B) Bob's estate there is the potential for an unequal exchange of value Sister and brother According to the Affordable Care Act (ACA), insurers can no longer deny health coverage due to pre-existing conditions unless that plan is a (n) Grandfathered plan Accident plan Individual plan Group plan Grandfathered plan only one party makes any kind of enforceable promise, the terms must be accepted or rejected in full, Which type of clause describes the following statement: "We have issued the policy in consideration of the representations in your applications and payment of the first-term premium". D) errors and oversights, In an insurance contract, the insurer is the only party legally obligated to perform. Which type of multiple protection policy pays on the death of the last person? C) apparent authority A) definitions A) Parties involved in the contract Karen is a producer who has obtained personal information about a client without having a legitimate reason to do so. Business partners At what point may a producer sell insurance for an insurer? Adjustable universal life policy Flexible universal life policy Variable universal life policy Modified universal life policy, Jonas is a whole life insurance policyowner and would like to add coverage for his two children. (D) Only one party is legally bound to the contract. C) A contract where one party "adheres" to the terms of the contract. A (D) Only one party is legally bound to the contract. promises made B. 0 Answers/Comments. When the principal gives the agent authority in writing, its referred to as, The terms must be accepted or rejected in full. If the insured dies at any time during the 5 years, his beneficiary will receive the policy's face value. A) producer's apparent authority A) Contract may be accepted or rejected by the insured, The term which describes the fact that both parties of a contract may NOT receive the same value is referred to as. Authority given to an agent to act outside the scope of the agency agreement, Authority that is not specifically given to an agent in the agency contract, but that an agent can reasonably assume to carry out his/her duties, When the principal gives the agent authority in writing, it's referred to as The coverage, conditions, and limitations in the master policy of a group contract can be found in which document? Sister and brother Parent and children Business partners Business owner and business client, The deeds and actions of a producer indicate what kind of authority? be filed with the state Incontestable period Probation period Reinstatement period Grace period, The benefit can be offered as a rider at a specific extra cost or may be at no cost, Which of these is NOT a characteristic of the Accelerated Death Benefit option? which of the following best describes a conditional insurance contract? A) express authority A unilateral contract is one in which only one party makes a legally binding guarantee. C) there must be legal reasons for entering into the contract Describe the structure. A contract that requires certain conditions or acts by the insured individual A contract that has the potential for the unequal exchange of consideration for both parties A contract where one party "adheres" to the terms of the contract renewal reinstatement resumption renovation, the MEC tends to be an investment vehicle, Pre-death distributions from a modified endowment contract (MEC) receive different tax treatment than other life insurance policies because the MEC has tax deductible premiums the MEC is considered an illegal product the MEC tends to be an investment vehicle the MEC does not accumulate cash value, The face amount and premium will remain constant over the 10-year period, Krissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. they are "take it or leave it" contracts. Under the McCarran-Ferguson Act, what is the minimum penalty for this? D) A contract where only one party makes any kind of enforceable contract, A) A contract that requires certain conditions or acts by the insured individual, All of the following are elements of an insurance policy EXCEPT All of the following are examples of a Business Continuation Plan EXCEPT. What Benefit Does The Payor Clause On A Juvenile Life Policy Provide? the insurer's obligations are dependent upon certain acts of the insured individual Within how many days must a licensee notify the Commissioner of a change in address? Provide death benefits Provide money for retirement Provide living benefits Provide money for college, The Do Not Call Registry offers exemptions for calls placed from all of the following EXCEPT charities political organizations insurance sales calls surveys, protect consumers with guidelines regarding credit reporting and distribution, The Fair Credit and Reporting Act's main purpose is to assist in the underwriting of insurance policies protect insurers from an applicant's misrepresentation protect consumers with guidelines regarding credit reporting and distribution assist an insurer in determining an applicant's creditworthiness, What kind of life insurance policy issued by a mutual insurer provides a return of divisible surplus? Which of the following BEST