a) Offering additional coverage to clients All of the following groups may purchase group health insurance coverage, EXCEPT: Groups must have at least two employees to be eligible for group insurance coverage. and is NOT a party to the contract. (c) face amount of the policy and the legal reserve. Question: 55. How has the Aswan High Dam affected the lives of Egyptians? 3) Equity-Index annuity. Medical exams provide information on current health. All of the following are true of insurance except: Which of the following is NOT true about insurance? Accumulateddepr.-equipmentJul1DeprJul3155,0003,00058,000, RetainedEarningsJul165,000Dividend19,000NetInc65,000Jul31111,000\begin{aligned} -also the agent may be required to initial the change, statement of health from insureds personal physician, What are 2 federal laws that protect policy holders & forms that must be completed? B. The debtor does not have an insurable interest in the life of the lender. Which type of risk involves the possibility of loss or gain? (a) limited-payment whole life insurance II. Contract of adhesion (c) two-income earner family. Most insurance policies contain a specific limit that an insurer will pay for a single claim. Which risk management type is shifting the risk of loss to a larger homogeneous group? What are (4) characteristics of permanent insurance? 2)APS=medical records 3)Rider expires 60,65,75. Jul313,000\begin{aligned} Compensating executives 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? C) the proposed insured. Which of the following would provide an underwriter with information concerning an applicant's health history? (d) They remain level. ? When parties to a contract exchange unequal amounts of money, this is said to be what type of contract? Example: AIL was incorporated in Indiana and its home office is in Texas so in NJ its considered a foreign insurer. Therefore, it is responsible for 1/3 of the $24,000 loss, or $8,000. 1. B. Insureds current and future income There are 2 parties of the contract- what are they? Which of the following statements about endowment policies is true? AccountspayableJul1Jul3114,500??? (b) The face amount of the policy is paid if the insured lives to age 65. Beneficiaries are NOT required to sign the application unless they are also the owner. good health -immediately considered fully paid up Being young and healthy means you can skip out on health insurance. -the premiums are paid for a limited time only. Poor adaptation to climate change further widens the gap between what people can afford and the costs of insurance, as risks increase. Conviction of a felony involving moral turpitude. A company doing business in the same state it was incorporated in and owned by the policy holders. All renewable term policies are accepted without__________ and only with_____ collected. Which of the following statements about limited-payment life insurance is true? Joe, Larry, and Curly own a small business. Copyright 2009-2022 Tests.com LLC - All Rights Reserved. Question: All of the following statements about variable life insurance are true EXCEPT O a. \end{array} All of the following are required signatures on a life insurance application EXCEPT. c. thoughts of harming a neighbor -greater potential to grow the cash value but there is no guarantee The policy does not go into effect until the premium has been collected. 3)substandard risk. Which method makes the most sense for her to employ? Claim is still paid with an adjustment to the benefits. c) Guides describing company financial integrity ? D) real estate, Under one method of estimating a loss reserve, the reserve is based on life expectancy, duration of disability, and similar factors. D) Using misrepresentation to convince a person to cancel an existing policy and buy a new one is called "twisting.". Policyholders \\ c) To protect the policyowner An Applicant inaccurately representing information on the application is guilty of: A. the underwriting process is approved for: d) Tax-deductible. \end{array} It is a type of tort. Cash value is invested in the stock market. Instructions Appoint a solicitor as his or her representative B) According to the law of large numbers, the larger a group becomes, the easier it is to predict losses. Prepare the following details: Mobile number, serial number, or IMEI. D. Aleatory contract 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} -policy holder adheres to it 1)temporary O b. Who would be eligible to obtain SGLI? b. 2)collateral assignment-some or only one right assigned. DONT PICK IT!!!!!! ____________ is a statement that is true to the best of the persons knowledge that is making the statement. Why do most states have a waiting period for couples applying for marriage licenses? ($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?" (Hint: Take a look at the Theory of Reasoned Action.). Executive office -cash value can lose value. (d) Premiums increase at an increasing rate upon renewal. Insurance that is provided by the Federal or State Government and sex doesn't determine eligibility? \text { Room } & \text { Super Saver } & \text { Deluxe } & \text { Business } \\ 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. The following are all causes for the Insurance Commissioner to suspend or impose conditions upon the continuance of a producer's license EXCEPT 1. In this case, the applicant will most likely need to fill out a Statement of Good Health. What contract characteristic does this describe? Based on Human Life Value Approach, which of the following is NOT used to calculate an individual's life value? The Waiver of Cost of Insurance rider is found in what type of insurance? A. Group life insurance is most often issued as guaranteed annual renewable term. Applicant pays premium to make agreement. A. To ensure suitability of annuity products, producers must obtain relevant information about the consumer's age, income, financial status, tax status, financial experience and objectives. The shifting of risk of loss to a larger homogeneous group is known as what? Other factors that are named include "Mortgage underwriters, investment banks, rating agencies, and investors", "low mortgage interest rates, low short-term interest rates . -Prepays portion of face amount if diagnosed with terminal illness. A linear programming model developed to maximize profit is used to determine how many reservations to accept for each rental class. d. falsely believing that a spouse has been Use the indirect method. c. It is the failure to use ordinary care. B. RentalClassRoomTypeITypeIISuperSaver$30$20Deluxe$35$30Business$40. For this amount of production, total factory overhead is estimated to be $396,000.00. 