B) The plan is funded by permanent insurance only. Principles of Risk Management and Insurance - Easy Notecards 3)Increasing term adds face value. C. group credit life insurance does not build cash values. C. Risk What kind of penalty would the IRA owner pay? -Can't lose value The replacing company notifies the replacement company. 2)explain any ratings Permanent Insurance have 3 words in common, what are they? c) Variable Premium \end{aligned} 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} Which of the following statements is NOT true concering insurable interest as it applies to life insurance? The insurer issues the policy and learns of his history one year later. B. A producer wishing to appeal the final order of the commissioner would appeal to???? Flashcards - WA Common Law Practice Exam - FreezingBlue 3) Ordinary. 2)no cash-value _____________ is an employer paid disability and health insurance coverage that covers job related illnesses or injuries. C. it is often experience-rated, with premrums based on expected losses. Correct: B. D) Obtaining a bachelor's degree. In the needs approach, all of the following information is used to establish how much insurance needs to be purchased, EXCEPT: Mary should purchase $1.5 million ($75,000 x 20 working years remaining = $1,500,000). All of the following would be considered to be rebating EXCEPT It is most appropriate when an insured needs lifetime protection. D. Represent the insured's interest When parties to a contract exchange unequal amounts of money, this is said to be what type of contract? 14,500 \\ Both life and health insurance can be used for a variety of purposes in a business setting, including the funding of business continuation agreements, compensating executives, and protecting the firm against financial loss resulting from the death or disability of key employees. Something of value is a __________________. 3)premium is collected A. \hline \text{Cash} & \$ 100 & \$ 100 & \$ 100 & \$ 100 \\ 1)tax qualified plans An insurer or producer may NOT knowingly employ an individual to act in a fiduciary capacity if that individual has been convicted of a felony or crime of moral turpitude within the past Investors become more risk averse. C. They can borrow higher amounts off of their policies A. d) 15 years. 2)attorneys All of the following are methods of payment? An aleatory contract is a contract where the monetary values of the parties performances are________________. d) Blackout approach. Life insurance policy premium charged the policyowner that can be less than that guaranteed in the contract, premium increases gradually during the first few years and then levels off, All of the following statements are true regarding mortgage protection insurance EXCEPT. Which of the following is correct concerning the taxation of premiums in a key-person life insurance policy? 6)Explain Free Look period-10-30 days- unconditional refund that begins when policy is delivered. (c) variable life insurance. (b) Prepare a correct income statement for October 2017. Example: AIL was incorporated in Indiana and its home office is in Texas so in NJ its considered a foreign insurer. Example: company that is incorporated in NJ and sells in NJ. 25,500, AccountspayableJul114,500???? Breach of warranty 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. 1)increase cash value (Choose from the following options) Is There An Objective Morality? IAI TV - If the insured suffers a dismemberment the policy pays the CAPITAL SUM which is 50% of the principal sum. b) Fiduciary responsibility. 3)substandard risk. What is an exchange of a whole entire life policy for another? Which of the following is the best reason to purchase life insurance rather than annuities? 1) coverage is permanent Which of the following about yearly renewable term insurance is true? IN WHITE RAIMENT. B) A fiduciary is a producer who handles insurer funds in a trust capacity. Jul313,000\begin{aligned} An Applicant inaccurately representing information on the application is guilty of: A. Newborns after how many days become covered in a child rider? 2)the face amount The policy's cash value grows as the investments grow. D. Term life. Which of the following is usually true of a participating life insurance policy? \text{Accounts Receivable} & 199 & 96 & 99 & 604 \\ Attempting to determine how much insurance an individual would require based upon their finacial objectives is known as. All of the following are true of insurance EXCEPT It transfers risk. Under Section I, homeowners insurance must include 3)defined benefit plans B. B) The reduced paid-up nonforfeiture option would provide protection until the insured reaches 100, but the face amount is reduced to what the cash would buy. ($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?" Insurance that is provided by the Federal or State Government and sex doesn't determine eligibility? C. A surplus lines broker accepts business only