(b) II only Misappropriation or illegal withholding of the policyholder's money. b) Outline of coverage c) Extended term a) More active. 2)people under the influence of drugs or alcohol D. Alien For this amount of production, total factory overhead is estimated to be $396,000.00. when the applicant/owner is not the insured-3rd party d. 10 payment whole life, Chapter 12 - Life Insurance Contractual Provi, Chapter 15 - Individual Health Insurance Cove, Fundamentals of Financial Management, Concise Edition, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. Which of the following is NOT an example of a business use of Life Insurance? 3)certified public accountants, Is insurance that is provided by the Federal or State government What are the permanent working capital needs of your company? d) Blackout approach. All of the following are true regarding life insurance illustrations EXCEPT. A. Only one party is giving a legally enforceable promise- A one-sided contract is what? *Both not taxable. ____________ is a statement that is true to the best of the persons knowledge that is making the statement. A. -The insurer would pay the face amount of the policy minus the past due premium. When both parties to a contract must perform certain duties in order to make the contract enforceable, this is known as what? ____________ insurer is not a type of insurer. States regulate the procurement of business from nonadmitted carriers by regulating the brokers who place business with these carriers. b) 10% for early withdrawal 3. \hline & \text { Jul 1 } & \begin{array}{r} -Both parties must follow certain conditions set forth in contract, -IRS classification of a policy that is overfunded A mutual insurance company is owned by who? Forms of interest and are Sensitive Whole Life, 1) Transfers risk to another insurer All of the following are true of insurance except: a) protects against uncertainty b)means sharing of loss c)eliminates risk d)transfers risk Answer: Eliminates risk Question: Which of the following is NOT true about insurance? \end{array} 1) the premium amount ? (a) I only (b) II only Each withdrawal, however, is usually charged, and the amount and frequency of withdrawals are usually limited. \textbf{Income Statement}\\ a) Year only. All of the following statements are true of liability insurance, EXCEPT: Answer: liability coverage indemnifies the insured. B) Underwriters. A surplus lines broker accepts business only from non- resident agents \end{array} \\ ~~~\text{Depreciation on factory equipment}&31,000\\ 3)substandard risk. good health 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} 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". (d) indeterminate-premium whole life. An IRA uses immediate annuities to pay out benefits; the IRA owner is nearly 75 years old when he decides to collect distributions. Which of the following is NOT an allowable 1035 exchange? 1)Whole Life (Choose from the following options) 3) Equity-Index annuity. 2)collateral assignment-some or only one right assigned. d) Making claims payments which clearly indicate under which coverage payment has been made. All of the following statements are true regarding mortgage protection insurance EXCEPT. \end{aligned} (Choose from the following options) \\ All of the following statements regarding contracts of indemnity are true EXCEPT a. Correct: A. Use the indirect method. a) Aleatory -car accident not in conjunction with an illness A FINRA registration. Social Security is designed to provide a base of economic security B. 1) mentally incompetent persons (d) Most policies have a CV that is refunded when coverage ceases. A. In this particular instance the applicant did not commit intentional fraud. a) Accepted accounting principal. b) Reduced paid-up The accounting records of DVD Sales, Inc., include the following accounts: CashJul15,500???? 2)no cash-value IRS classification of a policy that is overfunded? C. it is often experience-rated, with premrums based on expected losses. \end{array} \\ Claim is still paid with an adjustment to the benefits. A. Foregin The total of all requisitions of indirect materials issued during the month is$20,170.00. An insurer that was incorporated in a DIFFERENT STATE that it is doing business in is a _____________??? If you don't have health insurance, you pay all costs for healthcare and medical emergencies. What are some of the questions asked on the application to determine the premium and risk classification of the insured? D. A surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers D. Aleatory contract Jul313,000\begin{aligned} when the company earns a profit and elects to share these profits, they pay a dividend to the policyholders or shareholders. 90-180 days. 2) form of interest sensitive life insurance(current market conditions influence the cash value) All of the following are true of key person insurance EXCEPT ) The key employee is the insured. The issuance of a _________ is the result of the acceptance of an offer. \hline & \text { Jul 31 } & 58,000 If someone dies within the Grace period, what happens? Accelerated Living Benefit/Accelerated Death Benefit? (3), 1)bank trust officer -Not invested in stock market Legal Purpose c) Variable Premium The 7 paytest is used to determine if a policy is a _______? the willful holding back or secretion of material facts pertinent of the issuance of insurance or a claim. 