all of the following are true of insurance except

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. Who represents the insured when dealing with insurance companies? 2)non-qualified plans 3)according to the source of annuity income Represent the insured's interest, Insurance Licensing - Chapter 2: Property Bas, Chapter 9- Commercial General Liability Cover, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, CompTIA A+ Certification Exam Prep - Chapter. Round Tree has 100 Type I rooms and 120 Type II rooms. Correct: C. Consideration. If someone dies within the Grace period, what happens? B. Cash value is the same as ___________ when the policy matures. Which of the following about a VUL insurance policy is (are) true? (b) Cash value accumulation is slow to moderate. 1)policy owner can increase/decrease/ or skip premium payments B. D. Term life. When applicant is not the insured ______________ must exist. An IRA uses immediate annuities to pay out benefits; the IRA owner is nearly 75 years old when he decides to collect distributions. &\text { Cash }\\ CPI (consumer price index) without evidence. &\text { Retained Earnings }\\ The failure to disclose known facts is what? D. The face amount remains the same throughout the life of the policy. D) adding cost of living coverage. C. The policy is an aleatory contract b) Policyholder Correct: A. C. Medical Background Correct: A Insurance . Age, Sex, Occupation, Hobbies, Habits, Smoking or Non-Drug user or Non. All of the following are business uses of life insurance EXCEPT (a) universal life insurance. -Both parties must follow certain conditions set forth in contract, -IRS classification of a policy that is overfunded Individuals covered under the policy received a certificate of insurance. 3) Ordinary. Type of insurance contract that pays its death benefit only during a specified period of time and nothing after that stipulated period. Funding against financial loss caused by the death of a key employee -below market interest rates on borrowing \text { Type II } & \$ 20 & \$ 30 & \$ 40 When an applicant pays the initial premium the agent will give them a what? B) One step in the investigation of a claim is to determine whether the policy was in force when the loss occurred. D. Offer Beneficiary's age ? What limitations might this model have for predicting consumer's attitudes and purchase behavior towards Cream Silk? What is the primary source of info for the underwriting department to determine insurability? A. A) Universal Life policies allow for policyholders to withdraw a limited portion of the policy's cash value. 3)increase the length of coverage Only the MIB will provide information about an applicant's medical history. II. Life expectancy has increased in the U.S. over the last century. the willful holding back or secretion of material facts pertinent of the issuance of insurance or a claim. b) The elderly When the company earns a profit and elects to share there profits, they pay a ____________to the policyholders or shareholders. (c) PV of the family's share of a deceased breadwinner's future earnings. c) Guides describing company financial integrity 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. -A Mec will receive unfavorable tax treatment Limited-Pay Life & Single-Premium Policies? After Alex has made 20 premium payments, his life insurance policy is considered All of the following are common characteristics of this coverage EXCEPT (b) Most policies can be renewed without evidence of insurability. 3)defined benefit plans \text { Type I } & \$ 30 & \$ 35 & - \\ a) The amount of insurance on the life of any debtor may exceed the greater of the scheduled or actual amount of unpaid indebtedness to the creditor. (d) Most policies have a CV that is refunded when coverage ceases. Suitability The total of all requisitions of indirect materials issued during the month is$20,170.00. Exclusions always exist, and there is a reason for each one. B) According to the law of large numbers, the larger a group becomes, the easier it is to predict losses. cheating. When Applicant P fails to disclose all of his motor vehicle violations in an application for automobile insurance, he may be guilty of: A. Estopple 1. \hline \text { Jul 1 } & \begin{array}{r} Correct: B. Which of the following would least likely be considered a legitimate need that would be paid by insurance proceeds? When parties to a contract exchange unequal amounts of money, this is said to be what type of contract? A debtor has insurable interest in the life of a lender \textbf{Income Statement}\\ Total personal income in the United States (in billions of dollars) for selected years from 1960 to 2009 is given in the following table. (d) The policyowner can add to a policy's cash value at any time subject to policy guidelines. Dividends received by policyholders of a mutual insurer are not taxable. Cash Accumulation C. Buy-Sell agreement D. Survivor Protection, All of the following are true of key person insurance except A. Appoint a solicitor as his or her representative 3)MIB=records of all previous insurances they had. An agent told Carl about a form of life insurance in which Carl could select where the savings component is invested. c) Accelerated benefit rider. B. The Waiver of Cost of Insurance rider is found in what type of insurance? Arrest History. \end{aligned} Healthcare in the United States is far outspent than any other nation, measured both in per capita spending and as a percentage of GDP. Represent the insured's interest B) Money collected with respect to an insurance transaction must be held in a position of trust by the producer. e. The total of costs recorded on all sales invoices for the month is$654,052.00. B. Only one party is giving a legally enforceable promise- A one-sided contract is what? A whole life insurance policy is exchanged for a term insurance policy. It is legal to list nonguaranteed values in the contract, but they must be specifically labeled as projected, not guaranteed values. 2)explain any ratings ($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?" B. Misrepresentation (3), WHat is the difference between universal and whole life policies? Which of the following information about the applicant is NOT included on Part 1 of the application for life insurance. 2. Jul313,000\begin{aligned} 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. 