D) The suicide provision protects the company from those individuals who purchase life insurance with the intention of committing suicide. Rates are considered inadequate when they do not cover projected losses and expenses. 4. Correct: B. 2)Family Income(decreasing term-policy)
a) Payor rider. C. it is often experience-rated, with premrums based on expected losses. As her friend, you have been asked to review the income statement and make necessary corrections. \underline{\hspace{40pt}}. B. B. ~~~\text{Direct labor cost}&190,000\\ An annuity whose based on the stock market index? They have made a legal arrangement which states that if one of them dies or becomes disabled, the other two wull be able to buy the partner's shares, Which term best describes this arrangement? Jason Mackenzie Alexander argues morality is a form of social technology - it is context specific and it can go out-of-date D) the minor in a juvenile policy. c) Premium accountability. C) the proposed insured. D. Premiums paid are deductible as a business expense. 3) Ordinary. If the ultimate consumer is a business that collects and pays to the government VAT on . He would also like to invest in a mutual fund. Round Tree has 100 Type I rooms and 120 Type II rooms. d) Fair Credit Reporting Act. Newborns after how many days become covered in a child rider? -receiving dividends(when declared)
-usually mutual fund security
3) policy builds cash-value
a) Remains level. C. Payment of premium c) Counselor \hline \text { Jul 31 } & 17,000 \hline Life expectancy has increased in the U.S. over the last century. Rates. D) real estate, Under one method of estimating a loss reserve, the reserve is based on life expectancy, duration of disability, and similar factors. B. D. Concealment The issuance of a policy or binder is not part of the consideration element of an insurance contract, it is part of the _______ ________. B. B) The parent is responsible for the premium. c) Coverage ends but the policy can be reinstated at any time. -policyowners right provision
The minimum FREE LOOK period is how many days? A. 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. c) Accelerated benefit rider. How much life insurance should Sam advise . 6)Explain Free Look period-10-30 days- unconditional refund that begins when policy is delivered. (Medic Information Bureau)? D. They can decide when to pay their monthly premiums. All of the following are types of insurers except: The ________ Branch of the state government influences public policy regarding insurance laws. 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. \end{array} Compensating executives When a policy is non-contributory how much is paid? All of the following statements are TRUE concerning Debtor Groups EXCEPT II. An applicant is denied insurance because of information found on a consumer report. All of the following are true about health insurance except: Purchasing health care can help save you from medical bankruptcy. D. Premiums are tax deductible as a business expense, B. B. 3)low premiums. a) Premium amounts and surrender values 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. Which of the following documents delivered to the policyowner includes information about premium amounts, cash values, surrender values, and death benefits for specific years? Reinsurance has 2 types of policys, what are they? Tamara purchased a term insurance policy when she had high life insurance needs and limited income. James purchased yearly renewable term insurance. Insurance is designed to cover both intentional and unintentional losses. \text{Less: Operating expenses}\\ A false statement in the application for insurance is_____________. C. The death benefit paid to the beneficiary Level-increasing face value. C. Funding business continuation agreements Is interest always gained in Universal Life Policy? The policy is a conditional contract 1)absolute assignment-all rights are assigned
Which type of risk involves the possibility of loss or gain? Can term insurance be both renewable and convertible? What is the primary source of info for the underwriting department to determine insurability? An agent and an applicant for a life insurance policy fill out and sign the application. Which method makes the most sense for her to employ? 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} c. continuous premium whole life
Which risk management type is shifting the risk of loss to a larger homogeneous group? (b) Prepare a correct income statement for October 2017. However, the applicant does not wish to give the agent the initial premium, and no conditional receipt is issued. C. They can borrow higher amounts off of their policies A conditional contract requires both the insurer and policyowner to meet certain conditions before the contract can be executed, unlike other types of policies, which put the burden of condition on either the insurer or the policyowner. IN WHITE RAIMENT. B. Buy-Sell Agreements pay in the event of a medical emergency when the applicant/owner is not the insured-3rd party
1.1K 64K views 1 year ago In this video I show you how to one shot (d) Most policies have a CV that is refunded when coverage ceases. A mutual insurance company is owned by who? B. An insurer that was incorporated in a DIFFERENT STATE that it is doing business in is a _____________??? 2)Decreasing Term
C) purchasing family term insurance. 2) premiums do not change
How do premiums for yearly renewable term insurance change as an insured gets older? c) The inspection report Premiums are not tax deductible as a business expense. 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. Members are assessed to fund the corporation. ______________ is defined as restoring the insured to the same financial condition as before the loss. All of the following statements about universal life insurance are true EXCEPT 5)Survivorship Life Policy (policy holder pays themselves). All of the following statements are true regarding mortgage protection insurance EXCEPT. -pay for certain time and stop
