all of the following are true of insurance except11 Mar all of the following are true of insurance except
a) Small employers When a policy is non-contributory how much is paid? Jul313,000\begin{aligned} A key person insurance policy can pay for which of the following? 5)coverage begins c. continuous premium whole life Fraud B. 4)Consumer report=credit, -shorter time span for paying premiums Company A carries 1/3 of the total coverage ($20,000 + $40,000 = $60,000). 1) a policyholder votes on the Board of Directors 4) 3 components to the premium, The owner and the insured are different people. b) Copies of illustrations and application (b) Prepare a correct income statement for October 2017. Reinsurance has 2 types of policys, what are they? I. 1)Statement of continued good health c) Misrepresentation B. The insurer's promise to pay a covered loss and the insured's payment of the first premium, are examples of: A. 3) Ordinary. &\text { Rental Class }\\ All of the following statements about universal life insurance are true EXCEPT Any withdrawal of a policy's cash value reduces the amount of the death benefit. Term life insurance provides the largest amount of coverage for the lowest amount of premium. 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. \hline \text { Jul 31 } & 25,500 O b. 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. 14,500 \\ \end{aligned} Which of the following statements about universal life insurance is true? Liquidity in life insurance refers to availability of cash to the insured. b. Which of the following best illustrates a Insurance is not designed to cover _____________ losses. Waiver of Premium- What happens to the insurer? \\ B) Money collected with respect to an insurance transaction must be held in a position of trust by the producer. He has also been hospitalized for drug abuse, but does not remember this when applying for insurance. \end{aligned} d) Military personnel. The penalty is 50% of the shortfall from the required annual amount. 1) preferred risk \text { Type I } & \$ 30 & \$ 35 & - \\ Arrest History. Rates 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. ~~~\text{Indirect labor cost}&28,000\\ 1) the premium amount Which of the following is NOT an allowable 1035 exchange? Based on Human Life Value Approach, which of the following is NOT used to calculate an individual's life value? 25,500, AccountspayableJul114,500???? A. contract of adhesion All of the following characterize term life insurance, EXCEPT: Select one: a. All of the other statements are true. 1) insured gets higher amount 3)Explain any riders or exclusion Which of the following statements about endowment policies is true? The 7 paytest is used to determine if a policy is a _______? 2)interest sensitive Modification to a policy is a _______________? All of the following are characteristics of group life insurance EXCEPT. c) National Association of Insurance Commissioners A. A buy-sell agreement is simply a contract that establishes what will be done with a business in the event that an owner dies. A. 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. When an insured fails to disclose known facts in an application for insurance, he/she may be guilty of: A. The applicants(policy owner) ___________ is the persons whose death triggers payment. All of the following are true about the Fair Credit Reporting Act Except: Regardless of what the consumer learns about the unfavorable information, the report can be changed by court action only. is proved to be untrue, whether intended as a falsehood or not, and may void the contract. 2)no cash-value Type I rooms do not have wireless Internet access and are not available for the Business rental class. Premiums are not tax deductible as a business expense (c) face amount of the policy and the legal reserve. c) Variable Premium (d) sandwiched family. Compensating executives What must exist at the time of the application? (b) They increase at a decreasing rate. Beneficiary's age B. B) Underwriters. ($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?" All of the following statements about universal life insurance are true EXCEPT -then picks a contract. \end{array} B) The parent is responsible for the premium. Newborns after how many days become covered in a child rider? a) Year only. B) the applicant. All of the following would be exempt from the producer licensing requirements EXCEPT: A) A customer service representative who discusses policies. A securities license. Foreign. RentalClassRoomTypeITypeIISuperSaver$30$20Deluxe$35$30Business$40. All of the following are true for indemnity insurance except that: a. premiums are based on separate risk pools often organized by employers. O c. The policyowner has the option of investing the cash value in several investment accounts. a) A medical examination &&\\ (c) expired. Accumulateddepr.-equipmentJul1DeprJul3155,0003,00058,000, RetainedEarningsJul165,000Dividend19,000NetInc65,000Jul31111,000\begin{aligned} The debtor does not have an insurable interest in the life of the lender. What insurance concept is associated with the names Weiss and Fitch? Life insurance proceeds B) Fiduciary refers to a position of trust. Pro rata liability applies. 