Effects of climate change - Wikipedia 2. 2. Beneficiary's age -Voting. An agent has authority to do all of the following, except: A. Countersign insurance contracts (a) Interest is credited monthly to a policy's cash value. d. 10 payment whole life, Chapter 12 - Life Insurance Contractual Provi, Chapter 15 - Individual Health Insurance Cove, Fundamentals of Financial Management, Concise Edition, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. What kind of penalty would the IRA owner pay? c) Whole Life Correct: C. Concealment, A. Government Relations: New Challenges and the Ongoing Erosion of A) A policy summary must be delivered along with the policy and will provide the producer's name and address, the insurance company's home office address, the generic name of the policy issued, and premium, cash value, surrender value and death benefit figures for specific policy years. All The statements made on the application are called ______? The insurer that is transferring the risk to another company is called the ____________ __________. A monthly deduction is made from a policy's cash value for the cost of insurance protection. Annual income 6)free-look period-$ back guaranteed. Represent the insured's interest 3. Cash values are available in whole life policies. What is the term for a cause of loss, such as the theft of a car? ? Terms that apply to the insurer not the applicant. C. Social Security works exactly same as private insurance. They keep a high percentage of any interest earned on their policies c. continuous premium whole life States regulate the procurement of business from nonadmitted carriers by regulating the brokers who place business with these carriers. 1 / 25. All of the following statements are true regarding mortgage protection insurance EXCEPT. The accounting records of DVD Sales, Inc., include the following accounts: CashJul15,500???? a) Consumer Privacy Act b) 5 years only. Which $50,000 life insurance contract if purchased when the insured was 32, would have the highest cash value when the insured is 50? Occupation 4)settlement options, 1)stand alone policy 4)Offer and Acceptance, -direct and identifiable interest in that persons life/as well as financial interest. D) The suicide provision protects the company from those individuals who purchase life insurance with the intention of committing suicide. It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. \end{aligned} 2)quarterly One sided contract is a ______________ contract. 1)tax qualified plans This is called. To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. 1) insured gets higher amount See Page 1. A) the agent. 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. \end{aligned} I. All renewable term policies are accepted without__________ and only with_____ collected. Correct: A. Cash value is invested in the stock market. \end{array} There is a minimum guaranteed interest rate on all sub-accounts. Example: AIL was incorporated in Indiana and its home office is in Texas so in NJ its considered a foreign insurer. The parties in the insurance contract consist of whom? (a) The insurance provides protection for a temporary period of time. Who gets $$money when the policy holder dies? b) Adjustable life -Not invested in stock market 1) premium schedule differ from whole life What will probably happen? How much life insurance should Sam advise . D. Accident -marriage The purpose of an estate clearance fund is to pay all of the following EXCEPT. -low commissions A. Foregin a) Withdrawals are not taxable. b) The elderly D. Offer Chapter 4.1 : Life Insurance Flashcards | Chegg.com ______________ is defined as restoring the insured to the same financial condition as before the loss. A company that does business in another state than incorporated who is owned by policyholders who received dividends when declared and voting rights. 4)Based on principle sum(rider) & capital sum(insurer) 50%, 3rd party ownership insurers issues policy to a lending institution Correct: B. 3)Minors. All of the following statements about term insurance are trueEXCEPTa. For example, a claim will be paid only is there has been a covered loss. D. Speculative Risk C. Buy-Sell agreements are normally funded with a life insurance policy 2. \hline \text{Cash} & \$ 100 & \$ 100 & \$ 100 & \$ 100 \\ IRS classification of a policy that is overfunded? When a policy is non-contributory how much is paid? C. Application Empire Company is a manufacturer of smart phones. It does not include breach of contract. D. Aleatory contract a) Premium amounts and surrender values All of the following information about a customer must be used in determining annuity suitability