all of the following are true of insurance except

The 3 categories of private insurers site of incorporation? \text{Net loss}&&\underline{\underline{\$(23,000)}}\\ \textbf{EMPIRE COMPANY}\\ The County is administered by a five-member Board of Supervisors who are elected for four-year terms Participating policy. Carl would like to purchase life insurance. ?19,500, Accumulateddepr.-equipmentJul155,000Depr3,000Jul3158,000\begin{aligned} 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. Which of the following about the use of ordinary life insurance is true? 14,500 \\ D. The policy is a bilateral contract b. D. A surplus lines broker deals with admitted carriers only d) Tax-deductible. Predicted needs of the family after the insured's death ($000)CashAccountsReceivableInventoryAccountsPayable1$1001992011042$1009650595Quarter3$10099905954$1006045297, Describe Cream Silk's promotion within the context of the multi-attribute model: Which attribute(s) were central to the promotion and how does the model explain what the company was trying to accomplish with the "Human Hair Quartet?" The safety margin is narrower, because the cost of the insurance to the policyholder cannot be adjusted at a later time. DONT PICK IT!!!!!! (Choose from the following options) C) An insurance contract must contain a copy of the original application. Where does group-life insurance come from? (Choose from the following options) A surplus lines broker places risk with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers Study with Quizlet and memorize flashcards containing terms like All of the following are personal uses of life insurance EXCEPT A. Is claim still paid if there is a misstatement of age or sex? 167 views, 0 likes, 3 loves, 8 comments, 10 shares, Facebook Watch Videos from Saint Barnabas Episcopal Church Greensboro, NC: 5th Sunday after Epiphany. 3)substandard-highest, 6 factors that are complete for policy 2 be paid? A surplus lines broker deals with direct writing companies only Yes, all T-mobile insurance plans cover water damage. Based on Human Life Value Approach, which of the following is NOT used to calculate an individual's life value? \end{array} C. Whole life D. They can decide when to pay their monthly premiums. Reinsurer Assuming company. c) The inspection report The premium is guaranteed for an initial period and then the insurer can charge up to a maximum premium charge in what type of policy? Last year, the couple got divorced. A. has reached its final destination and can be paid out in full. What are two reasons that people deposit money in banks? Which of the following is TRUE regarding assignment rights for . ? All of the following are business uses of life insurance EXCEPT c. continuous premium whole life B. Which of the following about decreasing term insurance is true? Legislative advocacy is essential to Physicians Insurance/MedChoice's purpose to protect, defend, and support our Members. Hospital bills of the key employee a) Lump-sum approach Mutual life policy. An aleatory contract is a contract where the monetary values of the parties performances are________________. 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". All of the following are characteristics of group life insurance EXCEPT. Which of the following is the basic source of information used by the company in the risk selection process? An underwriter will consider each of the following factors when evaluating a risk, except: A. 1. 3)Alien Insurer. 3. Who would be eligible to obtain SGLI? What must exist at the time of the application? 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 \hline & \text { Jul 31 } & 19,500 D. Delivery receipt. The penalty is 50% of the shortfall from the required annual amount. 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. b) Copies of illustrations and application Who might receive dividends from a mutual insurer? 3)Minors. C. They can borrow higher amounts off of their policies -The insurance dept. (b) variable life insurance Journalize the entry to transfer the total of all cost sheets completed from Work in Process to Finished Goods. Correct: C. Condition contract, enforceable only under certain conditions. d) The insurer will sue the insured for committing fraud. Daycare is considered to be among these expenses. A. c) To protect the policyowner (c) variable life insurance. An insurance consultant CANNOT be which type of persons? d. The total of all cost sheets completed during the month is $628,880.00. (D The employer is the owner, payor and beneficiary of the policy. Address of his principal office It is used to help adequacy and equity in rates. Correct: A. a surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. \end{array} \\ 2)non-qualified plans 1. -greater potential to grow the cash value but there is no guarantee a) Tax-qualified 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. 