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D) real estate, Under one method of estimating a loss reserve, the reserve is based on life expectancy, duration of disability, and similar factors. This is true whether a property or liability form; and regardless whether the insured is a commercial or personal lines client. 1. B. ~~~\text{Direct labor cost}&190,000\\ You cannot sell a variable policy without what? (d) They remain level. Yes, all T-mobile insurance plans cover water damage. \end{array} also known as acceptance. 3)increase the length of coverage The cost of a living rider is calculated by what? The cash value of availability to the policyowner The profit per night for each type of room and rental class is as follows: RentalClassRoomSuperSaverDeluxeBusinessTypeI$30$35TypeII$20$30$40\begin{aligned} The ___________ controls all rights of the contract. _______ pays dividends to the stock holder. ~~~\text{Advertising expense}&90,000\\ This method of estimating . There is a limit for a withdrawal and the insurer charges a fee. 3)substandard risk. c) 10 years. (d) Premiums increase at an increasing rate upon renewal. b) 10% for early withdrawal (d) yearly renewable term, Which statement is true concerning premature death and life expectancy? A producer wishing to appeal the final order of the commissioner would appeal to???? _________ is a determination that a statement made as a warranty, or true. Reinsurer Assuming company. 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. The insurer that is transferring the risk to another company is called the ____________ __________. -has cash value invested in the stock market \end{aligned} When parties to a contract exchange unequal amounts of money, this is said to be what type of contract? C. Hazards Should a key person die, the benefit is treated as a reimbursement to the business for loss of services from that key person. Rating codes are assigned to show financial strength or weakness of each company rated If the premium was not collected at the time of the application, the producer may also be required to get a Statement of Good Health from the applicant at the time of policy delivery. A surplus lines broker places risk with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers b) Policyholder 1)Statement of continued good health 90-180 days. All of the following information about a customer must be used in determining annuity suitability EXCEPT All The statements made on the application are called ______? There are 2 parties of the contract- what are they? The following information is taken from the records of Hammond on November 30 of the current year. Predicted needs of the family after the insured's death are used in the needs approach. I. b. don't pick binding receipt at all on test. Insurers use this law in order to predict certain types of losses and set appropriate premiums. When an insured fails to disclose known facts in an application for insurance, he/she may be guilty of: A. D. Term life. d. It does not require a duty to be owed. The minimum FREE LOOK period is how many days? 1) All requirements are met I. D. Unilateral Contract Renew policy holder has an option- THE INSURER DOES NOT. C. Insured's annual expenses 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 ______ will receive unfavorable tax treatment. a) Remains level. A corporation is the owner and beneficiary of the key person life policy. She meets the definition of total disability under Social Security. O b. (c) both I & II (d) neither I or II, Diane is a single parent. (c) The number of times the coverage can be renewed is limited. ~~~\text{Rent on factory facilities}&60,000\\ Contract or form of ownership is a ______________? D. Offer IN WHITE RAIMENT. 3)according to the source of annuity income 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. Premiums are taxable to the employee \hline & \text { Jul 1 } & \begin{array}{r} A _______ __ is the additional premium needed to get covered with high or substandard risk. c) Policy loans are taxable distributions. Round Tree has 100 Type I rooms and 120 Type II rooms. A peril &\begin{array}{lr|rr} C. Tax Status Estate conservation If there Is a risk of financial loss then there is a what? An insured owns a life insurance policy. The money in a savings account D. The benefit is received tax free. 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) Smaller. B. Close Skip to Content High Contrast Increase Text Size Clear All 515-705-0233. &\begin{array}{lr|lr} An Insurance broker is responsible for what? 2)Explain and collect any ratings Which risk management type is shifting the risk of loss to a larger homogeneous group? C. Social Security works exactly same as private insurance. 1) preferred-low C) the proposed insured. B) Fiduciary refers to a position of trust. 2)face amount is set Mutual life policy. Endowments means policy is what(2) things? 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. Jul3125,500\begin{aligned} All of the following statements are true of liability insurance, EXCEPT: Answer: liability coverage indemnifies the insured. A mutual insurance company does not have what? The death benefit varies according to investment experience. B. The parties in the insurance contract consist of whom? (b) face amount of the policy and the total premiums that have been paid. C) An insurance contract must contain a copy of the original application. Foreign. 3)semi-annual Correct: D. Represent the insured's interest, All of the following statements regarding financial rating services are correct, except. a. mentally counting backward from 1,0001,0001,000 3) Ordinary. Rates. Chapter 11 - Life Insurance. What is a statement in the application guaranteed true in all respects? d) Tax-deductible. Which of the following about a VUL insurance policy is (are) true? Prepare the following details: Mobile number, serial number, or IMEI. Retention, Avoidance, and Transfer are all _________________. Everything else equal, how would the factor below affect the market value of a stock? Explanation: (Life Insurance Policy Provisions, Options and Riders) A family term rider will provide term life insurance on a spouse and children. (Hint: Take a look at the Theory of Reasoned Action.). What is the difference between renewable policy holder & Insurer? C. A surplus lines broker accepts business only from non- resident agents 1)Level The shifting of risk of loss to a larger homogeneous group is known as what? A company doing business in a different state than it is incorporated in and the stockholders/share holders have ownership rights An__________ represents the insurer. 