describes a conditional insurance contract? Dependent term Guaranteed insurability Primary term Family term, Which type of life insurance offers flexible premiums, a flexible death benefit, and the choice of how the cash value will be invested? A) Legal B) A contract that has the potential for the unequal exchange of consideration for both parties B) the contract must be aleatory purpose, Insurable interest does NOT occur in which of the following relationships? A) the appearance of authority an insurer gives to its agent Which type of clause describes the following statement: "We have issued the policy in consideration of the representations in your applications and payment of the first-term premium". Since each partner contributes an important element to the success of the business, they decide to take life insurance policies out on each other, and name each other as beneficiaries. In order to maintain coverage and make a successful claim, its crucial that policyholders read and understand their insurance contract carefully. C) Only the insurer is legally bound D) purpose, Which principle is accurately described with the statement "Insureds are entitled to recover an amount NOT greater than the amount of their loss"? Post thoughts, events, experiences, and milestones, as you travel along the path that is uniquely yours. However, corporations also can raise money by selling bonds or issuing additional shares of stock. Which of the following is the best descriptive word? A) Sister and brother The insurer assuming the risk is called the mutual insurer reinsurer reciprocal insurer participating insurer, Karen is a producer who has obtained personal information about a client without having a legitimate reason to do so. A non-contributory health insurance plan helps the insurer avoid. Eventually, they retire and dissolve the business. B) A paid premium __________. A) fiduciary bond Preferred risk policies with reduced premiums are issued by insurance companies because the insured has, Better than average mortality or morbidity experience. A policyowner can receive a percentage payment of the death benefits prior to death by using what kind of contract? The policy may be paid up early by using policy dividends. If the other agreement or condition is performed, then the conditional contract is . producer offer D) Evident authority, Which of the following is an example of the insured's consideration? The insurers obligation to pay a death benefit upon an approved death claim. A fixed cash value A flexible premium schedule A fixed death benefit The ability to take out a policy loan, The least expensive option to pay off a 30-year mortgage balance would be convertible term life decreasing term life adjustable term life increasing term life, Pre-death distributions are typically taxable, Which of these describes the result of a modified endowment contract that failed to meet the seven-pay test? Which of the following best describes the MIB? State Insurance Departments NAIC Insurance carriers Insurance producers, Intentional withholding of material facts that would affect an insurance policy's validity is called a(n) estoppel concealment adhesion misrepresentation, The power given to an individual producer that is not specifically addressed in his/her contract is considered what type of authority? Premiums paid plus interest earned is returned to the beneficiary. B) Equal consideration is required between the involved parties Notify me of follow-up comments by email. C) insurer weegy. Use the binomial distribution to find P(x13)P(x \leq 13)P(x13) if the stain removal product's claim is correct. If Sharon MUST obtain Mikes signature in order to change the beneficiary, what kind of beneficiary designations is this? In most insurance policies, the insurer is the only one who makes a legally binding promise to pay insured claims. If threats or force is used to affect an insurance transaction, the unfair trade practice of __________ has been committed. C) The insured and the insurer contribute equally to the contract. d. a deductible stated in the policy's provision. apparent C) Insurance carriers Determine which insurer offers the best rates Determine which insurer offers the best policies Determine financial strength of an insurance company Determine which agent to use locally, A nonparticipating policy will provide a return of premium provide tax advantages not pay dividends give policyowners special privileges, A rating from a rating service company, such as A.M. Best, Which of the following is NOT considered advertising? Where would policy proceeds be paid if both the insured and primary beneficiary were killed in the same accident? An individual who has a hobby racing cars once a month. a) a conditional acceptance allows the parties to negotiate the definite terms of the contract upon the completion of the contract. C) consideration Definition refers to a description which is given to a word, idea or phenomenon . (A) Both parties to the contract are bound to the terms. The policy automatically converts to whole life after the 10-year period The face amount will remain constant and the premium will increase over the 10-year period The