a) Small employers Free Standardized Tests Flashcards about Health&Life - StudyStack \end{array} He would also like to invest in a mutual fund. In addition, they provide financial support for Tom's aged father and Nancy's aged mother. It requires evidence of insurability for renewal. -assignor=assignee S dies 5 years later in 2008 and the insurer pays the beneficiary $10,500. 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. 1) premium schedule differ from whole life The insurance provides protection for a specified period of time. 6)Explain Free Look period-10-30 days- unconditional refund that begins when policy is delivered. A lender has an insurable interest in the life of a debtor, but only to the extent of the debt. 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. C. Waiver of Estoppel d) 15 years. The insurer's promise to pay a covered loss and the insured's payment of the first premium, are examples of: A. B. Which $50,000 life insurance contract if purchased when the insured was 32, would have the highest cash value when the insured is 50? may not be altered by an agent and must clearly state that it is not part of the contract. Costs of training a replacement Rebating is an unfair trade practice and is regulated by law. \text{Inventory} & 201 & 505 & 905 & 52 \\ B. Joe, Larry, and Curly own a small business. 1) coverage is permanent 4. A securities license. D. The policy is a bilateral contract 17,000, InventoryJul122,000???? C. They can borrow higher amounts off of their policies don't pick binding receipt at all on test. & &&\textbf{ Quarter } \\ Correct: A. 2. 10 year level term Originating policy - 20 pay life-premiums paid for 20 years and paid up at 65 & \text{ ???? } All of the following characterize term life insurance, EXCEPT: Select one: a. D) Insurance covers intentional losses as well as unintentional. Annually renewable term policies provide a level death benefit for a premium that D. Speculative Risk The issuance of a _________ is the result of the acceptance of an offer. 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. Signed waiver of premium Correct: C. Consideration. \textbf{EMPIRE COMPANY}\\ 3)2 Death benefits-(level/increasing) c) Coverage ends but the policy can be reinstated at any time. 3)Minors. (c) PV of the family's share of a deceased breadwinner's future earnings. (2), The current market will influence the cash value b) Human life value approach A person who negotiates insurance contracts on behalf of an insured. ~~~\text{Advertising expense}&90,000\\ the underwriting process is approved for: Which of the following about decreasing term insurance is true? The policy is a conditional contract The Boyle family can be described as a 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} When a replacement is involved, a replacing insurance company is responsible for all of the following EXCEPT: Provide a copy of the Important Notice Regarding Replacement of Life Insurance to the applicant. A. Limited-Pay Life & Single-Premium 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? c) Policy loans are taxable distributions. A. An insured is driving her automobile and strikes a large pothole that . \\ See Page 1. Correct: C. Condition contract, enforceable only under certain conditions. c) Variable Premium 3. Which nonforfeiture option provides coverage for the longest period of time? \textbf{For the Month Ended October 31, 2017}\\ d. Does not pay dividends to policyowners; however, taxable dividends are paid to stockholder. Insurance is considered a transfer of risk. Predicted needs of the family after the insured's death An individual applies for a life policy. According to the entire contract provision, what document must be made part of the insurance policy? Compensating executives c) The inspection report Group Life Insurance Flashcards | Chegg.com A surplus lines broker accepts business only from non- resident agents 1) insured gets higher amount 1)cont. (a) The insurance provides protection for a temporary period of time. Accelerated Living Benefit/Death Benefit is what type of rider? (b) current assumption whole life. b) Reduced paid-up What are (4) ways annuities are classified? 2)collateral assignment-some or only one right assigned. A. The penalty is 50% of the shortfall from the required annual amount. B) The parent is responsible for the premium. (c) face amount of the policy and the legal reserve. C. Tax Status Alex, age 26, purchased a 20- payment whole life insurance policy. 2) premiums do not change 2) profits are returned as dividends Liquidity in life insurance refers to availability of cash to the insured. ? 3)premium is collected ___________ is the persons whose death triggers payment. d) Paid-up option. -Not a true insurance company What are the permanent working capital needs of your company? *The insured is diagnosed with terminal & chronicle illness b) Outline of coverage Question: All of the following statements about variable life insurance are true EXCEPT O 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). A. B. Insureds current and future income Traditional insurance policies contain a list or description of excluded "perils" (that which causes a loss). 