4)annual, Everytime you have a payment due. D. They can decide when to pay their monthly premiums. & \text { Depr } & 3,000 \\ 2. What are the 3 characteristics of a Mutual Insurance Company? It does not include breach of contract. b) Coverage ends and the policy cannot be reinstated. D) Insurance covers intentional losses as well as unintentional. Study with Quizlet and memorize flashcards containing terms like All of the following are personal uses of life insurance EXCEPT A. An individual applies for a life policy. Its controller resigned in October 2017. Numerical identifiers: Each candidate list entry covers both anhydrous and hydrated forms of a substance. If there Is a risk of financial loss then there is a what? 1)Statement of continued good health All of the following are true about health insurance except: Purchasing health care can help save you from medical bankruptcy. D) When immediate annuities are used to pay IRA benefits, distributions must begin no later than age 70 in order for the annuitant to avoid penalties. All of the following statements about term insurance are trueEXCEPTa. Correct: A. a surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. &&\\ All of the following are true for indemnity insurance except that: a. premiums are based on separate risk pools often organized by employers. (b) face amount of the policy and the total premiums that have been paid. 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. saalt menstrual disc how to use - evcc-estheticstraining.com 4. b) Larger. \hline & \text { Jul 31 } & 19,500 True or False: Under the Financial Responsibility Law, you are required to have insurance on any motor vehicle you own or drive, except motorcycles The gross premium charged must reflect, at least for competitive reasons, the actual cost of providing the insurance. By William Lb Qtjetjx, Author of . The insurer's promise to pay a covered loss and the insured's payment of the first premium, are examples of: A. (b) Any withdrawal of cash value reduces the death benefit. \text{Dividend}& 19,000& \text { Net Inc } & 65,000 \\ A. b) Policyholder may not be altered by an agent and must clearly state that it is not part of the contract. (c) Interest credited to a policy's cash value is taxable to the policyowner in the year credited. Predicted needs of the family after the insured's death A. signed waiver of premium II. A ____ contract requires that both parties perform certain duties. Appoint a solicitor as his or her representative Estimated direct labor costs for next year are$440,000.00. 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. D. Department of Treasury (d) free look provision. c) An agent offers tickets to a baseball game as an inducement to buy insurance. b) Fiduciary responsibility. the underwriting process is approved for: 3)mortality charge. 1)absolute assignment-all rights are assigned (c) both I and II I. ch2 Flashcards | Quizlet 1)tax qualified plans a) Tax-qualified C. The insured may retain part of a risk through deductibles. d) Contingent. c) Copy of the original application Applicant pays premium to make agreement. Who is responsible for making sure the application is completed properly and all necessary info is obtained? All of the following are types of insurers except: The ________ Branch of the state government influences public policy regarding insurance laws. All of the following statements are true of liability insurance, EXCEPT \text { Type I } & \$ 30 & \$ 35 & - \\ Final practice questions Flashcards | Chegg.com The employer is the owner . The County is administered by a five-member Board of Supervisors who are elected for four-year terms 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. 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. Carl would like to purchase life insurance. 3)Consideration In order for the contract or policy to be valid or legal? C. State Education Waiver d) Policy dividends. What constitutes the acceptance of an offer? Jul3125,500\begin{aligned} He would also like to invest in a mutual fund. Prepare the following details: Mobile number, serial number, or IMEI. Age, Sex, Occupation, Hobbies, Habits, Smoking or Non-Drug user or Non. Where does group-life insurance come from? \end{array} Reinsurer Assuming company. (a) renewal provision d) Limited pay. A whole life insurance policy is exchanged for a term insurance policy. (b) The face amount of the policy is paid if the insured lives to age 65. Which of the following is the basis for a claim against an insurance policy? Round Trees management makes a forecast of the demand by rental class for each night in the future. Chapter 14/1: Group Health Insurance Flashcards | Quizlet c. Do you think that the government has the right to make and enforce laws that affect family life? 3)Minors. A. B. IRS has no jurisdiction The insured agrees to maintain insurance equal to some specified percentage of the value of the property. Investors become more risk averse. Domestic Insurer B) the applicant. Insurance is designed to cover both intentional and unintentional losses. Correct: C. Unilateral contract. & \text{ ???? } An applicant is denied insurance because of information found on a consumer report. C) An insurance contract must contain a copy of the original application. (d) yearly renewable term, Which statement is true concerning premature death and life expectancy? O d. (a) blended family. a. Which type of life insurance makes sense for someone in this situation? What adds coverage and modifies coverage? C. Buy-Sell agreements are normally funded with a life insurance policy B. Marital Status Estate Creation B. RentalClassRoomTypeITypeIISuperSaver$30$20Deluxe$35$30Business$40. Is claim still paid if there is a misstatement of age or sex? b. Flashcards - WA Common Law Practice Exam - FreezingBlue A) Tax-qualified annuities are used to accumulate IRA funds on a tax-deferred basis. d) The insurer will sue the insured for committing fraud. 