EXCEPT Quarter($000)1234Cash$100$100$100$100AccountsReceivable1999699604Inventory20150590552AccountsPayable104959597\begin{array}{lrrrr} &\begin{array}{l|lr} 4. All of the following statements about term insurance are true EXCEPT. A producer wishing to appeal the final order of the commissioner would appeal to???? A life insurance policy is exchanged for an annuity. &&\\ 3)Explain any riders or exclusion What type of term do you think would be least expensive a short term or a long? D. The policy is a bilateral contract B) The reduced paid-up nonforfeiture option would provide protection until the insured reaches 100, but the face amount is reduced to what the cash would buy. D. An individual has an insurable interest in her or her own life. Yes, all T-mobile insurance plans cover water damage. a) To limit the insurer's liability after the 2 year waiting period Nonparticipating policy. Is There An Objective Morality? IAI TV SalesrevenueLess:OperatingexpensesRawmaterialspurchasesDirectlaborcostAdvertisingexpenseSellingandadministrativesalariesRentonfactoryfacilitiesDepreciationonsalesequipmentDepreciationonfactoryequipmentIndirectlaborcostUtilitiesexpenseInsuranceexpenseNetloss$264,000190,00090,00075,00060,00045,00031,00028,00012,0008,000$780,000803,000$(23,000). -cash value options ~~~\text{Selling and administrative salaries}&75,000\\ Two years ago he suffered a head injury from an accident, so he cannot remember parts of his past, but is otherwise competent. The face amount decreases as the amount owed on the mortgage decreases. Which of the following is the basis for a claim against an insurance policy? Reinsurer Assuming company. For the reported losses of an insured group to become more likely to equal the statistical probability of loss for that particular class, the insured group must become What does it mean when a policy is limited pay life? Which of the following documents delivered to the policyowner includes information about premium amounts, cash values, surrender values, and death benefits for specific years? c. Using the payback period, which project should Bill choose? Cash Accumulation C. Buy-Sell agreement D. Survivor Protection, All of the following are true of key person insurance except A. The failure to disclose known facts is what? Correct: B. Premiums are taxable to the employee Beneficiaries are NOT required to sign the application unless they are also the owner. -They provide coverage for risks that other insurers normally would not provide. A. saalt menstrual disc how to use - evcc-estheticstraining.com D. Agents report. ? d) An agent misrepresents policy benefits to convince a policyowner to replace policies. D. The face amount remains the same throughout the life of the policy. 6/1 Quiz: Group Life Insurance Flashcards | Quizlet A whole life insurance policy is exchanged for a term insurance policy. O c. The policyowner has the option of investing the cash value in several investment accounts. Due to climate change, premiums are going up for certain types of insurance, such as flood insurance. What are the 3 characteristics of a Mutual Insurance Company? Adverse selection is well controlled. \end{aligned} Term life insurance provides the largest amount of coverage for the lowest amount of premium. Correct: A. a surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. a. mentally counting backward from 1,0001,0001,000 1. The company records manufacturing costs by job number and uses a factory overhead applied rate to charge overhead costs to its products. the willful holding back or secretion of material facts pertinent of the issuance of insurance or a claim. Coverage is available in $50,000 increments up to the maximum of $400,000. (b) face amount of the policy and the total premiums that have been paid. D. Financial Experience. The cash value available to the policyowner How does having children affect the decisions that couples must make when considering a divorce? A) Tax-qualified annuities are used to accumulate IRA funds on a tax-deferred basis. 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. a) Tax-qualified - If the insured suffers a dismemberment the policy pays the CAPITAL SUM which is 50% of the principal sum. 2)can be sold as a rider to a whole-life policy. d) Policy dividends. ____________ insurer is not a type of insurer. (c) Interest credited to a policy's cash value is taxable to the policyowner in the year credited. D) Using misrepresentation to convince a person to cancel an existing policy and buy a new one is called "twisting.". -sex doesn't determine eligibility. d) Producer. &\text { Rental Class }\\ 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.