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? Which of the following is true regarding the beneficiary designation of the former spouse. -policyowners right provision D. The benefit is received tax free. If someone dies within the Grace period, what happens? What term life insurance provision will permit Tamara to switch her term insurance to whole life insurance without having to show that she is still insurable? \end{array} 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? \text { Type I } & \$ 30 & \$ 35 & - \\ D. Funding against general company financial loss -cash value options (Choose from the following options) is proved to be untrue, whether intended as a falsehood or not, and may void the contract. (c) both I & II (d) neither I nor II. b) 5 years only. (c) both I & II (d) neither I or II, Diane is a single parent. It requires evidence of insurability for renewal. Cash values can be borrowed at any time c. Premiums may be raised at renewal d. Group term insurance may cover the . D. Effect of inflation on income over time. Which of the following statements about limited-payment life insurance is true? 3)they provide insurance to members. 1)Level b) The debtors eligible for insurance under the policy shall all be the debtors of the creditor(s). A key person insurance policy will pay for costs of running the business and replacing the employee. Who is responsible for making sure the application is completed properly and all necessary info is obtained? Is interest always gained in Universal Life Policy? 6)free-look period-$ back guaranteed. d) Joint and Survivor, B) The Waiver of Cost of Insurance rider is found in Universal Life policies. II. D. Breach of warranty D) Obtaining a bachelor's degree. ~~~\text{Advertising expense}&90,000\\ An IRA uses immediate annuities to pay out benefits; the IRA owner is nearly 75 years old when he decides to collect distributions. A life insurance policy is exchanged for an annuity. They keep a high percentage of any interest earned on their policies All of the following are true of key person insurance EXCEPT ) The key employee is the insured. &\begin{array}{cr|} Individuals covered under the policy received a certificate of insurance. The following are all true regarding risk management, except: A. B. -Staged intervals II. Which of the following requires that the insurance company supply the applicant with the name and address of the consumer reporting company? (d) The policyowner can add to a policy's cash value at any time subject to policy guidelines. b) Reduced paid-up The employer is the owner . Compute DVDs net cash provided by (used for) operating activities during July. Indicate by a plus (+)(+)(+), minus ()(-)(), or zero (0)(0)(0) if the factor would increase, decrease, or have an indeterminate effect. Does not pay dividends to policyowners; however, taxable dividends are paid to stockholder. A producer wishing to appeal the final order of the commissioner would appeal to???? An individual applies for a life policy. b) Fiduciary responsibility. What type of insurer has no capital stock? b) Coverage ends and the policy cannot be reinstated. D. Premiums are tax deductible as a business expense, B. \hline & \text { Jul 1 } & \begin{array}{r} The applicant has been shown to be a poor personal credit risk. Which model is the better fit for the data? d) The policy can be reinstated by paying back all policy loans and premiums. b) State attorney general Example: company that is incorporated in NJ and sells in NJ. d) Policy dividends. Conditional contract means the policy holder does what? A debtor has insurable interest in the life of a lender All of the following statements about the characteristics of Social Security are true EXCEPT A. (c) two-income earner family. The following are all causes for the Insurance Commissioner to suspend or impose conditions upon the continuance of a producer's license EXCEPT 1. b) Index used by stock companies The issuance of a _________ is the result of the acceptance of an offer. Certificate holders may convert coverage to an individual policy without evidence of insurability. A. (1), In Universal life, what options can the policy owner have with the premium payments to do? C. Buy-Sell agreements are normally funded with a life insurance policy c) Low-income individuals and families c) Extended term Can term insurance be both renewable and convertible? -pays an additional death benefit if the insured dies from an accident (c) both I and II a) Universal life 4. Exclusions always exist, and there is a reason for each one. What else must he include? How do premiums for yearly renewable term insurance change as an insured gets older? c) Fixed premium ? O d. a) Remains level. \text { Room } & \text { Super Saver } & \text { Deluxe } & \text { Business } \\ What kind of penalty would the IRA owner pay? ~~~\text{Indirect labor cost}&28,000\\ 2)APS=medical records The primary purpose of buying an annuity is? Tamara purchased a term insurance policy when she had high life insurance needs and limited income. Life insurance prodceeds 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. Cash value is the same as ___________ when the policy matures. Yes, all T-mobile insurance plans cover cracked screens.You will have to pay a deductible fee which will depend on your device model. Annual income (a) I only (b) II only Some life insurance policies offer cash values that can be borrowed at any time and used for immediate needs. I. D. Represent the insured's interest What is a statement in the application guaranteed true in all respects? -the premiums are paid for a limited time only. -Take it or leave it contract 3. 