b) Distributions before age 59 1/2 incur a 10% penalty on policy gains. 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. (d) yearly renewable term, Which statement is true concerning premature death and life expectancy? C. A surplus lines broker accepts business only from non- resident agents _____________ is a statement that is true to the best of the persons knowledge that is making the statement. B. The primary purpose of buying an annuity is? (c) Most policies can be converted to a permanent life insurance policy. 6)Explain Free Look period-10-30 days- unconditional refund that begins when policy is delivered. O b. c) Needs approach \text { Room } & \text { Super Saver } & \text { Deluxe } & \text { Business } \\ d) The Guaranty Corporation. 3)Family Policy(Limited but all fam members paid)
A. signed waiver of premium d) The policy can be reinstated by paying back all policy loans and premiums. (Choose from the following options) D. Premiums are tax deductible as a business expense, B. B. D. Reduction is a method of managing risk. C) They must contain a warning that actual results may vary. (b) They increase at a decreasing rate. Which term describes the probability of a loss? 4)settlement options, 1)stand alone policy
"Round Tree Manor is a hotel that provides two types of rooms with three rental classes: Super Saver, Deluxe, and Business. b) The agent's report b) 5 years only. The 4 characteristics of a universal life policy are? A false statement in the application for insurance is_____________. Which of the following statements about endowment policies is true? What is NOT invested in the stock market but pays you interest? -paying for certain time and stop. B. Twisting . 5)Explain when coverage begins
Cash Accumulation C. Buy-Sell agreement D. Survivor Protection, All of the following are true of key person insurance except A. Contract or form of ownership is a ______________? Group life insurance is most often issued as guaranteed annual renewable term. Cause of potential loss to property such as fire, windstorm, hail, flood, etc. 3) Ordinary. 2)standard-average
1)Level
3) Increasing Term. 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? When an insured fails to disclose known facts in an application for insurance, he/she may be guilty of: A. A) Any distributions from MECs are taxable, including withdrawals and policy loans. C. Social Security works exactly same as private insurance. Upon policy delivery, the producer may be required to obtain any of the following EXCEPT Is claim still paid if there is a misstatement of age or sex? D) An agent's report and inspection report provides personal information. c) Conditional
Group Life Insurance Flashcards | Chegg.com The cash value available to the policyowner (c) both I & II (d) neither I or II. cash value increases while face value remains the same. compulsion? EMPIRECOMPANYIncomeStatementFortheMonthEndedOctober31,2017, Salesrevenue$780,000Less:OperatingexpensesRawmaterialspurchases$264,000Directlaborcost190,000Advertisingexpense90,000Sellingandadministrativesalaries75,000Rentonfactoryfacilities60,000Depreciationonsalesequipment45,000Depreciationonfactoryequipment31,000Indirectlaborcost28,000Utilitiesexpense12,000Insuranceexpense8,000803,000Netloss$(23,000)\begin{array}{lcc} D) The suicide provision protects the company from those individuals who purchase life insurance with the intention of committing suicide. 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. 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 A. 2)collateral assignment-some or only one right assigned. c) Premium accountability. 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. \text{Accounts Receivable} & 199 & 96 & 99 & 604 \\ An insurer that was incorporated in a different state that it is doing business in. The benefit is subject to the exclusionary rule c) An agent offers tickets to a baseball game as an inducement to buy insurance. (b) level-premium method - If the insured suffers a dismemberment the policy pays the CAPITAL SUM which is 50% of the principal sum. 3)according to the source of annuity income
B. Marital Status Long term- the longer the policythe more spread out the policy premiums are. Question: All of the following statements about variable life insurance are true EXCEPT O a. (a) capital retention approach D) Insurance covers intentional losses as well as unintentional. 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 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. 3,000, AccountsreceivableJul121,000???? B. d) Fair Credit Reporting Act. *The insured is diagnosed with terminal & chronicle illness
2)Decreasing Term
All of the following are true for indemnity insurance except that: a. premiums are based on separate risk pools often organized by employers. Which type of risk involves the possibility of loss or gain? 3)2 death benefit option
C. Consideration
All of the following are true of key person insurance EXCEPT D. Agents report. A surplus lines broker places risk with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers How do premiums for yearly renewable term insurance change as an insured gets older? Insurance is considered a transfer of risk. (b) current assumption whole life. D. Unilateral Contract What is used for the underwriting department to determine insurability? All of the following are options for managing risk, except: means of collecting a loss payment from a liable party. 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. Which of the following is a physical hazard? a. Accelerated Living Benefit/Accelerated Death Benefit? InventoryJul1Jul3122,000???? \hline & \text { Jul 31 } & 58,000 Which of the following documents must be provided to the policyowner or applicant during policy replacement? c) Increases annually. \hline (\$ 000) & 1 & 2 & 3 & 4 \\ Which of the following statements regarding the taxation of Modified Endowment Contracts is FALSE? \end{array} Yes, all T-mobile insurance plans cover water damage. B) Underwriters. Two years ago he suffered a head injury from an accident, so he cannot remember parts of his past, but is otherwise competent. C. Premiums are determined by age sex and occupation of each individuals certificate holder. c) A person who handles assets or money belonging to others. 1)Whole Life
