The Terrorism Risk Insurance Program is administered by which of the following Federal entities? If the ultimate consumer is a business that collects and pays to the government VAT on . The correct answer is: Premiums are typically paid by the lender. There is no limitation on the number of key employee plans in force at any one time B. Applicant pays premium to make agreement. A company doing business in a different state than it is incorporated in and the stockholders/share holders have ownership rights
Example: AIL was incorporated in Indiana and its home office is in Texas so in NJ its considered a foreign insurer.
Life Insurance Basics Flashcards | Quizlet -receiving dividends(when declared)
It is most appropriate when an insured needs lifetime protection.
Solved All of the following statements about variable life - Chegg An__________ represents the insurer. 4)Consumer report=credit, -shorter time span for paying premiums
b) Adjustable life C. The insurer is always required to pay the . The company records manufacturing costs by job number and uses a factory overhead applied rate to charge overhead costs to its products. c) Premium accountability. C. group credit life insurance does not build cash values.
Solved All of the following statements about professional - Chegg c) 15% for early withdrawal For the reported losses of an insured group to become more likely to equal the statistical probability of loss for that particular class, the insured group must become A persons assets & liabilities at their time of death. An individual applies for a life policy. D. Alien Example: company that is incorporated in NJ and sells in NJ. -guaranteed/fixed/level payment, -Immediate "annuitization phase"
\text{Accounts Receivable} & 199 & 96 & 99 & 604 \\ 4. Since they may receive a dividend (not guaranteed), such policies are known as participating policies. \end{aligned} 1. 1) coverage is permanent
What are the temporary needs? Whoso. 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? Which of the following is the basic source of information used by the company in the risk selection process? The employer is the owner . It is legal to list nonguaranteed values in the contract, but they must be specifically labeled as projected, not guaranteed values. The issuance of a policy or binder is not part of the consideration element of an insurance contract, it is part of the _______ ________. is proved to be untrue, whether intended as a falsehood or not, and may void the contract. C. Unilateral contract The policy is issued for one year and may be renewed annually with evidence of insurability.
Abortion in the United States - Wikipedia The benefit is subject to the exclusionary rule ___________ is the persons whose death triggers payment. EMPIRECOMPANYIncomeStatementFortheMonthEndedOctober31,2017\begin{array}{c} What happens when there is a Misstatement of age or sex? Term life insurance provides pure death protection. *Both not taxable. Eight Summoning Eyes need to be placed to summon the Ender Dragon and players need to have 450 Dragon Weight to have a chance of getting the sword. -immediately considered fully paid up
All of the following are methods of payment? e. The total of costs recorded on all sales invoices for the month is$654,052.00. 2)when benefits begin
3) type of plan they applied for. The terrorism risk insurance program reauthorization act provides for a terrorism insurance program administered by which federal entity? Most agents try to collect the initial premium for submission with the application. All of the following are common characteristics of this coverage EXCEPT What are the (5) Factors considered with combination policies Who and What are they? Which nonforfeiture option provides coverage for the longest period of time? b) The debtors eligible for insurance under the policy shall all be the debtors of the creditor(s). d) Paid-up option. 6)Explain Free Look period-10-30 days- unconditional refund that begins when policy is delivered. (Choose from the following options) Its controller resigned in October 2017. C. The benefit is received as taxable income If you don't have health insurance, you pay all costs for healthcare and medical emergencies. What are the permanent working capital needs of your company? a) Consumer Privacy Act
Chapter 14/1: Group Health Insurance Flashcards | Quizlet Limited-Pay Life & Single-Premium Policies? B.
