all of the following are true of insurance except

The agent True or False: Under the Financial Responsibility Law, you are required All of the following statements about the settlement of a claim are true EXCEPT. D. The face amount remains the same throughout the life of the policy. Which of the families below is likely to have the least need for a large life insurance policy? C. Social Security works exactly same as private insurance. D. Unilateral Contract Most insurance policies contain a specific limit that an insurer will pay for a single claim. 4)Explain the policy and its provisions The policy is issued for one year and may be renewed annually with evidence of insurability. Which of the following statements about a life insurance policy is (are) true? a) A retail clerk. What are (4) characteristics of permanent insurance? Credit life 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. B) Money collected with respect to an insurance transaction must be held in a position of trust by the producer. D. They can decide when to pay their monthly premiums. Being young and healthy means you can skip out on health insurance. -A Mec will receive unfavorable tax treatment ~~~\text{Depreciation on sales equipment}&45,000\\ A) Tax-qualified annuities are used to accumulate IRA funds on a tax-deferred basis. c) Term life ~~~\text{Indirect labor cost}&28,000\\ \text{Sales revenue}&&\$780,000\\ 1. 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. All of the following are true of key person insurance EXCEPT Breach of warranty It has cash value that is invested into the stock market through mutual funds/securities. A __________ represents the insured. 4)decrease premium paying period. a) the risk is transferred to the insurer b)the insured may retain part of the risk through deductibles . A surplus lines broker accepts business only from non- resident agents B. What else must he include? -ages 25,28,34,37,40 4) 3 components to the premium, The owner and the insured are different people. The 4 characteristics of a universal life policy are? 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. 1)premium payment RetainedEarningsDividend19,000Jul1NetIncJul3165,00065,000111,000. B. All of the following are true about health insurance except: Purchasing health care can help save you from medical bankruptcy. When an applicant pays the initial premium the agent will give them a what? a) Premium amounts and surrender values (c) two-income earner family. I. The interest rate credited to the cash value at the time of issuance remains fixed over the life of the policy. O d. See Page 1. If the ultimate consumer is a business that collects and pays to the government VAT on . Insurance is designed to provide protection against which of the following? D) the minor in a juvenile policy. Predicted needs of the family after the insured's death (2), 1)HIPPA S dies 5 years later in 2008 and the insurer pays the beneficiary $10,500. A. Jul3117,000\begin{aligned} Chapter 11 - Life Insurance. Prepare the following details: Mobile number, serial number, or IMEI. Our records show that more than one device is associated with this Receipt Which of the following statements concerning buy-sell agreements is true? How has the Aswan High Dam affected the lives of Egyptians? The insurance company may not void the insurance policy for which of the following reasons? b) Adjustable life D. A surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers B. Insureds current and future income When the producer exceeds the authority expressed in the agency contract and the insurer does not take action, which type of authority is created? (c) The number of times the coverage can be renewed is limited. 6)free-look period-$ back guaranteed. Investors become more risk averse. Solved All of the following are true for indemnity insurance | Chegg.com C. Premiums are determined by age sex and occupation of each individuals certificate holder. When the company earns a profit and elects to share there profits, they pay a ____________to the policyholders or shareholders. C. A surplus lines broker accepts business only from non- resident agents (b) Cash value accumulation is slow to moderate. Where can you find insurance coverage after being rejected by your insurance company for too many claims in the past year? However, the applicant does not wish to give the agent the initial premium, and no conditional receipt is issued. You cannot sell a variable policy without what? What is the difference between renewable policy holder & Insurer? Other factors that are named include "Mortgage underwriters, investment banks, rating agencies, and investors", "low mortgage interest rates, low short-term interest rates . 3)Consideration _____________ is an employer paid disability and health insurance coverage that covers job related illnesses or injuries. b) Index used by stock companies The cost of a living rider is calculated by what? Poor adaptation to climate change further widens the gap between what people can afford and the costs of insurance, as risks increase. c) The premium for the policy shall be paid either from the creditor's funds, or from charges collected from the insured debtors, or from both. WorkinProcessFactoryOverheadCash$229,040.0078,960.00250,558.00EmployeeIncomeTaxPayableSocialSecurityTaxPayableMedicareTaxPayable$33,880.0019,096.004,466.00. 2. All of the following are business uses of life insurance EXCEPT $ cant exceed indebtness. 