D. Represent the insured's interest An insured is driving her automobile and strikes a large pothole that . Funding against financial loss caused by the death of a key employee a) the risk is transferred to the insurer b)the insured may retain part of the risk through deductibles . 1)tax qualified plans 2)Variable annuity ? A) They must be given to all Life insurance applicants. Occupation $ cant exceed indebtness. D) Using misrepresentation to convince a person to cancel an existing policy and buy a new one is called "twisting.". (economy). Correct: A. There is a limit for a withdrawal and the insurer charges a fee. a) Tax-qualified For the reported losses of an insured group to become more likely to equal the statistical probability of loss for that particular class, the insured group must become 2)Procures insurance 4 itself from another insurer, The tax benefit of annuities is tax deferred growth. Errors and Omissions Coverage (E&O) is a name used to describe a type of professional liability insurance. Or, Bill can invest $9,000 in project B that promises to pay annual end-of-year payments of$1,500, $1,500,$1,500, $3,500, and$4,000 over the next 5 years. Increasing term The __________ branch of the state government influences public policy regarding insurance laws. 2)when benefits begin The person who receives the benefit when insured dies. D. Unilateral Contract Which of the following is NOT a fraudulent and intentional deception of the truth? \hline & \text { Jul 31 } & 58,000 The company records manufacturing costs by job number and uses a factory overhead applied rate to charge overhead costs to its products. Which of the following is NOT an allowable 1035 exchange? To sell variable insurance what must you have? 4)annual, Everytime you have a payment due. 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. What type of term do you think would be least expensive a short term or a long? D) An agent's report and inspection report provides personal information. Who gets $$money when the policy holder dies? b) Larger. Is claim still paid if there is a misstatement of age or sex? If an insurer finds that an applicant has committed fraud, it can void the contract, provided that the discovery occurs within the first two years of the effective policy date. 1) Avoiding the risk II. c) The inspection report What limitations might this model have for predicting consumer's attitudes and purchase behavior towards Cream Silk? Yes, all T-mobile insurance plans cover cracked screens.You will have to pay a deductible fee which will depend on your device model. (c) Interest credited to a policy's cash value is taxable to the policyowner in the year credited. D) Claims result from losses by a peril insured against in an insurance policy. 1) coverage is permanent Cause of potential loss to property such as fire, windstorm, hail, flood, etc. 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} What happens when there is a Misstatement of age or sex? 3)semi-annual The application is the basic source of information an insurer uses in the risk selection process. c. Using the payback period, which project should Bill choose? Carl would like to purchase life insurance. Rates Nonparticipating policy. -Staged intervals (d) sandwiched family. 1. Because the insurance company must pay claims and the insured must comply with the policy terms, the insurance contract is considered which of the following types of contracts? D. Accident ____________ is the transfer of the right of recovery from the insured to the insurance company. ~~~\text{Rent on factory facilities}&60,000\\ (b) Any withdrawal of cash value reduces the death benefit. The correct answer is: Premiums are typically paid by the lender. a) Year only. Members are assessed to fund the corporation. The concept that the insured should not profit from an insurance transaction is called what? c. continuous premium whole life Can term insurance be both renewable and convertible? (a) matured. Arrest History. \text{Less: Operating expenses}\\ B. C. Hazards b) The elderly \end{aligned} C) A licensee cannot knowingly employ an individual who has been convicted of a felony or crime of moral turpitude within the past 10 years to act in a fiduciary capacity. D) The suicide provision protects the company from those individuals who purchase life insurance with the intention of committing suicide. Warranty For example, a claim will be paid only is there has been a covered loss. a) A retail clerk. 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. Therefore, it is responsible for 1/3 of the $24,000 loss, or $8,000. (b) single-parent family. &\text { Inventory }\\ Acceptance Which of the following is an example of liquidity in a life insurance contract? 3,000, AccountsreceivableJul121,000???? &\begin{array}{lr|rr} cash value increases while face value remains the same. Estate conservation 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???? b. \end{array} Receipt Question: All of the following statements about professional liability insurance are true, EXCEPT: Select one: O a. B. An aleatory contract is a contract where the monetary values of the parties performances are________________. -guaranteed/fixed/level payment, -Immediate "annuitization phase" (c) both I & II (d) neither I or II, Diane is a single parent. 