all of the following are true of insurance except all of the following are true of insurance except

Which type of life insurance makes sense for someone in this situation? What constitutes the acceptance of an offer? Medical exams provide information on current health. All of the following information about a customer must be used in determining annuity suitability EXCEPT Which of the following statements about universal life insurance is true? The designation will be void/. Each policy pays a percentage of the loss based on the percentage of coverage that policy provides. B. 3)Rider expires 60,65,75. An agent has authority to do all of the following, except: A. Countersign insurance contracts Two years ago he suffered a head injury from an accident, so he cannot remember parts of his past, but is otherwise competent. 25,500, AccountspayableJul114,500???? Universal Life is also known as two things what are they? 3) Retaining the risk. 2)the face amount Which model is the better fit for the data? Correct: A. Waive the premium if the INSURED becomes totally disabled. Premiums are not tax deductible as a business expense. A linear programming model developed to maximize profit is used to determine how many reservations to accept for each rental class. B. Study with Quizlet and memorize flashcards containing terms like All of the following are personal uses of life insurance EXCEPT A. (c) conversion provision Which of the following about decreasing term insurance is true? c. 4) 3 components to the premium, The owner and the insured are different people. also known as acceptance. D. An individual has an insurable interest in her or her own life. A. It has cash value that is invested into the stock market through mutual funds/securities. Home Office- what do the underwriters do. they evaluate 4 things- what are they(4)??? (d) yearly renewable term, Which statement is true concerning premature death and life expectancy? All of the following statements about universal life insurance are true EXCEPT Credit life \text { Type I } & \$ 30 & \$ 35 & - \\ What is the term for a cause of loss, such as the theft of a car? D) When replacement is involved, a producer must perform the following duties: sign replacement notice (and keep a copy), provide a list of items being replaced, leave all brochures/sales material used in the sale, take new application, submit "Copy to Replacement" notice, and it attach to application. d) The policy can be reinstated by paying back all policy loans and premiums. Correct: A.A peril. \end{array} d) Buyer's Guide. cheating. Claim is still paid with an adjustment to the benefits. Exclusions always exist, and there is a reason for each one. D) the minor in a juvenile policy. What adds coverage and modifies coverage? d) Decreases annually. What else must he include? Past-due interest on a policy loan is added to the total debt. The company records manufacturing costs by job number and uses a factory overhead applied rate to charge overhead costs to its products. D) the minor in a juvenile policy. 2. 2)face amount is set Term life insurance provides pure death protection. Accumulateddepr.-equipmentJul1DeprJul3155,0003,00058,000, RetainedEarningsJul165,000Dividend19,000NetInc65,000Jul31111,000\begin{aligned} A false statement in the application for insurance is_____________. When an agent is handling the premiums that belong to an insurance company, they are acting in a fiduciary capacity. Cash values are available in whole life policies. If there Is a risk of financial loss then there is a what? 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). A) the agent. A. Which of the following statements is NOT true concering insurable interest as it applies to life insurance? -receiving dividends(when declared) Arrest History. 3. Prepare a pie chart of on-time delivery performance for last month. Long term- the longer the policythe more spread out the policy premiums are. 2) Transferring the risk The Terrorism Risk Insurance Program is administered by which of the following Federal entities? 2) Binding Reciept. ~~~\text{Direct labor cost}&190,000\\ The profit per night for each type of room and rental class is as follows: RentalClassRoomSuperSaverDeluxeBusinessTypeI$30$35TypeII$20$30$40\begin{aligned} A color-coded map illustrating the current legal status of elective-specific abortion procedures in each of the individual 50 states of the United States of America; plus U.S. territories and federal district [a] As of January 31, 2023 Illegal Legally unclear or legal but no providers Legal before cardiac-cell activity [b] Legal through 15th week LMP (1st trimester) Legal through 18th week LMP . \end{array} Applicant pays premium to make agreement. Which of the following is an example of liquidity in a life insurance contract? b) Fiduciary responsibility. The application is the basic source of information an insurer uses in the risk selection process. An underwriter will consider each of the following factors when evaluating a risk, except: A. -The insurance dept. Receipt 1. c) Coverage ends but the policy can be reinstated at any time. 3)Minors. Agents and producers must place business through an insurer with the lowest rated Correct: A. a surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. 1. A. You cannot sell a variable policy without what? -guarantee a stream of income to the person purchasing it known as the annuitant. 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. Surviving family members may experience a reduction in their standard of living if the family breadwinner dies prematurely. \hline & \text { Jul 1 } & \begin{array}{r} B) Human life value approach is determined by the loss of income that would result with the death of the insured, after making adjustments for expenses, inflation, etc. (a) They increase at an increasing rate. Question: 55. ADD( Accidental death and dismemberment??? -20 pay life-paid up at 65 Insurers use this law in order to predict certain types of losses and set appropriate premiums. An aleatory contract is a contract where the monetary values of the parties performances are________________. C. Medical Background (3), 1)bank trust officer (b) Cash value accumulation is slow to moderate. d) Contingent. & \text { Depr } & 3,000 \\ Part 1 of the application includes the general questions about the applicant, including name, age, address, birth date, gender, income, marital status, and occupation. The issuance of a binder is the result of the ___________________ of an offer. (b) Any withdrawal of cash value reduces the death benefit. d. The total of all cost sheets completed during the month is $628,880.00. Legislative advocacy is essential to Physicians Insurance/MedChoice's purpose to protect, defend, and support our Members. 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. C. Department of State b) Hazard What are (4) ways annuities are classified? Prepare the following details: Mobile number, serial number, or IMEI. C. Conditional contract 1) mentally incompetent persons A. 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. All of the following are options for managing risk, except: means of collecting a loss payment from a liable party. All of the following are true regarding life insurance illustrations EXCEPT. The 4 characteristics of a universal life policy are? a. The penalty is 50% of the shortfall from the required annual amount. C. Payment of premium C. Countersign insurance contracts ?19,500, Accumulateddepr.-equipmentJul155,000Depr3,000Jul3158,000\begin{aligned} C. The policy is an aleatory contract What (5) Factors for GIO & GIB. whose covered? &\text { Accumulated depr.-equipment }\\ What is a statement in the application guaranteed true in all respects? Insurance producers must adhere to the concept of suitability by ensuring that, to the best of their belief, the purchase, sale or exchange of a policy is in the best interest of the insured. What insurance concept is associated with the names Weiss and Fitch? The interest rate credited to the cash value at the time of issuance remains fixed over the life of the policy. 2) profits are returned as dividends Upon policy delivery, the producer may be required to obtain any of the following EXCEPT Predicted needs of the family after the insured's death An insurer that is incorporated in the same state that they are doing business in is a_____________.? The concept that the insured should not profit from an insurance transaction is called what? The total of all requisitions of direct materials issued during the month is $252,230.00. B. C) common stock 4. (2), 1)HIPPA Example: AIL was incorporated in Indiana and its home office is in Texas so in NJ its considered a foreign insurer. If the insurance carried is less than required, the insurance may not cover the whole loss. exclusions: when the accident occurs within an illness,disease, or mental infirmity. A) Universal Life policies allow for policyholders to withdraw a limited portion of the policy's cash value. B. Tax-qualified annuities are subject to IRA maximum contribution limits. What are the 3 characteristics of a Mutual Insurance Company? b. If applicant is not the insured- then insureds signature is required 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. Due to climate change, premiums are going up for certain types of insurance, such as flood insurance. A. Foregin The premium is guaranteed for an initial period and then the insurer can charge up to a maximum premium charge in what type of policy?