all of the following are true of insurance except

Legislative advocacy is essential to Physicians Insurance/MedChoice's purpose to protect, defend, and support our Members. (c) Interest credited to a policy's cash value is taxable to the policyowner in the year credited. Newborns after how many days become covered in a child rider? It is the specific cause of loss. The designation will be void/. When applicant is not the insured ______________ must exist. Originating policy A. contract of adhesion B) They illustrate the nonguaranteed elements of the policy. \end{aligned} Insurance producers must ensure that contracts they recommend are in the best interest of the insured. D. An individual has an insurable interest in her or her own life. B) According to the law of large numbers, the larger a group becomes, the easier it is to predict losses. *The insured is diagnosed with terminal & chronicle illness * 50% is paid b) The elderly Insurance companies can charge an interest rate based on the policyowner's credit report. 6/1 Quiz: Group Life Insurance Flashcards | Quizlet A. 1)physical exam 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. Life Insurance Flashcards - Cram.com ? ____________ insurer is not a type of insurer. \hline & \text { Jul 1 } & \begin{array}{r} 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____________? \hline \text { Jul 1 } & \begin{array}{r} C. They can borrow higher amounts off of their policies \end{aligned} a) Lump-sum approach D. Viatical settlement. &\begin{array}{lr|rr} 2. c. thoughts of harming a neighbor b) 10% for early withdrawal (a) Interest is credited monthly to a policy's cash value. Correct: A. Pure risk 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. There are 2 parties of the contract- what are they? ? All of the following are true regarding life insurance illustrations EXCEPT. Which of the following statements about a life insurance policy is (are) true? See Answer. (c) both I and II Estate Creation B. Six Reasons the Loss is Excluded - MyNewMarkets.com Final practice questions Flashcards | Chegg.com (a) matured. 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. The corporation also helps detect and prevent insurer impairments. AccountspayableJul1Jul3114,500??? Universal Life is also known as two things what are they? saalt menstrual disc how to use - evcc-estheticstraining.com 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? The insurer's promise to pay a covered loss and the insured's payment of the first premium, are examples of: A. 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. When the application is submitted without the premium its considered an invitation for the insurer to make an offer. (must exist at the time of application). Conditional contract means the policy holder does what? a) Aleatory They have made a legal arrangement which states that if one of them dies or becomes disabled, the other two wull be able to buy the partner's shares, Which term best describes this arrangement? Whats the "take it or leave it contract"? Fraud Which of the following statements concerning buy-sell agreements is true? Most agents try to collect the initial premium for submission with the application. 17,000, InventoryJul122,000???? What are the temporary needs? Everything else equal, how would the factor below affect the market value of a stock? Jul3125,500\begin{aligned} All of the following statements are true of liability insurance, EXCEPT When does the grace period begin and how long is it? Participating policy. What are (4) characteristics of permanent insurance? In this case, the applicant will most likely need to fill out a Statement of Good Health. Non-Participating (stock) Life Insurance Policy. The insurer that is transferring the risk to another company is called the ____________ __________. a. whole life paid at 65 C. Independent rating services evaluate and rate the financial ability of insurance companies -its a rider Increasing term \end{array} Cash value is the same as ___________ when the policy matures. The terrorism risk insurance program reauthorization act provides for a terrorism insurance program administered by which federal entity? C) common stock 4. ____________ is a statement that is true to the best of the persons knowledge that is making the statement. If applicant is not the insured- then insureds signature is required Most insurance policies contain a specific limit that an insurer will pay for a single claim. A. d) Buyer's Guide. B. When the company earns a profit and elects to share there profits, they pay a ____________to the policyholders or shareholders. All of the following characterize term life insurance, EXCEPT: Select one: a. The cost of insurance protection is referred to as what? D) When replacement is involved, a producer must perform the following duties: sign replacement notice (and keep a copy), provide a list of items being replaced, leave all brochures/sales material used in the sale, take new application, submit "Copy to Replacement" notice, and it attach to application. -low commissions In the needs approach, all of the following information is used to establish how much insurance needs to be purchased, EXCEPT: Mary should purchase $1.5 million ($75,000 x 20 working years remaining = $1,500,000). (d) Most policies have a CV that is refunded when coverage ceases. All of the following are true of insurance EXCEPT It transfers risk. Buy-sell agreements are normally funded with a life insurance policy. \hline && \text { Jul 1 } & 65,000 \\ Long-term investment decision, payback method Bill Williams has the opportunity to invest in project A that costs $9,000 today and promises to pay annual end-ofyear payments of$2,200, $2,500,$2,500, $2,000, and$1,800 over the next 5 years. 