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 ____________ insurer is not a type of insurer. and what two kinds? C. Premiums are tax deductible by the key employee b) Reduced paid-up Exclusion Categories -tax free accumulation of borrowing. D. Funding against general company financial loss 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. What happens when there is a Misstatement of age or sex? c) Extended term D. Concealment Department of Defense \hline \text { Jul 31 } & 25,500 a) Indeterminate Premium 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)Alien Insurer. To sell variable insurance what must you have? 3) policy builds cash-value 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). (3), 1)bank trust officer An agent has authority to do all of the following, except: A. Countersign insurance contracts -Take it or leave it contract c. Using the payback period, which project should Bill choose? & \text{ ???? } Unit 27 Flashcards by Lauren Pulido | Brainscape (d) The policyowner can add to a policy's cash value at any time subject to policy guidelines. a) Juvenile Life 1)increase cash value 3. He has also been hospitalized for drug abuse, but does not remember this when applying for insurance. (a) I only A debtor has insurable interest in the life of a lender B. \end{array} &\text { Cash }\\ Which of the following information about the applicant is NOT included on Part 1 of the application for life insurance. ?19,500, Accumulateddepr.-equipmentJul155,000Depr3,000Jul3158,000\begin{aligned} Business partners have an insurable interest in each other 2)Explain and collect any ratings d) Accumulations are tax deferred. Get more out of your subscription* Access to over 100 million course-specific study resources A lender has an insurable interest in the life of a debtor, but only to the extent of the debt. Participating policy. C) purchasing family term insurance. 167 views, 0 likes, 3 loves, 8 comments, 10 shares, Facebook Watch Videos from Saint Barnabas Episcopal Church Greensboro, NC: 5th Sunday after Epiphany. Value-added tax - Wikipedia 6)Explain Free Look period-10-30 days- unconditional refund that begins when policy is delivered. An Insurer organized in another state than the state in which it is authorized to do business is known as which type of insurer? Is interest always gained in Universal Life Policy? b) Cost of living rider. 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. C. They can borrow higher amounts off of their policies Prior to October 2017, the company had been profitable every month. (b) face amount of the policy and the total premiums that have been paid. Joe, Larry, and Curly own a small business. ch 7 Flashcards | Quizlet Which of the following is a financial rating service? Correct: A. 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. II. d) Decreases annually. Permanent Insurance have 3 words in common, what are they? 2)attorneys -receiving dividends(when declared) When will coverage begin? Which of the following about decreasing term insurance is true? a) Because the insured is currently not a drug user, his policy will not be affected. (d) neither I nor II. \textbf{For the Month Ended October 31, 2017}\\ A person who negotiates insurance contracts on behalf of an insured. 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. -immediately considered fully paid up D. Premiums paid are deductible as a business expense. 3)defined benefit plans She has limited income and significant life insurance needs. All of the following information about a customer must be used in determining annuity suitability EXCEPT These individuals qualify for lower premiums than those in the other categories. An inexperienced assistant accountant has prepared the following income statement for the month of October 2017. All of the following statements are true of liability insurance, EXCEPT The storage of flammables in a fireproof container. Cash values are available in whole life policies. B. compulsion? (a) Evidence of insurability is not required to renew the coverage. ~~~\text{Direct labor cost}&190,000\\ (c) both I & II (d) neither I nor II. -car accident not in conjunction with an illness 3) Equity-Index annuity. 14,500 \\ Which of the following statements about limited-payment life insurance is true? a) Accepted accounting principal. D. Financial Experience. b) The agent's report 1) the premium amount \text{Accounts Payable} & 104 & 95 & 95 & 97 \\ Which of the following statements is not correct regarding rates and premiums? DepreciationExpense-FactoryEquipmentDepreciationExpense-BuildingHeat,Light,andPowerExpenseInsuranceExpense-Factory$5,770.242,822.409,055.201,505.28MiscellaneousExpense-FactoryPayrollTaxesExpense-FactoryPropertyTaxExpense-FactorySuppliesExpense-Factory$13,780.4843,736.006,088.3218,063.36. 4)annual, Everytime you have a payment due. A whole life insurance policy is exchanged for a term insurance policy, Which of the following will be included in a policy summary? What type of insurer has no capital stock? All of the following statements are true of liability insurance, EXCEPT: Answer: liability coverage indemnifies the insured. Accelerated Living Benefit/Death Benefit is what type of rider? M327. 2)FCRA(fair credit reporting act) checks MIB report. Jul3125,500\begin{aligned} Accumulateddepr.