from non- resident agents Height Weight and Health conditions. C. Domestic To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. d) An insurer may exclude any debtors as to whom evidence of individual insurability is not satisfactory to the insurer. What is the difference between renewable policy holder & Insurer? To sell variable insurance what must you have? The cash value of availability to the policyowner Coverage is available in $50,000 increments up to the maximum of $400,000. Funding against financial loss caused by the death of a key employee Based on Human Life Value Approach, which of the following is NOT used to calculate an individual's life value? A. b) Universal Life All of the following are true of negligence, except: - AZanswer Chapter 4.1 : Life Insurance Flashcards | Chegg.com 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. a) To limit the insurer's liability after the 2 year waiting period When a policy is contributory how much is paid? When must insurable interest exist in a life insurance policy? c) The policy will be voided. The 7 paytest is used to determine if a policy is a _______? (b) current assumption whole life. The profit per night for each type of room and rental class is as follows: RentalClassRoomSuperSaverDeluxeBusinessTypeI$30$35TypeII$20$30$40\begin{aligned} I. All of the following statements about term insurance are trueEXCEPTa. When a policy is non-contributory how much is paid? A color-coded map illustrating the current legal status of elective-specific abortion procedures in each of the individual 50 states of the United States of America; plus U.S. territories and federal district [a] As of January 31, 2023 Illegal Legally unclear or legal but no providers Legal before cardiac-cell activity [b] Legal through 15th week LMP (1st trimester) Legal through 18th week LMP . c) A person who handles assets or money belonging to others. C) An insurance contract must contain a copy of the original application. A __________ represents the insured. Is claim still paid if there is a misstatement of age or sex? -guarantee a stream of income to the person purchasing it known as the annuitant. (c) term insurance Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, ICEN6003: IC Engines Operation and Constructi. -the applicant must always initial the change Waiver of premium is a rider that can be added to a life insurance policy, and not something to be obtained from the applicant. d) Paid-up option. II. c) Whole Life Estimated direct labor costs for next year are$440,000.00. All of the following statements are true of liability insurance, EXCEPT: Answer: liability coverage indemnifies the insured. D. Viatical settlement. c) Helping insureds to file claims (b) The face amount of the policy is paid if the insured lives to age 65. 3. ch 7 Flashcards | Quizlet -pays an additional death benefit if the insured dies from an accident Errors and Omissions Coverage (E&O) is a name used to describe a type of professional liability insurance. Accelerated Living Benefit/Death Benefit is what type of rider? 10 year level term When a replacement is involved, a replacing insurance company is responsible for all of the following EXCEPT: Provide a copy of the Important Notice Regarding Replacement of Life Insurance to the applicant. C) common stock 4. Chapter 3.2 - Subjecto.com Who gets $$money when the policy holder dies? A. (2), The current market will influence the cash value Conviction of a felony involving moral turpitude. Correct: B. C. The death benefit paid to the beneficiary -marriage Any gain in the policy's cash value is . c) Fixed premium Premiums are not tax deductible as a business expense. 4. B. A key person insurance policy will pay for costs of running the business and replacing the employee. Department of Defense All of the following are true of insurance except: Which of the following is NOT true about insurance? Tax-qualified annuities are subject to IRA maximum contribution limits. -low commissions Terms that apply to the insurer not the applicant. See Answer. All of the following are true regarding health insurance policies, EXCEPT: A) An agent or producer may not make changes to the policy B) Once issued, a policy may only be changed with the approval of a company officer C) An agent may change an application with the verbal consent of the applicant D) the minor in a juvenile policy. Can term insurance be both renewable and convertible? c. Premiums may be raised at renewal d. Group term insurance may cover the . -receiving dividends(when declared) Should a key person die, the benefit is treated as a reimbursement to the business for loss of services from that key person. Tamara purchased a term insurance policy when she had high life insurance needs and limited income. -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? - Limited Pay Life Rebating is an unfair trade practice and is regulated by law.
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