2) profits are returned as dividends D. Funding against general company financial loss. Estate conservation Free Standardized Tests Flashcards about Health&Life - StudyStack The CAS number shown in an entry is typically . After examining other manufacturing cost data, you have acquired additional information as follows. 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 . \end{aligned} Costs of training a replacement -cash value options -pay for certain time and stop C. Premiums are determined by age sex and occupation of each individuals certificate holder. D. Reduction is a method of managing risk. Cause of potential loss to property such as fire, windstorm, hail, flood, etc. B. (a) I only The 4 characteristics of a universal life policy are? Premiums are not tax deductible as a business expense 2)Legal Purpose Signed waiver of premium See Answer. Exclusions always exist, and there is a reason for each one. Height Weight and Health conditions. b. \text{Accounts Payable} & 104 & 95 & 95 & 97 \\ A Contract that binds only one party to future performance, is a (n): A. Life expectancy has increased in the U.S. over the last century. -Take it or leave it contract b) The agent's report They become permanently disabled Hammond estimates that it will manufacture 5,000 televisions next year. insured is always the borrower & the beneficiary=lender &\text { Accounts receivable }\\ Which type of risk involves the possibility of loss or gain? D) The suicide provision protects the company from those individuals who purchase life insurance with the intention of committing suicide. 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. Contract or form of ownership is a ______________? Life insurance prodceeds B. c) The premium for the policy shall be paid either from the creditor's funds, or from charges collected from the insured debtors, or from both. C) They must contain a warning that actual results may vary. CPI (consumer price index) without evidence. 17,000, InventoryJul122,000???? 2)FCRA(fair credit reporting act) checks MIB report. a) Types of mutual companies (d) paid-up. -ages 25,28,34,37,40 - Limited Pay Life 2. 3)riders & exclusions Flashcards - PSI online exam Life Insurance - FreezingBlue An Insurance broker is responsible for what? What is a statement in the application guaranteed true in all respects? C. Application A monthly deduction is made from a policy's cash value for the cost of insurance protection. The premium is level and guaranteed not to increase. b) Promptly forwarding premiums to the insurance company -receiving dividends(when declared) Correct: B. Suitability -it pays the double indemnity, 1)accident occurs, person must die within 90 days \text{Sales revenue}&&\$780,000\\ d) An agent misrepresents policy benefits to convince a policyowner to replace policies. Hospital bills of the key employee D) adding cost of living coverage. Annual income \end{array} What must exist at the time of the application? A policy summary D. Funding against general company financial loss Out of 20 yr or 30 yr which policy is less expensive? D. Effect of inflation on income over time. Solved All of the following statements about universal life - Chegg What kind of penalty would the IRA owner pay? 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???? When a policy is non-contributory how much is paid? D. Unilateral Contract C. Independent rating services evaluate and rate the financial ability of insurance companies Receipt Under Section I, homeowners insurance must include It has cash value that is invested into the stock market through mutual funds/securities. The interest rate credited to the cash value at the time of issuance remains fixed over the life of the policy. Agent Sam is using the human life value approach to assess Mary's life insurance needs. -7 pay test is used to determine If a policy is a MEC. . database of previously life and health insurance applications. 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. C. Whole life Term life insurance provides the largest amount of coverage for the lowest amount of premium. The person who receives the benefit when insured dies. Correct: A Insurance . a) Consumer Privacy Act Tax-qualified annuities are subject to IRA maximum contribution limits. ___________ is the persons whose death triggers payment. It is used to pay off the balance on the mortgage. Who is not a party to the contract and receives the benefits when the insured dies? C. Insured's annual expenses Coverage is available in $50,000 increments up to the maximum of $400,000.

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