1) Avoiding the risk Whats the "take it or leave it contract"? B. Buy-Sell Agreements pay in the event of a medical emergency &\text { Cash }\\ C. Solicit applications on the insurer's behalf D. Offer C. A husband or wife has an insurable interest in their spouse In addition, they provide financial support for Tom's aged father and Nancy's aged mother. -tax free accumulation of borrowing. 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. c) Guides describing company financial integrity (c) term insurance D. Concealment don't pick binding receipt at all on test. 3) type of plan they applied for. 4)Based on principle sum(rider) & capital sum(insurer) 50%, 3rd party ownership insurers issues policy to a lending institution 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? 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) Failure to promptly settle a claim when liability has been clearly established b. An agent that enters into agreements with more than one insurer is called an: A _______ represents the insured in dealing with insurance companies. What is the difference between renewable policy holder & Insurer? Which of the following would provide an underwriter with information concerning an applicant's health history? The death benefit varies according to investment experience. Insurance is considered a transfer of risk. &\begin{array}{lr|rr} \end{aligned} 4)defined contribution plans. d. Executive office How has the Aswan High Dam affected the lives of Egyptians? D) the minor in a juvenile policy. Estate Creation B. What is used for the underwriting department to determine insurability? ___________ is the persons whose death triggers payment. b. 4) Joint-Life policy(business part) Insurance policy of 2 or more Occupation When a insurance company(insurer) has too many risks exposed to loss it seek another company(reinsurers) to insure them. A. Pertaining to insurance, what is the definition of a fiduciary responsibility? An insurance contract requires that both the insured and the insurer meet certain conditions in order for the contract to be enforceable. B. SalesrevenueLess:OperatingexpensesRawmaterialspurchasesDirectlaborcostAdvertisingexpenseSellingandadministrativesalariesRentonfactoryfacilitiesDepreciationonsalesequipmentDepreciationonfactoryequipmentIndirectlaborcostUtilitiesexpenseInsuranceexpenseNetloss$264,000190,00090,00075,00060,00045,00031,00028,00012,0008,000$780,000803,000$(23,000). She meets the definition of total disability under Social Security. Breach of warranty B. Term-Life policy has what 3 characteristics? Arrest History. D. Accident After insurer makes an offer, what must the applicant do? Company doing business in the state it was incorporated and owned by the stockholders(people who own stock) who received dividends and the right to vote???? d) Fair Credit Reporting Act. d) Paid-up option. Premiums are not tax deductible as a business expense. Universal Life is also known as two things what are they? A mutual insurer has no stock, and is owned by the policyholders. The purpose of an estate clearance fund is to pay all of the following EXCEPT. C. Risk Which $50,000 life insurance contract if purchased when the insured was 32, would have the highest cash value when the insured is 50? Agent Sam is using the human life value approach to assess Mary's life insurance needs. D. A surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers b) Larger. &\text { Inventory }\\ 3,000, AccountsreceivableJul121,000???? The storage of flammables in a fireproof container. Now Tamara can afford whole life insurance. \hline \text { Jul 31 } & 3,000 C. Unilateral contract Prepare a pie chart of on-time delivery performance for last month. good health When both parties to a contract must perform certain duties in order to make the contract enforceable, this is known as what? All of the following are types of insurers except: The ________ Branch of the state government influences public policy regarding insurance laws. c) Increases annually. It is used to pay off the balance on the mortgage. a) Small employers When the agent delivers the policy, collects the initial premium, and the applicant completes and acceptable statement of good health 1)Statement of continued good health C. Waiver of Estoppel A policy summary S dies 5 years later in 2008 and the insurer pays the beneficiary $10,500. A. If an insurer finds that an applicant has committed fraud, it can void the contract, provided that the discovery occurs within the first two years of the effective policy date. 3)2 Death benefits-(level/increasing) \end{aligned} An insurer that was incorporated in a different state that it is doing business in. -marriage 1)absolute assignment-all rights are assigned -But pays you interest, 1)Fixed annuity and what two kinds? (c) face amount of the policy and the legal reserve. The cost of insurance protection is referred to as what? -Prepays portion of face amount if diagnosed with terminal illness. Whoso. 2) Transferring the risk Weiss and Fitch are two of these services, although there are more. Only the MIB will provide information about an applicant's medical history. The cash value available to the policyowner A. 3. (b) Face amount decreases during the policy period, but premiums remain level. 