premium will remain constant and the face amount will increase over the 10-year period The face amount and premium will remain constant over the 10-year period, will no longer provide insurance protection, Shawn, Mike, and Dave are brothers who have a $100,000 "first to die" joint life policy covering all three of their lives. Which contract element is insurable interest a component of? Express Apparent Implied Conditional, The type of multiple protection coverage that pays on the death of the last person is called a(n) joint life policy survivorship life policy annuity joint policy dual life policy, A nonforfeiture option can be used to increase the death benefit, All of these are valid options for an Adjustable Life Policy EXCEPT The policy's premium can be increased or decreased The policy's death benefit can be increased or decreased A nonforfeiture option can be used to increase the death benefit The policy's protection period can be modified, A life insurance contract which accumulates cash values higher than the IRS will allow, A Modified Endowment Contract (MEC) is best described as A life insurance contract which accumulates cash values higher than the IRS will allow An annuity contract which was converted from a life insurance contract A modified life contract which enjoys all the tax advantages of whole life insurance A life insurance contract where all withdrawals prior to age 65 are subject to a 10% penalty, An interest-sensitive life insurance policyowner may be able to withdraw the policy's cash value interest free. $0 $5,000 $10,000 $15,000, Determine financial strength of an insurance company, What is the primary purpose of a rating service company such as A.M Best? A marathon is 42.2 kilometers. The gap between the total death benefit and the policys cash value. B) the insurer's obligations are dependent upon certain acts of the insured individual unilateral, Ambiguities in an insurance policy are always resolved in favor of the If xxx actually turns out to be 131313, what do you think of the claim? C) the contract has been prepared by one party (the insurance company) with no negotiation between the applicant and the insurer Which of these riders will pay a death benefit if the insureds spouse dies? One-sided or unfair insurance contracts can, however, exist if they contain provisions that disproportionately benefit one party. Adjustable life policy Modified life policy Endowment policy Universal life policy, How are survivorship life insurance policies helpful in estate planning? Which Of The Following Best Describes A Conditional Insurance Contract A) A contract that requires certain conditions or acts by the insured individual B) A contract that has the potential for the unequal exchange of consideration for both parties C) A contract where one party "adheres" to the terms of the contract C) Law of large numbers All of the following statements about Carl's coverage are correct. The gap between the total death benefit and the policy's cash value The gap between when a claim is filed and when the death benefit is received The amount of interest that has accumulated in the policy's cash value The point in time when the policy's cash value reaches $0, Rob purchased a standard whole life policy with a $500,000 death benefit when he was age 30. Bob dies 12 months later. A) Insurable interest An example of an unfair claims practice would be, Failing to effectuate prompt, fair, and fair equitable settlements of a claim. B) Law of adhesion A) One party is restored to the same financial position the party was in before the loss occurred B) The unequal exchange of value or consideration for both parties C) One party (the insurance company) prepares the contract with no negotiation between the applicant and insurer D) Only one party (the insurer) makes any kind of enforceable promise It is the means by which one or more parties bind themselves to certain promises. I hope you got the correct answer to your question. Which dividend option would an insurer invest the policyowners money and add any interest earnings as the dividends accrue? definitions A contract that requires certain conditions or acts by the insured individual This means that the insurer's promise to pay benefits depends on the occurrence of an event covered by the contract. A contract that requires certain conditions or acts by the insured individual This means that the insurer's promise to pay benefits depends on the occurrence of an event covered by the contract. which of the following best describes a conditional insurance contract? She would like to borrow $15,000 against the cash value. A) insured Rob purchased a standard whole life policy with a $500,000 death benefit when we was age 30. See answers. Tom's spouse Bob's estate Bob's spouse Tom, Which contract element is insurable interest a component of? Only the insured can change the provisions Only the insured pays the premium Only the insured can change the provisions Only the insurer is legally bound Only the insured is legally bound, A professional liability for which producers can be sued for mistakes of putting a policy into effect is called fiduciary bond errors and omissions fiduciary trust