-has cash value invested in the stock market The company records manufacturing costs by job number and uses a factory overhead applied rate to charge overhead costs to its products. Consumer report DONT PICK IT!!!!!! Must have at least 32/40 question correct for positive rating. 1. Credit life Weiss and Fitch are two of these services, although there are more. Which risk management type is shifting the risk of loss to a larger homogeneous group? 1)increase cash value The replacing company notifies the replacement company. A monthly deduction is made from a policy's cash value for the cost of insurance protection. Term life insurance provides the largest amount of coverage for the lowest amount of premium. (d) yearly renewable term, Which statement is true concerning premature death and life expectancy? insured is always the borrower & the beneficiary=lender b) Index used by stock companies D. The ratings are available to the public C) the proposed insured. Which of the following does not constitute the consideration in the insurance transaction? Contract or form of ownership is a ______________? (c) Most policies can be converted to a permanent life insurance policy. Most agents try to collect the initial premium for submission with the application. -and the right to vote. The cost of insurance protection is referred to as what? (a) I only (b) II only 2)can be sold as a rider to a whole-life policy. b) Policyholder (b) current assumption whole life. After insurer makes an offer, what must the applicant do? \hline & \text { Jul 1 } & 55,000 \\ Last year, the couple got divorced. 2)the face amount Policyholders Therefore, it is responsible for 1/3 of the $24,000 loss, or $8,000. I. 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. Which of the following statements about endowment policies is true? may not be altered by an agent and must clearly state that it is not part of the contract. Cash Accumulation C. Buy-Sell agreement D. Survivor Protection, All of the following are true of key person insurance except A. e. The total of costs recorded on all sales invoices for the month is$654,052.00. D. Gender. Quarterly working capital levels for your firm for the next year are included in the following table. The applicant has been shown to be a poor personal credit risk. -its a rider \hline & \text { Jul 31 } & 58,000 Originating policy D. An individual has an insurable interest in her or her own life. -A Mec will receive unfavorable tax treatment What else must he include? A. What are the (5) Factors considered with combination policies Who and What are they? 5)Survivorship Life Policy (policy holder pays themselves). Insurers use this law in order to predict certain types of losses and set appropriate premiums. A person who negotiates insurance contracts on behalf of an insured. All of the following are true about health insurance except: -assignor=assignee All of the following statements about universal life insurance are true EXCEPT There is a limit for a withdrawal and the insurer charges a fee. Which method makes the most sense for her to employ? Is claim still paid if there is a misstatement of age or sex? The terrorism risk insurance program reauthorization act provides for a terrorism insurance program administered by which federal entity? B. 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. Who gets $$money when the policy holder dies? (must exist at the time of application). B) bonds 3. A mutual insurance company does not have what? 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? See Page 1. What does it mean when a policy is limited pay life? Life Insurance Flashcards - Cram.com Insurance is not designed to cover _____________ losses. a) Withdrawals are not taxable. I. &\begin{array}{r|lr} _____________ is an employer paid disability and health insurance coverage that covers job related illnesses or injuries. 14,500 \\ Which of the families below is likely to have the least need for a large life insurance policy? (b) Prepare a correct income statement for October 2017. When an insurance policy is not clear, the court will usually interpret in favor of the insured because of which characteristic? (a) Interest is credited monthly to a policy's cash value. You cannot sell a variable policy without what? A. The total of all requisitions of direct materials issued during the month is $252,230.00. An insurer that is incorporated in the same state that they are doing business in is a_____________.? When a policy is non-contributory how much is paid? (c) variable life insurance. The Boyle family can be described as a \hline \text { Jul 1 } & 5,500 &&\\ (b) Cash value accumulation is slow to moderate. B. To sell variable insurance what must you have? The policy is a conditional contract 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? Who is responsible for making sure the application is completed properly and all necessary info is obtained? 