Whoso. B. ~~~\text{Insurance expense}&\underline{8,000}&\underline{803,000}\\ d) 50% tax on the amount not distributed as required. When the agent delivers the policy, collects the initial premium, and the applicant completes and acceptable statement of good health \end{array} \\ Abortion in the United States - Wikipedia c) Needs approach 4 All of the following statements about term insurance are true EXCEPT 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. D) They must be signed by both the Producer and the applicant. 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 (2), The current market will influence the cash value -But pays you interest, 1)Fixed annuity A person cannot buy insurance unless that person is in a position to suffer a financial loss. D. Concealment -provides income for retirement The purpose of an estate clearance fund is to pay all of the following EXCEPT. Rebating is an unfair trade practice and is regulated by law. Quarter($000)1234Cash$100$100$100$100AccountsReceivable1999699604Inventory20150590552AccountsPayable104959597\begin{array}{lrrrr} Insurance transfers risk but it does not__________ risk. For example, a claim will be paid only is there has been a covered loss. Which of the following is NOT a fraudulent and intentional deception of the truth? (3), WHat is the difference between universal and whole life policies? \end{array} (Choose from the following options) Insurance is not designed to cover _____________ losses. Which nonforfeiture option provides coverage for the longest period of time? ~~~\text{Indirect labor cost}&28,000\\ 1) the premium amount Beneficiaries are NOT required to sign the application unless they are also the owner. ~~~\text{Selling and administrative salaries}&75,000\\ a) Tax-qualified A FINRA registration. B) Once the cash surrender value option is selected, the coverage is terminated and the policy cannot be reinstated. c. continuous premium whole life ~~~\text{Direct labor cost}&190,000\\ (2), 1)HIPPA Round Tree has 100 Type I rooms and 120 Type II rooms. A securities license. 2)administered charge c) Fixed premium After insurer makes an offer, what must the applicant do? d) Paid-up option. 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. d) Living need rider. C. A surplus lines broker deals with direct writing companies only Originating policy The total factory payroll for the month according to the payroll register is $308,000.00, distributed as follows. D. Gender. (c) variable life insurance. Which of the following statements about a life insurance policy is (are) true? B) One step in the investigation of a claim is to determine whether the policy was in force when the loss occurred. 4)explain policy & provisions C. Waiver CashJul1Jul315,500???? D) The suicide provision protects the company from those individuals who purchase life insurance with the intention of committing suicide. 3)they provide insurance to members. Cause of potential loss to property such as fire, windstorm, hail, flood, etc. C. Medical Background (d) paid-up. B. -Follows all conditions of contract & pays premium, -insurer says how policy works Waive the premium if the INSURED becomes totally disabled. (d) endowment insurance, Rachel needs permanent life insurance. Where does group-life insurance come from? D. Represent the insured's interest It is the specific cause of loss. C. Application When the company earns a profit and elects to share there profits, they pay a ____________to the policyholders or shareholders. The 4 characteristics of a universal life policy are? (a) capital retention approach 2. 2)Decreasing term(premium is low) declining face value (d) neither I nor II. A. Free Standardized Tests Flashcards about Health&Life - StudyStack (a) I only What are (4) characteristics of permanent insurance? b) To deter the policyowner from committing suicide -it is a type of Rider c) Denying coverage after a reasonable investigation has been conducted Type of insurance contract that pays its death benefit only during a specified period of time and nothing after that stipulated period. When an agent collects the initial premium from the applicant, the agent should issue the applicant a. 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} ______________ is defined as restoring the insured to the same financial condition as before the loss. (b) tax-free exchange provision What is the MIB? Company A carries 1/3 of the total coverage ($20,000 + $40,000 = $60,000). Conditional Contract Get more out of your subscription* Access to over 100 million course-specific study resources PracticeTest Flashcards by Gabriel Martinez | Brainscape a) Executive offer of the replacing company b) A producer who handles insurer funds in a trust capacity. After examining other manufacturing cost data, you have acquired additional information as follows. Economics questions and answers. 3. C. group credit life insurance does not build cash values. Each withdrawal, however, is usually charged, and the amount and frequency of withdrawals are usually limited. 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. The Terrorism Risk Insurance Program is administered by which of the following Federal entities? Address of his principal office a) Year only. 1) Family Maintenance(breadwinner) d. falsely believing that a spouse has been 2)Explain and collect any ratings Flashcards - D1. Accident and Health Insurance Basics - FreezingBlue B. Acceptance 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? -greater potential to grow the cash value but there is no guarantee 2)Decreasing Term B. Insureds current and future income ? The safety margin is narrower, because the cost of the insurance to the policyholder cannot be adjusted at a later time. B. - 20 pay life-premiums paid for 20 years and paid up at 65 C. Loss of personal income The insured agrees to maintain insurance equal to some specified percentage of the value of the property. 