all of the following are true of insurance except

B. -Take it or leave it contract (c) Interest credited to a policy's cash value is taxable to the policyowner in the year credited. A SEC registration. Term life insurance provides pure death protection. Some life insurance policies offer cash values that can be borrowed at any time and used for immediate needs. Explain your answer. What limitations might this model have for predicting consumer's attitudes and purchase behavior towards Cream Silk? Whats the "take it or leave it contract"? A whole life insurance policy is exchanged for a term insurance policy. Prior to October 2017, the company had been profitable every month. Liquidity in life insurance refers to availability of cash to the insured through cash values. (6). Funding against financial loss caused by the death of a key employee Estate conservation D. Premiums are tax deductible as a business expense, B. (Choose from the following options) (d) indeterminate-premium whole life. d) Decreases annually. 2) Binding Reciept. ~~~\text{Raw materials purchases}&\$264,000\\ c) Smaller. 4)underwriting is complete Copyright 2009-2022 Tests.com LLC - All Rights Reserved. C. The insurer is always required to pay the . What type of interest does universal life have? IN WHITE RAIMENT. (c) Interest credited to a policy's cash value is taxable to the policyowner in the year credited. \text { Type II } & \$ 20 & \$ 30 & \$ 40 The policy is a contract of adhesion. A Contract that binds only one party to future performance, is a (n): A. 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. When the producer exceeds the authority expressed in the agency contract and the insurer does not take action, which type of authority is created? Numerical identifiers: Each candidate list entry covers both anhydrous and hydrated forms of a substance. b) 10% for early withdrawal D. Claim History a) the risk is transferred to the insurer b)the insured may retain part of the risk through deductibles . When applicant is not the insured ______________ must exist. Study with Quizlet and memorize flashcards containing terms like All of the following are true regarding group term life insurance, EXCEPT: a. a) Small employers a) Using arbitration when the insured and insurer cannot reach agreement The benefit is subject to the exclusionary rule Involuntary Risk also known as acceptance. 2)Family Income(decreasing term-policy) c) Conditional The correct answer is: Maggie's Piano Studio with 1 employee. 1) Competent Parties Or, Bill can invest $9,000 in project B that promises to pay annual end-of-year payments of$1,500, $1,500,$1,500, $3,500, and$4,000 over the next 5 years. Insurance is designed to cover both intentional and unintentional losses. a. When will coverage begin? Being young and healthy means you can skip out on health insurance. (4), 1)monthly Compensating executives Companies may have immediate legal obligations following the inclusion of a substance in the Candidate List on this website including in particular Articles 7, 31 and 33 of the REACH Regulation. Prepare the following details: Mobile number, serial number, or IMEI. AccountspayableJul1Jul3114,500??? (c) both I & II (d) neither I or II, Diane is a single parent. A life insurance policy is exchanged for an annuity. 5)Explain when coverage begins The parties in the insurance contract consist of whom? &\begin{array}{l|lr} Arrest History. 25,500, AccountspayableJul114,500???? -policyowners right provision d) Policy dividends. ___________ is the persons whose death triggers payment. Which of the following is NOT an allowable 1035 exchange? An Insurance broker is responsible for what? WorkinProcessFactoryOverheadCash$229,040.0078,960.00250,558.00EmployeeIncomeTaxPayableSocialSecurityTaxPayableMedicareTaxPayable$33,880.0019,096.004,466.00. 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. c) Fixed premium 1)temporary -Follows all conditions of contract & pays premium, -insurer says how policy works 1)increase cash value An insurer that was incorporated in a different state that it is doing business in. After Alex has made 20 premium payments, his life insurance policy is considered Which of the following documents must be provided to the policyowner or applicant during policy replacement? -and the right to vote. Cash values are available in whole life policies. Last year, the couple got divorced. The Waiver of Cost of Insurance rider is found in what type of insurance? Predicted needs of the family after the insured's death 3)substandard-highest, 6 factors that are complete for policy 2 be paid? II. -Can't lose value 1)premium payment Each withdrawal, however, is usually charged, and the amount and frequency of withdrawals are usually limited. (a) I only (b) II only See Page 1. Correct: B. a. The agent 1)absolute assignment-all rights are assigned Age, Sex, Occupation, Hobbies, Habits, Smoking or Non-Drug user or Non. The interest rate credited to the cash value at the time of issuance remains fixed over the life of the policy. (b) level-premium method All of the following statements about the settlement of a claim are true EXCEPT. 