~~~\text{Rent on factory facilities}&60,000\\ C. Department of State
c) An agent offers tickets to a baseball game as an inducement to buy insurance. D. Funding against general company financial loss. (b) Most policies can be renewed without evidence of insurability. In a conditional receipt if the policy holder dies before delivery of the policy what has to happen for the benefits to be paid? c. Manufacturing expense accounts and their balances for the month are as follows: DepreciationExpense-FactoryEquipment$5,770.24MiscellaneousExpense-Factory$13,780.48DepreciationExpense-Building2,822.40PayrollTaxesExpense-Factory43,736.00Heat,Light,andPowerExpense9,055.20PropertyTaxExpense-Factory6,088.32InsuranceExpense-Factory1,505.28SuppliesExpense-Factory18,063.36\begin{array}{lrlrr}\text { Depreciation Expense-Factory Equipment } & \$ 5,770.24 & \text { Miscellaneous Expense-Factory } & \$ 13,780.48 \\ \text { Depreciation Expense-Building } & 2,822.40 & \text { Payroll Taxes Expense-Factory } & 43,736.00 \\ \text { Heat, Light, and Power Expense } & 9,055.20 & \text { Property Tax Expense-Factory } & 6,088.32 \\ \text { Insurance Expense-Factory } & 1,505.28 & \text { Supplies Expense-Factory } & 18,063.36\end{array} A ______ will receive unfavorable tax treatment. It is used to help adequacy and equity in rates. For example, a claim will be paid only is there has been a covered loss. What else must he include? \text{Inventory} & 201 & 505 & 905 & 52 \\ Modification to a policy is a _______________? 3)certified public accountants, Is insurance that is provided by the Federal or State government
3. B. Healthcare in the United States is far outspent than any other nation, measured both in per capita spending and as a percentage of GDP. -it is a type of Rider
a. 2)standard-average
All of the other statements are true. (c) both I & II (d) neither I nor II. b) To deter the policyowner from committing suicide C. The insured may retain part of a risk through deductibles. Which of the following is a physical hazard? C. Certain Risk All of the following statements about term insurance are true EXCEPT. C. Concealment Premiums are not tax deductible as a business expense The applicant's medical background is addressed in Part 2 - Medical Information. An Insurer organized in another state than the state in which it is authorized to do business is known as which type of insurer? A. D) Insurance covers intentional losses as well as unintentional. A. ____________ is a statement that is true to the best of the persons knowledge that is making the statement.
6/1 Quiz: Group Life Insurance Flashcards | Quizlet Prior to October 2017, the company had been profitable every month.
PracticeTest Flashcards by Gabriel Martinez | Brainscape A) loss reserves 2. CPI (consumer price index) without evidence. The 7 paytest is used to determine if a policy is a _______? Misappropriation or illegal withholding of the policyholder's money. Accelerated Living Benefit/Accelerated Death Benefit? What constitutes the acceptance of an offer? A. contract of adhesion There is no limitation on the number of key employee plans in force at any one time B. The preferred risk classification indicates that an insured is in excellent physical condition and employs healthy lifestyles and habits. C) Completing pre-licensing training. Statement of good health (a) universal life insurance. The correct answer is: Premiums are typically paid by the lender. \end{array} An insurer that was incorporated in a different state that it is doing business in.
Effects of climate change - Wikipedia 3)Increasing term adds face value. Be prepared to justify your answer. Correct: D. A surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. Which of the following documents must be provided to the policyowner or applicant during policy replacement? It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. 5)Explain when coverage begins
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. 4.
All of the following are true of negligence, except: - AZanswer The NAAR for a life insurance policy is the difference between the They become permanently disabled
Other factors that are named include "Mortgage underwriters, investment banks, rating agencies, and investors", "low mortgage interest rates, low short-term interest rates . An insurer that is incorporated in the same state that they are doing business in is a_____________.? b. a) The policyholders or stockowners of the company d) Making claims payments which clearly indicate under which coverage payment has been made. Payor benefit/Clause is always a _________. All renewable term policies are accepted without__________ and only with_____ collected. D. Accident If the insured becomes disabled, the rider allows the cost of insurance to be waived, with the exception of premium costs required to accumulate cash value, Who must notify the replacement company of a policy that is being replaced? Costs of training a replacement Economics questions and answers. What adds coverage and modifies coverage? Quarter($000)1234Cash$100$100$100$100AccountsReceivable1999699604Inventory20150590552AccountsPayable104959597\begin{array}{lrrrr} 1) the premium amount
All of the following statements regarding contracts of indemnity are true EXCEPT a. This type of life insurance is called -Staged intervals
2. Term life insurance provides the largest amount of coverage for the lowest amount of premium. b) Universal Life After examining other manufacturing cost data, you have acquired additional information as follows. A persons assets & liabilities at their time of death. Some life insurance policies offer cash values that can be borrowed at any time and used for immediate needs. The insurance provides protection for a specified period of time. When an agent is handling the premiums that belong to an insurance company, they are acting in a fiduciary capacity. Medical exams provide information on current health. ________________ are the person who receives benefits payable upon death.
