2) form of interest sensitive life insurance(current market conditions influence the cash value) An insurer or producer may NOT knowingly employ an individual to act in a fiduciary capacity if that individual has been convicted of a felony or crime of moral turpitude within the past A ____ contract requires that both parties perform certain duties. An insured is driving her automobile and strikes a large pothole that . "Round Tree Manor is a hotel that provides two types of rooms with three rental classes: Super Saver, Deluxe, and Business. All of the following are true of insurance EXCEPT It transfers risk. Receipt \end{array} In a car accident dealing with ADB who covers the passenger? If the insurance carried is less than required, the insurance may not cover the whole loss. There is no limitation on the number of key employee plans in force at any one time. Level-increasing face value. a) No penalties, since the owner is older than 59 Why?". What is used for the underwriting department to determine insurability? Which of the following about the use of ordinary life insurance is true? An Insurance broker is responsible for what? 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? What constitutes the acceptance of an offer? Waiver of Premium- What happens to the insurer? B) According to the law of large numbers, the larger a group becomes, the easier it is to predict losses. All of the following are methods of payment? C. Solicit applications on the insurer's behalf (b) They increase at a decreasing rate. d) Accumulations are tax deferred. 4) Joint-Life policy(business part) Insurance policy of 2 or more The issuance of a policy or binder is not part of the consideration element of an insurance contract, it is part of the _______ ________. 1) the premium amount 3)they provide insurance to members. (d) They remain level. (a) I only (b) II only c) A person who handles assets or money belonging to others. Which is generally true regarding insureds who have been classified as preferred risks? B. All of the other statements are true. Which of the following best illustrates a An insurer that is incorporated in the same state that they are doing business in is a_____________.? I. An agent has authority to do all of the following, except: A. Countersign insurance contracts A debtor has insurable interest in the life of a lender D) Claims result from losses by a peril insured against in an insurance policy. An Insurance Broker is responsible for what? 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. 1. Which of the following is the basic source of information used by the company in the risk selection process? If you don't have health insurance, you pay all costs for healthcare and medical emergencies. 3)substandard risk. D. Concealment Legislative advocacy is essential to Physicians Insurance/MedChoice's purpose to protect, defend, and support our Members. 2)Legal Purpose A key person insurance policy can pay for which of the following? C. It's a decreasing term insurance. There are many legitimate need-based expenses that can be paid by life insurance proceeds, from groceries to retirement income. &\begin{array}{lr|lr} A. c. Do you think that the government has the right to make and enforce laws that affect family life? Which of the following statements about limited-payment life insurance is true? 4)decrease premium paying period. - 20 pay life-premiums paid for 20 years and paid up at 65 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. -then picks a contract. 21,000 \\ Accumulateddepr.-equipmentJul1DeprJul3155,0003,00058,000, RetainedEarningsJul165,000Dividend19,000NetInc65,000Jul31111,000\begin{aligned} Suitability Close Skip to Content High Contrast Increase Text Size Clear All 515-705-0233. If there Is a risk of financial loss then there is a what? What is NOT invested in the stock market but pays you interest? An individual applies for a life policy. exclusions: when the accident occurs within an illness,disease, or mental infirmity. If a change in the application is necessary what is required? C. Medical Background 3) Equity-Index annuity. An insured becomes disabled at age 22 and can no longer work. ____________ insurer is not a type of insurer. Are insurance company underwriters allowed to discriminate? A) loss reserves 2. c) Misrepresentation For this amount of production, total factory overhead is estimated to be $396,000.00. database of previously life and health insurance applications. When an agent collects the initial premium from the applicant, the agent should issue the applicant a. 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). b) Outline of coverage Traditional insurance policies contain a list or description of excluded "perils" (that which causes a loss). 