independent rating services evaluate and rate the financial ability of insurance companies The profit per night for each type of room and rental class is as follows: RentalClassRoomSuperSaverDeluxeBusinessTypeI$30$35TypeII$20$30$40\begin{aligned} Participating policy. ~~~\text{Depreciation on factory equipment}&31,000\\ A company that does business in another state than incorporated who is owned by policyholders who received dividends when declared and voting rights. When a policy is non-contributory how much is paid? (b) The face amount of the policy is paid if the insured lives to age 65. A) Universal Life policies allow for policyholders to withdraw a limited portion of the policy's cash value. Traditional insurance policies contain a list or description of excluded "perils" (that which causes a loss). \end{array} Difference between Universal Life Insurance and Whole Life Insurance? 3)low premiums. See Page 1. also known as acceptance. Exclusions always exist, and there is a reason for each one. 5)coverage begins Who might receive dividends from a mutual insurer? Explain your answer. The policyowner can add to a policy's cash value at any time subject to policy guidelines. An agent has authority to do all of the following, except: A. Countersign insurance contracts b) Copies of illustrations and application a) The policyholders or stockowners of the company 1. A surplus lines broker places risk with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers *The insured is diagnosed with terminal & chronicle illness Copyright 2009-2022 Tests.com LLC - All Rights Reserved. The policy does not go into effect until the premium has been collected. A. Who assumes control over an insurance company's funds and management if it becomes insolvent? Which of the following documents must be provided to the policyowner or applicant during policy replacement? Correct: C. Condition contract, enforceable only under certain conditions. According to the entire contract provision, what document must be made part of the insurance policy? 1)absolute assignment-all rights are assigned C. Countersign insurance contracts & &&\textbf{ Quarter } \\ In a conditional receipt if the policy holder dies before delivery of the policy what has to happen for the benefits to be paid? All of the following statements regarding contracts of indemnity are true EXCEPT a. An insurer that is incorporated in the same state that they are doing business in is a_____________.? 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. What are some of the questions asked on the application to determine the premium and risk classification of the insured? 3)mortality charge. D. group credit insurance must have a suicide clause . . 1) Conditional Reciept Forms of interest and are Sensitive Whole Life, 1) Transfers risk to another insurer Which of the following statements is NOT true concering insurable interest as it applies to life insurance? Life insurance prodceeds 3)Consideration 2) Binding Reciept. (a) I only (b) II only If you don't have health insurance, you pay all costs for healthcare and medical emergencies. Which of the families below is likely to have the least need for a large life insurance policy? A) The insurance policy usually has a provision specifying how a notice of loss is to be made to the insurance company. Which of the following statements about limited-payment life insurance is true? Carl would like to purchase life insurance. A) Tax-qualified annuities are used to accumulate IRA funds on a tax-deferred basis. They keep a high percentage of any interest earned on their policies In this case, the applicant will most likely need to fill out a Statement of Good Health. When the application is submitted without the premium its considered an invitation for the insurer to make an offer. (d) endowment insurance, Rachel needs permanent life insurance. (a) universal life insurance. B) Once the cash surrender value option is selected, the coverage is terminated and the policy cannot be reinstated. A. Accelerated Living Benefit/Accelerated Death Benefit? The 7 paytest is used to determine if a policy is a _______? Cash values can be borrowed at any time 1)policy owner can increase/decrease/ or skip premium payments A. Endowments means policy is what(2) things? An IRA uses immediate annuities to pay out benefits; the IRA owner is nearly 75 years old when he decides to collect distributions. Weiss and Fitch are two of these services, although there are more. D. Premiums are tax deductible as a business expense, B. Which of the following statements about endowment policies is true? 90-180 days. (D The employer is the owner, payor and beneficiary of the policy. 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. As her friend, you have been asked to review the income statement and make necessary corrections. C. Whole life There are many legitimate need-based expenses that can be paid by life insurance proceeds, from groceries to retirement income. 