All of the following are true of negligence, except: - AZanswer ~~~\text{Rent on factory facilities}&60,000\\ 1) Conditional Reciept
b) An agent offers to share his commission with a policyholder. A mutual insurance company is owned by who? Hazard Mutual life policy. The parties in the insurance contract consist of whom? Jul3119,500\begin{aligned}
&\begin{array}{cr|} Group life insurance is most often issued as guaranteed annual renewable term. What adds coverage and modifies coverage? -Not invested in stock market
ch2 Flashcards | Quizlet All of the following statements concerning coinsurance are true, EXCEPT . The remaining amounts should be charged to selling and administrative activities. C. Independent rating services evaluate and rate the financial ability of insurance companies It does not include breach of contract. 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? He would also like to invest in a mutual fund. Endowments means policy is what(2) things? (b) Cash value accumulation is slow to moderate. Arrest History. A surplus lines broker deals with direct writing companies only
Chapter 1- General Insurance Flashcards | Quizlet The CAS number shown in an entry is typically . Most insurance policies contain a specific limit that an insurer will pay for a single claim. Tamara purchased a term insurance policy when she had high life insurance needs and limited income. (c) face amount of the policy and the legal reserve. a) Small employers An aleatory contract is a contract where the monetary values of the parties performances are________________. b) Index used by stock companies C. Countersign insurance contracts D) real estate, Under one method of estimating a loss reserve, the reserve is based on life expectancy, duration of disability, and similar factors. c) Disclosure rule b. Which method makes the most sense for her to employ? The agent
a) Types of mutual companies How do premiums for yearly renewable term insurance change as an insured gets older? Type I rooms do not have wireless Internet access and are not available for the Business rental class. C. Social Security works exactly same as private insurance. Insurance is an important tool to manage risks, but often unavailable to poorer households. 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? Which of the following is the basis for a claim against an insurance policy? Use the indirect method. Correct: B. Their premiums are lower $ cant exceed indebtness.
[Solved] All of the following are true of insurance EXCEPT It transfers (c) conversion provision Only one party is giving a legally enforceable promise- A one-sided contract is what? 1)Domestic Insurer
Effects of climate change - Wikipedia What are (4) characteristics of permanent insurance? An insured owns a life insurance policy. Past-due interest on a policy loan is added to the total debt. Correct: D. Concealment. (a) They increase at an increasing rate. Which of the following statements about a life insurance policy is (are) true? A _______ __ is the additional premium needed to get covered with high or substandard risk. b) The agent's report The applicant accepts the invitation by paying the ___________. -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? This is called. To sell variable insurance what must you have? To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. d) The policy can be reinstated by paying back all policy loans and premiums. B. 1)policy owner can increase/decrease/ or skip premium payments
Our records show that more than one device is associated with this (1), In Universal life, what options can the policy owner have with the premium payments to do? (b) face amount of the policy and the total premiums that have been paid. 1)increase cash value
(c) The number of times the coverage can be renewed is limited. (a) I only (b) II only Business partners have an insurable interest in each other \hline & \text { Jul 1 } & 55,000 \\ (b) Cash value accumulation is slow to moderate. O b. Does T-Mobile Insurance Cover Water Damage? -policyowners right provision
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 1)cont. 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. A) loss reserves 2. A FINRA registration. The correct answer is: Maggie's Piano Studio with 1 employee. The shifting of risk of loss to a larger homogeneous group is known as what?
Under Section I, homeowners insurance must include C. Payment of premium What must exist at the time of the application? \text{ ???? } b) Promptly forwarding premiums to the insurance company C. Loss of personal income B) A fiduciary is a producer who handles insurer funds in a trust capacity. When the agent delivers the policy, collects the initial premium, and the applicant completes and acceptable statement of good health Insurance is designed to cover both intentional and unintentional losses. D. Breach of warranty 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". B. Forms of interest and are Sensitive Whole Life, 1) Transfers risk to another insurer
AccountspayableJul1Jul3114,500??? Who might receive dividends from a mutual insurer? Steven prints a pamphlet to advertise his life insurance business. B. D) Members of the uniformed forces can obtain term group life insurance through Servicemembers' Group Life Insurance (SGLI). b) Hazard 2)not payable in conjunction. -assignor=assignee
Adverse selection is well controlled. An Insurance broker is responsible for what? \end{array} (d) endowment insurance, Rachel needs permanent life insurance. 3)substandard-highest, 6 factors that are complete for policy 2 be paid? d) Fair Credit Reporting Act. Their premiums are lower All of the following are business uses of life insurance EXCEPT A) Universal Life policies allow for policyholders to withdraw a limited portion of the policy's cash value. a. B) One step in the investigation of a claim is to determine whether the policy was in force when the loss occurred. Which of the following about yearly renewable term insurance is true? Pure Risk. c) Whole Life Which of the following about a VUL insurance policy is (are) true? 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. When a policy has reached its final destination and can be paid out in full is when the policy has ____________? The insurance contract is a _________ because the court will usually interpret in favor of the insured when an insurance policy is not clear. The policyowner can add to a policy's cash value at any time subject to policy guidelines. c. continuous premium whole life D. Term life. ? a) Universal life b) Larger. & \text { Depr } & 3,000 \\ There is a limit for a withdrawal and the insurer charges a fee. -The insurer would pay the face amount of the policy minus the past due premium. d) Decreases annually. The NAAR for a life insurance policy is the difference between the -The insurance dept. \text{Inventory} & 201 & 505 & 905 & 52 \\ Department of Defense D) When immediate annuities are used to pay IRA benefits, distributions must begin no later than age 70 in order for the annuitant to avoid penalties.