3. d) All of the above. Where can you find insurance coverage after being rejected by your insurance company for too many claims in the past year? d) Older. An underwriter will consider each of the following factors when evaluating a risk, except: A. 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. ____________ insurer is not a type of insurer. If an insurer finds that an applicant has committed fraud, it can void the contract, provided that the discovery occurs within the first two years of the effective policy date. A. Foregin When the company earns a profit and elects to share there profits, they pay a ____________to the policyholders or shareholders. d) Performing reviews of insured's coverage. Upon policy delivery, the producer may be required to obtain any of the following EXCEPT When an agent is handling the premiums that belong to an insurance company, they are acting in a fiduciary capacity. a) Accumulated at interest 1) Conditional Reciept \hline \text { Jul 1 } & \begin{array}{r} \hline && \text { Jul 31 } & 111,000 B. Twisting 2)not payable in conjunction. 3)substandard-highest, 6 factors that are complete for policy 2 be paid? Insurance is an important tool to manage risks, but often unavailable to poorer households. $ cant exceed indebtness. A persons assets & liabilities at their time of death. 2)Legal Purpose A. A surplus lines broker deals with direct writing companies only The policy is issued for one year and may be renewed annually with evidence of insurability. B. Nonadmitted A. \hline \text { Jul 1 } & 5,500 &&\\ 1) preferred risk Attempting to determine how much insurance an individual would require based upon their finacial objectives is known as. A securities license. Hospital bills of the key employee Only the MIB will provide information about an applicant's medical history. 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. Pure risk Which of the following is the basis for a claim against an insurance policy? -guarantee a stream of income to the person purchasing it known as the annuitant. c. Using the payback period, which project should Bill choose? Waive the premium if the INSURED becomes totally disabled. D) Obtaining a bachelor's degree. D. The face amount remains the same throughout the life of the policy. Empire Company is a manufacturer of smart phones. There is a limit for a withdrawal and the insurer charges a fee. D. A surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers ~~~\text{Depreciation on factory equipment}&31,000\\ A mutual insurance company does not have what? When will coverage begin? -pay for certain time and stop a) Indeterminate Premium Which of the following is a financial rating service? (a) capital retention approach The Boyle family can be described as a b. d) Loss. d) The policy can be reinstated by paying back all policy loans and premiums. D) The suicide provision protects the company from those individuals who purchase life insurance with the intention of committing suicide. See Answer. When a insurance company(insurer) has too many risks exposed to loss it seek another company(reinsurers) to insure them. The concept that the insured should not profit from an insurance transaction is called what? 4. A corporation is the owner and beneficiary of the key person life policy. AKA-payout phase. Round Tree has 100 Type I rooms and 120 Type II rooms. The County is administered by a five-member Board of Supervisors who are elected for four-year terms B) Passing examination with 75% or higher score. In a conditional receipt if the policy holder dies before delivery of the policy what has to happen for the benefits to be paid? -They provide coverage for risks that other insurers normally would not provide. Domestic Insurer \end{array} & &&\textbf{ Quarter } \\ Rebating is an unfair trade practice and is regulated by law. Dividends received by policyholders of a mutual insurer are not taxable. -20 pay life-paid up at 65 "Round Tree Manor is a hotel that provides two types of rooms with three rental classes: Super Saver, Deluxe, and Business. Contract or form of ownership is a ______________? C. Premiums are tax deductible by the key employee An insured becomes disabled at age 22 and can no longer work. The NAAR for a life insurance policy is the difference between the If the initial premium is not paid with the application, the agent will be required to collect the premium at the time of policy delivery. 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???? This is true whether a property or liability form; and regardless whether the insured is a commercial or personal lines client. 5)Explain when coverage begins d) Paid-up option. II. All of the following are common characteristics of this coverage EXCEPT \end{array} \\ -If the insured dies, the policy payed out the PRINCIPAL SUM D. Alien \hline & \text { Jul 1 } & 55,000 \\ Most policies can be renewed for additional periods without evidence of insurability. The following information is taken from the records of Hammond on November 30 of the current year. a) Consumer Privacy Act An agent and an applicant for a life insurance policy fill out and sign the application. Which of the following is NOT an example of a business use of Life Insurance? Which of the following about decreasing term insurance is true? Compute DVDs net cash provided by (used for) operating activities during July. 1) premium schedule differ from whole life & \text{ ???? } C. A husband or wife has an insurable interest in their spouse 1) coverage is permanent An insurer that was incorporated in a different state that it is doing business in. -Can't lose value (c) both I & II (d) neither I nor II. b. &\begin{array}{cr|} Everything else equal, how would the factor below affect the market value of a stock? Company A carries 1/3 of the total coverage ($20,000 + $40,000 = $60,000). I. Who is responsible for making sure the application is completed properly and all necessary info is obtained? Term. What does "liquidity" refer to in a life insurance policy? \end{aligned} It is most appropriate when an insured needs lifetime protection. The agent (a) blended family. 3)semi-annual An Insurance Broker is responsible for what? Which kind of agent enters into agreements with more than one insurer? 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. B. b) Larger. Get more out of your subscription* Access to over 100 million course-specific study resources Appoint a solicitor as his or her representative It is the specific cause of loss. 1)policy owner can increase/decrease/ or skip premium payments Receipt 2)Explain and collect any ratings Address of his principal office B. B. Marital Status (c) variable life insurance. What kind of penalty would the IRA owner pay? The policy's cash value grows as the investments grow.
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