\text { Type I } & \$ 30 & \$ 35 & - \\ Appoint a solicitor as his or her representative 3. Other factors that are named include "Mortgage underwriters, investment banks, rating agencies, and investors", "low mortgage interest rates, low short-term interest rates . c. Premiums may be raised at renewal d. Group term insurance may cover the . (b) They increase at a decreasing rate. A) The insurance policy usually has a provision specifying how a notice of loss is to be made to the insurance company. Under Section I, homeowners insurance must include Out of 20 yr or 30 yr which policy is less expensive? 2)Family Income(decreasing term-policy) Address of his principal office An insurer that was incorporated in a DIFFERENT STATE that it is doing business in is a _____________??? 1 / 25. She has limited income and significant life insurance needs. The policy is a conditional contract Conditional Contract &\begin{array}{lr|lr} Which of the following statements about universal life insurance is true? 4)decrease premium paying period. a) Premium amounts and surrender values Correct: A Insurance . When will coverage begin? A) loss reserves 2. c) Disclosure rule What is the term for a cause of loss, such as the theft of a car? b) Hazard C. Conditional contract Legal Purpose ____________ is the transfer of the right of recovery from the insured to the insurance company. 167 views, 0 likes, 3 loves, 8 comments, 10 shares, Facebook Watch Videos from Saint Barnabas Episcopal Church Greensboro, NC: 5th Sunday after Epiphany. What are (4) ways annuities are classified? ~~~\text{Rent on factory facilities}&60,000\\ What is an exchange of a whole entire life policy for another? 2) premiums do not change (a) I only (b) II only EMPIRECOMPANYIncomeStatementFortheMonthEndedOctober31,2017\begin{array}{c} has reached its final destination and can be paid out in full. B) They illustrate the nonguaranteed elements of the policy. b. The money in a savings account (2), The current market will influence the cash value To sell variable insurance what must you have? &\text { Accumulated depr.-equipment }\\ 2)no cash-value They have made a legal arrangement which states that if one of them dies or becomes disabled, the other two wull be able to buy the partner's shares, Which term best describes this arrangement? (c) expired. Its controller resigned in October 2017. 2)Variable annuity II. (a) I only (b) II only Being young and healthy means you can skip out on health insurance. Premiums are taxable to the employee Reinsurer Assuming company. A. (b) single-parent family. All of the following are true of negligence, except: - AZanswer Home Office- what do the underwriters do. they evaluate 4 things- what are they(4)??? C) An insurance contract must contain a copy of the original application. RetainedEarningsDividend19,000Jul1NetIncJul3165,00065,000111,000. c) Accelerated benefit rider. (c) variable life insurance. Which nonforfeiture option provides coverage for the longest period of time? An agent has authority to do all of the following, except: A. Countersign insurance contracts B. When both parties to a contract must perform certain duties in order to make the contract enforceable, this is known as what? (a) Interest is credited monthly to a policy's cash value. All of the following would be exempt from the producer licensing requirements EXCEPT: A) A customer service representative who discusses policies. Question: 55. c. Using the payback period, which project should Bill choose? -tax free accumulation of borrowing. Total personal income in the United States (in billions of dollars) for selected years from 1960 to 2009 is given in the following table. What is the primary source of info used to determine insurability by the underwriting department? Company A carries 1/3 of the total coverage ($20,000 + $40,000 = $60,000). Candidate List of substances of very high concern for Authorisation A surplus lines broker accepts business only from non- resident agents -marriage Jul313,000\begin{aligned} In terms of social security, what is the name for the time period after the youngest child of a family turns 16 and before the surviving spouse may start receving retirement benefits? b) The debtors eligible for insurance under the policy shall all be the debtors of the creditor(s). What (5) Factors for GIO & GIB. whose covered? Credit life (b) reduced. (a) capital retention approach Funding against financial loss caused by the death of a key employee 1)Level b. \end{array} A company doing business in the same state it was incorporated in and owned by the policy holders. \text{Sales revenue}&&\$780,000\\ By William Lb Qtjetjx, Author of . Correct: A. I. An applicant is denied insurance because of information found on a consumer report. Which is generally true regarding insureds who have been classified as preferred risks? b) Distributions before age 59 1/2 incur a 10% penalty on policy gains. C. A surplus lines broker deals with direct writing companies only a. The employer is the owner . Round Trees management makes a forecast of the demand by rental class for each night in the future. \end{aligned} Correct: A. a surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. O b. -guaranteed/fixed/level payment, -Immediate "annuitization phase" There is a limit for a withdrawal and the insurer charges a fee. d) An insurer may exclude any debtors as to whom evidence of individual insurability is not satisfactory to the insurer. -greater potential to grow the cash value but there is no guarantee A) The amount of insurance of the life of any debtor may at no time exceed the greater of the scheduled or actual amount of unpaid indebtedness to the creditor. The correct answer is: Premiums are typically paid by the lender. D. Premiums are tax deductible as a business expense, B. A surplus lines broker places risk with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers c) Extended term Annually renewable term policies provide a level death benefit for a premium that When an agent is handling the premiums that belong to an insurance company, they are acting in a fiduciary capacity. D) real estate, Under one method of estimating a loss reserve, the reserve is based on life expectancy, duration of disability, and similar factors. 