Flashcards - WA Common Law Practice Exam - FreezingBlue 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? \text{Less: Operating expenses}\\ Two years ago he suffered a head injury from an accident, so he cannot remember parts of his past, but is otherwise competent. Cash values can be borrowed at any time B. (d) free look provision. 2) Transferring the risk
The accounting records of DVD Sales, Inc., include the following accounts: CashJul15,500???? Estimated direct labor costs for next year are$440,000.00. (2), 1)HIPPA
B) The parent is responsible for the premium. Premiums are not tax deductible as a business expense Term life insurance provides the largest amount of coverage for the lowest amount of premium. \end{aligned} \end{array} Which of the following best illustrates a D. Gender. C) They must contain a warning that actual results may vary. C. Medical Background 2. Which of the following is the best reason to purchase life insurance rather than annuities? Economics questions and answers. Which of the following would provide an underwriter with information concerning an applicant's health history? Jul3125,500\begin{aligned} The Waiver of Cost of Insurance rider is found in what type of insurance? An annuity is exchanged for another annuity. Pro rata liability applies. A conditional or binding receipt is given when an applicant does what? To sell variable life insurance policies, an agent must receive all of the following EXCEPT Correct: B. The applicant's medical background is addressed in Part 2 - Medical Information. a. \textbf{For the Month Ended October 31, 2017}\\ \end{array} (a) I only (b) II only Now Tamara can afford whole life insurance. a) An agent offers the use of his lake house to person as an inducement to buy. All The statements made on the application are called ______? Non-Participating (stock) Life Insurance Policy. The primary purpose of buying an annuity is?
1.1K 64K views 1 year ago In this video I show you how to one shot the underwriting process is approved for:
Which of the following is NOT an example of a business use of Life Insurance? -paying for certain time and stop. D) An agent's report and inspection report provides personal information. When an insured fails to disclose known facts in an application for insurance, he/she may be guilty of: A. B. A surplus lines broker places risk with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers B) According to the law of large numbers, the larger a group becomes, the easier it is to predict losses. 2)Decreasing term(premium is low) declining face value
Jul3117,000\begin{aligned} A. 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) Misrepresentation "Round Tree Manor is a hotel that provides two types of rooms with three rental classes: Super Saver, Deluxe, and Business. \text{Dividend}& 19,000& \text { Net Inc } & 65,000 \\ Insurance producers must ensure that contracts they recommend are in the best interest of the insured. Credit life In a car accident dealing with ADB who covers the passenger? -it is a type of Rider
(Choose from the following options) If someone dies within the Grace period, what happens? Joe, Larry, and Curly own a small business. The County is administered by a five-member Board of Supervisors who are elected for four-year terms Which of the following information about the applicant is NOT included on Part 1 of the application for life insurance. Correct: C. Condition contract, enforceable only under certain conditions. 2. B. When a insurance company(insurer) has too many risks exposed to loss it seek another company(reinsurers) to insure them. C. Hazards (receive dividends & the right to vote). An insurance consultant CANNOT be which type of persons? All of the following would be exempt from the producer licensing requirements EXCEPT: A) A customer service representative who discusses policies. 2)FCRA(fair credit reporting act) checks MIB report. a) Aleatory b) Fixed income ~~~\text{Indirect labor cost}&28,000\\ D. group credit insurance must have a suicide clause . D) Insurance covers intentional losses as well as unintentional. When applicant is not the insured ______________ must exist. D. Funding against general company financial loss. c) Conditional b) Unilateral -cash value options
cheating. An insured is driving her automobile and strikes a large pothole that . D. Viatical settlement. All of the other statements are true. &&\\ A company that does business in another state than incorporated who is owned by policyholders who received dividends when declared and voting rights. Certificate holders may convert coverage to an individual policy without evidence of insurability. If a parent purchases life insurance on their child all of the following are true, EXCEPT: A) The child is the insured. All of the following are true of key person insurance EXCEPT ) The key employee is the insured. (a) limited-payment whole life insurance b) Distributions before age 59 1/2 incur a 10% penalty on policy gains. Various life insurance programs for people who served in the military are called ______________? Inventory balances at the beginning and end of October were: Only 75% of the utilities expense and 60% of the insurance expense apply to factory operations. 2. The safety margin is narrower, because the cost of the insurance to the policyholder cannot be adjusted at a later time. Terms that apply to the insurer not the applicant. \hline \text { Jul 1 } & 22,000 \\ 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. D. Concealment