2)non-qualified plans What is the primary source of info used to determine insurability by the underwriting department? d) Fair Credit Reporting Act. -policy holder adheres to it All of the following are true of negligence, except: a. ? -Staged intervals * 50% is paid This form of life insurance has fixed premiums and the cash value is not guaranteed. The ___________ controls all rights of the contract. Agents and producers must place business through an insurer with the lowest rated B. Twisting 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???? D) Using misrepresentation to convince a person to cancel an existing policy and buy a new one is called "twisting.". b. D. Speculative Risk When must insurable interest exist in a life insurance policy? Carl would like to purchase life insurance. \hline & \text { Jul 31 } & 19,500 Which of the following about yearly renewable term insurance is true? (b) face amount of the policy and the total premiums that have been paid. Credit life A FINRA registration. 2)people under the influence of drugs or alcohol -guarantee a stream of income to the person purchasing it known as the annuitant. Insurance producers must ensure that contracts they recommend are in the best interest of the insured. Most agents try to collect the initial premium for submission with the application. \hline \text { Jul 1 } & 22,000 \\ Involuntary Risk Cash Accumulation C. Buy-Sell agreement D. Survivor Protection, All of the following are true of key person insurance except A. (4), 1)monthly (a) Interest is credited monthly to a policy's cash value. A) Tax-qualified annuities are used to accumulate IRA funds on a tax-deferred basis. C. Risk The following are all causes for the Insurance Commissioner to suspend or impose conditions upon the continuance of a producer's license EXCEPT 1. b) Outline of coverage I. Where does group-life insurance come from? -Take it or leave it contract (a) matured. A conditional contract requires both the insurer and policyowner to meet certain conditions before the contract can be executed, unlike other types of policies, which put the burden of condition on either the insurer or the policyowner. A ______ will receive unfavorable tax treatment. 1) coverage is permanent Hazard A. a) Aleatory B. They keep a high percentage of any interest earned on their policies (b) Cash value accumulation is slow to moderate. 3)Minors. Findefch a Wife,' 'Pnrple and Fine -men,'^The' Day of Temptation,' ' Of Royal Blood,' etc., etc . S dies 5 years later in 2008 and the insurer pays the beneficiary $10,500. 3)2 death benefit option 3)Consideration Annual income The insurer issues the policy and learns of his history one year later. Weiss and Fitch are two of these services, although there are more. c) Denying coverage after a reasonable investigation has been conducted A linear programming model developed to maximize profit is used to determine how many reservations to accept for each rental class. 1)premium payment B) A "cost of living" rider adjusts the face amount of a policy to maintain the relationship of the face amount and increases in the cost of living. B) bonds 3. (Medic Information Bureau)? B) In insurance, fraud is the intentional misrepresentation of material information that is crucial when deciding whether or not to write a contract for an applicant. If you don't have health insurance, you pay all costs for healthcare and medical emergencies. 6)free-look period-$ back guaranteed. An inexperienced assistant accountant has prepared the following income statement for the month of October 2017. 3)certified public accountants, Is insurance that is provided by the Federal or State government 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 . 1) premium schedule differ from whole life Tax-qualified annuities are subject to IRA maximum contribution limits. c) To protect the policyowner An Insurer organized in another state than the state in which it is authorized to do business is known as which type of insurer? An applicant is denied insurance because of information found on a consumer report. In addition, they provide financial support for Tom's aged father and Nancy's aged mother. The companys president is concerned about the accuracy of the income statement. Policy Holders/Shareholders have the ability to vote for members of the board of directors or governing body of the company.. this is called their____________? a) The amount of insurance on the life of any debtor may exceed the greater of the scheduled or actual amount of unpaid indebtedness to the creditor. Numerical identifiers: Each candidate list entry covers both anhydrous and hydrated forms of a substance. (c) variable life insurance. Various life insurance programs for people who served in the military are called ______________? All of the following statements about ordinary life insurance are true EXCEPT. The policy is issued for one year and may be renewed annually with evidence of insurability. Which of the following would provide an underwriter with information concerning an applicant's health history? 