2)not payable in conjunction. 3) type of plan they applied for. Which of the following is a financial rating service? An insured owns a life insurance policy. Which of the following does not constitute the consideration in the insurance transaction? Rating codes are assigned to show financial strength or weakness of each company rated Tamara purchased a term insurance policy when she had high life insurance needs and limited income. Only one party is giving a legally enforceable promise- A one-sided contract is what? B. \textbf{Income Statement}\\ 2)quarterly
The gross premium charged must reflect, at least for competitive reasons, the actual cost of providing the insurance. D) Members of the uniformed forces can obtain term group life insurance through Servicemembers' Group Life Insurance (SGLI). SalesrevenueLess:OperatingexpensesRawmaterialspurchasesDirectlaborcostAdvertisingexpenseSellingandadministrativesalariesRentonfactoryfacilitiesDepreciationonsalesequipmentDepreciationonfactoryequipmentIndirectlaborcostUtilitiesexpenseInsuranceexpenseNetloss$264,000190,00090,00075,00060,00045,00031,00028,00012,0008,000$780,000803,000$(23,000). a) Year only. \hline (\$ 000) & 1 & 2 & 3 & 4 \\ New York City | Robert Klein | Robert Klein At Yale (1982) | baseball 4. ~~~\text{Raw materials purchases}&\$264,000\\ 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. _____________ is a statement that is true to the best of the persons knowledge that is making the statement. 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. Should a key person die, the benefit is treated as a reimbursement to the business for loss of services from that key person. It is used to pay off the balance on the mortgage. A. (c) variable life insurance. d) Paid-up option. -the applicant must always initial the change
According to the entire contract provision, what document must be made part of the insurance policy? A. The County is administered by a five-member Board of Supervisors who are elected for four-year terms -the insurer sets the terms of the contract and the applicant must adhere to them. All of the following are true for indemnity insurance except that: a. premiums are based on separate risk pools often organized by employers. All of the following statements about term insurance are true EXCEPT. A _______ __ is the additional premium needed to get covered with high or substandard risk. (c) Interest credited to a policy's cash value is taxable to the policyowner in the year credited. If the corporation collects the policy benefit, then &\text { Accounts payable }\\ An insured becomes disabled at age 22 and can no longer work. What type of interest does universal life have? B. Twisting A. I. Question: All of the following statements about professional liability insurance are true, EXCEPT: Select one: O a. There is a limit for a withdrawal and the insurer charges a fee. ~~~\text{Rent on factory facilities}&60,000\\ Insurance producers must ensure that contracts they recommend are in the best interest of the insured. (c) term insurance c) Term life 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? D. Department of Treasury Now Tamara can afford whole life insurance. (d) The policyowner can add to a policy's cash value at any time subject to policy guidelines. Six Reasons the Loss is Excluded - MyNewMarkets.com \end{aligned} The minimum FREE LOOK period is how many days? Yes, all T-mobile insurance plans cover cracked screens.You will have to pay a deductible fee which will depend on your device model. D. Workers compensation. -Staged intervals
B. - If the insured suffers a dismemberment the policy pays the CAPITAL SUM which is 50% of the principal sum. The policyowner has a variety of options for investment of the cash value. b) To deter the policyowner from committing suicide D. An individual has an insurable interest in her or her own life. a) Using arbitration when the insured and insurer cannot reach agreement (c) human life value method d) 15 years. 3)increase the length of coverage
4)Explain the policy and its provisions
Principles of Risk Management and Insurance - Easy Notecards saalt menstrual disc how to use - evcc-estheticstraining.com An applicant is denied insurance because of information found on a consumer report. b) Promptly forwarding premiums to the insurance company EMPIRECOMPANYIncomeStatementFortheMonthEndedOctober31,2017\begin{array}{c} Policyholders All of the following are true of key person insurance EXCEPT ) The key employee is the insured. Cash values can be borrowed at any time Pro rata liability applies. Correct: A Insurance . A person who negotiates insurance contracts on behalf of an insured. 3)Minors. When a New York insurance agent or broker advertises services, he/she must list the full name of the insurer and the name of the city, town, or village that houses the principal office. 6/1 Quiz: Group Life Insurance Flashcards | Quizlet &\begin{array}{lr|rr} C. Whole life ~~~\text{Utilities expense}&12,000\\ Who is responsible for making sure the application is completed properly and all necessary info is obtained? Rates are considered inadequate when they do not cover projected losses and expenses. 5)an agreement is set, 1)Level term(cheapest insurance) face value stays the same
Which of the following about decreasing term insurance is true? 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? When an agent is handling the premiums that belong to an insurance company, they are acting in a fiduciary capacity. -Take it or leave it contract
a) Accumulated at interest Yes, all T-mobile insurance plans cover water damage. -insured can stop paying premiums at certain age or after a period of time