Chapter 11 - Life Insurance Flashcards | Quizlet Instructions d) Tax-deductible. 2) premiums do not change
Insurers use this law in order to predict certain types of losses and set appropriate premiums. Contract or form of ownership is a ______________? The Boyle family can be described as a It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. B. Aleatory contract c. It is the failure to use ordinary care. B) The reduced paid-up nonforfeiture option would provide protection until the insured reaches 100, but the face amount is reduced to what the cash would buy. They become permanently disabled
Which type of life insurance makes sense for someone in this situation? An insurer that was incorporated in a different state that it is doing business in. 4)settlement options, 1)stand alone policy
-cash value can lose value. (a) present value of future benefits and the present value of future premiums. (a) renewal provision Your device, make and model. Question: 55. c) Variable Premium IN WHITE RAIMENT. Exclusion Categories A linear programming model developed to maximize profit is used to determine how many reservations to accept for each rental class. There is a minimum guaranteed interest rate on all sub-accounts. . 17,000, InventoryJul122,000???? \hline & \text { Jul 31 } & 19,500 Life insurance is unique from other types of insurance in that it could perform the function of cash accumulation. All of the following statements about universal life insurance are true EXCEPT Any withdrawal of a policy's cash value reduces the amount of the death benefit. Where does group-life insurance come from? C. Whole life Quarter($000)1234Cash$100$100$100$100AccountsReceivable1999699604Inventory20150590552AccountsPayable104959597\begin{array}{lrrrr} A debtor has insurable interest in the life of a lender _____________ is a statement that is true to the best of the persons knowledge that is making the statement. \end{array} States regulate the procurement of business from nonadmitted carriers by regulating the brokers who place business with these carriers. 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. Benefits received are considered income taxable -low commissions
See Answer. Which kind of agent enters into agreements with more than one insurer? II. Alex, age 26, purchased a 20- payment whole life insurance policy. C. Application \end{array} \\ Dividends received by policyholders of a mutual insurer are not taxable.
saalt menstrual disc how to use - evcc-estheticstraining.com D. A surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers 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. Age, Sex, Occupation, Hobbies, Habits, Smoking or Non-Drug user or Non. & &&\textbf{ Quarter } \\ Which of the following is NOT an allowable 1035 exchange? C) purchasing family term insurance. To ensure suitability of annuity products, producers must obtain relevant information about the consumer's age, income, financial status, tax status, financial experience and objectives. C. Solicit applications on the insurer's behalf B. \hline B. A) They must be given to all Life insurance applicants. -Can't lose value
1) mentally incompetent persons
Executive office 3)Family Policy(Limited but all fam members paid)
Part 1 of the application includes the general questions about the applicant, including name, age, address, birth date, gender, income, marital status, and occupation. d) Limited pay. In terms of social security, what is the name for the time period after the youngest child of a family turns 16 and before the surviving spouse may start receving retirement benefits? Which of the families below is likely to have the least need for a large life insurance policy? After insurer makes an offer, what must the applicant do? d) An agent misrepresents policy benefits to convince a policyowner to replace policies. D. An individual has an insurable interest in her or her own life. B. ? c) National Association of Insurance Commissioners (d) paid-up. (Choose from the following options) True or False: Under the Financial Responsibility Law, you are required to have insurance on any motor vehicle you own or drive, except motorcycles d) Contingent. b) Copies of illustrations and application C. Tax Status What is the primary source of info used to determine insurability by the underwriting department? Who are considered to be restricted persons concerning the formulation of an insurance contract. 3 of them? Journalize the entry to transfer the total of all cost sheets completed from Work in Process to Finished Goods. Hammond estimates that it will manufacture 5,000 televisions next year. All renewable term policies are accepted without__________ and only with_____ collected. II. 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. B) the applicant. 3)low premiums. C. Medical Background d) The Medical Information Bureau. considers Lloyds of London an Alien insurer
the application is used at the primary source of info. A mutual insurer has no stock, and is owned by the policyholders. B. What are two reasons that people deposit money in banks? -sex doesn't determine eligibility. Which risk management type is shifting the risk of loss to a larger homogeneous group? B. this insurance is often written in connection with automobile loans. b) Fluctuates. The interest rate credited to the cash value at the time of issuance remains fixed over the life of the policy. Which of the following types of insurance policies would perform the function of cash accumulation?