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. The corporation also helps detect and prevent insurer impairments. Correct: A.A peril. D) An agent's report and inspection report provides personal information. All of the following would be considered to be rebating EXCEPT -sex doesn't determine eligibility. Most insurance policies contain a specific limit that an insurer will pay for a single claim. Empire Company is a manufacturer of smart phones. d. The total of all cost sheets completed during the month is $628,880.00. Which of the following statements about a life insurance policy is (are) true? Economics questions and answers. An IRA uses immediate annuities to pay out benefits; the IRA owner is nearly 75 years old when he decides to collect distributions. (d) free look provision. The person who receives the benefit when insured dies. C) purchasing family term insurance. b) Increasing Premium A. Appoint a solicitor as his or her representative A policy that does not pay dividends to policyowners is a 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? good health Something of value is a __________________. C. Premiums are tax deductible by the key employee A key person insurance policy will pay for costs of running the business and replacing the employee. a) Because the insured is currently not a drug user, his policy will not be affected. d) The insurer will sue the insured for committing fraud. \hline \text { Jul 1 } & 5,500 &&\\ Which of the following about decreasing term insurance is true? What must exist at the time of the application? B. C. Department of State 4)Consumer report=credit, -shorter time span for paying premiums Correct: A. a surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. 4)explain policy & provisions -20 pay life-paid up at 65 C. Consideration c) An agent offers tickets to a baseball game as an inducement to buy insurance. a) Withdrawals are not taxable. b. (must exist at the time of application). 2. c) Disclosure rule Jul313,000\begin{aligned} b. D. Represent the insured's interest Domestic Insurer The cost of insurance protection is referred to as what? Which kind of agent enters into agreements with more than one insurer? C. Waiver of Estoppel 1. -its a rider _____________ is a statement that is true to the best of the persons knowledge that is making the statement. Payor benefit/Clause is always a _________. ~~~\text{Selling and administrative salaries}&75,000\\ *The insured is diagnosed with terminal & chronicle illness 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 c) Conditional Which of the following documents delivered to the policyowner includes information about premium amounts, cash values, surrender values, and death benefits for specific years? the willful holding back or secretion of material facts pertinent of the issuance of insurance or a claim. Forms of interest and are Sensitive Whole Life, 1) Transfers risk to another insurer Correct: B. Universal Life is also known as two things what are they? Correct: B. Which of the following best illustrates a 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. A. (c) face amount of the policy and the legal reserve. 167 views, 0 likes, 3 loves, 8 comments, 10 shares, Facebook Watch Videos from Saint Barnabas Episcopal Church Greensboro, NC: 5th Sunday after Epiphany. d) Paid-up option. There is no limitation on the number of key employee plans in force at any one time B. \end{array} insurable interest must exist. Who appoints the state insurance regulator in many states? 2)Straight Life Correct: C. Condition contract, enforceable only under certain conditions. A Contract that binds only one party to future performance, is a (n): A. Which of the following would provide an underwriter with information concerning an applicant's health history? 3)riders & exclusions 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} The company records manufacturing costs by job number and uses a factory overhead applied rate to charge overhead costs to its products. A false statement in the application for insurance is_____________. The 7 paytest is used to determine if a policy is a _______? a) Year only. c) Guides describing company financial integrity Example: AIL was incorporated in Indiana and its home office is in Texas so in NJ its considered a foreign insurer. The insurance provides protection for a specified period of time. The CAS number shown in an entry is typically . -Can't lose value Healthcare in the United States is far outspent than any other nation, measured both in per capita spending and as a percentage of GDP. (a) limited-payment whole life insurance Cash Accumulation C. Buy-Sell agreement D. Survivor Protection, All of the following are true of key person insurance except A. -the applicant must always initial the change An agent told Carl about a form of life insurance in which Carl could select where the savings component is invested. D. group credit insurance must have a suicide clause . When the application is submitted without the premium its considered an invitation for the insurer to make an offer. (D The employer is the owner, payor and beneficiary of the policy. d) The Guaranty Corporation. 1. DONT PICK IT!!!!!! 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. 6)Explain Free Look period-10-30 days- unconditional refund that begins when policy is delivered. Which of the following requires that the insurance company supply the applicant with the name and address of the consumer reporting company? What happens when there is a Misstatement of age or sex? Which of the following is the best reason to purchase life insurance rather than annuities? c) Premium accountability. Cash values can be borrowed at any time c) Counselor Insurance transfers risk but it does not__________ risk. Term life insurance provides the largest amount of coverage for the lowest amount of premium. 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. -Voting. d) Fiscal responsibility. (c) variable life insurance. d) Policy dividends. The total of all requisitions of indirect materials issued during the month is$20,170.00. 2)people under the influence of drugs or alcohol and what two kinds? ~~~\text{Indirect labor cost}&28,000\\ -and the right to vote. An Insurer organized in another state than the state in which it is authorized to do business is known as which type of insurer? c) Needs approach Pure risk All of the following are true of negligence, except: a. When an insured fails to disclose known facts in an application for insurance, he/she may be guilty of what? 3)Explain any riders or exclusion Last year, the couple got divorced. The Waiver of Cost of Insurance rider is found in what type of insurance? B. IRS has no jurisdiction b. it frequently includes coverage for losses due to casualty and theft. 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? d) Limited pay. A. contract of adhesion b) State attorney general What type of insurer has no capital stock?

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