-equipmentJul1DeprJul3155,0003,00058,000, RetainedEarningsJul165,000Dividend19,000NetInc65,000Jul31111,000\begin{aligned} paperspast.natlib.govt.nz Both life and health insurance can be used for a variety of purposes in a business setting, including the funding of business continuation agreements, compensating executives, and protecting the firm against financial loss resulting from the death or disability of key employees. has reached its final destination and can be paid out in full. c) Misrepresentation Signed waiver of premium d) To protect the insurer from persons who purchase life insurance with the intention of committing suicide. a) Aleatory c. thoughts of harming a neighbor b. it frequently includes coverage for losses due to casualty and theft. When an agent is handling the premiums that belong to an insurance company, they are acting in a fiduciary capacity. d) The Guaranty Corporation. (a) They increase at an increasing rate. b. It is most appropriate when an insured needs lifetime protection. Benefits received are considered income taxable Round Tree has 100 Type I rooms and 120 Type II rooms. C. The death benefit paid to the beneficiary Statements in the application that are guaranteed true but later found to be false may result in what? 3)Rider expires 60,65,75. -7 pay test is used to determine If a policy is a MEC. (c) PV of the family's share of a deceased breadwinner's future earnings. B. All of the following would be considered to be rebating EXCEPT Instructions A policy that does not pay dividends to policyowners is a 3,000, AccountsreceivableJul121,000???? Forms of interest and are Sensitive Whole Life, 1) Transfers risk to another insurer Quarter($000)1234Cash$100$100$100$100AccountsReceivable1999699604Inventory20150590552AccountsPayable104959597\begin{array}{lrrrr} D. Aleatory contract What is used for the underwriting department to determine insurability? B. C. Application Correct: C. Concealment, A. Cash value is the same as ___________ when the policy matures. 1 / 25. All of the following are common characteristics of this coverage EXCEPT (c) Interest credited to a policy's cash value is taxable to the policyowner in the year credited. _____________ is a statement that is true to the best of the persons knowledge that is making the statement. b) Universal Life a) Universal life Jul3119,500\begin{aligned} A. Foregin Which of the following about the use of ordinary life insurance is true? If a parent purchases life insurance on their child all of the following are true, EXCEPT: A) The child is the insured. An insured owns a life insurance policy. 3)Minors. How do premiums for yearly renewable term insurance change as an insured gets older? Which $50,000 life insurance contract if purchased when the insured was 32, would have the highest cash value when the insured is 50? All of the following statements about ordinary life insurance are true EXCEPT. 3)increase the length of coverage D) Insurance covers intentional losses as well as unintentional. A. She meets the definition of total disability under Social Security. Who would be eligible to obtain SGLI? B) the applicant. There is no limitation on the number of key employee plans in force at any one time B. \textbf{Income Statement}\\ If contract is up after 20 years & policy holder wishes 2 renew what occurs every year? Buy-sell agreements are normally funded with a life insurance policy. When a policy has reached its final destination and can be paid out in full is when the policy has ____________? If the corporation collects the policy benefit, then & \text{ ???? } When both parties to a contract must perform certain duties in order to make the contract enforceable, this is known as what? Adverse selection is well controlled. B. B. Marital Status -the applicant must always initial the change 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? c. continuous premium whole life (c) Interest credited to a policy's cash value is taxable to the policyowner in the year credited. Occupation 3) type of plan they applied for. d. 10 payment whole life, Chapter 12 - Life Insurance Contractual Provi, Chapter 15 - Individual Health Insurance Cove, Fundamentals of Financial Management, Concise Edition, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. O b. C. Tax Status The debtor does not have an insurable interest in the life of the lender. 2)not payable in conjunction. 21,000 \\ The applicant accepts the invitation by paying the ___________. Surviving family members may experience a reduction in their standard of living if the family breadwinner dies prematurely. -Follows all conditions of contract & pays premium, -insurer says how policy works An insurance company that was incorporated in a different state it is doing business in and pays dividends to its policyholders is known as a _________. A company that does business in another state than incorporated who is owned by policyholders who received dividends when declared and voting rights. Final practice questions Flashcards | Chegg.com Insurance is not designed to cover _____________ losses. c) Policy loans are taxable distributions. All of the following statements regarding contracts of indemnity are true EXCEPT a. D. Claim History 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? Chapter 3 part 1 Flashcards | Quizlet The Terrorism Risk Insurance Program is administered by which of the following Federal entities? There is a minimum guaranteed interest rate on all sub-accounts. Which of the following is an example of liquidity in a life insurance contract? -the premiums are paid for a limited time only. A) The insurance policy usually has a provision specifying how a notice of loss is to be made to the insurance company. 