Statement of good health What (5) Factors for GIO & GIB. whose covered? e. The total of costs recorded on all sales invoices for the month is$654,052.00. Correct: B. B. What adds coverage and modifies coverage? A persons assets & liabilities at their time of death. James purchased yearly renewable term insurance. -and the right to vote. C. The insurer is always required to pay the .
Abortion in the United States - Wikipedia The applicant accepts the invitation by paying the ___________. &&\\ 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} If the initial premium is not paid with the application, the agent will be required to collect the premium at the time of policy delivery. b. 2)Foreign Insurer
Final practice questions Flashcards | Chegg.com -assignor=assignee
Free Standardized Tests Flashcards about Health&Life - StudyStack 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. a) Accepted accounting principal. 2)attorneys
A key person insurance policy can pay for which of the following? Beneficiary's age D) the minor in a juvenile policy. C. A surplus lines broker deals with direct writing companies only All of the following are true about health insurance except: Purchasing health care can help save you from medical bankruptcy. 1)Domestic Insurer
2)administered charge
Universal Life is also known as two things what are they? A. contract of adhesion B. Beneficiarys age d) Tax-deductible. 2. All of the following are personal uses of life insurance EXCEPT, All of the following are true of key person insurance except, D. The plan is funded by permanent insurance only. Breach of warranty Receipt
With a little work, an unused office area could be converted to a rental room. Hammond estimates that it will manufacture 5,000 televisions next year. C. It's a decreasing term insurance. d) Paid-up option. The policy does not go into effect until the premium has been collected. a) Agent's report d) Decreases annually. _________ is a determination that a statement made as a warranty, or true. 3)Minors. C. Domestic Which of the following is usually true of a participating life insurance policy? -kids till 21
The Terrorism Risk Insurance Program is administered by which of the following Federal entities? ? Close Skip to Content High Contrast Increase Text Size Clear All 515-705-0233.
Effects of climate change - Wikipedia -birth of child. \hline -But pays you interest, 1)Fixed annuity
c. continuous premium whole life 2. Reinsurance has 2 types of policys, what are they? Term. -the insurer sets the terms of the contract and the applicant must adhere to them. don't pick binding receipt at all on test. Alex, age 26, purchased a 20- payment whole life insurance policy. A monthly deduction is made from a policy's cash value for the cost of insurance protection. still matures at age 100, -premium is paid off at one time
2)Explain and collect any ratings
(b) Cash value accumulation is slow to moderate. The following are all true regarding risk management, except: A. A. Who assumes control over an insurance company's funds and management if it becomes insolvent? C. Independent rating services evaluate and rate the financial ability of insurance companies The company records manufacturing costs by job number and uses a factory overhead applied rate to charge overhead costs to its products. Which of the following statements about limited-payment life insurance is true? C. it is often experience-rated, with premrums based on expected losses. A. (c) Interest credited to a policy's cash value is taxable to the policyowner in the year credited. Which $50,000 life insurance contract if purchased when the insured was 32, would have the highest cash value when the insured is 50? What constitutes the acceptance of an offer? Domestic Insurer
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. All of the following are business uses of life insurance EXCEPT -Both parties must follow certain conditions set forth in contract, -IRS classification of a policy that is overfunded
Correct: B. EMPIRECOMPANYIncomeStatementFortheMonthEndedOctober31,2017\begin{array}{c} 2)Variable annuity
Beneficiaries are NOT required to sign the application unless they are also the owner. It does not include breach of contract. (c) both I & II (d) neither I or II, Diane is a single parent. What insurance concept is associated with the names Weiss and Fitch? Address of his principal office A ______ will receive unfavorable tax treatment. b. Insurance is an important tool to manage risks, but often unavailable to poorer households. c) 10 years. b) Universal Life Rates are considered inadequate when they do not cover projected losses and expenses. Cash values can be borrowed at any time C. Buy-Sell agreements are normally funded with a life insurance policy 1. Now Tamara can afford whole life insurance. D. Breach of warranty A. Healthcare in the United States is far outspent than any other nation, measured both in per capita spending and as a percentage of GDP. Misrepresentation, Concealment and Deceit are all examples of what? c) National Association of Insurance Commissioners What are the two options in death benefit options? The insured agrees to maintain insurance equal to some specified percentage of the value of the property. \textbf{EMPIRE COMPANY}\\ Newborns after how many days become covered in a child rider?