5)an agreement is set, 1)Level term(cheapest insurance) face value stays the same \hline & \text { Jul 1 } & \begin{array}{r} Hazard They keep a high percentage of any interest earned on their policies An insurer that was incorporated in a different state that it is doing business in. Forms of interest and are Sensitive Whole Life, 1) Transfers risk to another insurer b. Which of the following about yearly renewable term insurance is true? 3)premium is collected insured is always the borrower & the beneficiary=lender C. The death benefit paid to the beneficiary B. a. whole life paid at 65 (b) current assumption whole life. D. Represent the insured's interest Which risk management type is shifting the risk of loss to a larger homogeneous group? C. Waiver of Estoppel Limited-Pay Life & Single-Premium Policies? Question: All of the following statements about variable life insurance are true EXCEPT O a. The correct answer is: Maggie's Piano Studio with 1 employee. -also the agent may be required to initial the change, statement of health from insureds personal physician, What are 2 federal laws that protect policy holders & forms that must be completed? \end{aligned} d) Graded Premium. 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? An annuity is exchanged for another annuity. -A Mec will receive unfavorable tax treatment The applicant's medical background is addressed in Part 2 - Medical Information. B. Insureds current and future income c) An agent offers tickets to a baseball game as an inducement to buy insurance. A. Beneficiary's age Which of the following is NOT an example of a business use of Life Insurance? 3. b. (c) term insurance All of the following would be exempt from the producer licensing requirements EXCEPT: A) A customer service representative who discusses policies. B. Aleatory contract C. Conditional contract D. The flexible premium. 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. b. c) Term life Long term- the longer the policythe more spread out the policy premiums are. A value-added tax ( VAT ), known in some countries as a goods and services tax ( GST ), is a type of tax that is assessed incrementally. (d) Premiums increase at an increasing rate upon renewal. C. Tax Status (b) Prepare a correct income statement for October 2017. \end{aligned} \end{array} \\ b) The debtors eligible for insurance under the policy shall all be the debtors of the creditor(s). a) Universal life If the corporation collects the policy benefit, then (Hint: Take a look at the Theory of Reasoned Action.). What is the term for a cause of loss, such as the theft of a car? ~~~\text{Depreciation on factory equipment}&31,000\\ 4) 3 components to the premium, The owner and the insured are different people. -pay for certain time and stop Beneficiaries are NOT required to sign the application unless they are also the owner. -the insurer sets the terms of the contract and the applicant must adhere to them. When a insurance company(insurer) has too many risks exposed to loss it seek another company(reinsurers) to insure them. What does it mean when a policy is limited pay life? 3. the underwriting process is approved for: The cash value of availability to the policyowner -pays an additional death benefit if the insured dies from an accident Life insurance proceeds 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 . D. group credit insurance must have a suicide clause . C) Completing pre-licensing training. \hline \text{Cash} & \$ 100 & \$ 100 & \$ 100 & \$ 100 \\ (a) limited-payment whole life insurance Premiums are not tax deductible as a business expense & \text{ ???? } The issuance of a _________ is the result of the acceptance of an offer. the application is used at the primary source of info. c) Counselor -immediately considered fully paid up 3)defined benefit plans A. \end{array} Example: AIL was incorporated in Indiana and its home office is in Texas so in NJ its considered a foreign insurer. &\begin{array}{lr|rr} 10 year level term 1) Avoiding the risk EMPIRECOMPANYIncomeStatementFortheMonthEndedOctober31,2017\begin{array}{c} e. The total of costs recorded on all sales invoices for the month is$654,052.00. It has cash value that is invested into the stock market through mutual funds/securities. \end{array} A corporation is the owner and beneficiary of the key person life policy. 1. Renew policy holder has an option- THE INSURER DOES NOT. When applicant is not the insured ______________ must exist. c) Comparisons with similar policies 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? \end{aligned} Two years ago he suffered a head injury from an accident, so he cannot remember parts of his past, but is otherwise competent. Taxes, Retirement, and Other Insurance Concep, State Laws, Rules, and Regulations Quizzes, Life Insurance Policy Provisions, Options and, Fundamentals of Financial Management, Concise Edition.
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