errors and oversights, In order for a contract to be valid, it must be filed with the state be signed and witnessed by an attorney be in writing contain an offer and acceptance, Which type of clause describes the following statement: "We have issued the policy in consideration of the representations in your applications and payment of the first-term premium". a. medical expenses covered under Pat's employer-sponsored group health insurance. If the annuitant dies before the annuity start date, The premiums paid plus interest earned will be given to the beneficiary, Anyone who makes a fraudulent statement on an insurance application in order to obtain benefits from an insurance company. A Modified Endowment Contract (MEC) is best described as A life insurance contract which accumulates cash values higher than the IRS will allow An annuity contract which was converted from a life insurance contract A modified life contract which enjoys all the tax advantages of whole life insurance A life insurance contract where all withdrawals A policy containing exclusions or limits that are not clearly disclosed to the policyholder, or a premium that is significantly higher than the risk covered, could be considered unfair or one-sided. How could a company manager use a process cost summary to determine if the program to reduce water usage is successful? B) only one party (the insurer) makes any kind of legally enforceable promise D) Only the insured is legally bound, Bob and Tom start a business. Authority given in writing to an agent in the agency agreement Authority that is not specifically given to an agent in the agency contract, but that an agent can reasonably assume to carry out his/her duties Authority given to handle claims and process payments Authority given to an agent to act outside the scope of the agency agreement, The authority granted to a licensed producer is provided via the producer's apparent authority written contract Law of Agency Principal Capacity, Insurable interest does NOT occur in which of the following relationships? This is called risk retention preexisting conditions law of large numbers adverse selection, What is known as the immediate specific event causing loss and giving rise to risk? consideration The provision that allows this is called Partial Surrender Subrogation Automatic Premium Loan Accelerated Death Benefit, All of these are characteristics of a universal life insurance policy EXCEPT Flexible death benefit Fixed surrender value Flexible premiums Builds cash value, Which of the following policies does NOT build cash value? D) conditions, The authority granted to a licensed producer is provided via the C) Aleatory Which of these statements is true? Only the insurer is legally bound Juvenile insurance Family income insurance Spouse insurance Term rider, A life insurance policy written on one contract for two people in which it is payable upon the first death is called Split Shared Joint Survivorship, Level premium permanent insurance accumulates a reserve that will eventually equal the face amount of the policy pay a dividend to the policyowner require the policyowner to make periodic withdrawals become larger than the face amount, A permanent life insurance policy where the policyowner pays premiums for a specified number of years is called a(n) adjustable policy limited pay policy level term policy variable universal policy, term, whole, and universal life insurance, What types of life insurance are normally used for key employee indemnification? Utah requires that an insurance producer must complete ___ hour(s) of continuing education on the subject of law and ethics every reporting period. AzAnswer team is here with the right answer to your question. Which Of The Following Best Describes A Conditional Insurance Contract, A) A contract that requires certain conditions or acts by the insured individual, B) A contract that has the potential for the unequal exchange of consideration for both parties, C) A contract where one party adheres to the terms of the contract, D) A contract where only one party makes any kind of enforceable contract. Conditional insurance contracts are insurance policies that require the insured person to satisfy certain conditions in order to become effective and/or to be paid out by the insurer. After 15 years, the cash value has accumulated to $100,000 and the policy's face amount has become $600,000. Under the McCarran-Ferguson Act, what is the minimum penalty for this? Science Study Guide Questions. B) A contract that has the potential for the unequal exchange of consideration for both parties. Zucchini is the best descriptive word. In this situation, who will receive Bob's policy proceeds? Only the insured is legally bound, According to the principle of Utmost Good Faith, the insured will answer questions on the application to the best of their knowledge and pay the required premium, while the insurer will deal fairly with the insured and it's Of the following dividend options, which of these is taxable? An example of an unfair claims settlement practice is, Turning down a claim without providing the basis of denial.
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