Who assumes control over an insurance company's funds and management if it becomes insolvent? A surplus lines broker accepts business only from non- resident agents It requires evidence of insurability for renewal. d) Military personnel. When the agent delivers the policy, collects the initial premium, and the applicant completes and acceptable statement of good health & \text{ ???? } Compensating executives Correct: C. Condition contract, enforceable only under certain conditions. 6)free-look period-$ back guaranteed. -age 100. The applicant has been shown to be a poor personal credit risk. B. Healthcare in the United States - Wikipedia Conviction of a felony involving moral turpitude. All of the following statements are true regarding mortgage protection insurance EXCEPT. 6/1 Quiz: Group Life Insurance Flashcards | Quizlet ~~~\text{Insurance expense}&\underline{8,000}&\underline{803,000}\\ 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???? C. Social Security works exactly same as private insurance. What are the permanent working capital needs of your company? & \text { Depr } & 3,000 \\ Correct: A Insurance . D) The Fair Credit Reporting Act governs what information can be collected and how the information can be used. c) 15% for early withdrawal Reinsurance has 2 types of policys, what are they? All of the following are true about health insurance except: A. 3)low premiums. I. 5)Survivorship Life Policy (policy holder pays themselves). The following information is taken from the records of Hammond on November 30 of the current year. c) Variable Premium C. Waiver The insurer issues the policy and learns of his history one year later. c) Copy of the original application 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. We participate at both the national and state levels as a leading advocate in the judicial, legislative, and regulatory environment to ensure that Members' concerns are heard by lawmakers on issues that impact medical professional liability. B. 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. C. Consideration Which model is the better fit for the data? a) Using arbitration when the insured and insurer cannot reach agreement Which of the following statements about endowment policies is true? The profit per night for each type of room and rental class is as follows: RentalClassRoomSuperSaverDeluxeBusinessTypeI$30$35TypeII$20$30$40\begin{aligned} C. It's a decreasing term insurance. c) Policy loans are taxable distributions. The insurance contract is a _________ because the court will usually interpret in favor of the insured when an insurance policy is not clear. -its a rider D. Funding against general company financial loss. Rates C. Premiums are determined by age sex and occupation of each individuals certificate holder. b) Distributions before age 59 1/2 incur a 10% penalty on policy gains. Insurance companies can charge an interest rate based on the policyowner's credit report. database of previously life and health insurance applications. (c) face amount of the policy and the legal reserve. B. An applicant is denied insurance because of information found on a consumer report. Which of the following is true regarding the beneficiary designation of the former spouse. Government Relations: New Challenges and the Ongoing Erosion of Beneficiary's age is not a suitability factor. Correct: D. A surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. *Both not taxable. Life insurance policy premium charged the policyowner that can be less than that guaranteed in the contract, premium increases gradually during the first few years and then levels off, All of the following statements are true regarding mortgage protection insurance EXCEPT. B) Once the cash surrender value option is selected, the coverage is terminated and the policy cannot be reinstated. A. C. A husband or wife has an insurable interest in their spouse A color-coded map illustrating the current legal status of elective-specific abortion procedures in each of the individual 50 states of the United States of America; plus U.S. territories and federal district [a] As of January 31, 2023 Illegal Legally unclear or legal but no providers Legal before cardiac-cell activity [b] Legal through 15th week LMP (1st trimester) Legal through 18th week LMP . A. 6)Explain Free Look period-10-30 days- unconditional refund that begins when policy is delivered. SalesrevenueLess:OperatingexpensesRawmaterialspurchasesDirectlaborcostAdvertisingexpenseSellingandadministrativesalariesRentonfactoryfacilitiesDepreciationonsalesequipmentDepreciationonfactoryequipmentIndirectlaborcostUtilitiesexpenseInsuranceexpenseNetloss$264,000190,00090,00075,00060,00045,00031,00028,00012,0008,000$780,000803,000$(23,000). All of the following statements about term insurance are true EXCEPT. a) Year only. b. Total personal income in the United States (in billions of dollars) for selected years from 1960 to 2009 is given in the following table. A. The ___________ controls all rights of the contract. 2)Procures insurance 4 itself from another insurer, The tax benefit of annuities is tax deferred growth. d) Contingent. 3)Minors. A contract that allows an insured to be restored to the same financial condition as prior to the loss is considered to be what type of contract? Copyright 2009-2022 Tests.com LLC - All Rights Reserved. Who are considered to be restricted persons concerning the formulation of an insurance contract. 