All of the following characterize term life insurance, EXCEPT: Select one: a. -marriage Rates are considered inadequate when they do not cover projected losses and expenses. (c) both I & II (d) neither I or II. the underwriting process is approved for: When an insurance policy is not clear, the court will usually interpret in favor of the insured because of which characteristic? In order for the contract or policy to be valid or legal? All of the following statements regarding contracts of indemnity are true EXCEPT a. *Both not taxable. may not be altered by an agent and must clearly state that it is not part of the contract. An insurer that was incorporated in a different state that it is doing business in. When parties to a contract exchange unequal amounts of money, this is said to be what type of contract? It is a type of tort. C. Certain Risk Instructions \end{array} \\ d) Blackout approach. The terrorism risk insurance program reauthorization act provides for a terrorism insurance program administered by which federal entity? In this case, the applicant will most likely need to fill out a Statement of Good Health. 5)an agreement is set, 1)Level term(cheapest insurance) face value stays the same The Boyle family can be described as a O d. Why?". Now Tamara can afford whole life insurance. -Prepays portion of face amount if diagnosed with terminal illness. Home Office- what do the underwriters do. they evaluate 4 things- what are they(4)??? Example: company that is incorporated in NJ and sells in NJ. 1)tax qualified plans Statements in the application that are guaranteed true but later found to be false may result in what? Which of the following is a financial rating service? Which of the following is NOT an allowable 1035 exchange? A SEC registration. Buy-sell agreements are normally funded with a life insurance policy. Level-increasing face value. (b) Cash value accumulation is slow to moderate. ? An insured owns a life insurance policy. Estate Creation B. C. Whole life C) purchasing family term insurance. A life insurance policy is exchanged for an annuity. \text { Type I } & \$ 30 & \$ 35 & - \\ S buys a $10,000 Whole Life policy in 2003 and pays an annual premium of $100. \end{aligned} If the ultimate consumer is a business that collects and pays to the government VAT on . considers Lloyds of London an Alien insurer a) the risk is transferred to the insurer b)the insured may retain part of the risk through deductibles . What type of policy does the insured most likely have? An Insurance broker is responsible for what? Chapter 3 part 1 Flashcards | Quizlet (Medic Information Bureau)? the application is used at the primary source of info. D. group credit insurance must have a suicide clause . (a) limited-payment whole life insurance A. b) Hazard _______ pays dividends to the stock holder. (b) They increase at a decreasing rate. 2)attorneys If someone dies within the Grace period, what happens? 2) standard risk 2)FCRA(fair credit reporting act) checks MIB report. A. C. A surplus lines broker accepts business only from non- resident agents Chapter 3.2 - Subjecto.com 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. Warranty What must exist at the time of the application? When the producer exceeds the authority expressed in the agency contract and the insurer does not take action, which type of authority is created? Cash values are available in whole life policies. The Terrorism Risk Insurance Program is administered by which of the following Federal entities? 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 . a) Offering additional coverage to clients 1)Domestic Insurer What (5) Factors for GIO & GIB. whose covered? Insurance is not designed to cover _____________ losses. When must insurable interest exist in a life insurance policy? An agent has authority to do all of the following, except: A. Countersign insurance contracts C. They can borrow higher amounts off of their policies Long-term investment decision, payback method Bill Williams has the opportunity to invest in project A that costs $9,000 today and promises to pay annual end-ofyear payments of$2,200, $2,500,$2,500, $2,000, and$1,800 over the next 5 years. a) Remains level. What type of insurer has no capital stock? B. Buy-Sell Agreements pay in the event of a medical emergency Which of the following statements about a life insurance policy is (are) true? What is the primary source of info used to determine insurability by the underwriting department? B. 1)premium payment Everything else equal, how would the factor below affect the market value of a stock? 