Solved All of the following statements about universal life - Chegg compulsion? There are 2 parties of the contract- what are they? Errors and Omissions Coverage (E&O) is a name used to describe a type of professional liability insurance. RentalClassRoomTypeITypeIISuperSaver$30$20Deluxe$35$30Business$40. C. Countersign insurance contracts -cash value can lose value. 1)tax qualified plans
An Applicant inaccurately representing information on the application is guilty of: A. 1)increase cash value
Misrepresentation, Concealment and Deceit are all examples of what? Social Security is designed to provide a base of economic security B. \hline & \text { Jul 1 } & 55,000 \\ The penalty is 50% of the shortfall from the required annual amount. 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. Which of the following statements concerning buy-sell agreements is true? Legislative advocacy is essential to Physicians Insurance/MedChoice's purpose to protect, defend, and support our Members. B. Insureds current and future income \\ Which is generally true regarding insureds who have been classified as preferred risks? Predicted needs of the family after the insured's death C. Social Security works exactly same as private insurance. 21,000 \\ 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. c) Conditional 3. also known as acceptance. Life insurance prodceeds An insured becomes disabled at age 22 and can no longer work. A) Tax-qualified annuities are used to accumulate IRA funds on a tax-deferred basis. Insurance is not designed to cover _____________ losses. This is called. b. it frequently includes coverage for losses due to casualty and theft. A.
Chapter 3 part 1 Flashcards | Quizlet C. Waiver She has limited income and significant life insurance needs. C. Waiver of Estoppel A company that does business in another state than incorporated who is owned by policyholders who received dividends when declared and voting rights. d) The policy can be reinstated by paying back all policy loans and premiums. (2), 1)HIPPA
Free Chapter 1 - Tests.com 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. EMPIRECOMPANYIncomeStatementFortheMonthEndedOctober31,2017, Salesrevenue$780,000Less:OperatingexpensesRawmaterialspurchases$264,000Directlaborcost190,000Advertisingexpense90,000Sellingandadministrativesalaries75,000Rentonfactoryfacilities60,000Depreciationonsalesequipment45,000Depreciationonfactoryequipment31,000Indirectlaborcost28,000Utilitiesexpense12,000Insuranceexpense8,000803,000Netloss$(23,000)\begin{array}{lcc} C. Premiums are tax deductible by the key employee (c) face amount of the policy and the legal reserve. c) Helping insureds to file claims Close Skip to Content High Contrast Increase Text Size Clear All 515-705-0233. B. C. Risk 1) mentally incompetent persons
3) Increasing Term. Which kind of agent enters into agreements with more than one insurer? The insurer's promise to pay a covered loss and the insured's payment of the first premium, are examples of: A. (d) paid-up. 3)Minors. 4. 2)not payable in conjunction. AccountsreceivableJul1Jul3121,000???? 2) profits are returned as dividends
d. falsely believing that a spouse has been A debtor has insurable interest in the life of a lender What are some of the questions asked on the application to determine the premium and risk classification of the insured?
The correct answer is: The premium decreases to zero by the end of the policy period. What characteristic must an annuity have if it is used to accumulate funds in an IRA? \end{array} Estate Creation B. d) Joint and Survivor, B) The Waiver of Cost of Insurance rider is found in Universal Life policies. -kids till 21
What are the temporary needs? Upon policy delivery, the producer may be required to obtain any of the following EXCEPT & \text{ ???? } b) Hazard ~~~\text{Depreciation on factory equipment}&31,000\\ 3. 1)Domestic Insurer
2. \textbf{EMPIRE COMPANY}\\ Insurance that is provided by the Federal or State Government and sex doesn't determine eligibility? Daycare is considered to be among these expenses. Exclusions always exist, and there is a reason for each one. Estate conservation The US is the only developed nation without a system of universal healthcare, with a large proportion of its population not carrying health insurance, a . 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. d) Buyer's Guide. If the premium was not collected at the time of the application, the producer may also be required to get a Statement of Good Health from the applicant at the time of policy delivery. (a) Interest is credited monthly to a policy's cash value. After insurer makes an offer, what must the applicant do? The policy's cash value grows as the investments grow. (c) both I & II (d) neither I or II. b) 10% for early withdrawal A peril c. thoughts of harming a neighbor
New York City | Robert Klein | Robert Klein At Yale (1982) | baseball Any profit realized in the operation will be used to provide dividends to stockholders as well as surplus funds that may be used as a buffer for future adverse experience. 90-180 days. ($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?" b) Coverage ends and the policy cannot be reinstated. c) To protect the policyowner Its controller resigned in October 2017. a) Year only. The correct answer is: Maggie's Piano Studio with 1 employee. -paying for certain time and stop. &\begin{array}{cr|} See Answer. What happens when a policy is surrendered for its cash value? A whole life insurance policy is exchanged for a term insurance policy. An IRA uses immediate annuities to pay out benefits; the IRA owner is nearly 75 years old when he decides to collect distributions. \textbf{Income Statement}\\ Last year, the couple got divorced. Health insurance decreases your healthcare costs. This method of estimating . To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value.