2)collateral assignment-some or only one right assigned. -then picks a contract. Reinsurer Assuming company. A policy that does not pay dividends to policyowners is a A corporation is the owner and beneficiary of the key person life policy. Correct: D. Concealment. A. Limited-Pay Life & Single-Premium Policies? The premium is level and guaranteed not to increase. If an insurer is incorporated in Rhode Island, but primarily does business in New York, what type of insurer would it be considered in New York? Which of the following is an example of liquidity in a life insurance contract? Correct: A Insurance . &\text { Rental Class }\\ 1)cont. Misrepresentation, Concealment and Deceit are all examples of what? 2)people under the influence of drugs or alcohol 2)no cash-value Correct: A. A contract that allows an insured to be restored to the same financial condition as prior to the loss is considered to be what type of contract? To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. cash value increases while face value remains the same. &\begin{array}{cr|} 25,500, AccountspayableJul114,500???? A policy summary Misappropriation or illegal withholding of the policyholder's money. D. Breach of warranty 2)Procures insurance 4 itself from another insurer, The tax benefit of annuities is tax deferred growth. -policy holder adheres to it B. 1. * 50% is paid B. 1. 2)standard-average &\text { Retained Earnings }\\ 4)annual, Everytime you have a payment due. 2)Decreasing term(premium is low) declining face value An annuity is exchanged for another annuity. 4)policy matures at age 100. &\begin{array}{lccc} -guaranteed/fixed/level payment, -Immediate "annuitization phase" Statement of good health D) real estate, Under one method of estimating a loss reserve, the reserve is based on life expectancy, duration of disability, and similar factors. Which of the following statements about universal life insurance is true? Which model is the better fit for the data? D. A surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers d) Performing reviews of insured's coverage. Chapter 14/1: Group Health Insurance Flashcards | Quizlet Investors become more risk averse. A. D) An agent's report and inspection report provides personal information. Errors and Omissions Coverage (E&O) is a name used to describe a type of professional liability insurance. 6/1 Quiz: Group Life Insurance Flashcards | Quizlet The applicants(policy owner) C. The insured may retain part of a risk through deductibles. (d) paid-up. (b) The face amount of the policy is paid if the insured lives to age 65. ________________ are the person who receives benefits payable upon death. Cash value is invested in the stock market. All of the following statements are true regarding mortgage protection insurance EXCEPT. Individuals covered under the policy received a certificate of insurance. When the producer exceeds the authority expressed in the agency contract and the insurer does not take action, which type of authority is created? All of the following are true of negligence, except: - AZanswer 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 _________. 2)Explain and collect any ratings Insurance is considered a transfer of risk. D. Concealment When a replacement is involved, a replacing insurance company is responsible for all of the following EXCEPT: Provide a copy of the Important Notice Regarding Replacement of Life Insurance to the applicant. CPI (consumer price index) without evidence. \textbf{EMPIRE COMPANY}\\ S buys a $10,000 Whole Life policy in 2003 and pays an annual premium of $100. 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. 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. Which type of life insurance makes sense for someone in this situation? 4. (a) Evidence of insurability is not required to renew the coverage. D. A surplus lines broker deals with admitted carriers only c) The inspection report Address of his principal office (c) two-income earner family. d) 50% tax on the amount not distributed as required. The Waiver of Cost of Insurance rider is found in what type of insurance? IRS classification of a policy that is overfunded? All of the following information about a customer must be used in determining annuity suitability EXCEPT A. 1) All requirements are met C. Whole life Buy-sell agreements are normally funded with a life insurance policy. Correct: C. Concealment, A. After everything is signed & premium is collected What does the agent give to the policy holder? Use the indirect method. B. Marital Status ~~~\text{Rent on factory facilities}&60,000\\ Correct: B. If you don't have health insurance, you pay all costs for healthcare and medical emergencies. The insurance provides protection for a specified period of time. Which of the following is correct concerning the taxation of premiums in a key-person life insurance policy? 4. \textbf{For the Month Ended October 31, 2017}\\ 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. By William Lb Qtjetjx, Author of . \text { Type II } & \$ 20 & \$ 30 & \$ 40 -the premiums are paid for a limited time only. Who appoints the state insurance regulator in many states? B. A. Foregin 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.
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