3)Explain any riders or exclusion Long term- the longer the policythe more spread out the policy premiums are. What are the temporary needs? All of the following statement regarding credit life insurance are true, except: A. credit life insurance may be written on either and individual or group basis. The insurer's promise to pay a covered loss and the insured's payment of the first premium, are examples of: A. Who is not a party to the contract and receives the benefits when the insured dies? 3)they provide insurance to members. c) Conditional 1) preferred risk S dies 5 years later in 2008 and the insurer pays the beneficiary $10,500. \end{array} a) the risk is transferred to the insurer b)the insured may retain part of the risk through deductibles . \text{Sales revenue}&&\$780,000\\ Warranty 2)interest sensitive Which $50,000 life insurance contract if purchased when the insured was 32, would have the highest cash value when the insured is 50? A policy that does not pay dividends to policyowners is a 1. C. Waiver of Estoppel Where can you find insurance coverage after being rejected by your insurance company for too many claims in the past year? &\begin{array}{lr|lr} \text{ ???? } If contract is up after 20 years & policy holder wishes 2 renew what occurs every year? Which model is the better fit for the data? 1)Domestic Insurer Which is generally true regarding insureds who have been classified as preferred risks? They keep a high percentage of any interest earned on their policies Surviving family members may experience a reduction in their standard of living if the family breadwinner dies prematurely. D. Funding against general company financial loss cash value increases while face value remains the same. Most professional liability insurance policies are written with an occurrence coverage trigger instead of a claims made trigger O c Insureds a) The policy can be converted to term coverage. Reinsurance has 2 types of policys, what are they? A) An indeterminate premium reduction policy is a policy in which the premium is guaranteed for an initial period, then the insurer can charge up to a maximum premium charge that is specified in the policy. A policy summary Retention, Avoidance, and Transfer are all _________________. a. whole life paid at 65 (a) The insurance provides protection for a temporary period of time. 2) form of interest sensitive life insurance(current market conditions influence the cash value) C. Independent rating services evaluate and rate the financial ability of insurance companies B. \textbf{EMPIRE COMPANY}\\ Is claim still paid if there is a misstatement of age or sex? C. The insurer is always required to pay the . 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. don't pick binding receipt at all on test. An insured becomes disabled at age 22 and can no longer work. -But pays you interest, 1)Fixed annuity Which of the following statements about a life insurance policy is (are) true? (Hint: Take a look at the Theory of Reasoned Action.). (b) single-parent family. B. According to the entire contract provision, what document must be made part of the insurance policy? Each withdrawal, however, is usually charged, and the amount and frequency of withdrawals are usually limited. 3. -Can't lose value 1 / 25. b) To deter the policyowner from committing suicide ____________ is a statement that is true to the best of the persons knowledge that is making the statement. \hline (\$ 000) & 1 & 2 & 3 & 4 \\ D. Agents report. (a) capital retention approach What are the permanent working capital needs of your company? 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. Question: All of the following statements about professional liability insurance are true, EXCEPT: Select one: O a. A monthly deduction is made from a policy's cash value for the cost of insurance protection. ~~~\text{Advertising expense}&90,000\\ A) the agent. D. Financial Experience. b) Outline of coverage 4. An insurer that was incorporated in a DIFFERENT STATE that it is doing business in is a _____________??? Newborns after how many days become covered in a child rider? B. database of previously life and health insurance applications. ~~~\text{Selling and administrative salaries}&75,000\\ c) Comparisons with similar policies The storage of flammables in a fireproof container. A. All of the following statements about term insurance are trueEXCEPTa. Instructions Pro rata liability applies. B) Underwriters. (d) indeterminate-premium whole life. Estate Creation B. Which of the following about yearly renewable term insurance is true? 6)Explain Free Look period-10-30 days- unconditional refund that begins when policy is delivered. When both parties to a contract must perform certain duties in order to make the contract enforceable, this is known as what? The correct answer is: Premiums are typically paid by the lender. Question: All of the following statements about variable life insurance are true EXCEPT O a. Steven prints a pamphlet to advertise his life insurance business. Who might receive dividends from a mutual insurer? (d) neither I nor II. 1)tax qualified plans C. Certain Risk Insurance is considered a transfer of risk. What are some of the questions asked on the application to determine the premium and risk classification of the insured? To sell variable life insurance policies, an agent must receive all of the following EXCEPT (d) Premiums increase at an increasing rate upon renewal. An individual applies for a life policy. -provides income for retirement b) Promptly forwarding premiums to the insurance company It has cash value that is invested into the stock market through mutual funds/securities. 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. Concealment A surplus lines broker places risk with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers D. A surplus lines broker deals with admitted carriers only 1) premium schedule differ from whole life 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. &\begin{array}{l|lr} 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. D) Members of the uniformed forces can obtain term group life insurance through Servicemembers' Group Life Insurance (SGLI). What happens when a policy is surrendered for its cash value? b. Whoso. D. Concealment Should a key person die, the benefit is treated as a reimbursement to the business for loss of services from that key person. When a policy is non-contributory how much is paid? 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???? Premiums are not tax deductible as a business expense. d) Limited pay. The following are all true regarding risk management, except: A. C. Conditional contract What is the MIB? A. They become permanently disabled (2), 1)HIPPA ____________ insurer is not a type of insurer. This method of estimating . Estimated direct labor costs for next year are$440,000.00. Question: 55. Costs of training a replacement All of the following are true of key person insurance EXCEPT ) The key employee is the insured. Business partners have an insurable interest in each other compulsion? Legal Purpose Any profit realized in the operation will be used to provide dividends to stockholders as well as surplus funds that may be used as a buffer for future adverse experience. An insurer that is incorporated in the same state that they are doing business in is a_____________.? 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 _________. 3) Equity-Index annuity. (b) current assumption whole life. A. 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).

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