all of the following are true of insurance except

2)APS=medical records D. Funding against general company financial loss. (Choose from the following options) What insurance concept is associated with the names Weiss and Fitch? All renewable term policies are accepted without__________ and only with_____ collected. Part 1 of the application includes the general questions about the applicant, including name, age, address, birth date, gender, income, marital status, and occupation. Inventory balances at the beginning and end of October were: Only 75% of the utilities expense and 60% of the insurance expense apply to factory operations. Nonparticipating policy. The primary purpose of buying an annuity is? If there Is a risk of financial loss then there is a what? A peril Its controller resigned in October 2017. Waive the premium if the INSURED becomes totally disabled. 2)interest sensitive 3)according to the source of annuity income What are some of the questions asked on the application to determine the premium and risk classification of the insured? d) Contingent. d) An agent misrepresents policy benefits to convince a policyowner to replace policies. There are many legitimate need-based expenses that can be paid by life insurance proceeds, from groceries to retirement income. Can term insurance be both renewable and convertible? The following are all true regarding risk management, except: A. Get more out of your subscription* Access to over 100 million course-specific study resources 1. (d) Most policies have a CV that is refunded when coverage ceases. A company doing business in the same state it was incorporated in and owned by the policy holders. O b. ~~~\text{Selling and administrative salaries}&75,000\\ 4. A __________ represents the insured. By William Lb Qtjetjx, Author of . Home Office- what do the underwriters do. they evaluate 4 things- what are they(4)??? When the producer exceeds the authority expressed in the agency contract and the insurer does not take action, which type of authority is created? 1)physical exam Explanation: (Life Insurance Policy Provisions, Options and Riders) A family term rider will provide term life insurance on a spouse and children. A person who negotiates insurance contracts on behalf of an insured. Which of the following about decreasing term insurance is true? A. a) More active. 4)explain policy & provisions II. d) Loss. B. Aleatory contract B) Money collected with respect to an insurance transaction must be held in a position of trust by the producer. B) After a claim has been adjusted and is found to be covered under the policy, the insurer must pay the claim upon receipt of a signed proof of loss. Which risk management type is shifting the risk of loss to a larger homogeneous group? -it pays the double indemnity, 1)accident occurs, person must die within 90 days Question: 55. (b) II only A persons assets & liabilities at their time of death. D) Insurance covers intentional losses as well as unintentional. Carl would like to purchase life insurance. The total of all requisitions of indirect materials issued during the month is$20,170.00. b) Cost of living rider. (6). With a little work, an unused office area could be converted to a rental room. Correct: Misrepresentation, False statement contained in the application, An intentional deception of the truth in order to induce another to part with something of value or to surrender a legal right. What will probably happen? If the corporation collects the policy benefit, then d) Limited pay. A. A. C. The insured may retain part of a risk through deductibles. Age, Sex, Occupation, Hobbies, Habits, Smoking or Non-Drug user or Non. Which of the following requires that the insurance company supply the applicant with the name and address of the consumer reporting company? Study with Quizlet and memorize flashcards containing terms like Which of the following would not appear in the asset section of an insurance company's balance sheet? ? Compensating executives A _______ __ is the additional premium needed to get covered with high or substandard risk. 2) Transferring the risk -ages 25,28,34,37,40 (a) capital retention approach Forms of interest and are Sensitive Whole Life, 1) Transfers risk to another insurer An insurance consultant CANNOT be which type of persons? b) Fixed income A. (c) PV of the family's share of a deceased breadwinner's future earnings. 2)face amount is set D. A surplus lines broker deals with admitted carriers only and is NOT a party to the contract. compulsion? Whoso. He would also like to invest in a mutual fund. 21,000 \\ The following are all causes for the Insurance Commissioner to suspend or impose conditions upon the continuance of a producer's license EXCEPT 1. a) Using arbitration when the insured and insurer cannot reach agreement 2)premium gets lower. 1)premium payment Which of the following statements about a life insurance policy is (are) true? Which type of life insurance makes sense for someone in this situation? -car accident not in conjunction with an illness b. \textbf{EMPIRE COMPANY}\\ A. The employer is the owner . 14,500 \\ 3) policy builds cash-value 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? A. An Applicant inaccurately representing information on the application is guilty of: A. \end{array} B. IRS has no jurisdiction _______ pays dividends to the stock holder. A. The insurance provides protection for a specified period of time. C. The policy is an aleatory contract c) Whole Life 2) premiums do not change Prior to October 2017, the company had been profitable every month. \hline & \text { Jul 1 } & \begin{array}{r} (economy). Legislative advocacy is essential to Physicians Insurance/MedChoice's purpose to protect, defend, and support our Members. 2. 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? -insured can stop paying premiums at certain age or after a period of time Weiss and Fitch are two of these services, although there are more. 2)can be sold as a rider to a whole-life policy. D. Funding against general company financial loss insurable interest must exist. It is legal to list nonguaranteed values in the contract, but they must be specifically labeled as projected, not guaranteed values. 