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 _________. Coverage is available in $50,000 increments up to the maximum of $400,000. With a little work, an unused office area could be converted to a rental room. (c) Interest credited to a policy's cash value is taxable to the policyowner in the year credited. The cash value available to the policyowner c) Disclosure rule c) Smaller. D. Workers compensation. Reinsurer Assuming company. 5th Sunday after Epiphany Saint Barnabas | By Saint Barnabas Episcopal A. c) Guides describing company financial integrity Which of the following information about the applicant is NOT included on Part 1 of the application for life insurance. Forms of interest and are Sensitive Whole Life, 1) Transfers risk to another insurer Jason Mackenzie Alexander argues morality is a form of social technology - it is context specific and it can go out-of-date Life Insurance Basics Flashcards | Quizlet A. signed waiver of premium 4)defined contribution plans. Which risk management type is shifting the risk of loss to a larger homogeneous group? b) Increasing Premium What are the two options in death benefit options? D. Represent the insured's interest Principles of Risk Management and Insurance - Easy Notecards ~~~\text{Selling and administrative salaries}&75,000\\ Prepare the following details: Mobile number, serial number, or IMEI. D) the minor in a juvenile policy. What is NOT invested in the stock market but pays you interest? _________ is a determination that a statement made as a warranty, or true. A person who negotiates insurance contracts on behalf of an insured. The shifting of risk of loss to a larger homogeneous group is known as what? 1)temporary Their premiums are lower Example: AIL was incorporated in Indiana and its home office is in Texas so in NJ its considered a foreign insurer. (3), 1)bank trust officer \hline \text { Jul 31 } & 17,000 -The insurer would pay the face amount of the policy minus the past due premium. How does having children affect the decisions that couples must make when considering a divorce? A whole life insurance policy is exchanged for a term insurance policy. Predicted needs of the family after the insured's death When applicant is not the insured ______________ must exist. B. 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. D. The ratings are available to the public b. -it pays the double indemnity, 1)accident occurs, person must die within 90 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?" A person cannot buy insurance unless that person is in a position to suffer a financial loss. \text{Inventory} & 201 & 505 & 905 & 52 \\ 1)Statement of continued good health -20 pay life-paid up at 65 A key person insurance policy will pay for costs of running the business and replacing the employee. C. A surplus lines broker deals with direct writing companies only a) Using arbitration when the insured and insurer cannot reach agreement AccountsreceivableJul1Jul3121,000???? B) Underwriters. C. Funding business continuation agreements These individuals qualify for lower premiums than those in the other categories. This type of life insurance is called Hazard A monthly deduction is made from a policy's cash value for the cost of insurance protection. What are the 3 characteristics of a Mutual Insurance Company? \end{aligned} 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. ~~~\text{Raw materials purchases}&\$264,000\\ (3), WHat is the difference between universal and whole life policies? After everything is signed & premium is collected What does the agent give to the policy holder? a) Withdrawals are not taxable. ~~~\text{Indirect labor cost}&28,000\\ All of the following statements about term insurance are true EXCEPT. 2)quarterly Legal Purpose Applicant pays premium to make agreement. 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? Poor adaptation to climate change further widens the gap between what people can afford and the costs of insurance, as risks increase. b) Reduced paid-up Solved All of the following statements about variable life - Chegg d) Paid-up option. -receiving dividends(when declared) c. Premiums may be raised at renewal d. Group term insurance may cover the . The policy is a contract of adhesion. -immediately considered fully paid up Credit life -pay for certain time and stop (2), 1)HIPPA All of the following are true of negligence, except: a. Which of the following about the use of ordinary life insurance is true? (c) term insurance A. [Solved] All of the following are true of insurance EXCEPT It transfers Increasing term All of the following are options for managing risk, except: means of collecting a loss payment from a liable party. & \text { Depr } & 3,000 \\ -paying for certain time and stop. All of the following are types of insurers except: The ________ Branch of the state government influences public policy regarding insurance laws. a) Small employers 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".

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