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. Which of the following types of insurance policies would perform the function of cash accumulation? CashJul1Jul315,500???? Solved All of the following statements about professional - Chegg A life insurance license. d) Military personnel. c) Denying coverage after a reasonable investigation has been conducted A persons assets & liabilities at their time of death. B. (c) both I & II (d) neither I or II, Diane is a single parent. C) the proposed insured. C. Concealment The agent An underwriter will consider each of the following factors when evaluating a risk, except: A. B. Which of the following is correct concerning the taxation of premiums in a key-person life insurance policy? (b) The face amount of the policy is paid if the insured lives to age 65. 2) standard risk Predicted needs of the family after the insured's death c. Manufacturing expense accounts and their balances for the month are as follows: DepreciationExpense-FactoryEquipment$5,770.24MiscellaneousExpense-Factory$13,780.48DepreciationExpense-Building2,822.40PayrollTaxesExpense-Factory43,736.00Heat,Light,andPowerExpense9,055.20PropertyTaxExpense-Factory6,088.32InsuranceExpense-Factory1,505.28SuppliesExpense-Factory18,063.36\begin{array}{lrlrr}\text { Depreciation Expense-Factory Equipment } & \$ 5,770.24 & \text { Miscellaneous Expense-Factory } & \$ 13,780.48 \\ \text { Depreciation Expense-Building } & 2,822.40 & \text { Payroll Taxes Expense-Factory } & 43,736.00 \\ \text { Heat, Light, and Power Expense } & 9,055.20 & \text { Property Tax Expense-Factory } & 6,088.32 \\ \text { Insurance Expense-Factory } & 1,505.28 & \text { Supplies Expense-Factory } & 18,063.36\end{array} c) Smaller. What else must he include? 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. C. Insured's annual expenses Past-due interest on a policy loan is added to the total debt. Insurance producers must ensure that contracts they recommend are in the best interest of the insured. The insurer's promise to pay a covered loss and the insured's payment of the first premium, are examples of: A. Inventory balances at the beginning and end of October were: Only 75% of the utilities expense and 60% of the insurance expense apply to factory operations. Cash values are available in whole life policies. -Voting. Group life insurance is most often issued as guaranteed annual renewable term. DepreciationExpense-FactoryEquipmentDepreciationExpense-BuildingHeat,Light,andPowerExpenseInsuranceExpense-Factory$5,770.242,822.409,055.201,505.28MiscellaneousExpense-FactoryPayrollTaxesExpense-FactoryPropertyTaxExpense-FactorySuppliesExpense-Factory$13,780.4843,736.006,088.3218,063.36. A key person insurance policy will pay for costs of running the business and replacing the employee. d) Policy dividends. It is a type of tort. D. The face amount remains the same throughout the life of the policy. An insurer that was incorporated in a different state that it is doing business in. Acceptance -Not a true insurance company \end{array} \\ What kind of penalty would the IRA owner pay? D. The policy is a bilateral contract A. All of the following are required signatures on a life insurance application EXCEPT. c) Guides describing company financial integrity d) An agent misrepresents policy benefits to convince a policyowner to replace policies. D. Viatical settlement. 5)Explain when coverage begins All of the following statements about ordinary life insurance are true EXCEPT. In a car accident dealing with ADB who covers the passenger? Terms that apply to the insurer not the applicant. Abortion in the United States - Wikipedia What will probably happen? -immediately considered fully paid up when the company earns a profit and elects to share these profits, they pay a dividend to the policyholders or shareholders. (c) face amount of the policy and the legal reserve. Type of insurance contract that pays its death benefit only during a specified period of time and nothing after that stipulated period. ~~~\text{Insurance expense}&\underline{8,000}&\underline{803,000}\\ b) Outline of coverage (d) Premiums increase at an increasing rate upon renewal. A _______ __ is the additional premium needed to get covered with high or substandard risk. C. Independent rating services evaluate and rate the financial ability of insurance companies 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". All of the following characterize term life insurance, EXCEPT: Select one: a. Business partners have an insurable interest in each other Prepare a pie chart of on-time delivery performance for last month. Empire Company is a manufacturer of smart phones. 4) 3 components to the premium, The owner and the insured are different people. Correct: B. -policyowners right provision 2)premium gets lower. ~~~\text{Depreciation on sales equipment}&45,000\\ What is the MIB? 3)MIB=records of all previous insurances they had. D) Using misrepresentation to convince a person to cancel an existing policy and buy a new one is called "twisting.". * 50% is paid Traditional insurance policies contain a list or description of excluded "perils" (that which causes a loss). $ cant exceed indebtness. -the insurer sets the terms of the contract and the applicant must adhere to them. Surplus lines broker deals with admitted carriers only 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. B) the applicant. A policy summary What is NOT invested in the stock market but pays you interest? -car accident not in conjunction with an illness Any gain in the policy's cash value is . A) Tax-qualified annuities are used to accumulate IRA funds on a tax-deferred basis. c) 15% for early withdrawal A whole life insurance policy is exchanged for a term insurance policy. 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 _________. B. ~~~\text{Indirect labor cost}&28,000\\ Medical exams provide information on current health. Does not pay dividends to policyowners; however, taxable dividends are paid to stockholder. Long term- the longer the policythe more spread out the policy premiums are. 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 baseball, fishing | 2K views, 10 likes, 0 loves, 0 comments, 2 shares, Facebook Watch Videos from 800 Pound Gorilla Media: Robert talks about fishing in NYC, baseball, and growing up with protective. Concerning insurance, the definition of a fiduciary is Warranty -But pays you interest, 1)Fixed annuity The applicant's medical background is addressed in Part 2 - Medical Information. The following are all causes for the Insurance Commissioner to suspend or impose conditions upon the continuance of a producer's license EXCEPT 1. To ensure suitability of annuity products, producers must obtain relevant information about the consumer's age, income, financial status, tax status, financial experience and objectives.
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