2)the face amount States regulate the procurement of business from nonadmitted carriers by regulating the brokers who place business with these carriers. C) They must contain a warning that actual results may vary. B) The parent is responsible for the premium. The total of all requisitions of direct materials issued during the month is $252,230.00. There is a minimum guaranteed interest rate on all sub-accounts. -below market interest rates on borrowing The __________ branch of the state government influences public policy regarding insurance laws. B. (4), 1)monthly Liquidity in life insurance refers to availability of cash to the insured. 4)Explain the policy and its provisions B. The replacing company notifies the replacement company. Reinsurance has 2 types of policys, what are they? - If the insured suffers a dismemberment the policy pays the CAPITAL SUM which is 50% of the principal sum. \end{array} -paying for certain time and stop. B. \text{Accounts Receivable} & 199 & 96 & 99 & 604 \\ D) The Life and Health Insurance Guaranty Corporation protects Maryland residents who are policyholders, insureds, beneficiaries, annuitants, and assignees of life and health insurance policies, annuities, and supplemental contracts, if the insurer issuing the policies fails to perform its contractual obligations because it becomes impaired. 4)underwriting is complete B) Money collected with respect to an insurance transaction must be held in a position of trust by the producer. \end{aligned} Type of insurance contract that pays its death benefit only during a specified period of time and nothing after that stipulated period. What happens when there is a Misstatement of age or sex? a) A medical examination Various life insurance programs for people who served in the military are called ______________? What is the primary source of info for the underwriting department to determine insurability? All of the following statements regarding contracts of indemnity are true EXCEPT a. Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, ICEN6003: IC Engines Operation and Constructi. When will coverage begin? (c) They decrease at a constant rate. -its a rider It has cash value that is invested into the stock market through mutual funds/securities. Correct: C. Unilateral contract. When an insurance policy is not clear, the court will usually interpret in favor of the insured because of which characteristic? Which of the following statements about a life insurance policy is (are) true? Economics questions and answers. 1. D. Gender. Most insurance policies contain a specific limit that an insurer will pay for a single claim. Originating policy 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. One sided contract is a ______________ contract. What (5) Factors for GIO & GIB. whose covered? Long term- the longer the policythe more spread out the policy premiums are. What is the purpose of a suicide provision within a life insurance policy? Annually renewable term policies provide a level death benefit for a premium that 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. (d) Most policies have a CV that is refunded when coverage ceases. \text{Dividend}& 19,000& \text { Net Inc } & 65,000 \\ insured is always the borrower & the beneficiary=lender Tom and Nancy Boyle provide financial support for their two children. compulsion? 2)standard-average (b) Cash value accumulation is slow to moderate. b) The elderly Company A carries 1/3 of the total coverage ($20,000 + $40,000 = $60,000). ~~~\text{Selling and administrative salaries}&75,000\\ -immediately considered fully paid up considers Lloyds of London an Alien insurer the application is used at the primary source of info. D) adding cost of living coverage. Surplus lines broker deals with admitted carriers only a) More active. . ? When a policy is non-contributory how much is paid? B) bonds 3. \text{ ???? } Conditional Contract I. What type of interest does universal life have? d) Primary and secondary beneficiary designations. $ cant exceed indebtness. Correct: B. Life expectancy has increased in the U.S. over the last century. Height Weight and Health conditions. What characteristic must an annuity have if it is used to accumulate funds in an IRA? A. ~~~\text{Insurance expense}&\underline{8,000}&\underline{803,000}\\ In this case, the applicant will most likely need to fill out a Statement of Good Health. 1) insured gets higher amount Accelerated Living Benefit/Death Benefit is what type of rider? C. Conditional contract Insurers use this law in order to predict certain types of losses and set appropriate premiums. (b) Prepare a correct income statement for October 2017. Waive the premium if the INSURED becomes totally disabled. A. If the corporation collects the policy benefit, then An__________ represents the insurer. The policy's cash value grows as the investments grow. All of the following are methods of payment? Suitability Fraud 2)premium gets lower. All of the following statements are true regarding mortgage protection insurance EXCEPT. -kids till 21 2. For this amount of production, total factory overhead is estimated to be $396,000.00. Limited-Pay Life & Single-Premium Policies? Endowments means policy is what(2) things? Forms of interest and are Sensitive Whole Life, 1) Transfers risk to another insurer Alex, age 26, purchased a 20- payment whole life insurance policy.

Mary Smith Obituary Michigan, Articles A