all of the following are true of insurance exceptnicole alexander bio

3)semi-annual \end{aligned} What are the (5) Factors considered with combination policies Who and What are they? A securities license. *Both not taxable. I. Pure Risk. C. Whole life b) Index used by stock companies -But pays you interest, 1)Fixed annuity Misappropriation or illegal withholding of the policyholder's money. C) They must contain a warning that actual results may vary. Each policy pays a percentage of the loss based on the percentage of coverage that policy provides. ~~~\text{Raw materials purchases}&\$264,000\\ What will probably happen? 2)Explain and collect any ratings d) Limited pay. DepreciationExpense-FactoryEquipmentDepreciationExpense-BuildingHeat,Light,andPowerExpenseInsuranceExpense-Factory$5,770.242,822.409,055.201,505.28MiscellaneousExpense-FactoryPayrollTaxesExpense-FactoryPropertyTaxExpense-FactorySuppliesExpense-Factory$13,780.4843,736.006,088.3218,063.36. (b) reduced. Cash values are available in whole life policies. The application is the basic source of information an insurer uses in the risk selection process. SalesrevenueLess:OperatingexpensesRawmaterialspurchasesDirectlaborcostAdvertisingexpenseSellingandadministrativesalariesRentonfactoryfacilitiesDepreciationonsalesequipmentDepreciationonfactoryequipmentIndirectlaborcostUtilitiesexpenseInsuranceexpenseNetloss$264,000190,00090,00075,00060,00045,00031,00028,00012,0008,000$780,000803,000$(23,000). (c) both I & II (d) neither I or II, Diane is a single parent. B) bonds 3. (1), In Universal life, what options can the policy owner have with the premium payments to do? Newborns after how many days become covered in a child rider? 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. -provides income for retirement Which of the following best illustrates a Pertaining to insurance, what is the definition of a fiduciary responsibility? c) Whole Life &\text { Retained Earnings }\\ 2)quarterly Increasing term B) The parent is responsible for the premium. Tom and Nancy Boyle provide financial support for their two children. A. For the reported losses of an insured group to become more likely to equal the statistical probability of loss for that particular class, the insured group must become -cash value options The applicant accepts the invitation by paying the ___________. d) Fair Credit Reporting Act. B) the applicant. Mutual life policy. The designation will be void/. A. Liquidity in life insurance refers to availability of cash to the insured. 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. A. Foregin c) An agent offers tickets to a baseball game as an inducement to buy insurance. Cash value is the same as ___________ when the policy matures. d) 50% tax on the amount not distributed as required. &\begin{array}{l|lr} 2)Variable annuity (receive dividends & the right to vote). b) Policyholder D. Reduction is a method of managing risk. (a) I only 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. For example, a claim will be paid only is there has been a covered loss. A policy summary Liquidity in life insurance refers to availability of cash to the insured through cash values. Address of his principal office Your device, make and model. The policy is a conditional contract 1)tax qualified plans b) Universal Life B. 3)certified public accountants, Is insurance that is provided by the Federal or State government O d. A __________ represents the insured. 3) Retaining the risk. Prior to October 2017, the company had been profitable every month. The Human Life Value Approach to determining the value of an individual's life requires the calculation of probable future earnings of the insured, which involves wages, expenses, inflation, amount of time until retirement, and the time value of money. Acceptance The correct answer is: Premiums are typically paid by the lender. A. contract of adhesion Who are considered to be restricted persons concerning the formulation of an insurance contract. 3 of them? Total personal income in the United States (in billions of dollars) for selected years from 1960 to 2009 is given in the following table. 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. \text{ ???? } All of the following information about a customer must be used in determining annuity suitability EXCEPT d) Buyer's Guide. Premiums are not tax deductible as a business expense. B. Aleatory contract 2)administered charge B. \hline && \text { Jul 1 } & 65,000 \\ c) Guides describing company financial integrity Waive the premium if the INSURED becomes totally disabled. Be prepared to justify your answer. D. The face amount remains the same throughout the life of the policy. If a parent purchases life insurance on their child all of the following are true, EXCEPT: A) The child is the insured. Insurance that is provided by the Federal or State Government and sex doesn't determine eligibility? (b) Cash value accumulation is slow to moderate. \end{aligned} B. Which of the following is correct concerning the taxation of premiums in a key-person life insurance policy? 3)MIB=records of all previous insurances they had. Errors and Omissions Coverage (E&O) is a name used to describe a type of professional liability insurance. 21,000 \\ 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 of the following statements is not correct regarding rates and premiums? d) Contingent. C. Countersign insurance contracts D. Concealment &\begin{array}{lr|lr} Their premiums are lower 3)Rider expires 60,65,75. Contract or form of ownership is a ______________? A debtor has insurable interest in the life of a lender D) The suicide provision protects the company from those individuals who purchase life insurance with the intention of committing suicide. All of the following statements about ordinary life insurance are true EXCEPT. C. Domestic 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. 2)Decreasing term(premium is low) declining face value The applicants(policy owner) 4)decrease premium paying period. a) Indeterminate Premium b. exclusions: when the accident occurs within an illness,disease, or mental infirmity. After Alex has made 20 premium payments, his life insurance policy is considered B. Which of the following statements about universal life insurance is true? There are many legitimate need-based expenses that can be paid by life insurance proceeds, from groceries to retirement income. Study with Quizlet and memorize flashcards containing terms like All of the following are personal uses of life insurance EXCEPT A. a) Because the insured is currently not a drug user, his policy will not be affected. The minimum FREE LOOK period is how many days? ~~~\text{Depreciation on sales equipment}&45,000\\ Is interest always gained in Universal Life Policy? Who might receive dividends from a mutual insurer? b. it frequently includes coverage for losses due to casualty and theft. 