B. If the insured commits suicide after the 2 year period, the policy will pay the death proceeds to the designated beneficiary the same as if the insured had died of natural causes. The policy is a contract of adhesion (4), 1)monthly Which of the following about yearly renewable term insurance is true? -Take it or leave it contract database of previously life and health insurance applications. If the ultimate consumer is a business that collects and pays to the government VAT on . and is NOT a party to the contract. \hline \text{Cash} & \$ 100 & \$ 100 & \$ 100 & \$ 100 \\ Which of the following statements concerning buy-sell agreements is true? Term life insurance provides pure death protection. &&\\ b) Conditional receipt 3. & \text{ ???? } c) Whole Life c. thoughts of harming a neighbor D. Breach of warranty AccountspayableJul1Jul3114,500??? The ___________ controls all rights of the contract. Liquidity in life insurance refers to availability of cash to the insured through cash values. C. Insured's annual expenses Increasing term The policy's cash value grows as the investments grow. All of the following statements regarding contracts of indemnity are true EXCEPT a. ~~~\text{Insurance expense}&\underline{8,000}&\underline{803,000}\\ B. Nonadmitted Various life insurance programs for people who served in the military are called ______________? d. falsely believing that a spouse has been Solved All of the following statements about universal life - Chegg The terrorism risk insurance program reauthorization act provides for a terrorism insurance program administered by which federal entity? Whats the "take it or leave it contract"? B. IRS has no jurisdiction Executive office Final practice questions Flashcards | Chegg.com A ____ contract requires that both parties perform certain duties. d) Military personnel. Annual income Which $50,000 life insurance contract if purchased when the insured was 32, would have the highest cash value when the insured is 50? Explanation: (Life Insurance Policy Provisions, Options and Riders) A family term rider will provide term life insurance on a spouse and children. Credit life &\text { Accounts payable }\\ B. 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. (3), WHat is the difference between universal and whole life policies? paperspast.natlib.govt.nz Is interest always gained in Universal Life Policy? Cash values are available in whole life policies. Healthcare in the United States is far outspent than any other nation, measured both in per capita spending and as a percentage of GDP. Which of the following requires that the insurance company supply the applicant with the name and address of the consumer reporting company? The employer is the owner . - 20 pay life-premiums paid for 20 years and paid up at 65 As her friend, you have been asked to review the income statement and make necessary corrections. (b) current assumption whole life. InventoryJul1Jul3122,000???? Accumulateddepr.-equipmentJul1DeprJul3155,0003,00058,000, RetainedEarningsJul165,000Dividend19,000NetInc65,000Jul31111,000\begin{aligned} The corporation also helps detect and prevent insurer impairments. 10 year level term Correct: C. Unilateral contract. (a) I only (b) II only A securities license. \end{aligned} A life insurance license. All of the following statements about term insurance are trueEXCEPTa. Accelerated Living Benefit/Death Benefit is what type of rider? For this amount of production, total factory overhead is estimated to be $396,000.00. B. Since they may receive a dividend (not guaranteed), such policies are known as participating policies. 3) policy builds cash-value \end{aligned} The correct answer is: Premiums are typically paid by the lender. Because the insurance company must pay claims and the insured must comply with the policy terms, the insurance contract is considered which of the following types of contracts? 1)Statement of continued good health Does not pay dividends to policyowners; however, taxable dividends are paid to stockholder. (a) The insurance provides protection for a temporary period of time. Age, Sex, Occupation, Hobbies, Habits, Smoking or Non-Drug user or Non. Type I rooms do not have wireless Internet access and are not available for the Business rental class. Steven prints a pamphlet to advertise his life insurance business. _____________ is a statement that is true to the best of the persons knowledge that is making the statement. Legal Purpose All of the following statements are true of liability insurance, EXCEPT -receiving dividends(when declared) Which of the following statements regarding the taxation of Modified Endowment Contracts is FALSE? A whole life insurance policy is exchanged for a term insurance policy, Which of the following will be included in a policy summary? A person cannot buy insurance unless that person is in a position to suffer a financial loss. . D. Unilateral Contract b) 5 years only. b. Hammond estimates that it will manufacture 5,000 televisions next year. 2)not payable in conjunction. B. d) Decreases annually. -The insurer would pay the face amount of the policy minus the past due premium. Chapter 14/1: Group Health Insurance Flashcards | Quizlet An insurance consultant CANNOT be which type of persons? (c) both I & II (d) neither I nor II. \end{aligned} 2. 