3 of them? A company that does business in another state than incorporated who is owned by policyholders who received dividends when declared and voting rights. Pro rata liability applies. (b) The face amount of the policy is paid if the insured lives to age 65. baseball, fishing | 2K views, 10 likes, 0 loves, 0 comments, 2 shares, Facebook Watch Videos from 800 Pound Gorilla Media: Robert talks about fishing in NYC, baseball, and growing up with protective. Flashcards - WA Life Law Practice Exam - FreezingBlue What must exist at the time of the application? All of the following statements concerning coinsurance are true, EXCEPT A Contract that binds only one party to future performance, is a (n): A. Signed waiver of premium (a) renewal provision Which of the following is a physical hazard? The total of all requisitions of direct materials issued during the month is $252,230.00. Costs of training a replacement a) the risk is transferred to the insurer b)the insured may retain part of the risk through deductibles . Six Reasons the Loss is Excluded - MyNewMarkets.com A mutual insurance company does not have what? -cash value can lose value. All of the following statements are TRUE concerning Debtor Groups EXCEPT Which $50,000 life insurance contract if purchased when the insured was 32, would have the highest cash value when the insured is 50? Past-due interest on a policy loan is added to the total debt. B) A "cost of living" rider adjusts the face amount of a policy to maintain the relationship of the face amount and increases in the cost of living. Which of the following is an example of an unfair claims settlement practice? a) Executive offer of the replacing company Joe, Larry, and Curly own a small business. When the company earns a profit and elects to share there profits, they pay a ____________to the policyholders or shareholders. The applicants(policy owner) 5th Sunday after Epiphany Saint Barnabas | By Saint Barnabas Episcopal B. c) Conditional \end{array} InventoryJul1Jul3122,000???? 1. The premium is level and guaranteed not to increase. D. Agents report. 2) Binding Reciept. 2. Policyholders Can a misrepresentation render the contract void if the misrepresentation is material to the risk? (c) variable life insurance. D) real estate, Under one method of estimating a loss reserve, the reserve is based on life expectancy, duration of disability, and similar factors. New York City | Robert Klein | Robert Klein At Yale (1982) | baseball 2)Increase the face value (c) term insurance The following are all causes for the Insurance Commissioner to suspend or impose conditions upon the continuance of a producer's license EXCEPT 1. The storage of flammables in a fireproof container. 1 / 25. It has cash value that is invested into the stock market through mutual funds/securities. AccountspayableJul1Jul3114,500??? The preferred risk classification indicates that an insured is in excellent physical condition and employs healthy lifestyles and habits. - 20 pay life-premiums paid for 20 years and paid up at 65 An annuity is exchanged for another annuity. Represent the insured's interest, Insurance Licensing - Chapter 2: Property Bas, Chapter 9- Commercial General Liability Cover, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, CompTIA A+ Certification Exam Prep - Chapter. An agent tells an insured that if he replaces his current insurance policy with a newer one, his dividends will be higher and his premium will be slightly lower. Medical exams provide information on current health. b) Promptly forwarding premiums to the insurance company Prepare a pie chart of on-time delivery performance for last month. \text{Net loss}&&\underline{\underline{\$(23,000)}}\\ Arrest History. Yes, all T-mobile insurance plans cover water damage. d) All of the above. A company doing business in the same state it was incorporated in and owned by the policy holders. (a) Evidence of insurability is not required to renew the coverage. Steven prints a pamphlet to advertise his life insurance business. All of the following are true of insurance except: a) protects against uncertainty b)means sharing of loss c)eliminates risk d)transfers risk Answer: Eliminates risk Question: Which of the following is NOT true about insurance? 2. \underline{\hspace{40pt}}. An Insurance broker is responsible for what? Acceptance b) Fluctuates. The requirement that producers must account for all insurance funds collected, and without the expressed consent of the insurance company(ies) are not permitted to co-mingle those funds with their own funds is known as Legislative advocacy is essential to Physicians Insurance/MedChoice's purpose to protect, defend, and support our Members. Costs of training a replacement A. B. b) The agent's report Chapter 14/1: Group Health Insurance Flashcards | Quizlet 1. C. Certain Risk (d) neither I nor II. Round Tree has 100 Type I rooms and 120 Type II rooms. An individual applies for a life policy. 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? 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. D) Insurance covers intentional losses as well as unintentional. d) Loss. Company A carries 1/3 of the total coverage ($20,000 + $40,000 = $60,000). 1. There is no limitation on the number of key employee plans in force at any one time B. B) In insurance, fraud is the intentional misrepresentation of material information that is crucial when deciding whether or not to write a contract for an applicant. 3. 1)Statement of continued good health D. Concealment 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. C) purchasing family term insurance. Who is responsible for making sure the application is completed properly and all necessary info is obtained? The following are all true regarding risk management, except: A. What else must he include? Concerning insurance, the definition of a fiduciary is An insurance consultant CANNOT be which type of persons? 17,000, InventoryJul122,000???? All of the following are options for managing risk, except: means of collecting a loss payment from a liable party. Instructions An insured becomes disabled at age 22 and can no longer work. d) Fair Credit Reporting Act. A surplus lines broker places risk with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers Jul3119,500\begin{aligned} 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} B. Tamara purchased a term insurance policy when she had high life insurance needs and limited income. \text{Dividend}& 19,000& \text { Net Inc } & 65,000 \\ The death benefit varies according to investment experience. The issuance of a policy or binder is not part of the consideration element of an insurance contract, it is part of the _______ ________. D. A surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers (d) annual premium and the annual policy dividend. II. 