Social Security is designed to provide a base of economic security B. -receiving dividends(when declared) The NAAR for a life insurance policy is the difference between the (b) reduced. (a) present value of future benefits and the present value of future premiums. C. Department of State -Take it or leave it contract 3,000, AccountsreceivableJul121,000???? d. Universal Life is also known as two things what are they? C. The insurer is always required to pay the . If a parent purchases life insurance on their child all of the following are true, EXCEPT: A) The child is the insured. -pays an additional death benefit if the insured dies from an accident For example, a claim will be paid only is there has been a covered loss. C. Solicit applications on the insurer's behalf Something of value is a __________________. A. -receiving dividends(when declared) d) Tax-deductible. The demand forecast for a particular night is 130 rentals in the Super Saver class, 60 rentals in the Deluxe class, and 50 rentals in the Business class. Age, Sex, Occupation, Hobbies, Habits, Smoking or Non-Drug user or Non. c) Conditional cash value increases while face value remains the same. ________________ are the person who receives benefits payable upon death. What term life insurance provision will permit Tamara to switch her term insurance to whole life insurance without having to show that she is still insurable? a) Agent's report b) Failure to promptly settle a claim when liability has been clearly established Predicted needs of the family after the insured's death and what two kinds? c. Do you think that the government has the right to make and enforce laws that affect family life? 3)premium is collected 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 _________. 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. A. c) Coverage ends but the policy can be reinstated at any time. B. 2)Explain and collect any ratings d) Producer. The insurer's promise to pay a covered loss and the insured's payment of the first premium, are examples of: A. If applicant is not the insured- then insureds signature is required Contract of adhesion 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. c. thoughts of harming a neighbor Members are assessed to fund the corporation. 1)physical exam 2) Binding Reciept. -guaranteed/fixed/level payment, -Immediate "annuitization phase" As her friend, you have been asked to review the income statement and make necessary corrections. In an insurance contract, the value that each party gives the other is called the: When an individual faces the risk of economic loss in the event of property damage, this indicates which of the following? ? The County is administered by a five-member Board of Supervisors who are elected for four-year terms 14,500 \\ Example: AIL was incorporated in Indiana and its home office is in Texas so in NJ its considered a foreign insurer. All of the following are true about health insurance except: Purchasing health care can help save you from medical bankruptcy. I. Which of the following is an example of an unfair claims settlement practice? d) Military personnel. C. Consideration 1) a policyholder votes on the Board of Directors C. A husband or wife has an insurable interest in their spouse 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. The preferred risk classification indicates that an insured is in excellent physical condition and employs healthy lifestyles and habits. 2)no cash-value Signed waiver of premium C) Annually renewable term policies provide a level death benefit for a premium that increases each year with the age of the insured. 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. D) Obtaining a bachelor's degree. . Correct: A. d) Buyer's Guide. A policy summary &\text { Cash }\\ The 7 paytest is used to determine if a policy is a _______? The company records manufacturing costs by job number and uses a factory overhead applied rate to charge overhead costs to its products. Which method makes the most sense for her to employ? 1. All of the following statements about term insurance are true EXCEPT. Poor adaptation to climate change further widens the gap between what people can afford and the costs of insurance, as risks increase. (D The employer is the owner, payor and beneficiary of the policy. D. Funding against general company financial loss. B. This is called. (b) Any withdrawal of cash value reduces the death benefit. 2)the face amount Alex, age 26, purchased a 20- payment whole life insurance policy. A key person insurance policy can pay for which of the following? Which of the families below is likely to have the least need for a large life insurance policy? The application is the basic source of information an insurer uses in the risk selection process. Acceptance What is the MIB? Insurance is designed to cover both intentional and unintentional losses. c) Misrepresentation b. Any gain in the policy's cash value is . Beneficiary's age c. Premiums may be raised at renewal d. Group term insurance may cover the . C. Conditional contract c) Increases annually. C) Completing pre-licensing training. Tax-qualified annuities are subject to IRA maximum contribution limits. (b) The face amount of the policy is paid if the insured lives to age 65. -policy holder adheres to it Correct: A Insurance . Who assumes control over an insurance company's funds and management if it becomes insolvent? (b) tax-free exchange provision It is a type of tort. See Answer. Correct: B. -paying for certain time and stop. All of the other statements are true. 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. This form of life insurance has fixed premiums and the cash value is not guaranteed. 3)riders & exclusions (c) The number of times the coverage can be renewed is limited. The policy's cash value grows as the investments grow. & \text { Depr } & 3,000 \\ An insurer that was incorporated in a different state that it is doing business in. (d) sandwiched family. Does T-Mobile Insurance Cover Water Damage? 2)APS=medical records C. Buy-Sell agreements are normally funded with a life insurance policy The insurance contract is a _________ because the court will usually interpret in favor of the insured when an insurance policy is not clear. A lender has an insurable interest in the life of a debtor, but only to the extent of the debt. When a policy is non-contributory how much is paid? C. Whole life 3)MIB=records of all previous insurances they had. &\text { Accumulated depr.-equipment }\\ *The insured is diagnosed with terminal & chronicle illness What type of interest does universal life have? (3), WHat is the difference between universal and whole life policies? ____________ is a statement that is true to the best of the persons knowledge that is making the statement. 1 / 25. The insurance company may not void the insurance policy for which of the following reasons? B. c) Accelerated benefit rider. All of the following statements about ordinary life insurance are true EXCEPT. (c) variable life insurance. B) Money collected with respect to an insurance transaction must be held in a position of trust by the producer. b) Unilateral B) Underwriters. 