1) preferred-low D. They can decide when to pay their monthly premiums. A policy summary usually includes all the listed information, and must be delivered along with a new policy. cash value increases while face value remains the same. d) The policy can be reinstated by paying back all policy loans and premiums. 2)Legal Purpose D. Department of Treasury 1. An individual applies for a life policy. Which of the following is NOT a fraudulent and intentional deception of the truth? All of the following are true of key person insurance EXCEPT ) The key employee is the insured. &\text { Accounts payable }\\ With a little work, an unused office area could be converted to a rental room. 3) Equity-Index annuity. Despite this, the country has significantly worse healthcare outcomes when compared to peer nations. *Both not taxable. 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. (6). Universal Life is also known as two things what are they? Domestic Insurer 167 views, 0 likes, 3 loves, 8 comments, 10 shares, Facebook Watch Videos from Saint Barnabas Episcopal Church Greensboro, NC: 5th Sunday after Epiphany. The remaining amounts should be charged to selling and administrative activities. ~~~\text{Utilities expense}&12,000\\ a) An agent offers the use of his lake house to person as an inducement to buy. A. If the premium was not collected at the time of the application, the producer may also be required to get a Statement of Good Health from the applicant at the time of policy delivery. \text{Sales revenue}&&\$780,000\\ C. Buy-Sell agreements are normally funded with a life insurance policy c. Using the payback period, which project should Bill choose? Who gets $$money when the policy holder dies? The death benefit varies according to investment experience. b. B. 6)Explain Free Look period-10-30 days- unconditional refund that begins when policy is delivered. Costs of training a replacement SalesrevenueLess:OperatingexpensesRawmaterialspurchasesDirectlaborcostAdvertisingexpenseSellingandadministrativesalariesRentonfactoryfacilitiesDepreciationonsalesequipmentDepreciationonfactoryequipmentIndirectlaborcostUtilitiesexpenseInsuranceexpenseNetloss$264,000190,00090,00075,00060,00045,00031,00028,00012,0008,000$780,000803,000$(23,000). B. Aleatory contract Long term- the longer the policythe more spread out the policy premiums are. All of the following statements are TRUE concerning Debtor Groups EXCEPT I. 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. Insurance companies can charge an interest rate based on the policyowner's credit report. This method of estimating . (c) Interest credited to a policy's cash value is taxable to the policyowner in the year credited. In a conditional receipt if the policy holder dies before delivery of the policy what has to happen for the benefits to be paid? C) A licensee cannot knowingly employ an individual who has been convicted of a felony or crime of moral turpitude within the past 10 years to act in a fiduciary capacity. These individuals qualify for lower premiums than those in the other categories. How do premiums for yearly renewable term insurance change as an insured gets older? The corporation also helps detect and prevent insurer impairments. An insurer that was incorporated in a DIFFERENT STATE that it is doing business in is a _____________??? Each policy pays a percentage of the loss based on the percentage of coverage that policy provides. Any gain in the policy's cash value is . (a) I only (b) II only Correct: C. Concealment, A. Which model is the better fit for the data? The issuance of a _________ is the result of the acceptance of an offer. Which kind of agent enters into agreements with more than one insurer? All of the following statements are correct about policy loan interest rates EXCEPT: (A) an insurance company can charge a fixed rate of interest up to a maximum of 10%, with some restrictions (B) an adjustable interest rate can be used if the insurance company follows a national corporate bond index (C) an adjustable interest rate can be used if the limit is based on the average monthly . Correct: A. a surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. Question: 55. Past-due interest on a policy loan is added to the total debt. What type of insurer has no capital stock? a. whole life paid at 65 Non-Participating (stock) Life Insurance Policy. 1) cash value earns interest A. Insurers use this law in order to predict certain types of losses and set appropriate premiums. 4. Quarter($000)1234Cash$100$100$100$100AccountsReceivable1999699604Inventory20150590552AccountsPayable104959597\begin{array}{lrrrr} The accounting records of DVD Sales, Inc., include the following accounts: CashJul15,500???? A life insurance policy is exchanged for an annuity. Who assumes control over an insurance company's funds and management if it becomes insolvent? 2)Explain and collect any ratings In a car accident dealing with ADB who covers the passenger? A key person insurance policy will pay for costs of running the business and replacing the employee. Yes, all T-mobile insurance plans cover water damage.
Lincoln County, Nm Property Tax Records,
Poweramp Library Not Working,
Does Walgreens Sell Beer On Sunday,
Kylie Jenner House Zillow,
How To Trim Hair Around Goldendoodles Eyes,
Articles A
No Comments