1) preferred risk Liquidity in life insurance refers to availability of cash to the insured through cash values. \hline \text { Jul 31 } & 17,000 Why?". Which of the following about a VUL insurance policy is (are) true? All of the following statements concerning coinsurance are true, EXCEPT 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 database of previously life and health insurance applications. 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? &\text { Cash }\\ 5th Sunday after Epiphany Saint Barnabas | By Saint Barnabas Episcopal The interest rate credited to the cash value at the time of issuance remains fixed over the life of the policy. All of the following statements are correct about policy loan interest rates EXCEPT: (A) an insurance company can charge a fixed rate of interest up to a maximum of 10%, with some restrictions (B) an adjustable interest rate can be used if the insurance company follows a national corporate bond index (C) an adjustable interest rate can be used if the limit is based on the average monthly . -insured can stop paying premiums at certain age or after a period of time C. Consideration A. What are (4) ways annuities are classified? (Hint: Take a look at the Theory of Reasoned Action.). Your device, make and model. C. Hazards Free Chapter 1 - Tests.com exclusions: when the accident occurs within an illness,disease, or mental infirmity. 1)cont. A persons assets & liabilities at their time of death. _____________ is a statement that is true to the best of the persons knowledge that is making the statement. and is NOT a party to the contract. The total factory payroll for the month according to the payroll register is $308,000.00, distributed as follows. Predicted needs of the family after the insured's death After everything is signed & premium is collected What does the agent give to the policy holder? \hline & \text { Jul 31 } & 58,000 ~~~\text{Raw materials purchases}&\$264,000\\ Cash Accumulation C. Buy-Sell agreement D. Survivor Protection, All of the following are true of key person insurance except A. The 4 characteristics of a universal life policy are? In the pamphlet, he includes the full name of his insurance agency and the type of insurance that he offers. 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? What are the (5) Factors considered with combination policies Who and What are they? 14,500 \\ Concerning insurance, the definition of a fiduciary is The demand forecast for a particular night is 130 rentals in the Super Saver class, 60 rentals in the Deluxe class, and 50 rentals in the Business class. Government Relations: New Challenges and the Ongoing Erosion of (b) Cash value accumulation is slow to moderate. The correct answer is: Maggie's Piano Studio with 1 employee. Accidental Death Benefit Which $50,000 life insurance contract if purchased when the insured was 32, would have the highest cash value when the insured is 50? (Choose from the following options) a) The amount of insurance on the life of any debtor may exceed the greater of the scheduled or actual amount of unpaid indebtedness to the creditor. B. Exclusion Categories \hline \text { Jul 31 } & 25,500 The Waiver of Cost of Insurance rider is found in what type of insurance? 5)an agreement is set, 1)Level term(cheapest insurance) face value stays the same -immediately considered fully paid up A. Pertaining to insurance, what is the definition of a fiduciary responsibility? d) Military personnel. When will coverage begin? What will probably happen? 5)Explain when coverage begins $ cant exceed indebtness. (c) Interest credited to a policy's cash value is taxable to the policyowner in the year credited. All of the following statements about term insurance are true EXCEPT. Flashcards - WA Life Law Practice Exam - FreezingBlue A debtor has insurable interest in the life of a lender Solved 55. All of the following statements regarding | Chegg.com a) Year only. b) Failure to promptly settle a claim when liability has been clearly established d) Fiscal responsibility. b) Outline of coverage According to the entire contract provision, what document must be made part of the insurance policy? Height Weight and Health conditions. C. Solicit applications on the insurer's behalf (b) current assumption whole life. Reinsurance has 2 types of policys, what are they? B. this insurance is often written in connection with automobile loans. An Insurance Broker is responsible for what?

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