1. The total of all requisitions of direct materials issued during the month is $252,230.00. Insurance producers must adhere to the concept of suitability by ensuring that, to the best of their belief, the purchase, sale or exchange of a policy is in the best interest of the insured. C. Certain Risk A. D) the minor in a juvenile policy. B. -Prepays portion of face amount if diagnosed with terminal illness. What are (4) characteristics of permanent insurance? B. The employer is the owner . Therefore, it is responsible for 1/3 of the $24,000 loss, or $8,000. d) Primary and secondary beneficiary designations. C. The death benefit paid to the beneficiary D. The benefit is received tax free. D) Claims result from losses by a peril insured against in an insurance policy. d) The policy can be reinstated by paying back all policy loans and premiums. An agent told Carl about a form of life insurance in which Carl could select where the savings component is invested. B. CashJul1Jul315,500???? Which is generally true regarding insureds who have been classified as preferred risks? An individual applies for a life policy. All of the following statements about universal life insurance are true EXCEPT B. The gross premium charged must reflect, at least for competitive reasons, the actual cost of providing the insurance. If the conversion cost is the same for both types of rooms, would you recommend converting the office to a Type I or a Type II room? 1) All requirements are met Correct: B. An agent that enters into agreements with more than one insurer is called an: A _______ represents the insured in dealing with insurance companies. a) The policyholders or stockowners of the company Which of the following documents delivered to the policyowner includes information about premium amounts, cash values, surrender values, and death benefits for specific years? (b) face amount of the policy and the total premiums that have been paid. Any gain in the policy's cash value is . -guarantee a stream of income to the person purchasing it known as the annuitant. C. A surplus lines broker deals with direct writing companies only 4)settlement options, 1)stand alone policy (d) The policyowner can add to a policy's cash value at any time subject to policy guidelines. Business partners have an insurable interest in each other The 7 paytest is used to determine if a policy is a _______? The face amount decreases as the amount owed on the mortgage decreases. (d) endowment insurance, Rachel needs permanent life insurance. It is legal to list nonguaranteed values in the contract, but they must be specifically labeled as projected, not guaranteed values. B. 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. 1) a policyholder votes on the Board of Directors A mutual insurer has no stock, and is owned by the policyholders. Appoint a solicitor as his or her representative (b) They increase at a decreasing rate. (b) Any withdrawal of cash value reduces the death benefit. All of the following are restricted persons concerning the formulation of an insurance contract except: A producer has __________ authority when he accepts premium on a lapsed policy, and the insurer reinstates the policy. *The insured is diagnosed with terminal & chronicle illness A. A company formed in a different country doing business in any state of American who owners are stockholders that receive dividends and have voting rights. Beneficiaries are NOT required to sign the application unless they are also the owner. \hline & \text { Jul 31 } & 58,000 Why do most states have a waiting period for couples applying for marriage licenses? (a) present value of future benefits and the present value of future premiums. I. 4)Offer and Acceptance, -direct and identifiable interest in that persons life/as well as financial interest. Journalize the entry to transfer the total of all cost sheets completed from Work in Process to Finished Goods. -its a rider In a car accident dealing with ADB who covers the passenger? Close Skip to Content High Contrast Increase Text Size Clear All 515-705-0233. (a) I only (b) II only 3)substandard-highest, 6 factors that are complete for policy 2 be paid? a) Year only. ~~~\text{Insurance expense}&\underline{8,000}&\underline{803,000}\\ It is a type of tort. To sell variable insurance what must you have? the willful holding back or secretion of material facts pertinent of the issuance of insurance or a claim. -Both parties must follow certain conditions set forth in contract, -IRS classification of a policy that is overfunded c) Extended term These individuals qualify for lower premiums than those in the other categories. 4)annual, Everytime you have a payment due. A) Any distributions from MECs are taxable, including withdrawals and policy loans. Contract of adhesion Only the MIB will provide information about an applicant's medical history. How does having children affect the decisions that couples must make when considering a divorce? 2) Transferring the risk Does T-Mobile Insurance Cover Water Damage? -7 pay test is used to determine If a policy is a MEC. 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. \text{Sales revenue}&&\$780,000\\ b) 5 years only. Terms that apply to the insurer not the applicant. 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? What characteristic must an annuity have if it is used to accumulate funds in an IRA? 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 -below market interest rates on borrowing a sheet where the agent lists any additional info about insured including: habits,financial status, or anything that may be important for the underwriting department to determine the risk involved. Life insurance proceeds The issuance of a policy or binder is not part of the consideration element of an insurance contract, it is part of the _______ ________. (3), 1)bank trust officer 2)Straight Life D. Department of Treasury D) adding cost of living coverage. This is called. (c) term insurance Costs of training a replacement 4. What are the two options in death benefit options? 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.

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