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. All of the following statements about the characteristics of Social Security are true EXCEPT A. A false statement in the application for insurance is_____________. 4. 1)Whole Life a) Executive offer of the replacing company In an insurance contract, the value that each party gives the other is called the: When an individual faces the risk of economic loss in the event of property damage, this indicates which of the following? Waiver of Premium- What happens to the insurer? Explain your answer. a) Indeterminate Premium What is a statement in the application guaranteed true in all respects? *The insured is diagnosed with terminal & chronicle illness 2) standard risk B. Which of the following would least likely be considered a legitimate need that would be paid by insurance proceeds? B) the applicant. and what two kinds? B. d) Older. & \text{ ???? } A. I. The premium is guaranteed for an initial period and then the insurer can charge up to a maximum premium charge in what type of policy? Which of the following best illustrates a Insurance producers must ensure that contracts they recommend are in the best interest of the insured. (d) neither I nor II. C. Countersign insurance contracts The following information is taken from the records of Hammond on November 30 of the current year. The following are all true regarding risk management, except: A. Hazard A state administered health insurance for the needy? Life insurance proceeds Certificate holders may convert coverage to an individual policy without evidence of insurability. considers Lloyds of London an Alien insurer b) 5 years only. cheating. \hline Which of the following is correct concerning the taxation of premiums in a key-person life insurance policy? B. (4), 1)monthly ____________ insurer is not a type of insurer. b) Promptly forwarding premiums to the insurance company The death benefit varies according to investment experience. 2)administered charge C) Because an insurance company's strength and stability are two very crucial factors in its sustainability, independent rating services have formed to publish regular updates on the financial integrity of different insurance companies. -greater potential to grow the cash value but there is no guarantee All of the following are types of insurers except: The ________ Branch of the state government influences public policy regarding insurance laws. D) the minor in a juvenile policy. (b) They increase at a decreasing rate. Social Security is designed to provide a base of economic security B. Exclusions always exist, and there is a reason for each one. When will coverage begin? D. Gender. \end{array} B) Underwriters. B. Most insurance policies contain a specific limit that an insurer will pay for a single claim. A corporation is the owner and beneficiary of the key person life policy. Numerical identifiers: Each candidate list entry covers both anhydrous and hydrated forms of a substance. Jason Mackenzie Alexander argues morality is a form of social technology - it is context specific and it can go out-of-date Which kind of agent enters into agreements with more than one insurer? 1)cont. \hline \text { Jul 31 } & 3,000 Breach of warranty I. 4) 3 components to the premium, The owner and the insured are different people. \hline & \text { Jul 31 } & 58,000 Where does group-life insurance come from? Difference between Universal Life Insurance and Whole Life Insurance? ? 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 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 Quarterly working capital levels for your firm for the next year are included in the following table. c) Premium accountability. This is true whether a property or liability form; and regardless whether the insured is a commercial or personal lines client. 3) Equity-Index annuity. To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. An agent has authority to do all of the following, except: A. Countersign insurance contracts What term life insurance provision will permit Tamara to switch her term insurance to whole life insurance without having to show that she is still insurable? (b) Any withdrawal of cash value reduces the death benefit. 1) insured gets higher amount She has limited income and significant life insurance needs. Chapter 11 - Life Insurance. The policyowner can add to a policy's cash value at any time subject to policy guidelines. a. d. -pay for certain time and stop Both life and health insurance can be used for a variety of purposes in a business setting, including the funding of business continuation agreements, compensating executives, and protecting the firm against financial loss resulting from the death or disability of key employees. (a) universal life insurance. c) Low-income individuals and families Tamara purchased a term insurance policy when she had high life insurance needs and limited income. ($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?" A whole life insurance policy is exchanged for a Universal life insurance policy. All of the following are characteristics of group life insurance EXCEPT. a) Year only. Correct: C. Consideration. There is a limit for a withdrawal and the insurer charges a fee. (b) The face amount of the policy is paid if the insured lives to age 65. 2) Binding Reciept. Annually renewable term policies provide a level death benefit for a premium that A. -immediately considered fully paid up -pays an additional death benefit if the insured dies from an accident A. 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. c) Counselor If company pays dividends, then they are a? d) Primary and secondary beneficiary designations. d) Blackout approach. Which of the following types of insurance policies would perform the function of cash accumulation?