3. C. The policy is an aleatory contract B. Prior to October 2017, the company had been profitable every month. Payor benefit/Clause is always a _________. How does having children affect the decisions that couples must make when considering a divorce? b. Quarter($000)1234Cash$100$100$100$100AccountsReceivable1999699604Inventory20150590552AccountsPayable104959597\begin{array}{lrrrr} Insurance producers must ensure that contracts they recommend are in the best interest of the insured. If someone dies within the Grace period, what happens? A mutual insurance company does not have what? See Answer. I. (b) Any withdrawal of cash value reduces the death benefit. The policy is issued for one year and may be renewed annually with evidence of insurability. b. &\text { Accounts payable }\\ c. Premiums may be raised at renewal d. Group term insurance may cover the . D. Funding against general company financial loss. \hline \text { Jul 31 } & 25,500 3)according to the source of annuity income Which of the following would least likely be considered a legitimate need that would be paid by insurance proceeds? b) Fluctuates. Total personal income in the United States (in billions of dollars) for selected years from 1960 to 2009 is given in the following table. You should now have gotten the answer to your question "All of the following statements are true of liability insurance, EXCEPT:", which was part of Insurance MCQs & Answers. Life Insurance Flashcards - Cram.com B) bonds 3. still matures at age 100, -premium is paid off at one time A mutual insurance company is owned by who? Permanent Insurance have 3 words in common, what are they? C. Medical Background Members are assessed to fund the corporation. -guarantee a stream of income to the person purchasing it known as the annuitant. Economics questions and answers. C. The death benefit paid to the beneficiary B) The plan is funded by permanent insurance only. An agent and an applicant for a life insurance policy fill out and sign the application. (a) matured. Example: company that is incorporated in NJ and sells in NJ. A. InventoryJul1Jul3122,000???? D) Obtaining a bachelor's degree. Rates. 4)decrease premium paying period. B) Money collected with respect to an insurance transaction must be held in a position of trust by the producer. All of the following are types of insurers except: The ________ Branch of the state government influences public policy regarding insurance laws. An Applicant inaccurately representing information on the application is guilty of: A. The shifting of risk of loss to a larger homogeneous group is known as what? 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???? A policy summary B. D. The benefit is received tax free Warranty 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". Life insurance prodceeds ? 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 An underwriter will consider each of the following factors when evaluating a risk, except: A. \hline & \text { Jul 1 } & \begin{array}{r} Funding against financial loss caused by the death of a key employee $ cant exceed indebtness. ? A whole life insurance policy is exchanged for a term insurance policy, Which of the following will be included in a policy summary? Only the MIB will provide information about an applicant's medical history. Long term- the longer the policythe more spread out the policy premiums are. A. 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. B. this insurance is often written in connection with automobile loans. A. D. Concealment Chapter 1- General Insurance Flashcards | Quizlet PracticeTest Flashcards by Gabriel Martinez | Brainscape (c) Most policies can be converted to a permanent life insurance policy. 3)2 death benefit option A life insurance policy is exchanged for an annuity. Business partners have an insurable interest in each other b) Increasing Premium Which term describes the probability of a loss? The failure to disclose known facts is what? All of the following statement regarding credit life insurance are true, except: A. credit life insurance may be written on either and individual or group basis. Cash values can be borrowed at any time A surplus lines broker places risk with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers C) They must contain a warning that actual results may vary. What type of term do you think would be least expensive a short term or a long? Concerning insurance, the definition of a fiduciary is The gross premium charged must reflect, at least for competitive reasons, the actual cost of providing the insurance. What are the temporary needs? After Alex has made 20 premium payments, his life insurance policy is considered What is the MIB? C. Hazards A. The policy is a contract of adhesion. Pertaining to insurance, what is the definition of a fiduciary responsibility? ____________ insurer is not a type of insurer. (c) conversion provision Contract of adhesion What kind of penalty would the IRA owner pay? A key person insurance policy will pay for costs of running the business and replacing the employee. a. Various life insurance programs for people who served in the military are called ______________? All of the following groups may purchase group health insurance coverage, EXCEPT: Groups must have at least two employees to be eligible for group insurance coverage. A persons assets & liabilities at their time of death.

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