Two years ago he suffered a head injury from an accident, so he cannot remember parts of his past, but is otherwise competent. When a policy has reached its final destination and can be paid out in full is when the policy has ____________? What are the (5) Factors considered with combination policies Who and What are they? ~~~\text{Advertising expense}&90,000\\ D. The ratings are available to the public -Not a true insurance company
The Terrorism Risk Insurance Program is administered by which of the following Federal entities? c) Comparisons with similar policies Each policy pays a percentage of the loss based on the percentage of coverage that policy provides. *Both not taxable. 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? 3) Retaining the risk. b) Reduced paid-up The following are all true regarding risk management, except: A. a) A retail clerk. With a little work, an unused office area could be converted to a rental room. & \text{ ???? } b. it frequently includes coverage for losses due to casualty and theft. d) Fair Credit Reporting Act. 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. \text { Type I } & \$ 30 & \$ 35 & - \\ B. 1)premium payment
An Insurer organized in another state than the state in which it is authorized to do business is known as which type of insurer? A. Instructions The policy does not go into effect until the premium has been collected. A state administered health insurance for the needy? A monthly deduction is made from a policy's cash value for the cost of insurance protection. $ cant exceed indebtness. The total factory payroll for the month according to the payroll register is $308,000.00, distributed as follows. Annual income The corporation also helps detect and prevent insurer impairments. Can a misrepresentation render the contract void if the misrepresentation is material to the risk? The employer is the owner . D. Concealment Which of the following about yearly renewable term insurance is true? Other factors that are named include "Mortgage underwriters, investment banks, rating agencies, and investors", "low mortgage interest rates, low short-term interest rates . Appoint a solicitor as his or her representative Therefore, it is responsible for 1/3 of the $24,000 loss, or $8,000. Which of the following would provide an underwriter with information concerning an applicant's health history? If the insurance carried is less than required, the insurance may not cover the whole loss. c. Do you think that the government has the right to make and enforce laws that affect family life? \hline & \text { Jul 1 } & 55,000 \\ When does the grace period begin and how long is it? 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? All of the following statements about the settlement of a claim are true EXCEPT. a) Because the insured is currently not a drug user, his policy will not be affected. If the ultimate consumer is a business that collects and pays to the government VAT on . B. Example: company that is incorporated in NJ and sells in NJ. 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". The debtor does not have an insurable interest in the life of the lender. Group life insurance is most often issued as guaranteed annual renewable term. -it is a type of Rider
D. Represent the insured's interest The insurer issues the policy and learns of his history one year later. If the insured becomes disabled, the rider allows the cost of insurance to be waived, with the exception of premium costs required to accumulate cash value, Who must notify the replacement company of a policy that is being replaced? The companys president is concerned about the accuracy of the income statement. It is the specific cause of loss. What happens when there is a Misstatement of age or sex? Fraud Solved All of the following statements about professional - Chegg ____________ insurer is not a type of insurer. In order for the contract or policy to be valid or legal? 3. Any profit realized in the operation will be used to provide dividends to stockholders as well as surplus funds that may be used as a buffer for future adverse experience. Correct: C. Concealment, A. Study with Quizlet and memorize flashcards containing terms like Which of the following would not appear in the asset section of an insurance company's balance sheet? The terrorism risk insurance program reauthorization act provides for a terrorism insurance program administered by which federal entity? a) Material change If company pays dividends, then they are a? Correct: B. ~~~\text{Direct labor cost}&190,000\\ What is the MIB? b) Universal Life James purchased yearly renewable term insurance. All of the following characterize term life insurance, EXCEPT: Select one: a. -greater potential to grow the cash value but there is no guarantee
O b. Round Tree has 100 Type I rooms and 120 Type II rooms. D. Alien \hline \text { Jul 1 } & \begin{array}{r} d) The Medical Information Bureau. b) State attorney general 14,500 \\ When will coverage begin? The storage of flammables in a fireproof container. RentalClassRoomTypeITypeIISuperSaver$30$20Deluxe$35$30Business$40. b) Unilateral An__________ represents the insurer. (c) face amount of the policy and the legal reserve. a) Payor rider. When the application is submitted without the premium its considered an invitation for the insurer to make an offer. What are the temporary needs? Department of Defense Whole life policy. a) Aleatory Healthcare in the United States is far outspent than any other nation, measured both in per capita spending and as a percentage of GDP. D. A surplus lines broker deals with admitted carriers only when the company earns a profit and elects to share these profits, they pay a dividend to the policyholders or shareholders.