Must have at least 32/40 question correct for positive rating. 1. C. Payment of premium 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. a) Aleatory d) Limited pay. 2)face amount is set
B. \hline & \text { Jul 1 } & 55,000 \\ B. 4)policy matures at age 100. Annual income Since they may receive a dividend (not guaranteed), such policies are known as participating policies. 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 . Insurance transfers risk but it does not__________ risk. The CAS number shown in an entry is typically . 3)substandard-highest, 6 factors that are complete for policy 2 be paid? -marriage
All of the following are true of negligence, except: - AZanswer 1)temporary
Based on Human Life Value Approach, which of the following is NOT used to calculate an individual's life value? Reinsurer Assuming company. Home Office- what do the underwriters do. they evaluate 4 things- what are they(4)??? B. Avoidance The insurer issues the policy and learns of his history one year later. Whats the "take it or leave it contract"? B. Conditional contract means the policy holder does what? 2)Legal Purpose
Agents and producers must place business through an insurer with the lowest rated 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. Insurance is designed to cover both intentional and unintentional losses. A contract between insurer and policy holder. If the corporation collects the policy benefit, then
Chapter 14/1: Group Health Insurance Flashcards | Quizlet d) Primary and secondary beneficiary designations. A Contract that binds only one party to future performance, is a (n): A. A company that does business in another state than incorporated who is owned by policyholders who received dividends when declared and voting rights. -Voting. Company A carries 1/3 of the total coverage ($20,000 + $40,000 = $60,000). 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. d) Producer. 1)physical exam
Correct: A. What characteristic must an annuity have if it is used to accumulate funds in an IRA?
Social Security is designed to provide a base of economic security B. 2. Correct: B. -it pays the double indemnity, 1)accident occurs, person must die within 90 days
~~~\text{Raw materials purchases}&\$264,000\\ A. Estate conservation Credit life Which of the following statements about a life insurance policy is (are) true? \hline & \text { Jul 31 } & 19,500 When the company earns a profit and elects to share there profits, they pay a ____________to the policyholders or shareholders. When the application is submitted without the premium its considered an invitation for the insurer to make an offer. When does the grace period begin and how long is it? 1) Avoiding the risk
Predicted needs of the family after the insured's death are used in the needs approach. B. WorkinProcessFactoryOverheadCash$229,040.0078,960.00250,558.00EmployeeIncomeTaxPayableSocialSecurityTaxPayableMedicareTaxPayable$33,880.0019,096.004,466.00. a) Types of mutual companies &\begin{array}{lccc} (a) I only (b) II only
Healthcare in the United States - Wikipedia Prior to October 2017, the company had been profitable every month. S dies 5 years later in 2008 and the insurer pays the beneficiary $10,500. The ___________ controls all rights of the contract. b) Fixed income (c) two-income earner family. C. Solicit applications on the insurer's behalf Something of value is a __________________. Rebating is an unfair trade practice and is regulated by law. Premiums are not tax deductible as a business expense.