1)cont. (c) both I & II (d) neither I or II, Diane is a single parent. Who appoints the state insurance regulator in many states? 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. Is There An Objective Morality? IAI TV Which of the following is NOT an allowable 1035 exchange? C. Unilateral contract b) Copies of illustrations and application d) Loss. (b) current assumption whole life. It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. (d) Most policies have a CV that is refunded when coverage ceases. An individual applies for a life policy. A. contract of adhesion All of the following are true of negligence, except: - AZanswer 2)APS=medical records A key person insurance policy will pay for costs of running the business and replacing the employee. An agent tells an insured that if he replaces his current insurance policy with a newer one, his dividends will be higher and his premium will be slightly lower. For this amount of production, total factory overhead is estimated to be $396,000.00. 2) profits are returned as dividends D. Represent the insured's interest What kind of penalty would the IRA owner pay? 4)explain policy & provisions Which of the following is an example of an unfair claims settlement practice? 2)the face amount C. The insured may retain part of a risk through deductibles. C. Loss of personal income \end{aligned} The terrorism risk insurance program reauthorization act provides for a terrorism insurance program administered by which federal entity? What are the permanent working capital needs of your company? B. A policy summary usually includes all the listed information, and must be delivered along with a new policy. (a) matured. (Hint: Take a look at the Theory of Reasoned Action.). c) Disclosure rule Insurance producers must ensure that contracts they recommend are in the best interest of the insured. Which is generally true regarding insureds who have been classified as preferred risks? 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. (3), WHat is the difference between universal and whole life policies? &\text { Rental Class }\\ ____________ is the transfer of the right of recovery from the insured to the insurance company. Long term- the longer the policythe more spread out the policy premiums are. Estate conservation d) An agent misrepresents policy benefits to convince a policyowner to replace policies. a) Consumer Privacy Act D) Obtaining a bachelor's degree. 3)certified public accountants, Is insurance that is provided by the Federal or State government Healthcare in the United States - Wikipedia &\begin{array}{lr|rr} (a) capital retention approach Quarterly working capital levels for your firm for the next year are included in the following table. A rider that may be attached to a life insurance policy that will adjust the face amount based upon a specific index, such as the Consumer Price Index, is called B) Underwriters. C. Independent rating services evaluate and rate the financial ability of insurance companies 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? The __________ branch of the state government influences public policy regarding insurance laws. Part 1 of the application includes the general questions about the applicant, including name, age, address, birth date, gender, income, marital status, and occupation. Example: AIL was incorporated in Indiana and its home office is in Texas so in NJ its considered a foreign insurer. (b) The face amount of the policy is paid if the insured lives to age 65. Suitability (a) limited-payment whole life insurance C. The benefit is received as taxable income Statement of good health The gross premium charged must reflect, at least for competitive reasons, the actual cost of providing the insurance. Flashcards - D1. Accident and Health Insurance Basics - FreezingBlue Cause of potential loss to property such as fire, windstorm, hail, flood, etc. D. The ratings are available to the public 5)coverage begins Non-Participating (stock) Life Insurance Policy. The total of all requisitions of direct materials issued during the month is $252,230.00. a) No penalties, since the owner is older than 59 a) Types of mutual companies B. Conviction of a felony involving moral turpitude. ch2 Flashcards | Quizlet The insured agrees to maintain insurance equal to some specified percentage of the value of the property. The policyowner can add to a policy's cash value at any time subject to policy guidelines. -receiving dividends(when declared) Correct: C. Consideration. 4)policy matures at age 100. Correct: A. The issuance of a policy or binder is not part of the consideration element of an insurance contract, it is part of the _______ ________. \end{array} \\ What contract characteristic does this describe? All of the following statements about term insurance are true EXCEPT. C. Medical Background -20 pay life-paid up at 65 (c) term insurance Solved All of the following statements about professional - Chegg Weiss and Fitch are two of these services, although there are more. C. Payment of premium The employer is the owner . Company A carries 1/3 of the total coverage ($20,000 + $40,000 = $60,000). Which of the following would least likely be considered a legitimate need that would be paid by insurance proceeds?

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