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 storage of flammables in a fireproof container. D. Workers compensation. B) One step in the investigation of a claim is to determine whether the policy was in force when the loss occurred. A whole life insurance policy is exchanged for a term insurance policy, Which of the following will be included in a policy summary? All of the following statements are true regarding mortgage protection insurance EXCEPT. If there Is a risk of financial loss then there is a what? b) The policy will not be affected. The parties in the insurance contract consist of whom? Can term insurance be both renewable and convertible? A. Foregin Whole life policy. ~~~\text{Utilities expense}&12,000\\ -receiving dividends(when declared) When an applicant pays the initial premium the agent will give them a what? \text{Dividend}& 19,000& \text { Net Inc } & 65,000 \\ M327. 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 . Where can you find insurance coverage after being rejected by your insurance company for too many claims in the past year? The companys president is concerned about the accuracy of the income statement. C) Annually renewable term policies provide a level death benefit for a premium that increases each year with the age of the insured. Cause of potential loss to property such as fire, windstorm, hail, flood, etc. 2)Foreign Insurer 3)according to the source of annuity income Annual income -7 pay test is used to determine If a policy is a MEC. Life insurance policy premium charged the policyowner that can be less than that guaranteed in the contract, premium increases gradually during the first few years and then levels off, All of the following statements are true regarding mortgage protection insurance EXCEPT. the willful holding back or secretion of material facts pertinent of the issuance of insurance or a claim. d) Contingent. C. Waiver of Estoppel C. Waiver A linear programming model developed to maximize profit is used to determine how many reservations to accept for each rental class. -pay for certain time and stop Correct: C. Consideration. Level-increasing face value. The failure to disclose known facts is what? Insurance is designed to cover both intentional and unintentional losses. *Both not taxable. 1. C. Tax Status d. Daycare is considered to be among these expenses. b) Promptly forwarding premiums to the insurance company Who represents the insured when dealing with insurance companies? a) More active. b) Distributions before age 59 1/2 incur a 10% penalty on policy gains. Who is not a party to the contract and receives the benefits when the insured dies? &\begin{array}{lccc} 3) Equity-Index annuity. (2), 1)HIPPA There is no limitation on the number of key employee plans in force at any one time. &\begin{array}{lr|rr} considers Lloyds of London an Alien insurer All of the following groups may purchase group health insurance coverage, EXCEPT: Groups must have at least two employees to be eligible for group insurance coverage. -cash value options \text{Sales revenue}&&\$780,000\\ A. -policy holder adheres to it A surplus lines broker accepts business only from non- resident agents Estate conservation What does it mean when a policy is limited pay life? \end{array} A Contract that binds only one party to future performance, is a (n): A. c) Coverage ends but the policy can be reinstated at any time. How does having children affect the decisions that couples must make when considering a divorce? Rates. Life expectancy has increased in the U.S. over the last century. 3)substandard risk. The cash value of availability to the policyowner All The statements made on the application are called ______? _________ is a determination that a statement made as a warranty, or true. See Answer. Which of the following about the use of ordinary life insurance is true? A company doing business in a different state than it is incorporated in and the stockholders/share holders have ownership rights A. -immediately considered fully paid up Pure Risk. 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. All of the following are true about health insurance except: Purchasing health care can help save you from medical bankruptcy. -paying for certain time and stop. 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". Only the MIB will provide information about an applicant's medical history. (d) free look provision. D) Obtaining a bachelor's degree. Increasing term A) They must be given to all Life insurance applicants. a) Accumulated at interest Non-Participating (stock) Life Insurance Policy. \hline \text{Cash} & \$ 100 & \$ 100 & \$ 100 & \$ 100 \\ Reinsurer Assuming company. Their premiums are lower C. A husband or wife has an insurable interest in their spouse 2)explain any ratings 2)premium gets lower. B. ?19,500, Accumulateddepr.-equipmentJul155,000Depr3,000Jul3158,000\begin{aligned} An insurance contract requires that both the insured and the insurer meet certain conditions in order for the contract to be enforceable. 3)Family Policy(Limited but all fam members paid) Rates are considered inadequate when they do not cover projected losses and expenses. Legislative advocacy is essential to Physicians Insurance/MedChoice's purpose to protect, defend, and support our Members. 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. 3)semi-annual -If the insured dies, the policy payed out the PRINCIPAL SUM I. What (5) Factors for GIO & GIB. whose covered? 