4)Explain the policy and its provisions \hline \text { Jul 1 } & 5,500 &&\\ 3)substandard risk. \end{array} Use the indirect method. The money in a savings account C. group credit life insurance does not build cash values. The 4 characteristics of a universal life policy are? There is no limitation on the number of key employee plans in force at any one time B. Term life insurance provides the largest amount of coverage for the lowest amount of premium. 2)quarterly 2) profits are returned as dividends d) Policy dividends. 2)explain any ratings -pay for certain time and stop d) The Guaranty Corporation. \end{array} 1)policy owner can increase/decrease/ or skip premium payments b. &\begin{array}{lccc} Insurance is designed to cover both intentional and unintentional losses. (c) both I & II (d) neither I nor II. Represent the insured's interest b. C) Annually renewable term policies provide a level death benefit for a premium that increases each year with the age of the insured. 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). ~~~\text{Raw materials purchases}&\$264,000\\ Everything else equal, how would the factor below affect the market value of a stock? 1)Statement of continued good health B. b) 10% for early withdrawal d) Tax-deductible. c) Helping insureds to file claims 4)decrease premium paying period. a) Because the insured is currently not a drug user, his policy will not be affected. A company formed in a different country doing business in any state of American who owners are stockholders that receive dividends and have voting rights. Findefch a Wife,' 'Pnrple and Fine -men,'^The' Day of Temptation,' ' Of Royal Blood,' etc., etc . This is called. It is a type of tort. Are insurance company underwriters allowed to discriminate? 4)Consumer report=credit, -shorter time span for paying premiums -car accident not in conjunction with an illness Since they may receive a dividend (not guaranteed), such policies are known as participating policies. The insurer that is transferring the risk to another company is called the ____________ __________. A FINRA registration. A life insurance policy is exchanged for an annuity. Which risk management type is shifting the risk of loss to a larger homogeneous group? Legislative advocacy is essential to Physicians Insurance/MedChoice's purpose to protect, defend, and support our Members. c) Term life ~~~\text{Insurance expense}&\underline{8,000}&\underline{803,000}\\ b) Universal Life (c) both I and II 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. Pure risk Joe, Larry, and Curly own a small business. The employer is the owner . c) 15% for early withdrawal -birth of child. d) Older. Accumulateddepr.-equipmentJul1DeprJul3155,0003,00058,000, RetainedEarningsJul165,000Dividend19,000NetInc65,000Jul31111,000\begin{aligned} 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. d) Graded Premium. Yes, all T-mobile insurance plans cover water damage. ? A. contract of adhesion 3)low premiums. \textbf{For the Month Ended October 31, 2017}\\ (d) The policyowner can add to a policy's cash value at any time subject to policy guidelines. Which term describes the probability of a loss? What is the MIB? (d) Its use may be appropriate if a person wants paid-up life insurance by retirement. An insurance consultant CANNOT be which type of persons? 167 views, 0 likes, 3 loves, 8 comments, 10 shares, Facebook Watch Videos from Saint Barnabas Episcopal Church Greensboro, NC: 5th Sunday after Epiphany. 1)increase cash value Misappropriation or illegal withholding of the policyholder's money. If you don't have health insurance, you pay all costs for healthcare and medical emergencies. When an insured fails to disclose known facts in an application for insurance, he/she may be guilty of what? 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. (d) annual premium and the annual policy dividend. \text { Type II } & \$ 20 & \$ 30 & \$ 40 c) Accelerated benefit rider. D. Speculative Risk *Both not taxable. Company A carries 1/3 of the total coverage ($20,000 + $40,000 = $60,000). A. (c) conversion provision CashJul1Jul315,500???? 4. 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? \text{Net loss}&&\underline{\underline{\$(23,000)}}\\ An Insurer organized in another state than the state in which it is authorized to do business is known as which type of insurer? When both parties to a contract must perform certain duties in order to make the contract enforceable, this is known as what? D. Offer B. Marital Status When an applicant pays the initial premium the agent will give them a what? The applicant's medical background is addressed in Part 2 - Medical Information. S buys a $10,000 Whole Life policy in 2003 and pays an annual premium of $100.
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