2. Credit life States regulate the procurement of business from nonadmitted carriers by regulating the brokers who place business with these carriers. b) Index used by stock companies Insurance is considered a transfer of risk. -The insurer would pay the face amount of the policy minus the past due premium. According to the entire contract provision, what document must be made part of the insurance policy? Get more out of your subscription* Access to over 100 million course-specific study resources b) Coverage ends and the policy cannot be reinstated. If the insurance carried is less than required, the insurance may not cover the whole loss. C. Medical Background Costs of training a replacement \hline The Boyle family can be described as a \end{array} All of the following statements about the characteristics of Social Security are true EXCEPT A. Insurance is not designed to cover _____________ losses. ($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?" D) An agent's report and inspection report provides personal information. When a policy has reached its final destination and can be paid out in full is when the policy has ____________? Numerical identifiers: Each candidate list entry covers both anhydrous and hydrated forms of a substance. What happens when a policy is surrendered for its cash value? B. A. If the corporation collects the policy benefit, then Total personal income in the United States (in billions of dollars) for selected years from 1960 to 2009 is given in the following table. RentalClassRoomTypeITypeIISuperSaver$30$20Deluxe$35$30Business$40. Life expectancy has increased in the U.S. over the last century. D) Claims result from losses by a peril insured against in an insurance policy. A) They must be given to all Life insurance applicants. What limitations might this model have for predicting consumer's attitudes and purchase behavior towards Cream Silk? D. Effect of inflation on income over time. &\begin{array}{cr|} B. this insurance is often written in connection with automobile loans. Only the MIB will provide information about an applicant's medical history. He would also like to invest in a mutual fund. D) Obtaining a bachelor's degree. All of the following are true of insurance except: Which of the following is NOT true about insurance? Despite this, the country has significantly worse healthcare outcomes when compared to peer nations. Type I rooms do not have wireless Internet access and are not available for the Business rental class. (a) matured. b. persistent fear of germs C. Funding business continuation agreements Estate conservation All of the following statements are true of liability insurance, EXCEPT: Answer: liability coverage indemnifies the insured. 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. -Not invested in stock market Payor benefit/Clause is always a _________. Coverage is available in $50,000 increments up to the maximum of $400,000. b. d) Making claims payments which clearly indicate under which coverage payment has been made. A false statement in the application for insurance is_____________. What are the (5) Factors considered with combination policies Who and What are they? Which of the following does not constitute the consideration in the insurance transaction? 3)Consideration (a) I only 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? Correct: D. Concealment. 1. CPI (consumer price index) without evidence. All of the following statements regarding contracts of indemnity are true EXCEPT a. D. The flexible premium. Which of the following is the basic source of information used by the company in the risk selection process? considers Lloyds of London an Alien insurer (d) neither I nor II. Which of the following best illustrates a Two years ago he suffered a head injury from an accident, so he cannot remember parts of his past, but is otherwise competent. (b) Cash value accumulation is slow to moderate. ?19,500, Accumulateddepr.-equipmentJul155,000Depr3,000Jul3158,000\begin{aligned} 4. \hline && \text { Jul 1 } & 65,000 \\ B. 5)an agreement is set, 1)Level term(cheapest insurance) face value stays the same -low commissions Term life insurance provides the largest amount of coverage for the lowest amount of premium. Is claim still paid if there is a misstatement of age or sex? Are insurance company underwriters allowed to discriminate? B. 4)annual, Everytime you have a payment due. C. Application B. Due to climate change, premiums are going up for certain types of insurance, such as flood insurance. d) 15 years. \hline \text { Jul 31 } & 3,000 The cost of insurance protection is referred to as what? An insurance contract requires that both the insured and the insurer meet certain conditions in order for the contract to be enforceable. What happens when there is a Misstatement of age or sex? 1) preferred-low An individual applies for a life policy. An agent that enters into agreements with more than one insurer is called an: A _______ represents the insured in dealing with insurance companies. Beneficiary's age is not a suitability factor. ? (Hint: Take a look at the Theory of Reasoned Action.). 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. 3)according to the source of annuity income 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. A. IRS classification of a policy that is overfunded? In the pamphlet, he includes the full name of his insurance agency and the type of insurance that he offers. A surplus lines broker deals with direct writing companies only Insurance is designed to provide protection against which of the following? -cash value can lose value. Legal Purpose Warranty Conviction of a felony involving moral turpitude. Department of Defense A whole life insurance policy is exchanged for a term insurance policy. An underwriter will consider each of the following factors when evaluating a risk, except: A. d) The Guaranty Corporation. Errors and Omissions Coverage (E&O) is a name used to describe a type of professional liability insurance. 3. b) The agent's report ? Journalize the entry to transfer the total of all cost sheets completed from Work in Process to Finished Goods. An applicant is denied insurance because of information found on a consumer report. ? What are two reasons that people deposit money in banks? The concept that the insured should not profit from an insurance transaction is called what? 3) Retaining the risk. Should a key person die, the benefit is treated as a reimbursement to the business for loss of services from that key person. What will probably happen? (b) level-premium method (2), 1)HIPPA Health insurance decreases your healthcare costs. Rebating is an unfair trade practice and is regulated by law. All of the following are true of negligence, except: a. \hline \text{Cash} & \$ 100 & \$ 100 & \$ 100 & \$ 100 \\ In this particular instance the applicant did not commit intentional fraud. 21,000 \\ 3)Increasing term adds face value. Conditional contract means the policy holder does what? -tax free accumulation of borrowing. A key person insurance policy will pay for costs of running the business and replacing the employee. A Contract that binds only one party to future performance, is a (n): A. An Applicant inaccurately representing information on the application is guilty of: A. 4)settlement options, 1)stand alone policy ______________ is defined as restoring the insured to the same financial condition as before the loss. All of the following are required signatures on a life insurance application EXCEPT.

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