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. Steven prints a pamphlet to advertise his life insurance business. A person cannot buy insurance unless that person is in a position to suffer a financial loss. (Medic Information Bureau)? 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. ~~~\text{Indirect labor cost}&28,000\\ Hammond estimates that it will manufacture 5,000 televisions next year. Any profit realized in the operation will be used to provide dividends to stockholders as well as surplus funds that may be used as a buffer for future adverse experience. -also the agent may be required to initial the change, statement of health from insureds personal physician, What are 2 federal laws that protect policy holders & forms that must be completed? -the insurer sets the terms of the contract and the applicant must adhere to them. C) Completing pre-licensing training. It is the specific cause of loss. (d) Premiums increase at an increasing rate upon renewal. There is no limitation on the number of key employee plans in force at any one time B. 2)APS=medical records a) Juvenile Life Since they may receive a dividend (not guaranteed), such policies are known as participating policies. Misappropriation or illegal withholding of the policyholder's money. IN WHITE RAIMENT. A corporation is the owner and beneficiary of the key person life policy. An__________ represents the insurer. 2)Increase the face value A life insurance license. 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} 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. C. group credit life insurance does not build cash values. 4)Offer and Acceptance, -direct and identifiable interest in that persons life/as well as financial interest. a) Executive offer of the replacing company 2)face amount is set and is NOT a party to the contract. ~~~\text{Rent on factory facilities}&60,000\\ The following are all causes for the Insurance Commissioner to suspend or impose conditions upon the continuance of a producer's license EXCEPT 1. (c) face amount of the policy and the legal reserve. C. Consideration Prepare the following details: Mobile number, serial number, or IMEI. Acceptance (c) They decrease at a constant rate. a) The policy can be converted to term coverage. Misrepresentation, Concealment and Deceit are all examples of what? A policy summary 2)not payable in conjunction. 3)2 death benefit option 1)increase cash value All of the following statements about universal life insurance are true EXCEPT Premiums are not tax deductible as a business expense. A contract that allows an insured to be restored to the same financial condition as prior to the loss is considered to be what type of contract? -sex doesn't determine eligibility. c. thoughts of harming a neighbor D. The face amount remains the same throughout the life of the policy. -it is a type of Rider All of the following are true of insurance EXCEPT It transfers risk. ~~~\text{Raw materials purchases}&\$264,000\\ D. Delivery receipt. a) Lump-sum approach A. (d) The policyowner can add to a policy's cash value at any time subject to policy guidelines. ____________ insurer is not a type of insurer. d) Buyer's Guide. WorkinProcess$229,040.00EmployeeIncomeTaxPayable$33,880.00FactoryOverhead78,960.00SocialSecurityTaxPayable19,096.00Cash250,558.00MedicareTaxPayable4,466.00\begin{array}{lrlr}\text { Work in Process } & \$ 229,040.00 & \text { Employee Income Tax Payable } & \$ 33,880.00 \\ \text { Factory Overhead } & 78,960.00 & \text { Social Security Tax Payable } & 19,096.00 \\ \text { Cash } & 250,558.00 & \text { Medicare Tax Payable } & 4,466.00\end{array} -provides income for retirement The correct answer is: The premium decreases to zero by the end of the policy period. Which nonforfeiture option provides coverage for the longest period of time? The employer is the owner . - Limited Pay Life C. Domestic 5)an agreement is set, 1)Level term(cheapest insurance) face value stays the same The applicant has been shown to be a poor personal credit risk. A __________ represents the insured. (b) face amount of the policy and the total premiums that have been paid. Estimated direct labor costs for next year are$440,000.00. D. The policy is a bilateral contract Prior to October 2017, the company had been profitable every month. ______________ is defined as restoring the insured to the same financial condition as before the loss. 3. Tamara purchased a term insurance policy when she had high life insurance needs and limited income. D. Concealment Policyholders 4)Consumer report=credit, -shorter time span for paying premiums RetainedEarningsDividend19,000Jul1NetIncJul3165,00065,000111,000. Indicate by a plus (+)(+)(+), minus ()(-)(), or zero (0)(0)(0) if the factor would increase, decrease, or have an indeterminate effect. b. What type of insurer has no capital stock? C. The insurer is always required to pay the . B. Jul3117,000\begin{aligned} Who appoints the state insurance regulator in many states? 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. Coverage is available in $50,000 increments up to the maximum of $400,000. Reinsurance has 2 types of policys, what are they? 2) standard risk InventoryJul1Jul3122,000???? The 3 categories of private insurers site of incorporation? \textbf{EMPIRE COMPANY}\\ -Take it or leave it contract

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