1) Avoiding the risk A contract between insurer and policy holder. What limitations might this model have for predicting consumer's attitudes and purchase behavior towards Cream Silk? You cannot sell a variable policy without what? Compute DVDs net cash provided by (used for) operating activities during July. D. Financial Experience. D. Offer d) Making claims payments which clearly indicate under which coverage payment has been made. C. Medical Background What will probably happen? Correct: C. Condition contract, enforceable only under certain conditions. A) loss reserves 2. Increasing term Correct: A. a surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. 2. 3)mortality charge. D. The ratings are available to the public S buys a $10,000 Whole Life policy in 2003 and pays an annual premium of $100. -then picks a contract. Part 1 of the application includes the general questions about the applicant, including name, age, address, birth date, gender, income, marital status, and occupation. ~~~\text{Raw materials purchases}&\$264,000\\ 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? Which of the following is NOT an example of a business use of Life Insurance? If there Is a risk of financial loss then there is a what? b) Fluctuates. D. Alien 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. There are 2 parties of the contract- what are they? -car accident not in conjunction with an illness Daycare is considered to be among these expenses. b. A. The policy is a conditional contract 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? Which of the following statements about endowment policies is true? 1)temporary a. whole life paid at 65 Question: 55. 1) All requirements are met 3)defined benefit plans A. C. Hazards All of the following are true about health insurance except: Purchasing health care can help save you from medical bankruptcy. a. C. A husband or wife has an insurable interest in their spouse -Take it or leave it contract A Contract that binds only one party to future performance, is a (n): A. WorkinProcessFactoryOverheadCash$229,040.0078,960.00250,558.00EmployeeIncomeTaxPayableSocialSecurityTaxPayableMedicareTaxPayable$33,880.0019,096.004,466.00. 3) type of plan they applied for. Traditional insurance policies contain a list or description of excluded "perils" (that which causes a loss). The parties in the insurance contract consist of whom? \end{aligned} A. Which of the following is a physical hazard? b. A debtor has insurable interest in the life of a lender c) The inspection report Which method makes the most sense for her to employ? d) An agent misrepresents policy benefits to convince a policyowner to replace policies. What adds coverage and modifies coverage? Final practice questions Flashcards | Chegg.com A. Agent Sam is using the human life value approach to assess Mary's life insurance needs. 2)FCRA(fair credit reporting act) checks MIB report. -Staged intervals Group Life Insurance Flashcards | Chegg.com All of the following are characteristics of group life insurance EXCEPT. An annuity is exchanged for another annuity. Its controller resigned in October 2017. 3) policy builds cash-value C) Because an insurance company's strength and stability are two very crucial factors in its sustainability, independent rating services have formed to publish regular updates on the financial integrity of different insurance companies. What are two reasons that people deposit money in banks? d) Older. 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? Why?". 25,500, AccountspayableJul114,500???? b) Copies of illustrations and application B. Term life insurance provides pure death protection. The interest rate credited to the cash value at the time of issuance remains fixed over the life of the policy. Correct: D. A surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. a) Accepted accounting principal. (b) II only d) Limited pay. All of the following statements about term insurance are trueEXCEPTa. All of the following are personal uses of life insurance EXCEPT, All of the following are true of key person insurance except, D. The plan is funded by permanent insurance only. 3)substandard risk. 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. 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) Premium amounts and surrender values S dies 5 years later in 2008 and the insurer pays the beneficiary $10,500. An agent tells an insured that if he replaces his current insurance policy with a newer one, his dividends will be higher and his premium will be slightly lower. B. Marital Status 3)MIB=records of all previous insurances they had. &\begin{array}{l|lr} The 7 paytest is used to determine if a policy is a _______? C. Concealment (Choose from the following options) 1. Which of the following is NOT an allowable 1035 exchange? 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. An agent has authority to do all of the following, except: A. Countersign insurance contracts Correct: C. Consideration. All of the following statements about universal life insurance are true EXCEPT 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?
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