3)riders & exclusions 1) mentally incompetent persons Jul3119,500\begin{aligned} c) Extended term ? d) 15 years. Life Insurance Flashcards - Cram.com Home Office- what do the underwriters do. they evaluate 4 things- what are they(4)??? D) The Fair Credit Reporting Act governs what information can be collected and how the information can be used. (a) universal life insurance. Dividends received by policyholders of a mutual insurer are not taxable. The following are all true regarding risk management, except: A. It does not include breach of contract. 2)face amount is set -greater potential to grow the cash value but there is no guarantee 2) form of interest sensitive life insurance(current market conditions influence the cash value) 3,000, AccountsreceivableJul121,000???? b. it frequently includes coverage for losses due to casualty and theft. 17,000, InventoryJul122,000???? -the premiums are paid for a limited time only. Chapter 4.1 : Life Insurance Flashcards | Chegg.com 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. Explain your answer. ch 7 Flashcards | Quizlet B. 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. 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. \end{array} Causes of the 2000s United States housing bubble - Wikipedia Rating codes are assigned to show financial strength or weakness of each company rated Accidental Death Benefit It is legal to list nonguaranteed values in the contract, but they must be specifically labeled as projected, not guaranteed values. An Insurance broker is responsible for what? B. -and the right to vote. A false statement in the application for insurance is_____________. Must have at least 32/40 question correct for positive rating. 1. A surplus lines broker places risk with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers A. A) the agent. -birth of child. (c) term insurance A debtor has an insurable interest in the life of a lender. 2)attorneys Their premiums are lower What adds coverage and modifies coverage? Which of the following does not constitute the consideration in the insurance transaction? B) According to the law of large numbers, the larger a group becomes, the easier it is to predict losses. Be prepared to justify your answer. RetainedEarningsDividend19,000Jul1NetIncJul3165,00065,000111,000. 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". \underline{\hspace{40pt}}. c) Fixed premium (c) face amount of the policy and the legal reserve. PracticeTest Flashcards by Gabriel Martinez | Brainscape 1)Level (c) both I & II (d) neither I or II, Diane is a single parent. 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} Insurance producers must ensure that contracts they recommend are in the best interest of the insured. Taxes, Retirement, and Other Insurance Concep, State Laws, Rules, and Regulations Quizzes, Life Insurance Policy Provisions, Options and, Fundamentals of Financial Management, Concise Edition. c) Comparisons with similar policies Foreign. 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? Exclusions always exist, and there is a reason for each one. (d) neither I nor II. The Waiver of Cost of Insurance rider is found in what type of insurance? After Alex has made 20 premium payments, his life insurance policy is considered Whoso. A life insurance policy is exchanged for an annuity. An Insurance Broker is responsible for what? 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? 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. Benefits received are considered income taxable -Not invested in stock market 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 policy summary usually includes all the listed information, and must be delivered along with a new policy. 5)an agreement is set, 1)Level term(cheapest insurance) face value stays the same Newborns after how many days become covered in a child rider? -insured can stop paying premiums at certain age or after a period of time 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. -policy holder adheres to it The designation will be void/. Life Insurance Basics Flashcards | Quizlet Empire Company is a manufacturer of smart phones. b) Coverage ends and the policy cannot be reinstated. For example, a claim will be paid only is there has been a covered loss. ______________ is defined as restoring the insured to the same financial condition as before the loss. B) Once the cash surrender value option is selected, the coverage is terminated and the policy cannot be reinstated. 4. -immediately considered fully paid up D. Effect of inflation on income over time. Suitability D. Accident C. Consideration 4. c) Counselor Insurance is not designed to cover _____________ losses. B. What are two reasons that people deposit money in banks? Why do most states have a waiting period for couples applying for marriage licenses? There is no limitation on the number of key employee plans in force at any one time. ____________ is a statement that is true to the best of the persons knowledge that is making the statement. Who is not a party to the contract and receives the benefits when the insured dies? Retention, Avoidance, and Transfer are all _________________. (d) Most policies have a CV that is refunded when coverage ceases. the underwriting process is approved for: 2)Decreasing term(premium is low) declining face value