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. (a) I only Predicted needs of the family after the insured's death Insurance transfers risk but it does not__________ risk. Chapter 11 - Life Insurance. The cost of insurance protection is referred to as what? the application is used at the primary source of info. 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. Should a key person die, the benefit is treated as a reimbursement to the business for loss of services from that key person. One sided contract is a ______________ contract. The cash value available to the policyowner (d) Most policies have a CV that is refunded when coverage ceases. What adds coverage and modifies coverage? (a) matured. An insured is driving her automobile and strikes a large pothole that . d) Paid-up option. D. Premiums are tax deductible as a business expense, B. Whats the cheapest type of permanent insurance? All of the following are true of key person insurance EXCEPT Most agents try to collect the initial premium for submission with the application. B. Correct: A. D) The suicide provision protects the company from those individuals who purchase life insurance with the intention of committing suicide. b) The policy will not be affected. Life Insurance Basics Flashcards | Quizlet A _______ __ is the additional premium needed to get covered with high or substandard risk. -cash value options d) Performing reviews of insured's coverage. 4)defined contribution plans. ?19,500, Accumulateddepr.-equipmentJul155,000Depr3,000Jul3158,000\begin{aligned} In this case, the applicant will most likely need to fill out a Statement of Good Health. -The insurer would pay the face amount of the policy minus the past due premium. Which of the following statements about a life insurance policy is (are) true? c) To protect the policyowner Which risk management type is shifting the risk of loss to a larger homogeneous group? Address of his principal office D. Alien D. Offer and is NOT a party to the contract. What will probably happen? &\begin{array}{cr|} All of the following are methods of payment? Originating policy ________________ are the person who receives benefits payable upon death. Abortion in the United States - Wikipedia B. Nonadmitted D. They can decide when to pay their monthly premiums. AKA-payout phase. a) The policyholders or stockowners of the company (c) both I and II c) Increases annually. What is a statement in the application guaranteed true in all respects? a) Tax-qualified _____________ is a statement that is true to the best of the persons knowledge that is making the statement. In the pamphlet, he includes the full name of his insurance agency and the type of insurance that he offers. B. Aleatory contract (Medic Information Bureau)? The following are all true regarding risk management, except: A. 3. C. A surplus lines broker deals with direct writing companies only -policyowners right provision \textbf{For the Month Ended October 31, 2017}\\ B. 2)when benefits begin A conditional or binding receipt is given when an applicant does what? Which type of risk involves the possibility of loss or gain? All of the following statements regarding contracts of indemnity are true EXCEPT a. 1)temporary Which of the following documents delivered to the policyowner includes information about premium amounts, cash values, surrender values, and death benefits for specific years? Life insurance is unique from other types of insurance in that it could perform the function of cash accumulation. Represent the insured's interest 2) standard risk 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 producer wishing to appeal the final order of the commissioner would appeal to???? If an insurer is incorporated in Rhode Island, but primarily does business in New York, what type of insurer would it be considered in New York? Explanation: (Life Insurance Policy Provisions, Options and Riders) A family term rider will provide term life insurance on a spouse and children. 1) premium schedule differ from whole life b) Adjustable life An insured owns a life insurance policy. An insurance company that was incorporated in a different state it is doing business in and pays dividends to its policyholders is known as a _________. a) Agent's report Nonparticipating policy. &\begin{array}{lccc} See Page 1. Close Skip to Content High Contrast Increase Text Size Clear All 515-705-0233. a) A retail clerk. For this amount of production, total factory overhead is estimated to be $396,000.00. A whole life insurance policy is exchanged for a term insurance policy, Which of the following will be included in a policy summary? Waiver of Premium- What happens to the insurer? All of the following are true for indemnity insurance except that: a. premiums are based on separate risk pools often organized by employers. Which type of life insurance makes sense for someone in this situation? How much life insurance should Sam advise . Each policy pays a percentage of the loss based on the percentage of coverage that policy provides. I. All renewable term policies are accepted without__________ and only with_____ collected. ~~~\text{Utilities expense}&12,000\\ \end{aligned} Which of the following is an example of liquidity in a life insurance contract? Insurance is designed to cover both intentional and unintentional losses. \text{Accounts Receivable} & 199 & 96 & 99 & 604 \\ Forms of interest and are Sensitive Whole Life, 1) Transfers risk to another insurer

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