1. A peril c) 10 years. d) Fair Credit Reporting Act. Department of Defense b) A producer who handles insurer funds in a trust capacity. Who is responsible for making sure the application is completed properly and all necessary info is obtained? The insurance company may not void the insurance policy for which of the following reasons? A producer wishing to appeal the final order of the commissioner would appeal to???? Insurance producers must ensure that contracts they recommend are in the best interest of the insured. 3)Consideration A. (a) limited-payment whole life insurance \text { Room } & \text { Super Saver } & \text { Deluxe } & \text { Business } \\ (c) expired. b) Cost of living rider. D) They must be signed by both the Producer and the applicant. B. Beneficiary's age D. Term life. c) Needs approach Part 1 of the application includes the general questions about the applicant, including name, age, address, birth date, gender, income, marital status, and occupation. S buys a $10,000 Whole Life policy in 2003 and pays an annual premium of $100. Most professional liability insurance policies are written with an occurrence coverage trigger instead of a claims made trigger O c Insureds Which of the following is the best reason to purchase life insurance rather than annuities? 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. ______________ is defined as restoring the insured to the same financial condition as before the loss. \end{array} d) Older. Who gets $$money when the policy holder dies? (c) The number of times the coverage can be renewed is limited. D. Concealment 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. Which of the following is NOT an example of a business use of Life Insurance? The failure to disclose known facts is what? What happens when a policy is surrendered for its cash value? All of the following are true of key person insurance EXCEPT ) The key employee is the insured. & \text{ ???? } C) the proposed insured. 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. (3), 1)bank trust officer (d) Its use may be appropriate if a person wants paid-up life insurance by retirement. 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". a) Withdrawals are not taxable. 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 &\begin{array}{lccc} The insurance contract is a _________ because the court will usually interpret in favor of the insured when an insurance policy is not clear. 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. 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? 4. All The statements made on the application are called ______? Correct: C. Concealment, A. B. c) Accelerated benefit rider. Based on Human Life Value Approach, which of the following is NOT used to calculate an individual's life value? The cost of a living rider is calculated by what? The company records manufacturing costs by job number and uses a factory overhead applied rate to charge overhead costs to its products. What is the primary source of info used to determine insurability by the underwriting department? Steven prints a pamphlet to advertise his life insurance business. D. Offer \textbf{Income Statement}\\ What constitutes the acceptance of an offer? D. group credit insurance must have a suicide clause . After everything is signed & premium is collected What does the agent give to the policy holder? D) real estate, Under one method of estimating a loss reserve, the reserve is based on life expectancy, duration of disability, and similar factors. Each policy pays a percentage of the loss based on the percentage of coverage that policy provides. What are the temporary needs? Alex, age 26, purchased a 20- payment whole life insurance policy. Which of the following methods of calculating the amount of life insurance needed takes into account the insured's wages, years until retirement, and inflation? C. Tax Status database of previously life and health insurance applications. Correct: A. CashJul1Jul315,500???? A. the willful holding back or secretion of material facts pertinent of the issuance of insurance or a claim. The total of all requisitions of indirect materials issued during the month is$20,170.00. -If the insured dies, the policy payed out the PRINCIPAL SUM Empire Company is a manufacturer of smart phones. An individual applies for a life policy. C. Premiums are tax deductible by the key employee d) Fiscal responsibility. d) The insurer will sue the insured for committing fraud. M327. D. Unilateral Contract EMPIRECOMPANYIncomeStatementFortheMonthEndedOctober31,2017, Salesrevenue$780,000Less:OperatingexpensesRawmaterialspurchases$264,000Directlaborcost190,000Advertisingexpense90,000Sellingandadministrativesalaries75,000Rentonfactoryfacilities60,000Depreciationonsalesequipment45,000Depreciationonfactoryequipment31,000Indirectlaborcost28,000Utilitiesexpense12,000Insuranceexpense8,000803,000Netloss$(23,000)\begin{array}{lcc} b. When Applicant P fails to disclose all of his motor vehicle violations in an application for automobile insurance, he may be guilty of: A. Estopple